DEVON ENERGY CORP/DE
$46.58
+0.35 (+0.76%) · delayed · Nov 13, 2026
Five-year price
52w $34.23 to $52.71
- Market cap
- $29.5B
- Enterprise value
- $36.5B
- P/E
- 11.2×
- 9.6× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 10.6%
- ROIC
- —
- Debt / equity
- 0.54
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 30.5%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 99% (5y avg)
- ●Growing revenueRevenue CAGR 5y 29.1%
- ○Shrinking share countDiluted shares 67.9% over 5y
Value
100
- ●P/E below 15P/E 11.2
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 10.6%
- ●Price below Graham NumberGraham Number $47.98
- ●P/B below 3P/B 1.9
Safety
50
- ○Debt / equity below 0.5D/E 0.54
- ●Debt payable in < 4 yrs of earningsNet debt $7.0B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 0.98
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $16.8B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.98
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 155%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 9.6
- ●P/E × P/B ≤ 22.5Product 18.2
Valuation lab
What do you have to believe?
At $46.58, the market is pricing in about −1.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $7.0B · 633M shares · 5y revenue CAGR 29.1%
Intrinsic value
$278.99
Price
$46.58
Margin of safety
83%
What the price implies
The market is paying for −1.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,772 | 3,513 | 8,439 | 6,674 | 4,673 | 13,750 | 19,827 | 15,140 | 15,919 | 16,786 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | (2,895) | — | — | — | — | — | — | — | — | — |
| Operating margin | -104.4% | — | — | — | — | — | — | — | — | — |
| Pre-tax income | (433) | 40 | 944 | (109) | (3,090) | 2,898 | 7,775 | 4,623 | 3,712 | 3,466 |
| Income tax | 141 | 7 | 230 | (30) | (547) | 65 | 1,738 | 841 | 770 | 785 |
| Net income | (1,056) | 898 | 3,064 | (355) | (2,680) | 2,813 | 6,031 | 3,739 | 2,893 | 2,642 |
| EPS (diluted) | -2.09 | 1.70 | 6.10 | -0.89 | -7.12 | 4.19 | 9.12 | 5.84 | 4.56 | 4.17 |
| Diluted shares | 507 | 520 | 497 | 401 | 377 | 665 | 653 | 642 | 634 | 633 |
Who owns it