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Devon Energy Corporation — Intrinsic Value & Fair Price

DVN
NYSEEnergyOil & Gas Exploration & ProductionCIK 0001090012devonenergy.comAbout DVN
Last close · Oct 16, 202650.73+1.49 (+3.03%)
Market cap$55.8B
Model value · DCF · Perpetuity growth · 5y
75.04
Devon Energy closed at $50.73 — undervalued by 32% vs model.
44.38the model's range218.11

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
20.04 – 70.70
Wall St. target
65.00 22% below
Below model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $50.73 · as of Oct 17, 2026
DCF · Perpetuity growth · 5yused44.38 – 218.1175.0432% undervaluedDCF · Perpetuity growth · 10y43.43 – 190.9969.9427% undervaluedDCF · EBITDA exit · 5y19.77 – 86.0750.021% overvaluedDCF · EBITDA exit · 10y27.16 – 85.8151.852% undervaluedP/E · peers45.49 – 63.1953.315% undervaluedP/E · own history32.43 – 54.8037.4036% overvaluedPEG—45.8811% overvaluedEV/EBITDA · peers53.10 – 92.1270.7028% undervaluedEV/Revenue · peers55.06 – 93.7265.7823% undervaluedDividend discount13.22 – 35.9820.04153% overvaluedWall St. consensus target—65.0022% belowCost of capital (WACC)—7.13%—

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.21%
Past 2 years
low 1.84%high 5.86%
Dividends per share, a year at a time
$1.24Sep ’21$4.66Sep ’22$3.45Sep ’23$2.00Sep ’24$0.94Sep ’25$1.12TTM
Coverage
—
Raised
1 years in a row
Growth, 5 yrs
-2.0% a year
Last change
+33.3% · Jun 2026
Every payment, with ex-dates · latest $0.32, paid Sep 30, 2026

Research on DVN

No posts on DVN yet.
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How it is valued

Valued asCyclical
Low/slowing growth (~5% recent)Decelerated from ~29% 5y CAGRModerate margins (16% net margin)Highly cyclical earningsStrong FCF yield (5.6%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies
P/E
12.2×
EV / EBITDA
8.6×
FCF yield
8.8%
Dividend yield, TTM
2.21%
Beta
0.43
Cost of capital (WACC)
7.13%
On the lists: #37 Lowest P/E · #35 Insider buying
Full financials

Superinvestors

13F · Q2 2026
All 6 holders

Analyst actions

third-party, quoted
10-15Morgan Stanley · target65.00
10-14Scotiabank · target61.00
10-09Barclays · target60.00
06-10Evercore ISI Group · “Outperform” from “In Line”upgrade
Ratings, targets and estimates

Recent

filings, insider trades and key news
65 filings · 40 insider transactions

Comparable companies

by business, not by industry label
EOGEOG ResourcesFANGDiamondback EnergyCOPConocoPhillipsOXYOccidental PetroleumAPAAPAEXEExpand EnergyEQTEQT
3 more companies list DVN as a comparable
TPLTexas Pacific LandHALHalliburtonCVXChevron

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just DVN. No account.

About Devon Energy

As an independent energy producer, Devon Energy Corporation primarily focuses on the exploration, development, and extraction of oil, natural gas, and natural gas liquids within the United States. The company manages roughly 5,134 gross wells. Established in 1971, its corporate headquarters are located in Oklahoma City, Oklahoma.

CEO
Clay Gaspar
Headquarters
Houston, TX
Employees
2,200
IPO
1985-07-22
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.