---
title: Devon Energy (DVN) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/dvn
ticker: DVN
as_of: 2026-10-17
sector: Energy
industry: Oil & Gas Exploration & Production
---
# Devon Energy (DVN)

Devon Energy (DVN) closed at $50.73 on Oct 16, 2026, undervalued by 32% vs its model value of $75.04 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $50.73 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $75.04 |
| Price vs model | undervalued by 32% vs model |
| Range of that model | $44.38 – $218.11 |
| Market value | $55.8B |
| P/E (fiscal 2025) | 12.2 |
| Net margin (fiscal 2025) | 15.4% |
| Free cash flow (fiscal 2025) | $3.1B |
| Dividend yield (trailing twelve months) | 2.21% |
| Beta | 0.43 |
| Cost of capital (WACC) | 7.13% |
| Business classification | Cyclical (Low/slowing growth (~5% recent), Decelerated from ~29% 5y CAGR, Moderate margins (16% net margin), Highly cyclical earnings, Strong FCF yield (5.6%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Lowest P/E | #37 | 12.2× | https://sweetvaluelab.com/lists/lowest-pe |
| Insider buying | #35 | $199,876 | https://sweetvaluelab.com/lists/insider-buying |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.21% |
| Dividends per share, last 12 months | $1.12 |
| Coverage | — |
| Raised | 1 years in a row |
| Growth over 5 years | -2.0% a year |
| Latest payment | $0.32, ex-date Sep 15, 2026, paid Sep 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 10, 2021 | $1.24 |
| To Sep 9, 2022 | $4.66 |
| To Sep 14, 2023 | $3.45 |
| To Sep 13, 2024 | $2.00 |
| To Sep 15, 2025 | $0.94 |
| Trailing twelve months (to Sep 15, 2026) | $1.12 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $75.04 | $44.38 | $218.11 |
| DCF · Perpetuity growth · 10y | cross check | $69.94 | $43.43 | $190.99 |
| DCF · EBITDA exit · 5y | cross check | $50.02 | $19.77 | $86.07 |
| DCF · EBITDA exit · 10y | cross check | $51.85 | $27.16 | $85.81 |
| P/E · peers | cross check | $53.31 | $45.49 | $63.19 |
| P/E · own history | cross check | $37.40 | $32.43 | $54.80 |
| PEG | sanity check | $45.88 | $45.88 | $45.88 |
| EV/EBITDA · peers | cross check | $70.70 | $53.10 | $92.12 |
| EV/Revenue · peers | cross check | $65.78 | $55.06 | $93.72 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $20.04 | $13.22 | $35.98 |

## Insider activity (SEC Form 4)

Past 90 days: 1 open-market buy ($199,876) and 1 open-market sale ($344,218.2); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 10, 2026 | Gaspar Clay M | PRESIDENT AND CEO | Grant / award | 53,979 | $0 |
| Sep 14, 2026 | Gaspar Clay M | PRESIDENT AND CEO | Open-market buy | 3,913 | $199,876 |
| Sep 14, 2026 | Lowe Robert Ferrall III | EVP EXPLORATION & PRODUCTION | Open-market sell | 6,756 | $344,218.2 |
| Jun 10, 2026 | Lowe Robert Ferrall III | EVP & CHIEF TECHNOLOGY OFFICER | Grant / award | 30,043 | $0 |
| Jun 30, 2026 | KINDICK KELT | Director | Grant / award | 5,567 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 8, 2026 | 8-K | 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1090012/000119312526417944/d141547d8k.htm |
| Aug 27, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/1090012/000119312526371317/d153860d8k.htm |
| Aug 20, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/1090012/000119312526359267/d146895d8k.htm |
| Aug 5, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1090012/000119312526334340/dvn-20260630.htm |
| Aug 4, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1090012/000119312526332824/d359332d8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Christopher Davis | 2026-06-30 | 25,297,991 | $1.0B |
| John Armitage | 2026-06-30 | 7,558,060 | $312.3M |
| Bridgewater | 2026-06-30 | 735,174 | $30.4M |
| Yacktman | 2026-06-30 | 510,913 | $21.1M |

6 tracked managers in all.

## About

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.

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Source: https://sweetvaluelab.com/stocks/dvn (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.