Devon Energy Corp
DVN—
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Devon Energy Corp AI Insights
Informational only. Not investment advice.Snapshot
- FCF TTM of 2.8B (16% margin) on 4B capex - 12% FCF yield at current market cap signals capital discipline in cyclical sector[Free Cash Flow TTM]
- ROE 18.4% vs industry median 7.7% with debt/equity 0.56 - generating 2.4x peer returns without excessive leverage[Return on Equity TTM]
- P/E 9.1x vs industry median 12.0x while operating margin 22.7% vs median 18.1% - discount despite superior profitability[P/E Ratio]
Watch Triggers
- Free Cash Flow TTM: Falls below 2B — Dividend coverage drops to <3x, forcing cut or debt increase
- Debt to Equity: Rises above 0.75 — Signals balance sheet stress, limits capital return flexibility
- Capital Expenditure TTM: Exceeds 5B — Capex creep destroys FCF advantage vs peers
Bull Case
Capital efficiency leader: ROIC 11.5% vs industry 5.1% median with 25.5B PPE base generating 17.5B revenue - asset-heavy model working
Return on Invested Capital TTMPP&EAsset Turnover TTM
Shareholder return capacity: 2.8B FCF supports current 590M dividend (0.94/share) with 2.2B remaining for buybacks or debt reduction
Free Cash Flow TTMDividends Paid Per Share TTMTotal Debt
Bear Case
Commodity price exposure: 17.5B revenue entirely tied to oil/gas prices with no hedging visibility - 20% price drop erases FCF
Total Revenue TTMFree Cash Flow TTM
Negative working capital (-175M) and 4B annual capex requirement means cash burn accelerates quickly if prices fall
Working CapitalCapital Expenditure TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF generation supports dividend sustainability even if oil prices decline 15-20%
1-3ymed
- 4B capex already absorbed in 2.8B FCF
- Net debt/EBITDA under 1x provides buffer
- Operating margin 22.7% offers compression room
EBITDA TTM 7.7B covers 8.5B total debtInterest expense 506M is 6.5% of EBITDADividend 0.94/share vs EPS 4.14
Valuation Context
Caveats
Public Strategies Rankings
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DVN Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Oil and Gas Extraction
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$30.73B | — | ||
$37.89B | — | ||
12 | — | ||
$17.19B | +7.8% | — | |
$4.17 | -11.4% | — | |
22.4% | -3.6% | — | |
15.4% | -2.8% | — | |
$2.8B | — | ||
17.6% | -4.2% | — | |
Beta 5Y (Monthly) | unknown | — |
DVN Dividend History
106 dividends
2026
$0.240003/13/26$0.2400
2025
$0.960012/15/25$0.2400
09/15/25$0.2400
06/13/25$0.2400
03/14/25$0.2400
2024
$1.450012/13/24$0.2200
09/13/24$0.4400
06/14/24$0.3500
03/14/24$0.4400
2023
$2.870012/14/23$0.7700
09/14/23$0.4900
06/14/23$0.7200
03/14/23$0.8900
2022
$5.170012/09/22$1.3500
09/09/22$1.5500
06/10/22$1.2700
03/11/22$1.0000
2021
$1.970012/09/21$0.8400
09/10/21$0.4900
06/11/21$0.3400
03/12/21$0.3000
2020
$0.680012/10/20$0.1100
09/11/20$0.1100
08/13/20$0.2600
06/12/20$0.1100
03/12/20$0.0900
2019
$0.350012/12/19$0.0900
09/12/19$0.0900
06/13/19$0.0900
03/14/19$0.0800
2018
$0.300012/13/18$0.0800
09/13/18$0.0800
06/14/18$0.0800
03/14/18$0.0600
2017
$0.240012/14/17$0.0600
09/14/17$0.0600
06/13/17$0.0600
03/13/17$0.0600
2016
$0.420012/13/16$0.0600
09/13/16$0.0600
06/13/16$0.0600
03/11/16$0.2400
2015
$0.960012/11/15$0.2400
09/11/15$0.2400
06/11/15$0.2400
03/11/15$0.2400
2014
$0.940012/10/14$0.2400
09/10/14$0.2400
06/11/14$0.2400
03/12/14$0.2200
2013
$0.860012/11/13$0.2200
09/11/13$0.2200
06/12/13$0.2200
03/13/13$0.2000
2012
$0.800012/12/12$0.2000
09/12/12$0.2000
06/13/12$0.2000
03/13/12$0.2000
2011
$0.670012/13/11$0.1700
09/13/11$0.1700
06/13/11$0.1700
03/11/11$0.1600
2010
$0.640012/13/10$0.1600
09/13/10$0.1600
06/11/10$0.1600
03/11/10$0.1600
2009
$0.640012/11/09$0.1600
09/11/09$0.1600
06/11/09$0.1600
03/12/09$0.1600
2008
$0.640012/11/08$0.1600
09/12/08$0.1600
06/12/08$0.1600
03/13/08$0.1600
2007
$0.560012/12/07$0.1400
09/12/07$0.1400
06/13/07$0.1400
03/13/07$0.1400
2006
$0.450012/13/06$0.1125
09/13/06$0.1125
06/13/06$0.1125
03/13/06$0.1125
2005
$0.300012/13/05$0.0750
09/13/05$0.0750
06/13/05$0.0750
03/11/05$0.0750
2004
$0.200012/13/04$0.0500
09/13/04$0.0500
06/14/04$0.0500
03/11/04$0.0500
2003
$0.100012/12/03$0.0250
09/12/03$0.0250
04/22/03$0.0250
03/13/03$0.0250
2002
$0.100012/12/02$0.0250
09/12/02$0.0250
06/12/02$0.0250
03/13/02$0.0250
2001
$0.100012/13/01$0.0250
09/12/01$0.0250
06/13/01$0.0250
03/13/01$0.0250
2000
$0.100012/13/00$0.0250
09/13/00$0.0250
06/13/00$0.0250
03/13/00$0.0250
DVN Stock Splits
1 stock split
11/16/040.5:1 split
DVN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/18/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/19/25 | 12/31/24 | 10-K | |
11/06/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/28/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/15/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/16/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/17/21 | 12/31/20 | 10-K | |
10/30/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/19/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/20/19 | 12/31/18 | 10-K | |
11/07/18 | 09/30/18 | 10-Q | |
08/01/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/21/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/15/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/04/16 | 03/31/16 | 10-Q | |
02/17/16 | 12/31/15 | 10-K | |
11/04/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
11/05/14 | 09/30/14 | 10-Q | |
08/06/14 | 06/30/14 | 10-Q | |
05/09/14 | 03/31/14 | 10-Q | |
02/28/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
08/07/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/21/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/01/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
11/02/11 | 09/30/11 | 10-Q | |
08/04/11 | 06/30/11 | 10-Q | |
05/04/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/04/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/06/10 | 03/31/10 | 10-Q | |
02/25/10 | 12/31/09 | 10-K | |
11/05/09 | 09/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/30/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
11/06/08 | 09/30/08 | 13F-HR | |
08/07/08 | 06/30/08 | 4 | |
05/08/08 | 03/30/08 | Unknown | -- |
02/28/08 | 12/31/07 | 13F-HR | |
11/07/07 | 09/30/07 | 4 | |
08/03/07 | 06/30/07 | 13F-HR | |
05/03/07 | 03/30/07 | Unknown | -- |
02/28/07 | 12/31/06 | 13F-HR | |
11/02/06 | 09/30/06 | 13F-HR | |
08/04/06 | 06/30/06 | 13F-HR | |
05/04/06 | 03/30/06 | Unknown | -- |
03/03/06 | 12/31/05 | 13F-HR | |
11/03/05 | 09/30/05 | 4 | |
08/04/05 | 06/30/05 | 13F-HR | |
05/05/05 | 03/30/05 | Unknown | -- |
03/09/05 | 12/31/04 | 13F-HR | |
11/04/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 13F-HR | |
05/07/04 | 03/30/04 | Unknown | -- |
03/05/04 | 12/31/03 | 13F-HR | |
11/13/03 | 09/30/03 | 13F-HR | |
08/13/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/07/03 | 12/31/02 | 13F-HR | |
11/14/02 | 09/30/02 | 13F-HR | |
08/13/02 | 06/30/02 | 13F-HR | |
05/15/02 | 03/30/02 | Unknown | -- |
03/19/02 | 12/31/01 | 13F-HR | |
11/14/01 | 09/30/01 | 13F-HR | |
08/14/01 | 06/30/01 | 13F-HR | |
05/14/01 | 03/30/01 | Unknown | -- |
03/15/01 | 12/31/00 | 13F-HR | |
11/14/00 | 09/30/00 | 13F-HR | |
08/11/00 | 06/30/00 | 13F-HR | |
05/11/00 | 03/30/00 | Unknown | -- |