Devon Energy CorporationDVN
NYSE•Energy•Oil & Gas E&P
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.
Devon Energy Corporation (DVN) reported trailing twelve months revenue of $16.54B as of March 2026, a 1.5% decline year-over-year. Quarterly revenue reached $3.81B, reflecting a contraction in sales.
Devon Energy Corporation generated $2.27B in TTM net income, with quarterly EBITDA of $1.07B. The operating margin contracted from 14.5% to 4.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (4.4%) and net margin (3.2%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 11.1% a year ago, reflecting increased costs or interest expense.
DVN trades at a P/E of 14.0x (below the broader market average) and a P/S of 1.9x. The price-to-book ratio of 2.1x reflects a moderate premium to book value.
The company generated $816.00M in free cash flow over the trailing twelve months, a 19.0% decrease year-over-year, indicating cash generation ability. The balance sheet shows $32.54B in total assets with $7.39B in long-term debt against $15.43B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~19.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 19.9% but has fluctuated — the competitive advantage may be cyclical or emerging.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 18.4% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.8x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation