NYSE: DVN · Oil & Gas Exploration & Production
Devon Energy
Devon Energy is a U.S. oil and gas producer. At the end of 2025 its assets were in the Delaware Basin (its largest and most active program), the Rockies, the Eagle Ford and the Anadarko Basin. 2025 revenue was $17.2 billion and net income $2.6 billion. On May 7, 2026 it completed an all-stock merger with Coterra Energy, with each Coterra share converted into 0.70 Devon shares. Q2 2026, its first quarter as a combined company, saw oil production of 503,000 barrels per day and net earnings of $1.9 billion. Devon targets at least $1 billion of annual synergies by the end of 2027. In October 2026 it agreed to sell Eagle Ford assets to Crescent Energy for $4.2 billion.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-11-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 28.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.54x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 8.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.40
Higher than 93% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 86% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$46.05close on 2026-11-04
Market cap$28.64B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 8.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 10.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.1%
At FY2025 year-end: 8.8x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 1.5x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 13.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
These figures are behind: a newer quarter was reported on Nov 5, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$4.28B → $7.42B (vs. a year earlier)↑ +73.1%$4.28B → $7.42B (vs. a year earlier)
- Net income$899M → $1.91B (vs. a year earlier)↑ +112.6%$899M → $1.91B (vs. a year earlier)
- Diluted EPS$1.41 → $2.03 (vs. a year earlier)↑ +44.0%$1.41 → $2.03 (vs. a year earlier)
- Cash$1.76B → $950M (vs. previous quarter-end)↓ −46.1%$1.76B → $950M (vs. previous quarter-end)
- Long-term debt$8.39B → $11.39B (vs. previous quarter-end)↑ +35.8%$8.39B → $11.39B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 4, 2026.
Key changes
Delivered 503,000 barrels of oil a day. Source sentence
“We delivered 503,000 barrels of oil per day at the top end of guidance, delivered capital expenditures 2 percent below expectations and generated $1.7 billion of adjusted free cash
Quarterly dividend up 33% to $0.32 per share. Source sentence
Coterra Energy, Devon’s board of directors approved a 33 percent increase to the quarterly fixed dividend rate to $0.32 per share, consistent with the company’s strategic priority of delivering value to shareholders through a
Acquired 16,300 net acres for $2.6B. Source sentence
During the quarter, Devon acquired 16,300 net acres in the heart of the Delaware Basin at the New Mexico federal lease sale for $2.6 billion, adding
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- DEVON ENERGY CORP/DE
- Headquarters
- HOUSTON, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: DVN
- Industry
- Oil & Gas Exploration & Production
- CIK
- 1090012
Workforce (as of FY2025 year-end)
Employees
2,200
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 48–58 days after quarter end (Feb 17, 2026; Feb 18, 2025; Feb 27, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 31–58 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 17, 2026 (+48 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 7, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 18, 2025 (+49 days) | Feb 19, 2025 10-K (+50 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 5, 2024 (+36 days) | Nov 6, 2024 10-Q (+37 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 6, 2024 (+37 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 27, 2024 (+58 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Upstream
Oil, natural gas and NGLs
Examples: Delaware Basin (Wolfcamp, Bone Spring), Rockies, Eagle Ford, Anadarko; Marcellus is a business unit after the merger
Basins from the FY2025 Form 10-K; Marcellus from the August 2026 leadership 8-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services. It calls itself "a leading independent oil and natural gas exploration and production company" without a figure.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
2026 developments.
Coterra merger
Agreement February 1, 2026; closed May 7, 2026 with a 0.70 exchange ratio. Authorized shares were raised to 2 billion.
Source: 8-K filed 2026-05-07
Q2 2026
Net earnings $1.9B ($2.03 per share); core earnings $1.57 per share; $1.06B returned to shareholders through dividends, buybacks and debt retirement.
Source: Q2 2026 earnings release
Eagle Ford sale
Agreed October 8, 2026 to sell Eagle Ford assets to Crescent Energy for $4.2B in cash, effective July 1, 2026.
Source: 8-K filed 2026-10-08
Debt
Debt totaled $11.4B at June 30, 2026; Devon exchanged Coterra notes into new Devon notes in June 2026.
Source: Q2 2026 earnings release; 8-K filed 2026-06-25
Capex ÷ D&A (FY2025)
1.00x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$3,592M ÷ $3,595M = 1.00x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$6.8B
Latest year: $322M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.15B in FY2020 to $3.59B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$17.19B
As reported in the 10-K
Revenue CAGR (5 years)
+28.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($17,188M ÷ $4,828M) ^ (1÷5) − 1 = 28.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
17.6%▲favorable
6-year average: 14.0%
As reported in the 10-K
P/B (FY2025 end)
1.47x
formulafiscal year-end closing price ÷ book value per share
e.g.$36.63 ÷ $24.96 = 1.47x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +28.9% a year over 5 years (strong growth)
From $4.83B in FY2020 to $17.19B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 49.1% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 14.0% over 6 years (latest: 17.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Drilling, completion, production, marketing
06 · what it draws on
Key resources
- Acreage and drilling inventory
- Capital (about $3.6B in 2025)
02 · why customers buy
Value propositions
- Oil, natural gas and NGL production from U.S. onshore basins.
04 · how it keeps them
Customer relationships
- Ongoing sales contracts with purchasers.
03 · how it reaches them
Channels
- Sells production to a variety of oil, gas and NGL purchasers; marketing and midstream activities.
01 · who it serves
Customer segments
- A variety of oil, gas and NGL purchasers
09 · where money goes
Cost structure
FY2025, share of revenue ($17.19B)
- Selling, general & administrative2.9%
Depreciation & amortization (inside the costs above): $3.6B. Capital spending: $3.59B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Oil, gas and NGL sales $11.22B
- Marketing and midstream $5.56B
- Derivatives $0.40B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Develops onshore U.S. oil, gas and NGL resources and sells production to purchasers, plus marketing and midstream activities.
01 what it draws on
Inputs & resources
- Acreage and drilling inventory
- Capital (about $3.6B in 2025)
02 what it does
Activities
- Drilling, completion, production, marketing
03 who it serves
Customers
- A variety of oil, gas and NGL purchasers
04 how money comes in
How it earns
- Oil, gas and NGL sales $11.22B
- Marketing and midstream $5.56B
- Derivatives $0.40B (2025)
How the business makes money
- 11 operated rigs in the Delaware Basin at the end of 2025.
- Fixed dividend plus possible variable dividends and buybacks.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Devon faces permitting and climate laws, including New York’s Climate Superfund Law.
Approvals & licenses
EPA air permit notice
Received an EPA notice of violation in June 2021 over alleged air permit violations at WPX Energy Permian.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Environmental rules
Climate Superfund laws
New York’s December 2024 Climate Superfund Law assesses fees on past emitters.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Policy restrictions
Policy developments could restrict production or delay permits.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Oil, gas and NGL sales
11,223 (65%)Marketing and midstream revenues
5,563 (32%)Oil, gas and NGL derivatives
402 (2%)
Source: Form 10-K (FY2025) — consolidated statements of earnings Revenue lines from the income statement; Devon does not report multiple segments. Pre-merger (excludes Coterra).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
A variety of oil, gas and NGL purchasers.
Named by the company
The 10-K doesn't name purchasers.
Suppliers
Drilling and oilfield services.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K refers to risk factors for competition and names no competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Compensation peer group (decisions made January 2026), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
E&P companies with similar asset and market values. EQT, Expand Energy and Permian Resources were added; Marathon Oil was removed. Hess was also kept.
- APA Corporationsite ↗
- ConocoPhillipssite ↗
- Coterra Energysite ↗
- Diamondback Energysite ↗
- EOG Resourcessite ↗
- EQTsite ↗
- Expand Energysite ↗
- Occidental Petroleumsite ↗
- Ovintivsite ↗
- Permian Resourcessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Devon has grown through large acquisitions.
Cash spent on acquisitions, FY2021–FY2025: $6.8B (years not reported separately are excluded)
2026-05-07
Coterra Energy
All stock: 0.70 Devon shares per Coterra share
Oil and gas producer.
- Stated purpose (company)
- Devon says the combination creates a premier large-cap operator.
Source: 8-K filed 2026-05-07 · Q2 2026 earnings release
2024-09-27
Grayson Mill (Williston Basin business)
About $5.0B: $3.5B cash plus about 37.3M Devon shares
Bakken and Three Forks assets in the Williston Basin.
- Stated purpose (company)
- The 10-K says it significantly expanded Devon's operating position in the Williston Basin.
Source: Form 10-K (FY2025)
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,828 | 12,206 | 19,169 | 15,258 | 15,940 | 17,188 |
| Pretax income | -3,090 | 2,898 | 7,775 | 4,623 | 3,712 | 3,466 |
| Net income (attributable) | -2,680 | 2,813 | 6,015 | 3,747 | 2,891 | 2,642 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 152.8% | 57.0% | -20.4% | 4.5% | 7.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -55.5% | 23.0% | 31.4% | 24.6% | 18.1% | 15.4% |
| Balance sheet ($M) | ||||||
| Total assets | 9,912 | 21,025 | 23,271 | 24,490 | 30,489 | 31,599 |
| Total equity | 3,019 | 9,399 | 11,296 | 12,217 | 14,704 | 15,528 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 4,298 | 6,482 | 6,691 | 6,638 | 9,368 | 9,387 |
| Equity ratio | 29.1% | 44.1% | 48.0% | 49.2% | 47.5% | 49.1% |
| ROE | -92.9% | 46.3% | 58.9% | 32.3% | 21.8% | 17.6% |
| Cash flow ($M) | ||||||
| Operating CF | 1,464 | 4,899 | 8,530 | 6,544 | 6,600 | 6,711 |
| Investing CF | -1,127 | -1,574 | -5,123 | -3,942 | -7,332 | -3,393 |
| Financing CF | -306 | -3,292 | -4,213 | -3,184 | 706 | -2,730 |
| Free cash flowcalccash flow from operations − capital expenditures | 311 | 2,910 | 5,988 | 2,661 | 2,955 | 3,119 |
| Cash and equivalents | 2,047 | 2,099 | 1,314 | 853 | 811 | 1,384 |
| Per share & other | ||||||
| EPS ($) | -7.12 | 4.19 | 9.12 | 5.84 | 4.56 | 4.17 |
| BVPS ($) | 7.55 | 13.97 | 17.10 | 18.97 | 22.27 | 24.96 |
| Dividend per share ($) | 0.68 | 1.97 | 5.17 | 2.87 | 1.45 | 0.96 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 47.0% | 56.7% | 49.1% | 31.8% | 23.0% |
| P/E (x) | — | 10.5 | 6.7 | 7.8 | 7.2 | 8.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.09 | 3.15 | 3.60 | 2.39 | 1.47 | 1.47 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-06-30 | $7.42B+73.1% | $1.91B+112.6% | $2.03 |
| 2026-03-31 | $3.81B-14.5% | $120M-75.7% | $0.19 |
| 2025-12-31 † | $4.12B-6.4% | $562M-12.3% | — |
| 2025-09-30 | $4.33B+7.6% | $687M-15.4% | $1.09 |
| 2025-06-30 | $4.28B | $899M | $1.41 |
| 2025-03-31 | $4.45B | $494M | $0.77 |
| 2024-12-31 † | $4.4B | $641M | — |
| 2024-09-30 | $4.02B | $812M | $1.30 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
-2.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.3% − 8.5%
Past FCF growth (FY2020–FY2025)
+58.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+28.9%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $3.12B (operating CF − capex); enterprise value $36.65B = market cap $28.64B (latest close, 2026-11-04) + debt $9.39B − cash and short-term investments $1.38B; r = WACC of 6.3% using this page’s default assumptions (β 0.40, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$36.69B
FCF $3.12B ÷ (6.3% − -2.2%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.3% | 5.3% | 6.3% | 7.3% | 8.3% |
|---|---|---|---|---|---|
| 0% | 1.98x | 1.61x | 1.35x | 1.17x | 1.03x |
| 2% | 3.70x | 2.58x | 1.98x | 1.61x | 1.35x |
| 4% | 28.37x | 6.55x | 3.70x | 2.58x | 1.98x |
| 6% | — | — | 28.37x | 6.55x | 3.70x |
| 8% | — | — | — | — | 28.37x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.95x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -13.1%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 45 → 40 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$6,711M ÷ $2,642M = 2.54x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,972M + $1,792M) ÷ 2 ÷ $17,188M × 365 = 40 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 92.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 7.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 156 of 416
- Beta (adjusted)
- 0.40
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 37% of covered companies have more
above 1 = swings more than the market
- 1,015.9M shares reported by 1,460 13F filers ÷ 1,100.0M shares outstanding on 2026-07-22. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-05-28 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-22)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale after the merger
503,000 barrels of oil per day in Q2 2026; the company calls itself a premier large-cap operator.
Evidence: Q2 2026 earnings release
2. Cash generation
Q2 2026 operating cash flow of $3.7B and adjusted free cash flow of $1.7B.
Evidence: Q2 2026 earnings release
3. Delaware Basin position
Bought 16,300 net acres for $2.6 billion at the New Mexico federal lease sale.
Evidence: Q2 2026 earnings release
Weaknesses
1. Commodity exposure
The realized unhedged oil price fell 15% in 2025 to $62.77; net income fell from $6.0B (2022) to $2.6B (2025).
Evidence: Form 10-K (FY2025); SEC EDGAR XBRL
2. Integration
Q2 2026 included $174M of after-tax restructuring costs.
Evidence: Q2 2026 earnings release
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
8.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.62%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
23%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
13.7%
(Operating CF − capex) ÷ market cap
1. Shareholder returns
Fixed dividend raised to $0.32 a quarter after the merger, plus buybacks.
- What has to hold
- Oil prices support free cash flow.
- The other side
- Variable dividends shrank as prices fell (2022 total $5.17 vs. 2025 $0.96).
Evidence: Q2 2026 earnings release; Forms 10-K
2. Low P/E
P/E of about 9 in 2025.
- What has to hold
- Earnings hold up.
- The other side
- Cyclical earnings.
Evidence: SEC EDGAR XBRL
Dividends per share include variable dividends (2021–2024). The financial history is pre-merger Devon. Shares are issued shares as tagged in XBRL (rounded to millions).
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.7x
$1.38B vs. $2B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
5.0x
$3.12B vs. $619M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -20.4% in FY2023 ($19.17B → $15.26B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
$1.0B cash and an undrawn $3.0B credit facility at June 30, 2026; no maturities until Q2 2027.
Source: Q2 2026 earnings release
Hedging
Cash settlements added $1.14 per barrel to the 2025 realized oil price.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Devon reports ordinary-course legal actions, including royalty-underpayment suits typical of oil and gas producers. It is also addressing EPA notices of violation over air emissions at its Coterra subsidiary.
2 open matters
EPA air-emission NOVs (Coterra / Cimarex)
PendingEnvironmentalU.S. EPA; U.S. Department of Justice
NOVs in June and August 2023 allege air-emission violations by Coterra Energy Operating Co. in Texas and New Mexico in 2020–2023, and the EPA referred the first to the DOJ for civil enforcement. Devon is negotiating with the EPA, and resolution may exceed $1 million in penalties.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Royalty underpayment suits
PendingClass actionRoyalty owners, including putative classes
Allege below-market pricing, improper deductions, late payments without interest and affiliate gas arrangements that underpaid royalties.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Management does not believe these actions will likely involve amounts material to Devon after recorded accruals.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Oil and gas prices
- Company disclosure (summarized from the 10-K)
- The 10-K says commodity prices are uncertain and volatile.
- Company’s stated mitigation
- Hedging and a strong balance sheet.
- This site’s assessment
- Impact High / Likelihood High
- 2M&A & integration
Coterra integration
- Company disclosure (summarized from the 10-K)
- Synergy targets of at least $1B by year-end 2027 depend on execution.
- Company’s stated mitigation
- More than 350 synergy initiatives under way.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Regulation & legal
Government regulation
- Company disclosure (summarized from the 10-K)
- Extensive regulation increases costs; policy changes are commonplace.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Customer/supplier concentration
Counterparty risk
- Company disclosure (summarized from the 10-K)
- Purchasers, partners and buyers of divested assets may fail to meet obligations.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We May Fail to Realize the Anticipated Benefits of the Merger, and Any Failure to Successfully Integrate the Businesses and Operations of Devon and Coterra May Adversely Affect Our Future Results
The success of the Merger will depend on, among other things, the combined company’s ability to realize anticipated synergies and benefits. Read more
If the combined company is not able to successfully achieve these synergies, or the cost to achieve these synergies is greater than expected, then the anticipated benefits of the Merger may not be realized fully or at all or may take longer to realize than expected. Moreover, if we do not realize such benefits or for any other reason, the board of directors of the combined company may not approve, or delay the approval of, the anticipated increases in our dividends and share repurchase authorization following the Merger, which could negatively impact our stock price.
We and Coterra have operated and, until the completion of the Merger, will continue to operate independently. Read more
There can be no assurances that our businesses can be integrated successfully. It is possible that the integration process could result in the loss of key Devon employees or key Coterra employees, the loss of customers, the disruption of our or Coterra’s ongoing businesses, inconsistencies in standards, controls, procedures and policies, unexpected integration issues, higher than expected integration costs and an overall post-completion integration process that takes longer than originally anticipated. Devon and Coterra and certain of their respective subsidiaries also have contracts with various business partners, which contracts may grant the counterparties certain rights in connection with the Merger or which may require Devon or Coterra, as applicable, to obtain consents…
We Are Subject to Certain Restrictions in the Merger Agreement That May Hinder Operations Pending the Consummation of the Merger, and We May Be the Target of Securities Class Action and Derivative Lawsuits as a Result of the Merger
Whether or not the Merger is completed, the pending Merger may disrupt our current plans and operations, which could adversely impact our business operations and financial results. Read more
During the pendency of the Merger, the Merger Agreement restricts us from engaging in specified types of actions, including, among other things, acquisition, divestiture and financing activities and unbudgeted capital expenditures, in each case subject to certain exceptions. These restrictions could be in place for an extended period of time if the consummation of the Merger is delayed, which may delay or prevent us from undertaking business opportunities that, absent the Merger Agreement, we might have pursued, or from effectively responding to competitive pressures or industry developments.
In addition, litigation is common in connection with mergers and acquisitions of public companies, regardless of any merits related to the claims. Read more
Defending against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary damages. Moreover, if a plaintiff is successful in obtaining an injunction prohibiting completion of the Merger, the injunction may delay or prevent the Merger from being completed, which may adversely affect our business, results of operations and financial condition.
The Merger is subject to a number of conditions that must be satisfied or waived (to the extent permissible) prior to the completion of the Merger. Read more
These conditions to the completion of the Merger, some of which are beyond our control, may not be satisfied or waived in a timely manner or at all, and, accordingly, the Merger may be delayed or not completed. The Merger Agreement also contains certain termination rights for both Devon and Coterra, including if the Merger is not consummated by August 1, 2026 (subject to certain extensions due to delay in antitrust approvals), and further provides that, upon termination of the Merger Agreement under certain circumstances, we may be required to pay Coterra a termination fee equal to $865 million.
If the Merger is not completed, our ongoing business may be adversely affected and, without realizing any of the benefits of having completed the Merger, we may experience certain negative effects. Read more
Among others: (i) we may experience negative reactions from the financial markets and business partners; (ii) we will still be required to pay certain significant costs relating to the Merger, such as legal, accounting and other advisory fees and printing costs; and (iii) matters relating to the Merger (including integration planning) require substantial commitments of time and resources by our management, which may result in the distraction of our management from ongoing business operations and pursuing other opportunities that could have been beneficial to us.
No longer in the text (1)
Our Business Could Be Adversely Impacted by Shareholder Activism, Proxy Contests or Similar Actions
2 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 19, 2025 ↗.
25
What to watch going forwardSite analysis
- Closing of the $4.2B Eagle Ford sale (Q4 2026 or early 2027).
- Synergy capture and the portfolio review.
- Dividend ($0.32 a quarter after the merger) and buybacks.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Devon Energy’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.