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Devon Energy Corporation (DVN) USD

Delaware Basin–weighted independent E&P with multi-basin US oil and gas portfolio.

At a glance: strengths & risks
✓Revenue growing (+63% y/y, Q2 2026)✓Profit growing (+113% y/y, Q2 2026)✓Margins improving (48%→56%, Q2 2026)✓Commodity price +41% vs 1-yr · +7% vs 3-yr✗Only 8 years of reserves✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_DVN

Price chart

51.39 USDDay 4.49%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
51.39 USD · 4.49%
Market cap
40.0 bn USD

Growth

Δ revenue y/y
63.5%
Δ EBITDA y/y
90.8%

Multiples

P/E (LTM)
12.2x
3y avg: 9.7x
P/B (FY)
2.6x
P/E (ann.)
5.2x
EV/EBITDA (LTM)
6.2x
3y avg: 5.3x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
2.2%
FCF yield (LTM)
12.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-61.9%
↓ details

Liquidity

Daily turnover (listing)
682 mln USD

Shares: sec_companyfacts/1090012

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK7.0
y/y 63.5%
2.5
y/y 119.0%
1.4
y/y 54.9%
4.0
y/y 90.8%
1.9
y/y 112.6%
3.7-1.370.9
y/y 125.8%
41.7
y/y 177.2%
26.7%12.4Link
2026-03-31Q1 2026 (3M)OK3.8
y/y -14.5%
0.2
y/y -74.3%
0.9
y/y -0.9%
1.1
y/y -31.3%
0.1
y/y -75.7%
1.7-0.832.5
y/y 5.2%
15.4
y/y 6.1%
3.1%7.9Link
2025-12-31Q4 2025 (3M)OK4.1
y/y -6.4%
0.7
y/y -11.1%
0.9
y/y -8.3%
1.6
y/y -9.6%
0.6
y/y -12.1%
1.5-0.831.6
y/y 3.6%
15.5
y/y 7.1%
17.1%8.3Link
2025-09-30Q3 2025 (3M)OK4.3
y/y 7.6%
0.9
y/y -14.3%
0.9
y/y 10.7%
1.8
y/y -3.6%
0.7
y/y -15.4%
1.7-0.931.2
y/y 3.2%
15.3
y/y 7.5%
6.0%8.4Link
2025-06-30Q2 2025 (3M)OK4.3
y/y 9.4%
1.2
y/y 11.6%
0.9
y/y 19.0%
2.1
y/y 14.8%
0.9
y/y 6.5%
1.5-1.031.4
y/y 24.8%
15.1
y/y 20.0%
24.3%7.8Link
2025-03-31Q1 2025 (3M)OK4.5
y/y 23.8%
0.6
y/y -15.9%
0.9
y/y 26.3%
1.6
y/y 4.6%
0.5
y/y -17.1%
1.9-0.930.9
y/y 23.8%
14.5
y/y 19.5%
13.6%8.3Link
2024-12-31Q4 2024 (3M)OK4.4
y/y 6.2%
0.8
y/y -41.3%
1.0
y/y 49.4%
1.8
y/y -12.9%
0.6
y/y -44.5%
1.7-0.930.5
y/y 24.5%
14.5
y/y 20.2%
20.1%8.9Link
2024-09-30Q3 2024 (3M)OK4.0
y/y 4.9%
1.1
y/y -0.7%
0.8
y/y 22.0%
1.9
y/y 7.8%
0.8
y/y -10.8%
1.7-0.930.3
y/y 24.8%
14.3
y/y 22.7%
8.1%8.6Link
2024-06-30Q2 2024 (3M)OK3.9
y/y 13.4%
1.0
y/y 15.9%
0.8
y/y 20.4%
1.8
y/y 17.8%
0.8
y/y 22.3%
1.5-0.925.2
y/y 7.7%
12.6
y/y 13.9%
27.3%5.8Link
2024-03-31Q1 2024 (3M)OK3.6
y/y -5.9%
0.8
y/y -37.3%
0.7
y/y 17.4%
1.5
y/y -19.0%
0.6
y/y -40.1%
1.7-0.925.0
y/y 6.7%
12.2
y/y 10.8%
19.7%5.8Link
2023-12-31Q4 2023 (3M)OK4.1
y/y —
1.4
y/y —
0.7
y/y —
2.1
y/y —
1.2
y/y —
1.7-0.924.5
y/y —
12.1
y/y —
31.6%6.1Link
2023-09-30Q3 2023 (3M)OK3.8
y/y —
1.1
y/y —
0.7
y/y —
1.7
y/y —
0.9
y/y —
1.7-0.924.2
y/y —
11.6
y/y —
10.7%6.3Link
2023-06-30Q2 2023 (3M)OK3.5
y/y —
0.9
y/y —
0.6
y/y —
1.5
y/y —
0.7
y/y —
1.4-1.123.4
y/y —
11.0
y/y —
25.1%6.3Link
2023-03-31Q1 2023 (3M)OK3.8
y/y —
1.2
y/y —
0.6
y/y —
1.8
y/y —
1.0
y/y —
1.7-1.023.4
y/y —
11.0
y/y —
—6.3Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)3 143
Long-term debt (incl. LT leases)10 247
− Cash & equivalents950
Net debt12 440

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-3 000-2 000-1 00001 0002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 5005 0007 50010 00012 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 2.28x of reported net profit; after capex, 1.02x.
year202320242025
cash flow / profit1.75x2.28x2.54x
accruals, % of assets-11.4%-12.2%-12.9%
Last twelve months (to 2026-06-30): 2.61x of profit came back as operating cash flow.
net debt / EBITDA 1.2x · EBIT covers interest 7.0x · capex 1.2x of depreciation · dividends 39% of free cash flow · share count -0.7% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
2 428 mln boe
2025
Reserve life (R/P)
7.9 yrs
reserves ÷ annual output
Annual production
306.60 mln boe
2025

Production, mln boe

248.202015223.012016198.192017195.282018208.782021222.652022240.172023269.002024306.602025

Proved reserves

YearReserves, mln boe
20252 428
20242 155
20231 817
20221 815
20211 625
2020752
2019757
20184 759
20175 974

Production

YearProduction, mln boeper day, mln boe
2026199.47 * (6M)
+32.4%		1.09
2025306.60
+14.0%		0.84
2024269.00
+12.0%		0.74
2023240.17
+7.9%		0.66
2022222.65
+6.6%		0.61
2021208.780.57
2020121.55 * (12M)0.33
2019125.67 * (9M)
−14.1%		0.46
2018195.28
−1.5%		0.54

* historical figures with reconstructed scale · * partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 101spot vs LTM +31%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -61.9% ▲ +0.8 pp 1d

Main driver: WTI Crude Oil +41% vs LTM; revenue ×1.28 vs costs ×1.06; EBITDA 8 442→10 904; at 3.1× EV/EBITDA → -62%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+65%101.2171.9676.70+41%+7%
Henry Hub Gas (rev)+25%2.743.383.12-19%-8%
Propane (Texas, USD/gallon) (rev)+10%1.130.700.78+61%+10%
US Diesel Index (EIA) (cost)-5%6.284.264.23+47%-1%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue19 262
LTM EBITDA8 442
LTM cash costs (revenue − EBITDA)10 820
2 · Revenue projection
Revenue multiplier — spot×1.278 (+28%)
= Spot revenue24 611
Revenue multiplier — 3y price×1.034 (+3%)
= 3-year-price revenue19 910
3 · Costs projection
Cost multiplier — spot×1.062 (+6%)
= Spot cash costs11 486
Cost multiplier — 3y price×1.038 (+4%)
= 3-year-price cash costs11 227
4 · EBITDA projection (revenue − costs)
= Spot EBITDA13 125
= 3-year-price EBITDA8 683
Conservative EBITDA = min(spot, avg)10 904
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.1x
Target EV = EV/EBITDA × conservative EBITDA34 239
Net debt12 440
Target market cap = EV − net debt21 582
Current market cap33 290

Upside = target market cap ÷ current − 1 = -61.9%

Life of mine: 8 yrs — before haircut -35.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q13 5963 640-1.2%1 4901 577-5.5%
2024 Q23 9173 780+3.6%1 8081 686+7.2%
2024 Q34 0243 636+10.7%1 8581 498+24.1%
2024 Q44 4033 934+11.9%1 8111 783+1.6%
2025 Q14 4524 493-0.9%1 5582 201-29.2%
2025 Q24 2844 093+4.7%2 0751 599+29.8%
2025 Q34 3313 993+8.5%1 7911 464+22.3%
2025 Q44 1214 150-0.7%1 6371 527+7.2%
2026 Q13 8074 485-15.1%1 0701 881-43.1%
2026 Q27 0035 165+35.6%3 9442 559+54.1%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +13.1%

841.1795.1749.0703.0657.0202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +15.6% · Reserves life (R/P): 7.9 yr

24282275212219701817202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31841.12,4281,844584
2024-12-317372,1551,715440
2023-12-316571,817——

2025-12-31 · FY

Production & proved reserves

FY2025 production and year-end 2025 proved reserves derived from SEC inline XBRL (SRT) ProvedDeveloped* tags; matches Note 21 / supplemental tables in Form 10-K.

Line itemAmount
Crude oil equivalent (net, Mboe/d)841.1
Proved reserves (net, MMboe)2,428
Proved developed (net, MMboe)1,844
Proved undeveloped (net, MMboe)584

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Items 1 and 2 Production / Average Sales Price 'Total' rows (dvn-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil142 MMBbls62.77 USD/bbl8,913.379.3%
Natural gas505,000 MMcf1.67 USD/Mcf843.47.5%
NGLs81 MMBbls18.28 USD/bbl1,480.713.2%
Total (implied product revenue)11,237.4100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)11,223USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)5,965USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)367USD mln
Depreciation, depletion & amortization3,595USD mln
General & administrative492USD mln
Exploration expense43USD mln
Income tax expense (benefit)785USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 production volumes (total column) and year-end 2024 proved reserves from Note 21 / supplemental tables in Form 10-K.

Line itemAmount
Oil (net, Mbbl/d)398
Crude oil equivalent (net, Mboe/d)737
Proved reserves (net, MMboe)2,155
Proved developed (net, MMboe)1,715
Proved undeveloped (net, MMboe)440

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Items 1 and 2 same tables, 2024 column (dvn-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil127 MMBbls73.78 USD/bbl9,370.183.8%
Natural gas438,000 MMcf0.91 USD/Mcf398.63.6%
NGLs70 MMBbls20.20 USD/bbl1,41412.6%
Total (implied product revenue)11,182.6100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)11,176USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)4,764USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)282USD mln
Depreciation, depletion & amortization3,255USD mln
General & administrative500USD mln
Exploration expense28USD mln
Income tax expense (benefit)770USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 production and proved reserves — Form 10-K 2023.

Line itemAmount
Crude oil equivalent (net, Mboe/d)657
Proved reserves (net, MMboe)1,817

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Items 1 and 2 same tables, 2023 column (dvn-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil117 MMBbls75.98 USD/bbl8,889.782.3%
Natural gas385,000 MMcf1.83 USD/Mcf704.56.5%
NGLs59 MMBbls20.48 USD/bbl1,208.311.2%
Total (implied product revenue)10,802.5100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)10,791USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)4,467USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)225USD mln
Depreciation, depletion & amortization2,554USD mln
General & administrative408USD mln
Exploration expense20USD mln
Income tax expense (benefit)841USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +8% vs +4% the year before — a +3.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 +4% · 2025 +8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.2x · target 75th pct (3y) 3.1x · LTM avg 5.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Matador Resources CompanyUS7.03.3x
Chord Energy CorporationUS8.33.4x
APA CorporationUS17.53.5x
SM Energy CompanyUS9.14.7x
Permian Resources CorporationUS18.35.2x
Ovintiv Inc.US19.25.2x
EQT CorporationUS34.25.9x
EOG Resources, Inc.US83.66.3x
Antero Resources CorporationUS12.17.2x
Range Resources CorporationUS10.37.7x
Canadian Natural Resources LimitedUS113.18.4x
Diamondback Energy, Inc.US55.310.4x
Group median5.6x
Group average5.9x
This companyUS38.36.2x

Group median 5.6x; this company 6.2x — a 11% premium.

Group average 5.9x; against the average this company is at a 4% premium.

At the adjusted group median the market cap would be -12% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-150.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2026-06-150.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-12-150.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-09-150.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2023-12-140.77 USDEx-dividend: 0.77 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.49 USDEx-dividend: 0.49 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.72 USDEx-dividend: 0.72 USD per sharePaidYahoo Finance (ex-div)
2023-03-140.89 USDEx-dividend: 0.89 USD per sharePaidYahoo Finance (ex-div)
2022-12-091.35 USDEx-dividend: 1.35 USD per sharePaidYahoo Finance (ex-div)
2022-09-091.55 USDEx-dividend: 1.55 USD per sharePaidYahoo Finance (ex-div)
2022-06-101.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2022-03-111 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2021-12-090.84 USDEx-dividend: 0.84 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.devonenergy.com/investors

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Devon Energy Corporation (DVN) — from primary filings.

Frequently asked questions

What is Devon Energy Corporation (DVN)'s P/E ratio?
Devon Energy Corporation (DVN) trades at a P/E of 12.2x (price to trailing 12-month earnings).
What is Devon Energy Corporation (DVN)'s EV/EBITDA?
Devon Energy Corporation (DVN) trades at 6.2x EV/EBITDA.
What is Devon Energy Corporation (DVN)'s P/B ratio?
Devon Energy Corporation (DVN) trades at a P/B of 2.6x.
What is Devon Energy Corporation (DVN)'s dividend yield?
Devon Energy Corporation (DVN)'s trailing 12-month dividend yield is 2.2%.
What is Devon Energy Corporation (DVN)'s return on equity (ROE)?
Devon Energy Corporation (DVN)'s ROE is 26.7%.
What is Devon Energy Corporation (DVN)'s market capitalization?
Devon Energy Corporation (DVN)'s market cap is 40.0 bn USD.

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