Devon Energy Corporation

DVN
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$3.8B
Q1 2026 · -14.5% YoY
TTM ROIC
13.2%
FY2025 · NOPAT / Invested Capital; NOPAT = Net Income + Interest × (1 - Tax Rate); Invested Capital = Total Equity + Total Debt - Cash · WACC ~8.9% · Moat spread +4.3pp

Financial Snapshot

ticker: DVN step: 04 generated: 2026-05-13 source: quick-research

Devon Energy Corporation (DVN) — Financial Snapshot

Income Statement Summary (Devon Standalone, pre-merger)

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$19B ~$14B ~$14B ~flat
Gross Margin N/A (E&P) N/A N/A
Operating Margin ~35% ~25% ~22%
Net Income ~$6.0B ~$3.5B ~$2.1B -40%
EPS (diluted) ~$9.00 ~$5.50 ~$3.50 -36%

Revenue and earnings declined sharply as commodity prices normalized from 2022 peaks. FY2024 FCF was $3B standalone, with $2B returned to shareholders via dividends/buybacks. Q3 2024 EPS: $1.30/share.

Note: Devon and Coterra merged on May 7, 2026 (all-stock, 0.70 DVN shares per CTRA share). Devon shareholders: ~54% of combined entity. Post-merger financials will consolidate both companies; first combined quarter expected Q2 2026.

Cash Flow & Balance Sheet (Devon Standalone, FY2024)

Metric Value
Free Cash Flow ~$3.0B
Shareholder Returns ~$2.0B (dividends + buybacks)
Operating Cash Flow ~$6.5B
Total Debt ~$8.9B
Net Debt / EBITDAX ~1.1x
Cash ~$846M

Key Ratios (approximate, standalone)

  • P/E: ~10x | EV/EBITDA: ~5x | FCF Yield: ~8-10%
  • Variable Dividend Yield: 2-5% (varies with commodity prices)
  • Fixed Base Dividend: ~$0.22/quarter (~1.8% yield)

Growth Profile

Devon's standalone production grew to record levels in 2025 (>740,000 BOE/day) before the Coterra merger added Marcellus gas and additional Permian scale. The $5B Grayson Mill acquisition (Williston Basin, 100,000 BOE/day) in 2024 diversified production outside the Permian. The combined Devon+Coterra entity targets production >1.6M BOE/day — nearly doubling Devon's standalone capacity — with significant synergy opportunities from operational overlap in the Delaware Basin (both companies had adjacent acreage).

Forward Estimates (Combined Devon+Coterra, post-May 2026 merger)

  • Combined production: >1.6M BOE/day
  • FCF potential: $4-6B+ annually at $65-75 WTI
  • Merger synergies: Expected to be significant given Delaware Basin overlap
  • First combined earnings: Q2 2026 (July 2026)
  • Analyst consensus: 31 Buy, 5 Hold, 0 Sell; avg. target ~$48-60

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $DVN.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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