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US shale oil and gas producer focused on the Permian, Bakken, Eagle Ford and Anadarko basins.
US shale oil and gas producer focused on the Permian, Bakken, Eagle Ford and Anadarko basins.
Produces oil, gas and natural-gas liquids, with oil carrying most of the revenue. It became a pure US shale producer after selling its Canadian assets in 2019 and its Barnett shale gas in 2020, then merged with WPX Energy in 2021, which strengthened its Delaware Basin position in the Permian.
Moat: narrow (cost advantage, scale). Multi-basin scale and a fixed-plus-variable dividend model give operating and capital-return flexibility.
Headquarters: Oklahoma City, Oklahoma, US · Founded: 1971 · Employees: 2,200
Size Devon Energy (DVN) is a United States Energy company (Integrated Oil) with a market value of $46.4B, the 272nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $42.21 on 6 Nov 2026.
Performance Over six months the shares fell 6.8%, against +2.6% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 18.3% over the last twelve months (peer median +15.6%); the operating margin is 24.4% (peer median 23.4%).
Valuation It trades at 7.6× forward earnings against a peer median of 7.6× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (6.8% WACC).
Backlog Backlog (remaining performance obligations) was $5.10B at 30 Sep 2026 — 0.2 years of trailing revenue. Backlog detail →
Credit Devon Energy has 11 bonds outstanding ($7.94B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 97 bp.
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $19.8B | $17.1B | $15.6B | $15.1B | $19.8B |
| Revenue growth | — | +10% | +3% | -24% | — |
| Gross profit | $5.37B | $4.23B | $4.27B | $5.20B | $8.97B |
| EBITDA | $8.92B | $7.42B | $7.06B | $7.38B | $10.8B |
| Net income | $3.28B | $2.64B | $2.89B | $3.75B | $5.96B |
| Free cash flow | $1.52B | $2.83B | -$785M | $2.63B | $3.40B |
| Capital expenditure | $7.08B | $3.91B | $7.45B | $3.95B | $5.12B |
| Total debt | $11.9B | $8.69B | $9.26B | $6.48B | $6.72B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Devon Energy DVN | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% |
| EOG Resources EOG | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% |
| Diamondback Energy FANG | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% |
| Permian Resources PR | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DVN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.7% | -4.6% | 3rd lowest of 21 |
| 6-month return | -6.8% | +2.6% | 8th lowest of 21 |
| Distance from 52-week high | -19.4% | -17.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +18.3% | +15.6% | 8th highest of 21 |
| Operating margin | 24.4% | 23.4% | 10th highest of 21 |
| Forward P/E | 7.6× | 7.6× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.9% | -11.7% | 2nd most demanding of 20 |
| Growth delivered (Del g) | +31.5% | +17.1% | 3rd highest of 20 |
| Hurdle (Req g minus delivered) | -30.6 pp | -27.9 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | +0.4 pp | +9.5 pp | lowest of 21 |
| EV / EBITDA | 6.4× | 4.2× | 3rd most expensive of 21 |
| Net debt / EBITDA | 1.2× | 0.8× | 4th most indebted of 21 |
| Bond spread | 97 bp | 84 bp | 5th widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
| Equinor EQNR.OL | Norway | $102B | +12% | +2% | 33% | 7.2× | -15.4% | +20.7% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Bp PLC BP..L | United Kingdom | $116B | +2% | +23% | 13% | 5.4× | -16.3% | +11.7% |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| Petroleo Brasileiro SA Sponsored ADR PBR | United States | $118B | -9% | +21% | 35% | 3.7× | -19.8% | +11.0% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
Devon Energy has 11 bonds outstanding with $7.94B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.88%, a spread of 97 bp over government bonds.
Devon Energy reported $5.10B of remaining performance obligations at 30 Sep 2026 and down 4% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 0.97.