Devon Energy Corporation (DVN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+93.9%

$94.99

vs $48.98 price

Levered DCF

$97.19

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.8

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.7×	7.16×	7.73×	6.72×	10.49×	-2.22×	-129.85×	3.67×
P/B	1.48×	1.41×	2.4×	3.59×	3.15×	2.07×	1.79×	1.22×
P/S	1.34×	1.28×	1.9×	2.09×	2.39×	1.23×	1.67×	1.26×
EV / EBITDA	4.02×	3.9×	4.57×	4.37×	6.22×	-5.52×	8.18×	5.4×
Gross margin	25.5%	29.5%	35.2%	43.7%	30.1%	8.1%	11.5%	24.7%
Operating margin	22.4%	26.2%	32.4%	41.3%	26.6%	0.0%	2.6%	16.8%
Net margin	15.4%	18.1%	24.6%	31.4%	23.0%	-55.5%	-5.7%	34.4%
Current ratio	0.98×	1.04×	1.07×	1.25×	1.38×	2.26×	2×	1.99×
Debt / equity	0.57×	0.63×	0.53×	0.6×	0.73×	1.58×	0.78×	0.48×
Interest coverage	7.55×	10.43×	13.61×	22.82×	8.99×	0×	0.64×	2.51×
Dividend yield	2.7%	4.6%	6.4%	8.4%	4.5%	4.3%	1.3%	1.3%
Payout ratio	23.4%	32.4%	49.6%	56.2%	46.7%	-9.6%	-39.4%	4.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.0%	19.9%	31.1%	53.9%	30.4%	-92.9%	-6.1%	33.4%
Return on invested capital	10.5%	12.0%	18.3%	29.5%	17.7%	0.0%	1.0%	6.4%
Return on assets	8.4%	9.5%	15.3%	25.4%	13.4%	-27.0%	-2.6%	15.7%
Free cash flow yield	12.2%	-4.2%	9.0%	8.5%	9.9%	3.2%	1.2%	1.8%
Earnings yield	11.5%	14.2%	12.9%	15.0%	9.6%	-45.0%	-3.4%	27.2%
Enterprise value	$30.4B	$28.7B	$34.5B	$45.3B	$33.9B	$8.5B	$13.5B	$13.3B
Net debt / EBITDA	0.97×	1.13×	0.74×	0.51×	0.86×	-1.63×	1.87×	0.83×
Cash conversion cycle (days)	-17	29	19	11	30	39	23	4