Is Devon Energy Corp (DVN) undervalued or overvalued?

Our model estimates a fair value of about $60 against a price of $50.73 (Fair, +18% to fair value). It blends a 10-year DCF, sector multiples and earnings-power value and is a model estimate, not advice.

What is the X-Ray Score for DVN?

Devon Energy Corp has an X-Ray Score of 48 out of 100, built from valuation, growth, profitability, financial health and dividend lenses ranked against Energy peers.

Where does the data for DVN come from?

Financial statements come from SEC EDGAR filings, prices from exchange price feeds, and industry betas and equity risk premium from Damodaran Online (NYU Stern).

Devon Energy Corp (DVN)

Energy · Oil & Gas Exploration & Production · US stock · S&P 500 component

$50.73 ▲ +1.49 (3.03%)

At close 16 Oct 2026 · USD · Volume 9,018,200

Compare with APA Historical data Research report SEC filings

Fair valueFair

$60 +18.4% to fair value

$30fair band $36–$84$90

Day's range

$49.43 – $50.76

52-week range

$30.69 – $52.00

About Devon Energy Corp

Devon Energy is an independent oil and gas producer that explores for and produces crude oil, natural gas and natural gas liquids in the United States. Its operations are focused on shale and other onshore basins, with the Delaware Basin in the Permian region a key area. The company supplies its output to refiners, processors, utilities and marketers, and has no consumer-facing business.

Revenue comes from the production it markets, so its income moves with oil and gas prices as well as volumes. Sales were $20.4 billion over the last twelve months, with growth of -4.6% a year over the last three years. The operating margin is 23.1%, and the business earns a profit of 7% on the capital invested in it. Net debt is 1.4 times EBITDA. The dividend yield is 2.2%. On the site's X-Ray Score it receives 48 out of 100.

Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.

Price chart

Historical data & CSV

52-wk range $30.69 – $52.00Volume 9,018,200Daily, split-adjusted

Vitals

Market cap$47.7B

52-week range$30.69 – $52.00

Volume (last day)9,018,200

P/E (TTM)10.9

EBIT / EV yield7.8%

Free-cash-flow yield9.8%

Dividend yield2.2%

Revenue (TTM)$20.4B

Net income (TTM)$3.3B

Operating margin23.1%

Return on capital6.8%

Debt incl. leases$13.4B

Cash & securities$950M

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$60model spread $45 – $63

Fair +18.4% to fair value

Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is High, so the safety margin is 40%.

Multiples use through-the-cycle earnings (0.56x of the last twelve months)

Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so the fair value range is widened

Price $51

Undervalued < $36Fair $36 – $84Overvalued > $84

10-year DCF (market-scaled)

$95

Peer multiples

$35

Earnings power floor (not blended)

$16

Fundamentals-adjusted multiple

$50

Growth the price implies

13.7%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.

What this means

Weak business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 37 The price is not above fair value $60 fair value Debt looks manageable 1.4× EBITDA Revenue has been growing -4.6% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.

Valuation Strong

72/100

Cheap against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield7.8%

Free-cash-flow yield9.8%

Fair value vs price1.2×

Growth Fair

52/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)-4.6%

EPS growth (3y)-23.0%

Growth consistency60%

Profitability Weak

36/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital6.8%

Operating margin23.1%

Financial health Weak

38/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score6 / 9

Net debt / EBITDA1.4×

Interest cover9.3×

Dividends Weak

32/100

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield2.2%

Dividends vs free cash flow22%

Dividend growth-54.5%

Quarterly results: last 6 quarters

+21.6%

Mar '25

+9.4%

Jun '25

+7.6%

Sep '25

-6.4%

Dec '25

-0.9%

Mar '26

+73.1%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $7.4B, diluted EPS $2.03.

Compare with peers

APA APA Corp69 EXE EXPAND ENERGY Corp68 EOG Eog Resources Inc66 COP Conocophillips59

Other Oil & Gas Exploration & Production companies by X-Ray Score.

Fundamentals checklist

● 3 Good · ● 9 Average · ● 3 Bad

Cash quality

Earnings backed by cashAverage

Free-cash-flow yieldGood

Risk models

Altman Z''Average

Piotroski F-ScoreAverage

Growth

EPS growth (3y)Average

Free-cash-flow growth (3y)Average

Revenue growth (3y)Average

Growth consistencyAverage

Balance sheet

Current ratioBad

Net debt / EBITDAAverage

Interest coverBad

Valuation

Fair value vs priceGood

EBIT / EV yieldGood

Profitability

Return on invested capitalBad

Operating marginAverage

Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$13.8B	$19.8B	$15.3B	$15.9B	$17.2B
Operating income	$3.3B	$8.1B	$5.0B	$4.1B	$4.0B
Net income	$2.8B	$6.0B	$3.7B	$2.9B	$2.6B
Operating cash flow	$4.9B	$8.5B	$6.5B	$6.6B	$6.7B
Operating margin	23.9%	41.1%	32.7%	25.8%	23.1%
Free cash flow	$2.9B	$6.0B	$2.7B	$3.0B	$3.1B
Diluted EPS	$4.19	$9.12	$5.84	$4.56	$4.17

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bullish

12 bullish · 1 neutral · 3 bearish

Weekly

Strongly bullish

11 bullish · 1 neutral · 0 bearish

Monthly

Strongly bullish

7 bullish · 1 neutral · 0 bearish

Moving averages (daily)

SMA 10	49.01	Bullish
EMA 10	49.19	Bullish
SMA 20	48.14	Bullish
EMA 20	48.65	Bullish
SMA 50	47.80	Bullish
EMA 50	47.62	Bullish
SMA 100	45.52	Bullish
EMA 100	46.40	Bullish
SMA 200	44.76	Bullish
EMA 200	44.23	Bullish

Oscillators (daily)

RSI (14)	62.04	Neutral
MACD (12, 26)	0.62	Bullish
Momentum (12)	10.19	Bullish
Stochastic %K (14)	99.42	Bearish
Williams %R (14)	-0.58	Bearish
CCI (20)	143.6	Bearish

Pivot points (classic, last session)

48.52

48.98

49.85

Pivot

50.31

51.18

51.64

52.51

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

1.12 USD

Yield on today's price

2.21%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
15 Sep 2026	0.3200
15 Jun 2026	0.3200
13 Mar 2026	0.2400
15 Dec 2025	0.2400
15 Sep 2025	0.2400
13 Jun 2025	0.2400
14 Mar 2025	0.2400
13 Dec 2024	0.2200
13 Sep 2024	0.4400
14 Jun 2024	0.3500
14 Mar 2024	0.4400
14 Dec 2023	0.7700