Devon Energy Corporation (DVN) 10-Year Financial Performance & Capital Metrics

DVN • • Industrial / General

EnergyOil & Gas E&PUnconventional Shale E&PMulti-Basin Diversified Operators

AboutDevon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.Show more

Revenue $15.57B +2.8%
EBITDA $7.06B -4.2%
Net Income $2.89B -22.8%
EPS (Diluted) 4.57 -21.7%
Gross Margin 27.43% -20.1%
EBITDA Margin 45.38% -6.8%
Operating Margin 24.22% -23.5%
Net Margin 18.57% -25.0%
ROE 21.48% -32.6%
ROIC 13.84% -33.9%
Debt/Equity 0.63 +18.5%
Interest Coverage 9.40 -28.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 37.2%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.5%
✓Healthy dividend yield of 4.1%
✓Share count reduced 3.0% through buybacks

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.19%

5Y18.46%

3Y4.22%

TTM11.14%

Profit (Net Income) CAGR

10Y6.05%

5Y-

3Y1.28%

TTM-20.12%

EPS CAGR

10Y1.57%

5Y-

3Y3.02%

TTM-20.96%

ROCE

10Y Avg11.05%

5Y Avg22.67%

3Y Avg27.57%

Latest15.48%

Peer Comparison

Multi-Basin Diversified Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CTRACoterra Energy Inc.	19.59B	25.73	17.04	-3.92%	23.47%	11.18%	5.23%	0.29
AMPYAmplify Energy Corp.	194.28M	4.80	15.48	-4.2%	-10.1%	-7.09%		0.32
CNQCanadian Natural Resources Limited	71.03B	34.10	11.96	-12.68%	15.49%	16.45%	11.4%	0.51
BTEBaytex Energy Corp.	2.6B	3.38	11.27	24.43%	5.6%	5.12%	22.87%	0.55
OVVOvintiv Inc.	10.12B	39.95	9.49	-15.91%	2.65%	2.31%	14.02%	0.61
DVNDevon Energy Corporation	22.78B	36.32	7.95	2.82%	16.11%	17.71%		0.63
CRGYCrescent Energy Company	2.76B	8.39	-9.53	23.01%	0.66%	0.53%		0.72

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.8B	10.52B	8.82B	8.44B	6.67B	4.35B	13.75B	19.83B	15.14B	15.57B
Revenue Growth %	-0.56%	0.35%	-0.16%	-0.04%	-0.21%	-0.35%	2.16%	0.44%	-0.24%	0.03%
Cost of Goods Sold+	11.65B	9.64B	7.41B	6.83B	5.56B	4.6B	8.54B	10.85B	9.94B	11.3B
COGS % of Revenue	1.49%	0.92%	0.84%	0.81%	0.83%	1.06%	0.62%	0.55%	0.66%	0.73%
Gross Profit+	-3.85B	873M	1.41B	1.61B	1.11B	-252M	5.21B	8.97B	5.2B	4.27B
Gross Margin %	-0.49%	0.08%	0.16%	0.19%	0.17%	-0.06%	0.38%	0.45%	0.34%	0.27%
Gross Profit Growth %	-1.76%	1.23%	0.61%	0.14%	-0.31%	-1.23%	21.67%	0.72%	-0.42%	-0.18%
Operating Expenses+	1.32B	865M	737M	574M	475M	338M	391M	395M	408M	500M
OpEx % of Revenue	0.17%	0.08%	0.08%	0.07%	0.07%	0.08%	0.03%	0.02%	0.03%	0.03%
Selling, General & Admin	855M	865M	737M	574M	475M	338M	391M	395M	408M	500M
SG&A % of Revenue	0.11%	0.08%	0.08%	0.07%	0.07%	0.08%	0.03%	0.02%	0.03%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	466M	0	0	0	0	0	0	0	0	0
Operating Income+	-5.17B	8M	672M	1.03B	635M	-590M	4.82B	8.58B	4.79B	3.77B
Operating Margin %	-0.66%	0%	0.08%	0.12%	0.1%	-0.14%	0.35%	0.43%	0.32%	0.24%
Operating Income Growth %	-2.42%	1%	83%	0.54%	-0.39%	-1.93%	9.17%	0.78%	-0.44%	-0.21%
EBITDA+	-2.04B	2.29B	2.48B	2.36B	2.15B	862M	6.98B	10.84B	7.38B	7.06B
EBITDA Margin %	-0.26%	0.22%	0.28%	0.28%	0.32%	0.2%	0.51%	0.55%	0.49%	0.45%
EBITDA Growth %	-1.29%	2.12%	0.08%	-0.05%	-0.09%	-0.6%	7.1%	0.55%	-0.32%	-0.04%
D&A (Non-Cash Add-back)	3.13B	2.28B	1.81B	1.32B	1.51B	1.45B	2.16B	2.26B	2.58B	3.29B
EBIT	-20.75B	-410M	1.09B	1.21B	141M	-2.81B	3.26B	8.12B	4.99B	4.14B
Net Interest Income+	-519M	-427M	-337M	-268M	-250M	-270M	-359M	-309M	-308M	-363M
Interest Income	6M	0	0	0	0	12M	2M	38M	55M	38M
Interest Expense	517M	427M	337M	594M	250M	282M	361M	347M	363M	401M
Other Income/Expense	-16.09B	-1.32B	101M	-91M	-744M	-2.5B	-1.92B	-803M	-169M	-58M
Pretax Income+	-21.27B	-3.88B	896M	920M	-109M	-3.09B	2.9B	7.78B	4.62B	3.71B
Pretax Margin %	-2.73%	-0.37%	0.1%	0.11%	-0.02%	-0.71%	0.21%	0.39%	0.31%	0.24%
Income Tax+	-6.07B	-173M	-182M	156M	-30M	-547M	65M	1.74B	841M	770M
Effective Tax Rate %	0.68%	0.85%	1%	3.33%	3.28%	0.87%	0.96%	0.77%	0.81%	0.78%
Net Income+	-14.45B	-3.3B	898M	3.06B	-357M	-2.68B	2.78B	6.01B	3.75B	2.89B
Net Margin %	-1.85%	-0.31%	0.1%	0.36%	-0.05%	-0.62%	0.2%	0.3%	0.25%	0.19%
Net Income Growth %	-9.99%	0.77%	1.27%	2.41%	-1.12%	-6.52%	2.04%	1.16%	-0.38%	-0.23%
Net Income (Continuing)	-15.2B	-1.46B	33M	714M	-79M	-2.54B	2.83B	6.04B	3.78B	2.94B
Discontinued Operations	1.56B	-884M	1.04B	2.51B	-276M	-128M	0	0	0	0
Minority Interest	3.94B	4.45B	4.85B	0	118M	134M	137M	129M	156M	208M
EPS (Diluted)+	-35.08	-6.44	1.70	6.10	-0.20	-7.12	4.18	9.12	5.84	4.57
EPS Growth %	-9.97%	0.82%	1.26%	2.59%	-1.03%	-34.6%	1.59%	1.18%	-0.36%	-0.22%
EPS (Basic)	-35.51	-6.51	1.71	6.14	-0.20	-7.12	4.20	9.15	5.86	4.57
Diluted Shares Outstanding	412M	513M	528M	502M	401M	377M	665M	653M	642M	623M
Basic Shares Outstanding	407M	507M	525M	499M	401M	377M	663M	651M	639M	623M
Dividend Payout Ratio	-	-	0.14%	0.05%	-	-	0.47%	0.56%	0.5%	0.32%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.03B	3.77B	4.79B	4.44B	3.85B	3.26B	4.25B	3.89B	3.16B	3.43B
Cash & Short-Term Investments	2.31B	1.96B	2.64B	2.41B	1.46B	2.05B	2.1B	1.45B	875M	846M
Cash Only	2.31B	1.96B	2.64B	2.41B	1.46B	2.05B	2.1B	1.45B	875M	846M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.1B	1.36B	960M	802M	879M	775M	1.54B	1.77B	1.57B	1.97B
Days Sales Outstanding	51.7	47.06	39.72	34.69	48.07	65.01	40.96	32.53	37.92	46.24
Inventory	0	0	0	0	0	0	114M	201M	249M	294M
Days Inventory Outstanding	-	-	-	-	-	-	4.87	6.76	9.14	9.5
Other Current Assets	606M	457M	1.16B	1.21B	1.51B	438M	493M	469M	460M	315M
Total Non-Current Assets+	25.51B	22.14B	25.45B	15.13B	9.87B	6.65B	16.78B	19.83B	21.33B	27.06B
Property, Plant & Equipment	19.07B	20.53B	14.58B	8.46B	8.84B	5.62B	15.24B	18.33B	19.59B	25.31B
Fixed Asset Turnover	0.41x	0.51x	0.60x	1.00x	0.76x	0.77x	0.90x	1.08x	0.77x	0.61x
Goodwill	5.03B	2.38B	841M	753M	753M	753M	753M	753M	753M	753M
Intangible Assets	690M	1.62B	1.5B	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	12M	402M	440M	666M	727M
Other Non-Current Assets	640M	363M	10.03B	5.91B	277M	271M	378M	307M	319M	268M
Total Assets+	29.53B	25.91B	30.24B	19.57B	13.72B	9.91B	21.02B	23.72B	24.49B	30.49B
Asset Turnover	0.26x	0.41x	0.29x	0.43x	0.49x	0.44x	0.65x	0.84x	0.62x	0.51x
Asset Growth %	-0.42%	-0.12%	0.17%	-0.35%	-0.3%	-0.28%	1.12%	0.13%	0.03%	0.24%
Total Current Liabilities+	3.29B	2.62B	3.31B	2.23B	1.93B	1.44B	3.09B	3.1B	2.95B	3.31B
Accounts Payable	906M	642M	1.38B	530M	428M	242M	500M	859M	760M	806M
Days Payables Outstanding	28.38	24.3	68	28.32	28.08	19.19	21.37	28.89	27.91	26.04
Short-Term Debt	976M	0	115M	162M	0	0	0	251M	483M	485M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	501M	655M	1.58B	732M	769M	536M	1.13B	489M	484M	586M
Current Ratio	1.22x	1.44x	1.45x	1.99x	2.00x	2.26x	1.38x	1.25x	1.07x	1.04x
Quick Ratio	1.22x	1.44x	1.45x	1.99x	2.00x	2.26x	1.34x	1.19x	0.99x	0.95x
Cash Conversion Cycle	-	-	-	-	-	-	24.46	10.4	19.16	29.7
Total Non-Current Liabilities+	15.25B	12.92B	12.82B	8.15B	5.87B	5.45B	8.54B	9.32B	9.32B	12.48B
Long-Term Debt	12.14B	10.15B	6.75B	4.29B	4.29B	4.3B	6.48B	6.19B	5.67B	8.4B
Capital Lease Obligations	17M	0	0	0	244M	246M	252M	257M	295M	320M
Deferred Tax Liabilities	888M	648M	835M	877M	341M	0	287M	1.46B	1.84B	2.15B
Other Non-Current Liabilities	2.13B	2.12B	6.07B	3.86B	991M	909M	1.52B	1.41B	1.52B	1.61B
Total Liabilities	18.54B	15.54B	16.14B	10.38B	7.8B	6.89B	11.63B	12.43B	12.27B	15.79B
Total Debt+	13.03B	10.15B	6.86B	4.45B	4.54B	4.54B	6.73B	6.7B	6.45B	9.2B
Net Debt	10.72B	8.2B	4.22B	2.04B	3.07B	2.5B	4.63B	5.24B	5.58B	8.36B
Debt / Equity	1.19x	0.98x	0.49x	0.48x	0.77x	1.51x	0.72x	0.59x	0.53x	0.63x
Debt / EBITDA	-	4.43x	2.77x	1.89x	2.11x	5.27x	0.96x	0.62x	0.87x	1.30x
Net Debt / EBITDA	-	3.58x	1.70x	0.87x	1.43x	2.90x	0.66x	0.48x	0.76x	1.18x
Interest Coverage	-10.01x	0.02x	1.99x	1.74x	2.54x	-2.09x	13.35x	24.72x	13.20x	9.40x
Total Equity+	10.99B	10.38B	14.1B	9.19B	5.92B	3.02B	9.4B	11.3B	12.22B	14.7B
Equity Growth %	-0.58%	-0.06%	0.36%	-0.35%	-0.36%	-0.49%	2.11%	0.2%	0.08%	0.2%
Book Value per Share	26.67	20.22	26.71	18.30	14.76	8.01	14.13	17.30	19.03	23.60
Total Shareholders' Equity	7.05B	5.93B	9.25B	9.19B	5.8B	2.88B	9.26B	11.17B	12.06B	14.5B
Common Stock	42M	52M	53M	45M	38M	38M	66M	65M	64M	65M
Retained Earnings	1.78B	-1.65B	702M	3.65B	3.15B	208M	1.69B	4.3B	6.2B	8.17B
Treasury Stock	0	0	0	-22M	0	0	0	0	-13M	0
Accumulated OCI	230M	284M	1.17B	1.03B	-119M	-127M	-132M	-116M	-124M	-122M
Minority Interest	3.94B	4.45B	4.85B	0	118M	134M	137M	129M	156M	208M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.38B	1.75B	2.91B	2.7B	2.07B	1.35B	4.9B	8.53B	6.54B	6.6B
Operating CF Margin %	0.69%	0.17%	0.33%	0.32%	0.31%	0.31%	0.36%	0.43%	0.43%	0.42%
Operating CF Growth %	-0.1%	-0.68%	0.67%	-0.07%	-0.23%	-0.35%	2.62%	0.74%	-0.23%	0.01%
Net Income	-15.2B	-3.7B	1.08B	3.22B	-353M	-2.67B	2.83B	6.04B	3.75B	2.94B
Depreciation & Amortization	3.13B	1.79B	2.07B	1.66M	1.95B	3.88B	3.56B	2.22B	2.58B	3.25B
Stock-Based Compensation	244M	194M	198M	161M	115M	88M	99M	88M	93M	99M
Deferred Taxes	-5.83B	-273M	-294M	226M	-25M	-328M	49M	1.18B	376M	311M
Other Non-Cash Items	537M	3.71B	-128M	-750.66M	467M	481M	-1.52B	-771M	-111M	210M
Working Capital Changes	-22M	27M	-19M	-158M	-82M	-95M	-116M	-226M	-144M	-217M
Change in Receivables	942M	-176M	-284M	-69M	-3M	231M	-526M	-142M	191M	-170M
Change in Inventory	-752M	343M	179M	0	57M	-236M	-539M	-152M	0	0
Change in Payables	-190M	-167M	105M	103M	-54M	-38M	539M	152M	0	0
Cash from Investing+	-6.32B	-872M	-2.21B	1.05B	921M	-646M	-1.57B	-5.12B	-3.94B	-7.33B
Capital Expenditures	-6.42B	-3.69B	-2.81B	-2.45M	-1.94B	-1.16B	-2.01B	-5.13B	-3.95B	-3.81B
CapEx % of Revenue	0.82%	0.35%	0.32%	0%	0.29%	0.27%	0.15%	0.26%	0.26%	0.24%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	91M	-465M	-21M	557.45M	2.36B	474M	-1.85B	0	58M	-3.55B
Cash from Financing+	1.85B	-1.16B	9M	-4.2B	-3.64B	-306M	-3.29B	-4.21B	-3.18B	706M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-396M	-221M	-127M	-149M	-140M	-257M	-1.31B	-3.38B	-1.86B	-937M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-609M	-414M	182M	-176M	-1.46B	-11M	-145M	-116M	-105M	-47M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.03B	-2.23B	104M	198M	130M	193M	2.89B	3.4B	2.6B	-853M
FCF Margin %	-0.13%	-0.21%	0.01%	0.02%	0.02%	0.04%	0.21%	0.17%	0.17%	-0.05%
FCF Growth %	0.86%	-1.16%	1.05%	0.9%	-0.34%	0.48%	13.98%	0.18%	-0.24%	-1.33%
FCF per Share	-2.50	-4.34	0.20	0.39	0.32	0.51	4.35	5.21	4.05	-1.37
FCF Conversion (FCF/Net Income)	-0.37x	-0.53x	3.24x	0.88x	-5.80x	-0.50x	1.76x	1.42x	1.75x	2.28x
Interest Paid	0	0	481M	385M	308M	259M	0	370M	378M	366M
Taxes Paid	0	0	78M	40M	6M	171M	0	438M	400M	480M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-77.44%	-30.91%	7.34%	26.31%	-4.73%	-60.05%	44.82%	58.13%	31.87%	21.48%
Return on Invested Capital (ROIC)	-13.42%	0.03%	2.73%	5.25%	4.71%	-6.1%	36.97%	42.09%	20.94%	13.84%
Gross Margin	-49.38%	8.3%	15.97%	19.07%	16.63%	-5.79%	37.88%	45.26%	34.35%	27.43%
Net Margin	-185.28%	-31.39%	10.18%	36.31%	-5.35%	-61.69%	20.24%	30.34%	24.75%	18.57%
Debt / Equity	1.19x	0.98x	0.49x	0.48x	0.77x	1.51x	0.72x	0.59x	0.53x	0.63x
Interest Coverage	-10.01x	0.02x	1.99x	1.74x	2.54x	-2.09x	13.35x	24.72x	13.20x	9.40x
FCF Conversion	-0.37x	-0.53x	3.24x	0.88x	-5.80x	-0.50x	1.76x	1.42x	1.75x	2.28x
Revenue Growth	-55.56%	34.83%	-16.12%	-4.34%	-20.91%	-34.81%	216.02%	44.2%	-23.64%	2.82%

Revenue by Segment

	2011	2012	2013	2014	2015	2016	2017	2018	2023	2024
N G L Product Sales	-	-	-	-	-	-	-	-	10.79B	11.18B
N G L Product Sales Growth	-	-	-	-	-	-	-	-	-	3.57%
United States Business	-	-	-	-	8.36B	5.72B	7.33B	4.86B	-	-
United States Business Growth	-	-	-	-	-	-31.56%	28.03%	-33.62%	-	-
Canada Business	-	-	-	-	1.01B	1.03B	1.55B	814M	-	-
Canada Business Growth	-	-	-	-	-	1.88%	50.53%	-47.55%	-	-
General Partner And En Link	-	-	-	-	-	3.55B	5.07B	-	-	-
General Partner And En Link Growth	-	-	-	-	-	-	42.80%	-	-	-
U	-	1.54B	1.97B	14.86B	-	-	-	-	-	-
U Growth	-	-	28.02%	652.89%	-	-	-	-	-	-
C	-	114M	92M	2.06B	-	-	-	-	-	-
C Growth	-	-	-19.30%	2142.39%	-	-	-	-	-	-
U S	2.06B	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2011	2012	2013	2014	2015	2016	2017	2018	2023	2024
U [S]	36.27B	24.48B	1.97B	14.86B	4.36B	3.2B	3.75B	4.86B	-	-
U [S] Growth	-	-32.52%	-91.93%	652.89%	-70.69%	-26.58%	17.14%	29.82%	-	-
C [A]	17.05B	10.75B	92M	2.06B	1.03B	984M	1.4B	814M	-	-
C [A] Growth	-	-36.94%	-99.14%	2142.39%	-50.27%	-4.09%	42.68%	-42.02%	-	-
North America	53.32B	-	-	-	-	-	-	-	-	-
North America Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Devon Energy Corporation (DVN) has a price-to-earnings (P/E) ratio of 7.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Devon Energy Corporation (DVN) reported $16.88B in revenue for fiscal year 2024. This represents a 60% increase from $10.57B in 2011.

Devon Energy Corporation (DVN) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, Devon Energy Corporation (DVN) is profitable, generating $2.72B in net income for fiscal year 2024 (18.6% net margin).

Dividend & Returns

Yes, Devon Energy Corporation (DVN) pays a dividend with a yield of 4.14%. This makes it attractive for income-focused investors.

Devon Energy Corporation (DVN) has a return on equity (ROE) of 21.5%. This is excellent, indicating efficient use of shareholder capital.

Devon Energy Corporation (DVN) generated $3.03B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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