DVN
DEVON ENERGY CORP/DE
Energy • CIK: 0001090012
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Market Cap
$31.44B
P/E (TTM)
13.9x
Rev Growth (TTM)
-1.5%
Net Margin (TTM)
13.7%
FCF Yield (TTM)
9.3%
FCF Margin (TTM)
17.7%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$2.9B
Q1 '26
$816M+16%
Q4 '25
$702M-14%
FCF Margin
TTM17.7%
Q1 '2621.4%+26%
Sector: 7.6%Above Avg
OCF Margin38.8%
OCF/NI2.83x
CapEx Coverage1.8x
FCF Yield9.3%
FCF Growth (2Y)-6%
Cash Conversion Cycle
63 days
DSO: 42+DIO: 21−DPO: 0
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.5%
Div Yield1.9%
+Buyback (TTM)2.6%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)1.9%
FCF Payout Ratio20.5%
Free Cash Flow (TTM)$2.9B
Stock Repurchases (TTM)$818.0M
Capital Return / FCF48.8%
Est. Dividends Paid (TTM)$599.8M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
6.7%
Stable
-0.0% YoY-8.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
10.6%
8Q: 11.2%
Asset Turnover
0.53x
8Q: 0.57x
Leverage (1+D/E)
1.61x
D/E: 0.61x
DuPont: 9.0% ≈ 6.7% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.65x
8Q:0.70x
-15.2%
Invested Cap Turn
0.63x
8Q:0.67x
-13.8%
CapEx Intensity
13.2%
8Q:14.3%
CapEx/Depreciation
0.97x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q4 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $16.5B | $3.8B↓7.6% | $4.1B↓4.8% | $4.3B↑1.1% | $4.3B↓3.8% | $4.5B↑1.1% | $4.4B↑9.4% | $4.0B↑2.7% | $3.9B |
Operating Income | $2.3B | $120.0M↓78.6% | $562.0M↓18.9% | $693.0M↓24.4% | $917.0M↑80.2% | $509.0M↓22.1% | $653.0M↓20.8% | $825.0M↓3.5% | $855.0M |
Net Income | $2.3B | $120.0M↓78.6% | $562.0M↓18.2% | $687.0M↓23.6% | $899.0M↑82.0% | $494.0M↓22.9% | $641.0M↓21.1% | $812.0M↓3.8% | $844.0M |
Operating Cash Flow | $6.4B | $1.7B↑7.9% | $1.5B↓9.2% | $1.7B↑9.4% | $1.5B↓20.4% | $1.9B↑16.7% | $1.7B↑0.1% | $1.7B↑8.3% | $1.5B |
Free Cash Flow | $2.9B | $816.0M↑16.2% | $702.0M↓14.4% | $820.0M↑39.2% | $589.0M↓41.6% | $1.0B↑36.6% | $738.0M↓6.1% | $786.0M↑33.9% | $587.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
13.9x
Volatile
8Q: 34.1x+13597%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
13.9x
vs – sector
Cash Flow
13.3x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
2.1P/E per %ROIC
ROIC: 6.7%
Shareholder Returns
Dividend
1.9%
Buyback
2.6%
Total Yield
4.5%
Market Cap$31.44B
EV$39.07B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
76/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
14.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
6.7%
8Q:–
-8.6%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 10.6%
Asset Turnover: 0.53x
Earnings Quality
Cash Conversion
2.83x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin65.3%
Capital Efficiency
Invested Capital Turnover0.63x
Working Capital
Cash Conversion Cycle63 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
45/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-1.5%
OpInc Growth YoY
-76.4%
EPS Growth YoY
-17.3%
FCF 3Y CAGR
-6.4%
Growth Quality Analysis
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
65.3%
Operating
13.9%
Above Avg in sector
Net
13.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+4.0 pts
FCF: 17.7% | Net: 13.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $7.57B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.61x
Balance sheet risk & solvency analysis