Energy · Oil & Gas Exploration & Production · US stock · price as of 22 Oct 2026
Key indicators
Price
$49.18
52-week range
$31.65 – $52.71
Market cap
$46.2B
P/E (trailing)
10.6×
EV / EBITDA
6.6×
Free-cash-flow yield
10.2%
Dividend yield
2.3%
Revenue (last 12 months)
$20.4B
Revenue growth (3y a year)
−4.6%
Operating margin
23.1%
Return on invested capital
6.8%
Net debt / EBITDA
1.4×
Fair value
Fair value (average of valid models)$62.39 middle half of models $50 – $72
Versus priceUndervalued+27% to fair value
P/E multiple
$46.02
P/B multiple
$84.32
P/S multiple
$50.21
EV/EBITDA multiple
$44.55
EV/EBIT multiple
$38.58
EV/revenue multiple
$49.74
10-year DCF, EBITDA exit
$70.22
5-year DCF, EBITDA exit
$60.96
10-year DCF, revenue exit
$71.57
5-year DCF, revenue exit
$62.77
10-year DCF, growth exit
$88.98
5-year DCF, growth exit
$81.97
Dividend discount, stable
$61.18
Model uncertainty
High
X-Ray Score
49/ 100 · High confidence · ahead of 40% of sector peers
Valuation77
Growth52
Profitability36
Financial health38
Dividends31
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Devon Energy is an independent oil and gas producer that explores for and produces crude oil, natural gas and natural gas liquids in the United States. Its operations are focused on shale and other onshore basins, with the Delaware Basin in the Permian region a key area. The company supplies its output to refiners, processors, utilities and marketers, and has no consumer-facing business.
Revenue comes from the production it markets, so its income moves with oil and gas prices as well as volumes. Sales were $20.4 billion over the last twelve months, with growth of -4.6% a year over the last three years. The operating margin is 23.1%, and the business earns a profit of 7% on the capital invested in it. Net debt is 1.4 times EBITDA. The dividend yield is 2.3%.
StocksXray gives Devon Energy Corp an X-Ray Score of 49 out of 100 (high confidence), ahead of 40% of the S&P 500 stocks in its sector. Its strongest lens is valuation (77) and its weakest is dividends (31).
Our fair value (the average of the valid models) is $62.39 (range $49.74 to $71.57). At $49.18 the stock trades 21% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Devon Energy Corp (DVN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$35.43
$53.45
$41.79
$31.25
$35.95
$49.18
Market cap
$23.6B
$34.9B
$26.8B
$19.8B
$22.8B
$46.2B
P/E
8.5×
5.9×
7.2×
6.9×
8.6×
10.6×
EV / revenue
2.0×
2.0×
2.1×
1.8×
1.8×
2.9×
EV / EBITDA
5.2×
3.9×
4.3×
3.9×
4.1×
6.6×
Price / free cash flow
8.1×
5.8×
10.1×
6.7×
7.3×
9.8×
Free-cash-flow yield
12.4%
17.2%
9.9%
14.9%
13.7%
10.2%
Price / book
2.5×
3.1×
2.2×
1.4×
1.5×
1.1×
Dividend yield
–
–
–
–
–
2.28%
Fundamentals checklist ● 3 Good · ● 9 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.4%Average
Free-cash-flow yield10.2%Good
Risk models
Altman Z score2.3×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−23.0%Average
Free-cash-flow growth (3y)−19.5%Average
Revenue growth (3y)−4.6%Average
Growth consistency60%Average
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA1.4×Average
Interest cover9.3×Bad
Valuation
Fair value vs price1.3×Good
EBIT / EV yield8.0%Good
Profitability
Return on invested capital6.8%Bad
Operating margin23.1%Average
XStocksXray
Devon Energy Corp (DVN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
13,750
19,827
15,258
15,940
17,188
20,377
Gross profit
–
–
–
–
–
–
Operating income
3,286
8,145
4,992
4,113
3,963
4,715
Net income
2,808
6,031
3,739
2,893
2,642
3,280
Diluted EPS ($)
4.19
9.12
5.84
4.56
4.17
4.65
Free cash flow
2,910
5,988
2,661
2,955
3,119
4,694
Gross margin
–
–
–
–
–
–
Operating margin
23.9%
41.1%
32.7%
25.8%
23.1%
23.1%
Net margin
20.4%
30.4%
24.5%
18.1%
15.4%
16.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
21,025
23,271
24,490
30,489
31,599
70,893
Cash
2,099
1,314
853
811
1,384
950
Total debt
6,482
6,691
6,638
9,368
9,387
12,885
Equity
9,262
11,167
12,061
14,496
15,528
41,747
Dividend per share ($)
–
–
–
–
–
1.04
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
