DVN
DEVON ENERGY CORP/DE
Energy • CIK: 0001090012
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Market Cap
$22.40B
P/E (TTM)
8.2x
Rev Growth (TTM)
+11.4%
Net Margin (TTM)
15.6%
FCF Yield (TTM)
14.1%
FCF Margin (TTM)
18.1%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$3.2B
Q '25
$820M+39%
Q2 '25
$589M-42%
FCF Margin
TTM18.1%
Q '2518.9%+38%
Sector: 6.0%Above Avg
OCF Margin39.2%
OCF/NI2.52x
CapEx Coverage1.9x
FCF Yield14.1%
FCF Growth (2Y)-19%
Cash Conversion Cycle
40 days
DSO: 40+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM7.6%
Div Yield2.7%
+Buyback (TTM)4.9%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)2.7%
FCF Payout Ratio19.0%
Free Cash Flow (TTM)$3.2B
Stock Repurchases (TTM)$1.1B
Capital Return / FCF54.3%
Est. Dividends Paid (TTM)$600.6M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
58.2%
Moderate
-0.1% YoY-17.1%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
75.6%
8Q: 76.1%
Asset Turnover
0.57x
8Q: 0.58x
Leverage (1+D/E)
1.61x
D/E: 0.61x
DuPont: 68.9% ≈ 58.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.70x
8Q:0.72x
-17.7%
Invested Cap Turn
0.77x
8Q:0.79x
-20.0%
CapEx Intensity
16.2%
8Q:17.1%
CapEx/Depreciation
1.00x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q4 2024 | Q4 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $17.5B | $4.3B↑1.1% | $4.3B↓3.8% | $4.5B↑1.1% | $4.4B↑9.4% | $4.0B↑2.7% | $3.9B↑8.9% | $3.6B↓13.2% | $4.1B |
Operating Income | $17.0B | $4.2B↑1.1% | $4.2B↓3.5% | $4.3B↑1.7% | $4.2B↑8.7% | $3.9B↑2.7% | $3.8B↑9.2% | $3.5B↓13.7% | $4.0B |
Net Income | $2.7B | $687.0M↓23.6% | $899.0M↑82.0% | $494.0M↓22.7% | $639.0M↓21.3% | $812.0M↓3.8% | $844.0M↑41.6% | $596.0M↓48.3% | $1.2B |
Operating Cash Flow | $6.8B | $1.7B↑9.4% | $1.5B↓20.4% | $1.9B↑16.7% | $1.7B↑0.1% | $1.7B↑8.3% | $1.5B↓11.7% | $1.7B↑0.1% | $1.7B |
Free Cash Flow | $3.2B | $820.0M↑39.2% | $589.0M↓41.6% | $1.0B↑36.6% | $738.0M↓6.1% | $786.0M↑33.9% | $587.0M↓30.5% | $844.0M↑2.1% | $827.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
8.2x
Valuation Lenses
Earnings
8.2x
vs – sector
Cash Flow
9.6x
EV/FCF vs –
Growth-Adj
0.7xPEG
Undervalued for growth
Quality-Adj
0.1P/E per %ROIC
ROIC: 58.2%
Shareholder Returns
Dividend
2.7%
Buyback
4.9%
Total Yield
7.6%
Market Cap$22.40B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
91/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
18.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
58.2%
8Q:–
-17.1%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 75.6%
Asset Turnover: 0.57x
Earnings Quality
Cash Conversion
2.52x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin100.0%
Capital Efficiency
Invested Capital Turnover0.77x
Working Capital
Cash Conversion Cycle40 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
52/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
11.4%
OpInc Growth YoY
7.9%
EPS Growth YoY
-21.3%
FCF 3Y CAGR
-19.2%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 30.6%
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
100.0%
Operating
97.1%
Top 25% in sector
Net
15.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+2.5 pts
FCF: 18.1% | Net: 15.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $8.11B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.61x
Balance sheet risk & solvency analysis