Devon Energy (DVN) stock
Energy · Oil & Gas Exploration & Production
Devon Energy (DVN) is an Oil & Gas Exploration & Production company in the Energy sector, headquartered in Oklahoma City, Oklahoma. As of October 23, 2026, DVN closed at $51.39, a market capitalization of $56.53 billion, the 213th largest company in the S&P 500. Over the last twelve months it generated $18.78 billion in revenue (+64% year over year) and $1.48 billion in free cash flow. The stock trades at 11.2x trailing earnings and 9.5x forward earnings.
- 1-year total return: +57.6% (dividends reinvested)
- 5-year return: +10.0% a year
- 52-week range: $31.65 – $52.71
- Gross margin 50.3%, operating margin 41.1%
- Dividend yield: 2.49%
- FI Handbook report card: C+ across 10 metrics
- 15th largest of 21 Energy stocks in the S&P 500
DVN price chart
1Y price change: +53.7% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| DVN | +7.0% | +43.0% | +57.6% | +5.9% | +10.0% | +5.7% | +7.0% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1985.
DVN key statistics
- Market cap
- $56.5B
- #213 in S&P 500
- P/E (TTM)
- 11.2x
- Forward P/E
- 9.5x
- EPS (TTM)
- $4.59
- Revenue (TTM)
- $18.8B
- +64%
- Free cash flow
- $1.5B
- Gross margin
- 50.3%
- Operating margin
- 41.1%
- Return on equity
- 11.5%
- Dividend yield
- 2.49%
- 52-week range
- $31.65 – $52.71
- Beta
- 0.54
- Price / sales
- 3.0x
- EV / EBITDA
- 7.6x
- Debt / equity
- 0.28x
- Employees
- 2,200
DVN report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth64.2%A
- Gross margin50.3%B
- Operating margin41.1%A
- FCF margin7.9%D
- Return on equity11.5%C
- Net debt / EBITDA1.2xC
- Forward P/E9.5xA
- PEG ratio2.9xD
- Shareholder yield4.3%B
- Share count change / yr10.9%F
Devon Energy financials
Revenue went from $2.8B in fiscal 2016 to $16.8B in fiscal 2025, growing 22.2% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8B | $3.5B | $8.4B | $6.7B | $4.7B | $13.8B | $19.8B | $15.1B | $15.9B | $16.8B |
| Gross profit | -$49.0M | -$46.0M | $4.1B | $3.9B | — | — | — | — | — | — |
| Operating income | -$2.9B | — | — | — | — | — | — | — | — | — |
| Net income | -$1.1B | $898.0M | $3.1B | -$355.0M | -$2.7B | $2.8B | $6.0B | $3.7B | $2.9B | $2.6B |
| EPS (diluted) | $-2.09 | $1.70 | $6.10 | $-0.89 | $-7.12 | $4.19 | $9.12 | $5.84 | $4.56 | $4.17 |
| Free cash flow | $651.0M | $2.9B | — | — | — | $2.9B | $6.0B | $2.7B | $3.0B | $3.1B |
| Buybacks | — | — | $3.0B | $1.8B | $38.0M | $589.0M | $718.0M | $979.0M | $1.1B | $1.1B |
| Dividends paid | — | — | — | $140.0M | $257.0M | $1.3B | $3.4B | $1.9B | $937.0M | — |
| Diluted shares | 507.0M | 520.0M | 497.0M | 401.0M | 377.0M | 665.0M | 653.0M | 642.0M | 634.0M | 633.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into DVN?
A reverse DCF asks what growth the current price requires. With an enterprise value of $67.5B and $1.5B of trailing free cash flow, Devon Energy needs to grow free cash flow about 32.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 1.7% a year over the last five years.
P/E ratio history
Current 12.3x vs. median 8.1x (10th–90th percentile 4.8x–16.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
DVN dividend
- Dividend yield
- 2.49%
- Annual dividend
- $1.28
- Years of increases
- —
- 5-yr dividend growth
- 18.0%
- per year
- Payout ratio
- 23%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
DVN analyst price targets
26 analysts' average 12-month target is $61.50 (+20% vs. $51.39). Targets range from $44.00 to $74.00. 96% rate it a buy.
DVN earnings
Next report: November 5, 2026. Devon Energy has beaten EPS estimates 1 quarters in a row. Last quarter's revenue was $7.4B (+73% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $1.41 | $1.57 | +11.3% |
| May 5, 2026 | $1.09 | $1.04 | -4.9% |
| Feb 17, 2026 | $0.83 | $0.82 | -0.8% |
| Nov 5, 2025 | $0.94 | $1.04 | +10.6% |
| Aug 5, 2025 | $0.86 | $0.84 | -2.8% |
| May 6, 2025 | $1.23 | $1.21 | -1.5% |
| Feb 18, 2025 | $1.00 | $1.16 | +15.7% |
| Nov 5, 2024 | $1.10 | $1.10 | +0.4% |
Stocks like DVN
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 COP ConocoPhillips | +3.55% | +73% | $181.2B | 20.0x | Compare |
 EOG EOG Resources | +3.21% | +56% | $85.5B | 12.7x | Compare |
 OXY Occidental Petroleum Corporatio | +2.67% | +53% | $64.1B | 18.2x | Compare |
 FANG Diamondback Energy | +4.37% | +43% | $57.6B | 40.0x | Compare |
 EQT EQT | +1.76% | +5% | $34.8B | 12.9x | Compare |
 TPL Texas Pacific Land | +1.38% | +9% | $23.3B | 43.1x | Compare |
 EXE Expand Energy | +0.29% | -9% | $21.6B | 8.0x | Compare |
 APA APA | +4.98% | +117% | $18.2B | 11.0x | Compare |
DVN news
- Q3 Earnings Preview Might Change The Case For Investing In Devon Energy Stock (DVN) · Oct 24, 2026
- Is Devon Energy (DVN) Stock Cheap Or Already Priced Right? · Oct 24, 2026
- Oil Stocks Rally as WTI Crude Price Tops $103: Devon Energy and Diamondback Energy Gain 5%, Occidental Petroleum Rises 3% · Oct 23, 2026
- What You Need To Know Ahead of Devon Energy's Earnings Release · Oct 23, 2026
- Devon Energy (DVN) Stock Falls Amid Market Uptick: What Investors Need to Know · Oct 21, 2026
DVN stock FAQ
What is DVN's market cap?
Devon Energy's market capitalization is $56.53 billion as of October 23, 2026, ranking 213th in the S&P 500.
What is DVN's P/E ratio?
DVN trades at a trailing price-to-earnings ratio of 11.2x and a forward P/E of 9.5x. Its median P/E over the period we track is 8.1x.
Does DVN pay a dividend?
Yes. Devon Energy pays $1.28 per share a year, a 2.49% yield. Dividends grew 18.0% a year over the last five years.
How much has DVN stock returned?
Including reinvested dividends, DVN returned +57.6% over one year, +10.0% a year over five years, +5.7% a year over ten years through October 23, 2026.
Is DVN stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Devon Energy must grow free cash flow about 32% a year for the next decade. Its free cash flow grew 2% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the DVN price target?
26 analysts cover DVN with an average 12-month price target of $61.50, +20% from the current price. 96% of them rate it a buy.
When does DVN report earnings?
Devon Energy is expected to report earnings on November 5, 2026. It has beaten EPS estimates 1 quarters in a row.
How many employees does Devon Energy have?
Devon Energy has about 2,200 full-time employees, or $8.5 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology