— Know what they know.
/
Not Investment Advice

DVN

NYSE · USD
Devon Energy Corporation
Energy · Oil & Gas Exploration & Production
CEO Clay Gaspar Employees 2,200 R&D / revenue 0.0%
Last price
$50.73+3.03%last session
Market cap
$55.8B
P/E (TTM)
12.0x
From 52w high
−3.8%
From 52w low
+61.2%
1-year return
+62.4%
RSI 14 · vs SMA200
62.0 · +13.3%
IS score
54.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DVN   SPY   XLE (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26DVN 162XLE 160SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
72
Profitability
63
Growth
83
Value
89
Momentum
30
Risk (safety)
81
Quality
67
Balance sheet
63
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 5 / 9Altman Z 1.5Beta 0.434 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.20M bought
Form 144 notices (12m): 8, $10.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-04-09
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+209
356 new holders, 130 closed
1,462 filers hold 112.4% · 790 added, 232 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+177
1,037 funds adding shares
860 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
36.4%
20-day avg 43.1%, 50-day avg 45.0%
Latest 6.7 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$17.1B
Revenue growth YoY+10.0%
Gross margin24.7%
Operating income$3.8B
Operating margin22.0%
Net income$2.6B
Net margin15.4%
EPS (diluted)$4.20
Cash flow
Operating cash flow$6.7B
Capital expenditure$3.6B
Free cash flow$3.1B
FCF conversion (FCF / OCF)46.5%
Stock-based compensation$99.0M
FCF less SBC$3.0B
Buybacks$1.1B
Dividends$619.0M
Balance sheet & returns
Cash & short-term investments$1.4B
Total debt$8.6B
Net debt$7.2B
Shareholders' equity$15.5B
Goodwill & intangibles$753.0M
Debt / equity0.28
ROE (TTM)14.9%
ROIC (TTM)5.6%
Operating margin by fiscal year
36.1%FY202145.5%FY202231.7%FY202324.5%FY202420.7%FY2025
Revenue $13.8B (FY2021) to $17.1B (FY2025), a 5.6% CAGR.

Valuation

P/E (TTM)12.0x
EV / EBITDA7.5x
Price / sales2.84x
Price / FCF33.3x
FCF yield3.00%
Buyback yield1.88%
SBC / revenue0.7%
Price / book1.14x
Forward P/E FY20269.5x
Forward P/E FY20279.9x
Forward P/E FY20289.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $63.55 across 11 analysts last quarter is theirs, not ours.

DVN vs industry median

473 companies in Oil & Gas Exploration & Production
Gross margin 34.0% 45.9% Operating margin 23.9% 19.2% Net margin 16.7% 12.3% ROIC 5.6% 5.3%
DVN (TTM)Industry median Asset turnover 0.28 vs industry 0.24 · financial leverage 1.70

Earnings delivery

Next report 2026-11-05 · consensus EPS $1.22
67%
beat rate, 8 of 12 quarters
+3.1%
median EPS surprise
4
longest beat streak
+5+0+5+12+1+16-2-3+12+2-2+12
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-07 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DVN Devon Energy Corporation $55.8B12.0x14.9%16.7%+10.0% +62.4%
FANG Diamondback Energy, Inc. $57.1B39.8x4.1%33.8%+22.0% +47.3%
OXY Occidental Petroleum Corpora $62.4B9.4x18.7%35.8%−7.5% +52.9%
WDS Woodside Energy Group Ltd $44.8B14.5x17.0%22.5%−10.8% +62.5%
EOG EOG Resources, Inc. $82.9B12.2x22.5%31.6%+17.8% +53.5%
EQT EQT Corporation $34.0B11.9x12.2%15.6%+16.0% —
TPL Texas Pacific Land Corporati $24.2B44.7x36.6%62.6%+20.8% —
EXE Expand Energy Corporation $21.6B8.0x14.9%17.6%+56.8% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-10-08Regulation FD; Other Events; Exhibits
2026-08-27Officer/Director Change
2026-08-20Officer/Director Change
2026-08-04Earnings Release; Exhibits
2026-06-30Shareholder Vote
2026-06-25Material Agreement; Financial Obligation; Other Events; Exhibits

Context

Shares outstanding1,100,000,000
Free float99.2%
Institutional ownership112.4%
Beta0.43
Dividend yield2.21%
Last dividend$0.32 on 2026-09-15
50 / 200-day average$47.81 / $45.17
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DVN sits among 48 scored companies in Oil & Gas Exploration & Production (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDVNIndustry medianIndustry percentileSector median
P/E (TTM) 17.0x 11.0x
76th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.8x 2.0x
72nd		 1.8x
Price / book 1.3x 1.5x
39th		 1.9x
Price / tangible book 0.9x 1.3x
15th		 1.9x
Price / free cash flow 32.6x 11.4x
92nd		 11.9x
Price / operating cash flow 6.5x 4.5x
80th		 6.9x
Enterprise value $66.5B $6.1B
91st		 $5.3B
EV / sales 3.4x 2.7x
77th		 2.4x
EV / EBITDA 7.5x 6.0x
66th		 9.0x
EV / EBIT 14.0x 10.0x
73rd		 14.1x
EV / free cash flow 38.8x 12.3x
89th		 14.6x
Earnings yield 5.9% 6.5%
45th		 4.6%
FCF yield 3.1% 8.4%
28th		 5.8%
Operating cash flow yield 15.4% 21.3%
21st		 13.6%
Graham number (per share) $59.05 $45.98
59th		 $32.92

Profitability (TTM)

MeasureDVNIndustry medianIndustry percentileSector median
Gross margin 34.0% 48.6%
23rd		 31.9%
EBITDA margin 45.1% 48.0%
45th		 26.7%
Operating margin 23.5% 24.6%
49th		 15.2%
EBIT margin 24.2% 25.8%
45th		 13.3%
Net margin 16.7% 17.5%
45th		 8.0%
NOPAT margin 18.4% 20.3%
45th		 12.4%
FCF margin 8.7% 20.0%
30th		 7.8%
Operating cash flow margin 43.9% 46.3%
36th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 2.2% 6.7%
9th		 6.7%
Stock comp / revenue 0.6% 0.9%
36th		 0.7%
Effective tax rate 21.9% 21.0%
76th		 21.0%

Returns on capital

MeasureDVNIndustry medianIndustry percentileSector median
ROE (on average equity) 11.5% 13.7%
39th		 12.2%
ROA 6.4% 7.0%
40th		 4.8%
ROIC 6.9% 10.7%
28th		 9.9%
ROCE 7.4% 9.8%
38th		 9.8%
Return on tangible assets 9.3% 9.4%
49th		 8.3%
Cash ROIC (OCF / invested capital) 16.4% 25.0%
19th		 18.4%
Gross profitability (GP / assets) 9.3% 15.7%
9th		 14.8%
ROIC, 3-yr average 10.5% 8.5%
64th		 7.0%
ROIC, 5-yr average 20.0% 17.7%
62nd		 10.1%
ROE, 5-yr average 30.0% 21.1%
82nd		 14.8%
Incremental ROIC 4.7% 18.2%
39th		 14.8%

Growth

MeasureDVNIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 17.0% 14.4%
57th		 10.2%
Revenue growth (QoQ) 94.8% 25.4%
94th		 13.0%
Revenue CAGR, 3 yr 5.3% 2.1%
57th		 2.0%
Revenue CAGR, 5 yr 19.3% 19.9%
49th		 13.7%
Gross profit CAGR, 3 yr 0.5% -1.3%
57th		 1.7%
Operating income CAGR, 3 yr -8.8% -14.4%
61st		 -2.0%
Net income growth (TTM YoY) 15.3% 23.5%
35th		 23.5%
Net income CAGR, 3 yr -11.8% -12.5%
52nd		 -7.8%
EPS growth (TTM YoY) -22.0% 23.6%
16th		 19.9%
EPS CAGR, 3 yr -22.4% -20.5%
41st		 -9.8%
EPS CAGR, 5 yr 53.8% 22.1%
77th		 20.5%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr 17.3% 3.0%
73rd		 -3.4%
Operating cash flow CAGR, 3 yr 6.6% 4.9%
60th		 3.2%
Book value CAGR, 3 yr 37.1% 7.9%
95th		 5.6%
Dividend CAGR, 3 yr -8.7% -4.9%
38th		 -0.1%
Sustainable growth rate 8.7% 11.9%
35th		 9.4%

Margin history & stability

MeasureDVNIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 30.3% 46.5%
16th		 31.0%
Operating margin, 3-yr average 24.9% 26.4%
43rd		 15.4%
Net margin, 3-yr average 19.0% 16.5%
57th		 8.7%
FCF margin, 3-yr average 8.3% 15.4%
34th		 7.2%
Revenue stability (0-1) 0.82 0.70
66th		 0.64
Earnings stability (0-1) 0.04 0.14
20th		 0.22
Margin stability (0-1) 0.82 0.80
59th		 0.73

Liquidity (latest quarter)

MeasureDVNIndustry medianIndustry percentileSector median
Cash & short-term investments $1.0B $119.5M
89th		 $248.6M
Net cash (− = net debt) −$10.7B −$1.1B
4th		 −$1.1B
Working capital −$2.0B −$48.6M
2nd		 $205.0M
Current ratio 0.72 0.95
38th		 1.41
Quick ratio 0.67 0.90
34th		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.14 0.27
34th		 0.36
Defensive interval (days) 763 days 340 days
77th		 768 days

Leverage & solvency (latest quarter)

MeasureDVNIndustry medianIndustry percentileSector median
Total debt $11.7B $1.3B
91st		 $1.3B
Debt / equity 0.28 0.48
30th		 0.61
Net debt / equity 0.26 0.38
33rd		 0.45
Debt / assets 16.6% 23.7%
26th		 28.7%
Debt / capital 22.0% 32.6%
30th		 37.9%
Debt / EBITDA 1.33 1.74
43rd		 1.98
Net debt / EBITDA 1.22 1.32
43rd		 1.43
Interest coverage (EBIT / interest) 9.3x 4.9x
67th		 4.1x
Cash interest coverage 16.8x 11.9x
70th		 6.7x
Debt payback (years of OCF) 1.4 yrs 1.4 yrs
50th		 2.3 yrs
Liabilities / assets 41.1% 47.1%
36th		 54.6%
IS credit model rating BBB — —
Implied credit spread (bps) 275 312
47th		 275

Efficiency

MeasureDVNIndustry medianIndustry percentileSector median
Asset turnover 0.38 0.39
43rd		 0.49
Fixed asset turnover 0.31 0.47
22nd		 0.94
Inventory turnover 38.0 26.0
67th		 11.7
Receivables turnover 7.9 9.4
34th		 7.8
Days sales outstanding 46 days 39 days
66th		 46 days
Days inventory outstanding 10 days 14 days
33rd		 31 days
Days payables outstanding 35 days 49 days
32nd		 41 days
Cash conversion cycle (days) 21 days −2 days
83rd		 18 days
Capex / revenue 35.1% 24.8%
65th		 11.9%
Capex / depreciation 1.68 0.99
85th		 1.04
Operating expense ratio 21.5% 25.0%
40th		 16.5%

Cash flow & earnings quality

MeasureDVNIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.62 2.19
65th		 2.02
FCF / net income 0.52 0.98
24th		 0.96
FCF / operating cash flow 19.9% 45.0%
27th		 48.4%
Capex / operating cash flow 80.1% 54.4%
73rd		 51.6%
Accruals ratio -10.4% -12.1%
66th		 -7.7%
Sloan accruals ratio -13.4% -9.7%
34th		 -4.7%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureDVNIndustry medianIndustry percentileSector median
Dividend yield 2.2% 2.3%
49th		 1.7%
Dividend per share (TTM) $1.12 $0.78
57th		 $0.66
Payout ratio (dividends / net income) 25.0% 27.5%
42nd		 29.4%
Dividends / FCF 47.9% 21.1%
78th		 28.1%
Dividend growth (YoY) -24.3% -1.5%
31st		 0.5%
Buyback yield 1.4% 0.3%
68th		 0.2%
Shareholder yield (dividends + buybacks) 2.8% 3.5%
36th		 3.2%
Share count change (YoY) 47.8% 0.2%
94th		 0.2%
Buybacks, last 5 years $4.9B $74.3M
96th		 $38.8M

Scores & forensic checks

MeasureDVNIndustry medianIndustry percentileSector median
IS score 54 57
43rd		 51
IS profitability 72 66
62nd		 50
IS growth 63 61
57th		 61
IS value 83 71
77th		 57
IS momentum 89 86
59th		 77
IS risk (safety) 30 30
34th		 50
IS quality 81 81
49th		 68
IS balance sheet 67 56
66th		 55
IS earnings quality 63 61
55th		 65
IS cash flow 46 61
43rd		 50
Piotroski F-score (0-9) 5 7
15th		 6
Altman Z-score 1.5 1.6
43rd		 2.0
Beneish M-score −2.43 −2.72
62nd		 −2.62
Ohlson O-score −9.55 −8.38
32nd		 −7.87
IS credit score 56 54
51st		 58

Per share

MeasureDVNIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.49 $2.27
62nd		 $1.88
Book value per share $44.41 $18.64
83rd		 $14.22
Tangible book per share $43.75 $19.14
83rd		 $12.86
Revenue per share $20.85 $14.22
66th		 $19.06
FCF per share $1.82 $2.65
40th		 $2.05
Operating cash flow per share $9.14 $6.43
60th		 $4.95
Cash per share $1.07 $1.32
45th		 $1.70

Size (TTM)

MeasureDVNIndustry medianIndustry percentileSector median
Market cap $55.8B $4.3B
91st		 $4.1B
Revenue $19.6B $1.9B
91st		 $2.0B
EBITDA $8.8B $719.1M
91st		 $606.3M
Net income $3.3B $288.8M
91st		 $134.0M
Free cash flow $1.7B $254.3M
81st		 $199.4M
Total assets $70.9B $5.6B
96th		 $4.4B
Shareholders' equity $41.7B $2.1B
98th		 $1.8B
Employees 2,200 429
89th		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-14Gaspar Clay M
Director, PRESIDENT AND CEO
 Open-market buy 3,913$51.08$199,876619,152
2026-09-14Lowe Robert Ferrall Iii
EVP EXPLORATION & PRODUCTION
 Open-market sale 6,756$50.95$344,21872,720
2026-09-10Gaspar Clay M
Director, PRESIDENT AND CEO
 Award / grant 53,979——615,239
2026-07-01Jorden Thomas E
Director
 Gift 7,684——0
2026-07-01Jorden Thomas E
Director
 Gift 7,684——2,416,436
2026-06-30Fox Ann G
Director
 Award / grant 5,567——49,243
2026-06-30Brock Amanda M
Director
 Award / grant 5,567——61,301
2026-06-30Hernandez Jacinto J
Director
 Award / grant 5,567——12,368
2026-06-30Kurz Karl F
Director
 Award / grant 5,567——94,315
2026-06-30Shellebarger Jeffrey Earle
Director
 Award / grant 5,567——12,082
2026-06-30Smolik Brent J
Director
 Award / grant 5,567——12,662
2026-06-30Watts Marcus A
Director
 Award / grant 5,567——61,301

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired301,338,753—
GiftDisposed2323,576—
GiftAcquired2323,576—
Open-market buyAcquired13,913$199,876
Open-market saleDisposed4119,127$5.6M
Tax withholdingDisposed4204,956$10.1M
—Disposed130—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 8 notices · 233,932 shares · $10.9M
FiledFilerShares proposedEst. proceeds
2026-09-14Lowe Robert Ferrall Iii6,756$344,238
2026-08-24Michael Deshazer49,779$2.4M
2026-07-28Cashion Tana K35,780$1.5M
2026-06-18Cashion Tana K33,724$1.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 28 trades (3 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-23Kevin HernHouseSale$50,001 - $100,0002026-10-14
2026-09-23Kevin HernHouseSale$15,001 - $50,0002026-10-14
2026-09-23Kevin HernHouseSale (Full)$50,001 - $100,0002026-10-13
2026-09-23Kevin HernHouseSale (Partial)$15,001 - $50,0002026-10-13
2026-04-09John BoozmanSenatePurchase$1,001 - $15,0002026-05-08
2026-04-09John BoozmanSenatePurchase$1,001 - $15,0002026-05-07
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-02
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.95,378,854$3.9B8.67%
VANGUARD CAPITAL MANAGEMENT LLC75,348,040$3.1B6.85%
STATE STREET CORP73,179,266$3.0B6.65%
VANGUARD PORTFOLIO MANAGEMENT LLC57,263,240$2.4B5.21%
WELLINGTON MANAGEMENT GROUP LLP51,522,376$2.1B4.68%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC38,323,380$1.6B3.48%
Sixth Street Partners Management Company, L.P.38,323,380$1.6B3.48%
GEODE CAPITAL MANAGEMENT, LLC30,520,177$1.3B2.77%
DAVIS SELECTED ADVISERS25,297,991$1.0B2.30%
Invesco Ltd.24,148,878$997.8M2.20%
VICTORY CAPITAL MANAGEMENT INC16,992,378$702.1M1.54%
DIMENSIONAL FUND ADVISORS LP16,907,374$698.7M1.54%
D. E. Shaw & Co., Inc.12,044,728$497.7M1.09%
MORGAN STANLEY11,813,326$488.1M1.07%
GOLDMAN SACHS GROUP INC10,925,640$451.4M0.99%

Institutional ownership by quarter

2023-092026-06112.4%
% of shares held by 13F filers
2023-092026-061,462
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,462112.4%356790232130
2026-03-311,25358.6%241421421103
2025-12-311,13753.6%167381441101
2025-09-301,09952.0%118394417108
2025-06-301,10352.3%125398438157
2025-03-311,15152.2%157454378122
2024-12-311,13653.5%176393449200
2024-09-301,18551.7%116480424122
2024-06-301,21149.0%116492426109
2024-03-311,22348.3%141480461120
2023-12-311,22047.1%192403480159
2023-09-301,20547.2%119475447109

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-31SCHEDULE 13G/AVanguard Portfolio Management5.0%57,442,708
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%46,538,838
2026-01-21SCHEDULE 13G/ABlackRock, Inc.7.9%49,513,335
2025-04-30SCHEDULE 13G/AThe Vanguard Group12.8%82,780,446
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.07%$1.6B
VSMPX0.07%$1.6B
VTSAX0.07%$1.6B
VTI0.07%$1.6B
SCHD1.37%$1.5B
VFIAX0.08%$1.3B

Share structure

Shares outstanding1,100,000,000
Float1,090,881,000
Free float99.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$13.8B$19.8B$15.1B$15.6B$17.1B
Cost of revenue$8.5B$10.9B$9.9B$11.3B$12.9B
Gross profit$5.2B$9.0B$5.2B$4.3B$4.2B
R&D$0$0$0$0$0
SG&A$391.0M$395.0M$408.0M$500.0M$6.1B
Operating income$4.8B$8.6B$4.8B$3.8B$3.8B
EBITDA$5.4B$10.4B$7.6B$7.4B$7.4B
Pretax income$2.9B$7.8B$4.6B$3.7B$3.5B
Income tax$65.0M$1.7B$841.0M$770.0M$785.0M
Net income$2.8B$6.0B$3.7B$2.9B$2.6B
EPS, diluted$4.18$9.12$5.84$4.57$4.20
Diluted shares665.0M653.0M642.0M623.0M629.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.1B$1.5B$875.0M$846.0M$1.4B
Receivables$1.5B$1.8B$1.6B$2.0B$1.8B
Inventory$114.0M$201.0M$249.0M$294.0M$336.0M
Total current assets$4.2B$3.9B$3.2B$3.4B$4.0B
PP&E, net$15.2B$18.3B$19.6B$25.3B$24.0B
Goodwill & intangibles$753.0M$753.0M$753.0M$753.0M$753.0M
Total assets$21.0B$23.7B$24.5B$30.5B$31.6B
Accounts payable$500.0M$859.0M$760.0M$806.0M$2.3B
Total current liabilities$3.1B$3.1B$2.9B$3.3B$4.1B
Long-term debt$6.5B$6.2B$5.7B$8.4B$7.6B
Total liabilities$11.6B$12.4B$12.3B$15.8B$16.1B
Shareholders' equity$9.4B$11.3B$12.2B$14.7B$15.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.8B$6.0B$3.7B$2.9B$2.7B
Depreciation & amortization$3.6B$2.2B$2.6B$3.3B$3.6B
Stock-based compensation$99.0M$88.0M$93.0M$99.0M$99.0M
Change in working capital−$116.0M−$226.0M−$144.0M−$217.0M$151.0M
Operating cash flow$4.9B$8.5B$6.5B$6.6B$6.7B
Capital expenditure−$2.0B−$5.1B−$3.9B−$7.5B−$3.6B
Free cash flow$2.9B$3.4B$2.6B−$853.0M$3.1B
Investing cash flow−$1.6B−$5.1B−$3.9B−$7.3B−$3.4B
Net debt issued / repaid−$1.2B$0−$242.0M$2.7B−$767.0M
Buybacks−$589.0M−$718.0M−$979.0M−$1.1B−$1.1B
Dividends paid−$1.3B−$3.4B−$1.9B−$937.0M−$619.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin38.9%47.4%34.4%27.7%23.6%
Operating margin36.1%45.5%31.7%24.5%20.7%
Net margin20.1%29.1%24.8%18.6%15.7%
FCF margin20.7%16.5%17.2%-5.4%18.2%
ROE46.3%58.9%32.3%21.8%17.6%
ROIC35.5%44.5%22.2%13.2%11.7%
ROA18.2%26.9%15.5%10.5%8.5%
Debt / equity0.730.600.530.630.57
Interest coverage9.0x23.4x13.6x9.9x7.8x
Current ratio1.381.251.071.040.98
Revenue growth+182.8%+47.6%−26.8%+3.0%+7.9%
EPS growth+159.7%+119.7%−36.0%−21.0%−8.5%
P/E at year end8.6x5.9x7.3x6.9x8.6x
EV / EBITDA at year end5.3x3.9x4.3x3.8x4.0x
FCF yield at year end11.90%9.54%9.59%-4.24%13.39%
Dividend payout46.7%56.2%49.6%32.4%23.4%

Revenue by segment

FY2023FY2024FY2025
N G L Product Sales$10.8B$11.2B$11.2B

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $1.22 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$24.9B$23.0B – $26.7B$5.35$4.65 – $5.79149.5x
2027$24.7B$18.8B – $28.5B$5.12$2.84 – $6.46109.9x
2028$24.0B$20.7B – $28.4B$5.34$3.11 – $6.2789.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$1.40$1.57+12.1%$6.0B$7.4B+23.4%
2026-05-05$1.06$1.04−1.9%$4.3B$3.8B−12.2%
2026-02-17$0.81$0.82+1.6%$4.0B$4.1B+2.9%
2025-11-05$0.93$1.04+11.8%$4.1B$4.3B+2.8%
2025-08-05$0.86$0.84−2.8%$4.0B$4.0B+0.3%
2025-05-06$1.24$1.21−2.4%$4.4B$4.5B+0.5%
2025-02-18$1.00$1.16+16.0%$4.2B$4.6B+9.9%
2024-11-05$1.09$1.10+0.9%$3.7B$3.7B+0.4%
2024-08-06$1.26$1.41+11.9%$3.9B$3.8B−1.5%
2024-05-01$1.11$1.16+4.5%$3.6B$3.7B+2.8%
2024-02-27$1.41$1.410.0%$3.9B$3.8B−1.4%
2023-11-07$1.57$1.65+5.1%$3.5B$3.8B+8.4%
2023-08-01$1.18$1.180.0%$3.7B$3.5B−7.5%
2023-05-08$1.38$1.46+5.8%$3.9B$3.8B−3.0%
2023-02-14$1.75$1.66−5.1%$3.8B$4.3B+12.0%
2022-11-01$2.12$2.18+2.8%$4.2B$5.4B+30.7%
2022-08-01$2.38$2.59+8.8%$4.2B$5.6B+35.5%
2022-05-02$1.75$1.88+7.4%$4.0B$3.8B−5.8%
2022-02-15$1.21$1.39+14.9%$3.7B$4.3B+14.8%
2021-11-02$0.93$1.08+16.1%$3.2B$3.5B+9.5%
2021-08-03$0.53$0.60+13.2%$2.4B$2.4B0.0%
2021-05-04$0.35$0.45+28.6%$2.2B$1.8B−18.4%
2021-02-16$-0.13$-0.27−99.9%$12.7B$1.3B−89.9%
2020-08-04$-0.26$-0.18+30.8%$569.1M$394.0M−30.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.506-220.406-290.507-060.407-130.407-200.407-270.508-030.408-100.708-170.408-240.508-31
Week ofNotionalSharesTrades
2026-08-31$482.2M9,920,498145,640
2026-08-24$353.4M7,477,556122,329
2026-08-17$682.8M14,146,597174,860
2026-08-10$398.8M8,850,852138,021
2026-08-03$538.4M12,441,705174,413
2026-07-27$387.9M8,875,455123,345

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1536.4%
DateShort shareShort volumeTotal volume
2026-10-1536.4%973,0762,676,885
2026-10-1423.8%792,5473,326,032
2026-10-1345.5%1,575,0713,464,122
2026-10-1247.8%786,5931,643,926
2026-10-0950.5%1,256,1952,487,194
2026-10-0845.1%1,591,8733,532,056
2026-10-0743.8%856,8341,955,230
2026-10-0646.8%909,2591,943,718
2026-10-0546.7%1,097,1832,348,230
2026-10-0256.2%1,062,9111,891,838
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.3Jan-0.9Feb+1.6Mar+7.0Apr+0.0May-1.6Jun-0.9Jul+0.9Aug-0.0Sep+0.4Oct+3.0Nov-0.6Dec
MonthAvg returnUp yearsYears
Jan−0.3%45%20
Feb−0.9%50%20
Mar+1.6%62%21
Apr+7.0%60%20
May+0.0%45%20
Jun−1.6%55%20
Jul−0.9%55%20
Aug+0.9%50%20
Sep−0.0%45%20
Oct+0.4%50%20
Nov+3.0%55%20
Dec−0.6%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1462.0
MFI70.9
ADX15.5
Stochastic %K / %D84.7 / 85.6
Williams %R-0.6
CCI144
TSI / signal11.9 / 6.9
Chaikin money flow0.01
ATR$1.37
Bollinger width10.2%
Volume vs 20-day avg0.93x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$48.14 (+5.4%)
SMA 50$47.80 (+6.1%)
SMA 200$44.76 (+13.3%)
EMA 21$48.61 (+4.4%)
EMA 50$47.62 (+6.5%)
EMA 200$44.23 (+14.7%)
Bollinger upper$50.60 (+0.3%)
Bollinger lower$45.68 (+11.1%)
Parabolic SAR$47.00 (+7.9%)
Open the live chart, 110+ indicators

About Devon Energy Corporation

As an independent energy producer, Devon Energy Corporation primarily focuses on the exploration, development, and extraction of oil, natural gas, and natural gas liquids within the United States. The company manages roughly 5,134 gross wells. Established in 1971, its corporate headquarters are located in Oklahoma City, Oklahoma.

https://www.devonenergy.com

Key executives

NameTitlePayBorn
Clay GasparPresident, Chief Executive Officer & Director$2.9M1972
Jeffrey L. RitenourExecutive Vice President & Chief Corporate Development Officer$1.8M1973
Shannon E. YoungExecutive Vice President & Chief Financial Officer$1.8M1972
John RainesExecutive Officer$1.0M1983
J. Larry NicholsCo-Founder & Chairman Emeritus$155,1771942
Blake A. SirgoExecutive Vice President of Operations—1983
Daniel Dennis GuffeySenior Vice President of Corporate Finance——
Gregory F. ConawayVP & Chief Accounting Officer—1975

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Clay M. Gaspar President and Chief Executive Officer2025$938,125$9.6M$1.6M$12.6M
Jeffrey L. Ritenour Executive Vice President and Chief Financial Officer2025$731,446$4.6M$821,200$6.4M
David G. Harris Former Executive Vice President and Chief Corporate Development Officer2025$111,567$0$0$5.4M
Dennis C. Cameron Executive Vice President and General Counsel2025$655,646$3.1M$656,100$4.7M
Tana K. Cashion Executive Vice President Human Resources and Administration2025$479,846$2.0M$478,100$3.2M
John D. Raines Senior Vice President E&P Asset Management2025$465,984$1.8M$441,800$2.8M

Employees

3k20182k20191k20202k20212k20222k20232k20242k2025

Dividends

Ex-dateAmountPaid
2026-09-15$0.322026-09-30
2026-06-15$0.322026-06-30
2026-03-13$0.242026-03-31
2025-12-15$0.242025-12-30
2025-09-15$0.242025-09-30
2025-06-13$0.242025-06-30
2025-03-14$0.242025-03-31
2024-12-13$0.222024-12-30

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage59
Intangibles43
Switching costs38
Network effect47
Efficient scale66
Our component scores (0-100) and overall 49.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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