NYSE · Energy

Devon Energy Corporation

DVN · Oil & Gas E&P

$51.28

▲ 0.72 (1.41%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Devon Energy Corporation at $51.28.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 25.5%

Operating Margin 22.4%

Net Income Margin 15.4%

Fin. Health F

Years to Pay Off Debt 3.2 yrs

Working Capital vs Long-Term Debt -$7.5B

Working Capital -$80M

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.05x

Cash Flow C

Free Cash Flow $2.8B

CapEx % of Net Income 148.1%

Owner Earnings $10.2B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $31.9B

Enterprise Value $38.6B

P/E (TTM) 12.30

Dividend Yield 1.90%

Exchange NYSE

Key Margins

Gross Profit 25.5%

Operating Margin 22.4%

Net Margin 15.4%

Company Info

Sector Energy

Industry Oil & Gas E&P

Employees 2200

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Devon Energy Corporation at $51.28.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $51.28, the stock trades at a 6% premium to its Graham Number of $48.42. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Devon Energy Corporation

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. The company operates in Delaware Basin located in southeast New Mexico and west Texas, Eagle Ford located in North America, Anadarko Basin located in western Oklahoma, Williston Basin located in North Dakota, and Powder River Basin located in Wyoming. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	25.5% ▼	29.5%	35.2%	43.7%	N/A
Operating Margin %	22.4% ▼	26.2%	32.4%	41.3%	N/A
Net Income %	15.4% ▼	18.1%	24.6%	31.4%	N/A
Diluted EPS	4.17 ▼	4.56	5.84	9.12	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$31.6B	$30.5B	$24.5B	$23.7B	N/A
Total Debt	$8.6B ↓	$9.2B	$6.5B	$6.7B	N/A
Working Capital	-$80M ▼	$118M	$208M	$786M	N/A
Years to Pay Debt	3.25	3.18	1.72	1.11	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.8B ▲	-$853M	$2.6B	$3.4B	N/A
Owner Earnings	$10.2B	$13.6B	$10.2B	$13.4B	N/A
CapEx % of Net Income	148.1%	257.8%	105.3%	85.2%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	20,470	-2,310	5,400	9,680
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,469,000	7,379,000	7,516,000	10,324,000
Total Unusual Items	89,000	-11,000	30,000	44,000
Total Unusual Items Excluding Goodwill	89,000	-11,000	30,000	44,000
Net Income From Continuing Operation Net Minority Interest	2,642,000	2,891,000	3,747,000	6,015,000
Reconciled Depreciation	3,595,000	3,255,000	2,554,000	2,223,000
Reconciled Cost Of Revenue	12,797,000	11,230,000	9,891,000	10,800,000
EBITDA	7,558,000	7,368,000	7,546,000	10,368,000
EBIT	3,963,000	4,113,000	4,992,000	8,145,000
Net Interest Income	-455,000	-363,000	-308,000	-309,000
Interest Expense	497,000	401,000	369,000	370,000
Interest Income	56,000	62,000	55,000	38,000
Normalized Income	2,573,470	2,899,690	3,722,400	5,980,680
Net Income From Continuing And Discontinued Operation	2,642,000	2,891,000	3,747,000	6,015,000
Total Expenses	13,332,000	11,758,000	10,319,000	11,249,000
Diluted Average Shares	633,000	634,000	642,000	659,000
Basic Average Shares	632,000	632,000	639,000	657,250
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,642,000	2,891,000	3,747,000	6,015,000
Net Income Common Stockholders	2,642,000	2,891,000	3,747,000	6,015,000
Otherunder Preferred Stock Dividend				57,000	30,000
Net Income	2,642,000	2,891,000	3,747,000	6,015,000
Minority Interests	-39,000	-51,000	-35,000	-22,000
Net Income Including Noncontrolling Interests	2,681,000	2,942,000	3,782,000	6,037,000
Net Income Continuous Operations	2,681,000	2,942,000	3,782,000	6,037,000
Tax Provision	785,000	770,000	841,000	1,738,000
Pretax Income	3,466,000	3,712,000	4,623,000	7,775,000
Other Income Expense	65,000	-107,000	-8,000	164,000
Other Non Operating Income Expenses	-24,000	-96,000	-38,000	120,000
Special Income Charges	89,000	-11,000	30,000	44,000
Gain On Sale Of Ppe	343,000	-11,000	30,000	44,000
Other Special Charges					-30,000
Write Off	254,000	0	0	0
Restructuring And Mergern Acquisition		9,000	0	0	219,000
Net Non Operating Interest Income Expense	-455,000	-363,000	-308,000	-309,000
Total Other Finance Cost	14,000	24,000	-6,000	-23,000
Interest Expense Non Operating	497,000	401,000	369,000	370,000
Interest Income Non Operating	56,000	62,000	55,000	38,000
Operating Income	3,856,000	4,182,000	4,939,000	7,920,000
Operating Expense	535,000	528,000	428,000	449,000
Other Operating Expenses	43,000	28,000	20,000	54,000
Selling General And Administration	492,000	500,000	408,000	395,000
General And Administrative Expense	492,000	500,000	408,000	395,000
Other Gand A	233,000	215,000	408,000	395,000
Salaries And Wages	259,000	285,000	210,000	229,000
Gross Profit	4,391,000	4,710,000	5,367,000	8,369,000
Cost Of Revenue	12,797,000	11,230,000	9,891,000	10,800,000
Total Revenue	17,188,000	15,940,000	15,258,000	19,169,000
Operating Revenue	17,188,000	15,940,000	15,258,000	19,169,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number			300
Ordinary Shares Number	622,000	651,000	635,700	653,000
Share Issued	622,000	651,000	636,000	653,000
Net Debt	6,955,000	8,037,000	5,280,000	4,986,000
Total Debt	8,586,000	9,203,000	6,450,000	6,697,000
Tangible Book Value	14,775,000	13,743,000	11,308,000	10,414,000
Invested Capital	23,917,000	23,379,000	18,216,000	17,607,000
Working Capital	-80,000	118,000	208,000	786,000
Net Tangible Assets	14,775,000	13,743,000	11,308,000	10,414,000
Capital Lease Obligations	197,000	320,000	295,000	257,000
Common Stock Equity	15,528,000	14,496,000	12,061,000	11,167,000
Total Capitalization	22,919,000	22,894,000	17,733,000	17,356,000
Total Equity Gross Minority Interest	15,528,000	14,704,000	12,217,000	11,296,000
Minority Interest	0	208,000	156,000	129,000
Stockholders Equity	15,528,000	14,496,000	12,061,000	11,167,000
Gains Losses Not Affecting Retained Earnings	-122,000	-122,000	-124,000	-116,000
Other Equity Adjustments	-122,000	-122,000	-124,000	-116,000
Treasury Stock	0	0	13,000	0
Retained Earnings	10,200,000	8,166,000	6,195,000	4,297,000
Additional Paid In Capital	5,388,000	6,387,000	5,939,000	6,921,000
Capital Stock	62,000	65,000	64,000	65,000
Common Stock	62,000	65,000	64,000	65,000
Total Liabilities Net Minority Interest	16,071,000	15,785,000	12,273,000	12,425,000
Total Non Current Liabilities Net Minority Interest	11,985,000	12,476,000	9,324,000	9,320,000
Other Non Current Liabilities	907,000	840,000	876,000	900,000
Non Current Deferred Liabilities	2,627,000	2,148,000	1,838,000	1,463,000
Non Current Deferred Taxes Liabilities	2,627,000	2,148,000	1,838,000	1,463,000
Long Term Debt And Capital Lease Obligation	7,588,000	8,718,000	5,967,000	6,446,000
Long Term Capital Lease Obligation	197,000	320,000	295,000	257,000
Long Term Debt	7,391,000	8,398,000	5,672,000	6,189,000
Long Term Provisions	863,000	770,000	643,000	511,000
Current Liabilities	4,086,000	3,309,000	2,949,000	3,105,000
Other Current Liabilities	807,000	586,000	484,000	489,000
Current Debt And Capital Lease Obligation	998,000	485,000	483,000	251,000
Current Debt	998,000	485,000	483,000	251,000
Other Current Borrowings		485,000	483,000	251,000
Payables And Accrued Expenses	2,281,000	2,238,000	1,982,000	2,365,000
Payables	2,281,000	2,238,000	1,982,000	2,365,000
Other Payable	1,491,000	1,432,000	1,222,000	1,506,000
Accounts Payable	790,000	806,000	760,000	859,000
Total Assets	31,599,000	30,489,000	24,490,000	23,721,000
Total Non Current Assets	27,593,000	27,062,000	21,333,000	19,830,000
Other Non Current Assets	395,000	268,000	319,000	307,000
Investments And Advances	727,000	727,000	666,000	440,000
Other Investments	50,000	54,000	49,000	47,000
Long Term Equity Investment	677,000	673,000	617,000	393,000
Investmentsin Joint Venturesat Cost	515,000	558,000	617,000	393,000
Investments In Other Ventures Under Equity Method	162,000	115,000	0
Goodwill And Other Intangible Assets	753,000	753,000	753,000	753,000
Goodwill	753,000	753,000	753,000	753,000
Net PPE	25,718,000	25,314,000	19,595,000	18,330,000
Accumulated Depreciation	-37,688,000	-34,121,000	-30,899,000	-28,456,000
Gross PPE	63,406,000	59,435,000	50,494,000	46,786,000
Other Properties	2,923,000	2,974,000	2,556,000	2,504,000
Current Assets	4,006,000	3,427,000	3,157,000	3,891,000
Other Current Assets	444,000	315,000	460,000	469,000
Restricted Cash				140,000	172,000
Inventory	336,000	294,000	249,000	201,000
Receivables	1,792,000	1,972,000	1,573,000	1,767,000
Taxes Receivable					83,000
Accounts Receivable	1,792,000	1,972,000	1,573,000	1,767,000
Allowance For Doubtful Accounts Receivable	-7,000	-6,000	-7,000	-9,000
Gross Accounts Receivable	1,799,000	1,978,000	1,580,000	1,776,000
Cash Cash Equivalents And Short Term Investments	1,434,000	846,000	875,000	1,454,000
Cash And Cash Equivalents	1,434,000	846,000	875,000	1,454,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,797,000	-853,000	2,597,000	3,405,000
Repurchase Of Capital Stock	-1,050,000	-1,057,000	-979,000	-718,000
Repayment Of Debt	-767,000	-472,000	-242,000	0
Issuance Of Debt	0	3,219,000	0	0
Capital Expenditure	-3,914,000	-7,453,000	-3,947,000	-5,125,000
Interest Paid Supplemental Data	509,000	366,000	378,000	370,000
Income Tax Paid Supplemental Data	186,000	480,000	400,000	438,000
End Cash Position	1,434,000	846,000	875,000	1,454,000
Beginning Cash Position	846,000	875,000	1,454,000	2,271,000
Effect Of Exchange Rate Changes	0	-3,000	3,000	-11,000
Changes In Cash	588,000	-26,000	-582,000	-806,000
Financing Cash Flow	-2,730,000	706,000	-3,184,000	-4,213,000
Cash Flow From Continuing Financing Activities	-2,730,000	706,000	-3,184,000	-4,213,000
Net Other Financing Charges	-294,000	-47,000	-105,000	-116,000
Cash Dividends Paid	-619,000	-937,000	-1,858,000	-3,379,000
Common Stock Dividend Paid	-619,000	-937,000	-1,858,000	-3,379,000
Net Common Stock Issuance	-1,050,000	-1,057,000	-979,000	-718,000
Common Stock Payments	-1,050,000	-1,057,000	-979,000	-718,000
Net Issuance Payments Of Debt	-767,000	2,747,000	-242,000	0
Net Long Term Debt Issuance	-767,000	2,747,000	-242,000	0
Long Term Debt Payments	-767,000	-472,000	-242,000	0
Long Term Debt Issuance	0	3,219,000	0	0
Investing Cash Flow	-3,393,000	-7,332,000	-3,942,000	-5,123,000
Cash Flow From Continuing Investing Activities	-3,393,000	-7,332,000	-3,942,000	-5,123,000
Dividends Received Cfi	38,000	68,000	32,000	39,000
Net Investment Purchase And Sale	-62,000	-118,000	-53,000	-76,000
Purchase Of Investment	-62,000	-118,000	-53,000	-76,000
Net Business Purchase And Sale	0	147,000	0	0
Sale Of Business	0	147,000	0	0
Purchase Of Business					-25,000
Net PPE Purchase And Sale	223,000	-3,784,000	-38,000	-2,544,000
Sale Of PPE	545,000	24,000	26,000	39,000
Purchase Of PPE	-322,000	-3,808,000	-64,000	-2,583,000
Capital Expenditure Reported	-3,592,000	-3,645,000	-3,883,000	-2,542,000
Operating Cash Flow	6,711,000	6,600,000	6,544,000	8,530,000
Cash Flow From Continuing Operating Activities	6,711,000	6,600,000	6,544,000	8,530,000
Change In Working Capital	151,000	-217,000	-144,000	-226,000
Change In Other Current Liabilities	125,000	19,000	-59,000	-207,000
Change In Other Current Assets	-182,000	-34,000	59,000	-29,000
Change In Payables And Accrued Expense	25,000	-32,000	-335,000	152,000
Change In Payable	25,000	-32,000	-335,000	152,000
Change In Receivables	183,000	-170,000	191,000	-142,000
Changes In Account Receivables	183,000	-170,000	191,000	-142,000
Other Non Cash Items	181,000	215,000	26,000	-1,397,000
Stock Based Compensation	99,000	99,000	93,000	88,000
Asset Impairment Charge	265,000	5,000	5,000	12,000
Deferred Tax	484,000	311,000	376,000	1,179,000
Deferred Income Tax	484,000	311,000	376,000	1,179,000
Depreciation Amortization Depletion	3,595,000	3,255,000	2,554,000	2,223,000
Operating Gains Losses	-745,000	-10,000	-148,000	614,000
Gain Loss On Investment Securities	-402,000	-21,000	-118,000	658,000
Net Income From Continuing Operations	2,681,000	2,942,000	3,782,000	6,037,000

These metrics estimate what Devon Energy Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$48.42

Margin of Safety

Market Cap ÷ Company Value

1.48

P/B Ratio

2.05

Warren's Owner Earnings

$10.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$17.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.98x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.90%

vs Uninterrupted dividends

❌ Earnings Growth

-54.3% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

12.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.05x P/B (P/E×P/B: 25.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-19.41

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$68.94

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	148.1%	257.8%	105.3%	85.2%	N/A
Repurchase of Capital Stock	-$1.1B	-$1.1B	-$979M	-$718M	N/A
Free Cash Flow	$2.8B ▲	-$853M ▼	$2.6B ▼	$3.4B •	N/A •
Warren's Owner Earnings	$10.2B	$13.6B	$10.2B	$13.4B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas E&P. You can manually compare DVN against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.83%

Low — management has little skin in the game

Return on Equity (ROE)

17.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

8.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-6.7% YoY

Debt is declining — management is deleveraging

Leadership Team

Clay Gaspar

President, CEO & Director

Age 53

Pay: $2,932,695

0.111% of net income

Tana Cashion

Executive Vice President of Human Resources & Administration

Age 54

Pay: $1,149,589

0.044% of net income

John David Raines

Senior Vice President of E&P Asset Management

Age 42

Pay: $1,035,963

0.039% of net income

Larry Nichols

Co-Founder & Chairman Emeritus

Age 83

Pay: $155,177

0.006% of net income

Joe Pullampally

Vice President of Corporate Finance & Treasurer

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	13.11%	81,484,123
Blackrock Inc.	9.92%	61,653,397
State Street Corporation	5.72%	35,542,293
Geode Capital Management, LLC	3.09%	19,177,835
Victory Capital Management Inc.	2.24%	13,916,979
EnCap Energy Capital Fund XI, L.P.	1.90%	11,806,148
Morgan Stanley	1.87%	11,590,460
EnCap Partners GP, LLC	1.68%	10,446,138

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.48

Low volatility — more stable than the market

Short Interest

5.6% of float

Moderate short interest

Debt-to-Equity

0.56x

Conservative balance sheet — low financial risk

Current Ratio