Devon Energy Corporation

DVN

Oil & Gas Exploration & Production · Energy

Price

$43.83

+0.80 (+1.86%)

Market Cap

$27.24B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−5.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 665.0M (2021) → 629.0M (2025)

Devon Energy is an American oil and natural gas company. It finds oil and gas underground, pulls it out, and sells it to refiners, utilities, and other energy companies. Devon operates entirely in the United States, with its most important fields located in the Permian Basin in Texas and New Mexico, as well as Oklahoma, Wyoming, and Montana.

Devon makes money by selling the oil, natural gas, and natural gas liquids it produces. Revenue rises and falls with commodity prices, which Devon does not control. The company is a mid-to-large independent producer with a market cap around $29 billion, and it competes on cost efficiency rather than unique technology. Devon uses a "fixed-plus-variable" dividend model, paying shareholders more when oil prices are high and less when they fall. The biggest risk the business faces is a sustained drop in oil and gas prices, which would directly shrink revenue, profits, and the variable portion of its dividend.

Winston Score History

Politician Trades

5 trades / 12mo

3 Congressional buys and 1 sell on DVN in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-6.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-7.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Devon Energy Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

20.1%

Thin — 20.1% gross margin

Operating Margin

16.7%

Healthy — 16.7% operating margin

ROCE

2.7%

Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.7%

Slow sales growth (6.7% YoY)

EPS YoY

-8.7%

Earnings shrinking (-8.7% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

256%

Turns 256% of profit into real cash

FCF Margin

18.4%

Converts sales into free cash efficiently (18.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.55

Conservative — low debt load (0.55)

Interest Cover

6.48x

Adequate interest coverage (6.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

10.5x

Attractive valuation — P/E 10.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (10.5 → 6.6)

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Dividends

Dividend Yield

2.57%

Moderate income — 2.57% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-8.8%

Dividend cut (-8.8% YoY) — warning sign

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