DVN
Devon Energy Corporation
DVN's fundamentals are strong, but it looks expensive: trading at 12x earnings, above its usual 8.1x. Analysts expect earnings growth, though they disagree widely on how much.
DVN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Healthy |
DVN's revenue, profitability, cash flow and balance sheet are all currently healthy.
DVN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.6x | $26.56 | -43% |
| Fair | 8.1x | $32.22 | -30% |
| Forward | 8.5x | $46.23 | — |
| Current | 12x | $46.23 | — |
| Expensive | 13x | $50.32 | +8.9% |
Historical ranges are pointers, not guarantees.
DVN's PE is in its expensive range at 12x. If earnings grow as analysts expect, today's price would be 8.5x next year's earnings, in its fair range.
DVN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Weakening | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for DVN, but weaker profitability. However, they disagree widely on these estimates.
DVN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.46 | +37% |
| Q3 2026 | $4.00 | -5.9% |
| Q2 2026 | $4.21 | -5.6% |
| Q1 2026 | $3.59 | -18% |
| Q4 2025 | $4.17 | -8.6% |
| Q3 2025 | $4.25 | -21% |
| Q2 2025 | $4.46 | -19% |
| Q1 2025 | $4.39 | -16% |
| Q4 2024 | $4.56 | -22% |
DVN's earnings per share have fallen from their peak: $4.00 over the past year, against $9.54 in late 2022.
DVN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.9B | +58% |
| Q2 2026 | $7.4B | +73% |
| Q1 2026 | $3.8B | -14% |
| Q4 2025 | $4.1B | -6.4% |
| Q3 2025 | $4.3B | +7.6% |
| Q2 2025 | $4.3B | +9.4% |
| Q1 2025 | $4.5B | +24% |
| Q4 2024 | $4.4B | +6.2% |
DVN's revenue is growing: $6.9B last quarter, up 58% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | -2.8 points |
| Q2 2026 | 32% | +5 points |
| Q1 2026 | 4.4% | -10 points |
| Q4 2025 | 18% | -0.9 points |
| Q3 2025 | 21% | -5.4 points |
| Q2 2025 | 27% | +0.6 points |
| Q1 2025 | 15% | -6.8 points |
| Q4 2024 | 19% | -15 points |
DVN's operating margin was 18% last quarter, down 2.8 points from the same quarter a year ago.
DVN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +64% |
| Q2 2026 | $2.4B | +300% |
| Q1 2026 | $816M | -19% |
| Q4 2025 | $702M | -4.9% |
| Q3 2025 | $820M | +4.3% |
| Q2 2025 | $589M | +0.3% |
| Q1 2025 | $1B | +19% |
| Q4 2024 | $738M | -11% |
DVN's free cash flow has been positive every quarter for seven years: $5.2B over the past year, up 65% from the year before.
DVN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +22% | +206M shares |
| 1 year | +82% | +517M shares |
| 3 years | +79% | +507M shares |
| 5 years | +70% | +473M shares |
| Available history | +186% | +745M shares |
DVN has 1.1B diluted shares, up 82% from a year ago, despite $930M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $414M |
| Q2 2026 | $197M |
| Q1 2026 | $69M |
| Q4 2025 | $250M |
| Q3 2025 | $250M |
| Q2 2025 | $249M |
| Q1 2025 | $301M |
| Q4 2024 | $301M |
DVN spent $930M buying back its own shares over the past year, down 16% from the year before.
DVN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.1x | Healthy |
| Q3 2025 | 1.1x | Healthy |
| Q2 2025 | 1.1x | Healthy |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.2x | Healthy |
DVN's net debt is about 1.2 years of its operating earnings (EBITDA), about the same as a year ago.
DVN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.5 | Neutral |
| Stochastic | 53.6 | Neutral |
DVN's weekly RSI is 49 (neutral) and its Stochastic is 54 (neutral).
DVN PE vs Energy Sector
| Metric | DVN | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 12% below |
| PE % | 77 | 61 | 16 pts above |
DVN is trading at 12x earnings, a 12% discount to the Energy sector's median of 13x.
DVN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.2 | 4.1% below |
| 20 week MA | $46.7 | 1.1% below |
| 50 week MA | $44.8 | 3.3% above |
| 100 week MA | $39.2 | 18% above |
| 200 week MA | $43.3 | 6.7% above |
DVN has slipped below its 8- and 20-week averages, though it's still 6.7% above its 200-week average.
DVN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.7 | $15.3 | -40% |
| 2021 | $15.3 | $42.1 | +174% |
| 2022 | $42.1 | $62.5 | +49% |
| 2023 | $62.5 | $45.3 | -28% |
| 2024 | $45.3 | $31.2 | -31% |
| 2025 | $31.2 | $35.7 | +14% |
| 2026 YTD | $35.7 | $46.2 | +30% |
DVN's yearly returns have swung widely, from +174% in 2021 to −40% in 2020. It's up 30% so far in 2026.