Recent News
On Feb. 2–3, 2026, major outlets reported Devon Energy agreed an all‑stock merger with Coterra Energy valuing the combined group at roughly $58 billion; Devon shareholders will own about 54% of the combined company and the transaction drives scale in the Delaware Basin with an expected close during 2026.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX registers 30.83, indicating a strong trend; DI+ reads 33.10 and shows an increasing trajectory, while DI- reads 14.66 and trends downward — a clear bullish directional profile that favors continued near-term upside.
MACD: MACD sits at 1.20 with the signal line at 0.75 and the MACD trend increasing; the MACD currently trades above its signal line, signaling bullish momentum expansion.
MRO (Momentum/Regression Oscillator): MRO registers 7.06, a positive reading that places price above the model target and signals potential mean reversion pressure that could cap rapid gains even as momentum runs higher.
RSI: RSI at 60.06 with an increasing trend indicates modestly elevated momentum without overbought extremes, compatible with further upside before a technical pullback becomes likely.
Price Versus Moving Averages & Bands: Last close at $43.39 exceeds the 50‑day ($37.29) and 200‑day ($34.16) averages and sits near the upper Bollinger band (upper 2× std at $43.53), reflecting an elevated short‑term bias that raises the chance of consolidation around current levels.
Fundamental Analysis
Profitability: EBIT of $1,037,000,000 and EBITDA of $1,916,000,000 yield an EBIT margin of 23.94%, above the industry peer mean of 16.565% and industry peer median of 13.511%, showing stronger operating conversion versus peers. EBIT margin declined QoQ by 20.30% and declined YoY by 17.08%.
Revenue & Growth: Total revenue at $4,331,000,000 with reported revenue growth of 1.10%; the provided year‑over‑year revenue change reads -59.85% while quarter‑over‑quarter revenue change reads -129.07% (as reported). Gross margin registers 25.49% with a YoY contraction of 22.17%.
Earnings & Cash Flow: Reported EPS of $1.04 versus an estimate of $0.94 produced an EPS surprise of 10.64%. Operating cash flow reached $1,690,000,000 and free cash flow totaled $623,000,000, yielding a free cash flow yield of 2.96%, above the industry peer mean free cash flow yield of 1.915% and indicating relative cash‑flow strength despite margin variability.
Leverage & Coverage: Total debt at $8,549,000,000 produces net debt of $7,113,000,000; debt/EBITDA stands at 4.46x and debt-to-equity at 55.69%. Interest coverage reads 8.30x but shows QoQ and YoY declines. Capital discipline shows via dividends paid of $151,000,000 with dividend payout ratio of 21.98% and dividend coverage of 4.55x.
Returns & Efficiency: Return on equity equals 4.48% and return on invested capital equals 3.32%, both down on recent periods; asset turnover sits at 0.138, near the industry peer mean of 0.158. Working capital metrics show a current ratio of 0.96 and quick ratio of 0.87, indicating lean short‑term liquidity.
Valuation: Price multiples include P/E of 32.17 and forward P/E of 30.70; enterprise value to revenue and comparable multiples place the enterprise multiple at 14.78 and EV/EBIT around 6.54. The current WMDST valuation tags the stock as under‑valued, a conclusion supported by positive free cash flow yield above the industry peer mean and a stronger‑than‑peer EBIT margin, balanced against elevated leverage and variable growth metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 1.8 B |
| Operating Cash Flow | $ 1.7 B | |
| Capital Expenditures | $ -1.07 B | |
| Change In Working Capital | $ -62.00 M | |
| Dividends Paid | $ -151.00 M | |
| Cash Flow Delta | $ -481.00 M | |
| End Period Cash Flow | $ 1.3 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.3 B | |
| Forward Revenue | $ 902.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 3.2 B | |
| Depreciation | $ 25.0 M | |
| Depreciation and Amortization | $ 25.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 3.3 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.1 B | |
| EBITDA | $ 1.9 B | |
| EBIT | $ 1.0 B | |
| Operating Income | $ 982.0 M | |
| Interest Income | $ 18.0 M | |
| Interest Expense | $ 125.0 M | |
| Net Interest Income | $ -109.00 M | |
| Income Before Tax | $ 912.0 M | |
| Tax Provision | $ 219.0 M | |
| Tax Rate | 24.0 % | |
| Net Income | $ 687.0 M | |
| Net Income From Continuing Operations | $ 693.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.94 | |
| EPS Actual | $ 1.04 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 10.638 % | |
| Forward EPS | $ 0.91 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 31.2 B | |
| Intangible Assets | $ 753.0 M | |
| Net Tangible Assets | $ 14.6 B | |
| Total Current Assets | $ 3.9 B | |
| Cash and Short-Term Investments | $ 1.3 B | |
| Cash | $ 1.3 B | |
| Net Receivables | $ 1.8 B | |
| Inventory | $ 361.0 M | |
| Long-Term Investments | $ 386.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 934.0 M | |
| Short-Term Debt | $ 998.0 M | |
| Total Current Liabilities | $ 4.0 B | |
| Net Debt | $ 7.1 B | |
| Total Debt | $ 8.5 B | |
| Total Liabilities | $ 15.9 B | |
| EQUITY | ||
| Total Equity | $ 15.3 B | |
| Retained Earnings | $ 9.8 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 24.40 | |
| Shares Outstanding | 629.000 M | |
| Revenue Per-Share | $ 6.89 | |
| VALUATION | Market Capitalization | $ 21.0 B |
| Enterprise Value | $ 28.3 B | |
| Enterprise Multiple | 14.78 | |
| Enterprise Multiple QoQ | 13.797 % | |
| Enterprise Multiple YoY | 9.971 % | |
| Enterprise Multiple IPRWA | high: 63.145 mean: 30.221 median: 28.677 DVN: 14.78 low: -21.01 |
|
| EV/R | 6.539 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.034 | |
| Asset To Liability | 1.967 | |
| Debt To Capital | 0.358 | |
| Debt To Assets | 0.274 | |
| Debt To Assets QoQ | -4.402 % | |
| Debt To Assets YoY | 14464.894 % | |
| Debt To Assets IPRWA | high: 0.585 DVN: 0.274 mean: 0.236 median: 0.217 low: 0.002 |
|
| Debt To Equity | 0.557 | |
| Debt To Equity QoQ | -6.712 % | |
| Debt To Equity YoY | 13858.396 % | |
| Debt To Equity IPRWA | high: 2.458 mean: 0.753 DVN: 0.557 median: 0.55 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.371 | |
| Price To Book QoQ | -3.3 % | |
| Price To Book YoY | -27.246 % | |
| Price To Book IPRWA | high: 5.854 median: 1.772 mean: 1.58 DVN: 1.371 low: -1.698 |
|
| Price To Earnings (P/E) | 32.175 | |
| Price To Earnings QoQ | -17.811 % | |
| Price To Earnings YoY | -13.417 % | |
| Price To Earnings IPRWA | high: 161.846 median: 59.729 mean: 54.548 DVN: 32.175 low: -72.568 |
|
| PE/G Ratio | 1.351 | |
| Price To Sales (P/S) | 4.86 | |
| Price To Sales QoQ | -2.508 % | |
| Price To Sales YoY | -27.323 % | |
| Price To Sales IPRWA | high: 41.067 median: 6.142 mean: 5.965 DVN: 4.86 low: 0.013 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 30.7 | |
| Forward PE/G | 1.289 | |
| Forward P/S | 19.042 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -17.706 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.138 | |
| Asset Turnover Ratio QoQ | 0.626 % | |
| Asset Turnover Ratio YoY | -4.724 % | |
| Asset Turnover Ratio IPRWA | high: 0.454 median: 0.167 mean: 0.158 DVN: 0.138 low: 0.001 |
|
| Receivables Turnover | 2.349 | |
| Receivables Turnover Ratio QoQ | 6.607 % | |
| Receivables Turnover Ratio YoY | -1.71 % | |
| Receivables Turnover Ratio IPRWA | high: 6.26 DVN: 2.349 mean: 2.326 median: 2.125 low: 0.185 |
|
| Inventory Turnover | 9.381 | |
| Inventory Turnover Ratio QoQ | -2.493 % | |
| Inventory Turnover Ratio YoY | -4.493 % | |
| Inventory Turnover Ratio IPRWA | high: 19.661 DVN: 9.381 mean: 2.845 median: 2.449 low: 0.169 |
|
| Days Sales Outstanding (DSO) | 38.851 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 22.573 | |
| Cash Conversion Cycle Days QoQ | -10.91 % | |
| Cash Conversion Cycle Days YoY | 27.751 % | |
| Cash Conversion Cycle Days IPRWA | high: 168.196 DVN: 22.573 median: 4.283 mean: -1.806 low: -120.578 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -24.749 | |
| CapEx To Revenue | -0.246 | |
| CapEx To Depreciation | -42.68 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 22.7 B | |
| Net Invested Capital | $ 23.7 B | |
| Invested Capital | $ 23.7 B | |
| Net Tangible Assets | $ 14.6 B | |
| Net Working Capital | $ -175.00 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.316 | |
| Current Ratio | 0.957 | |
| Current Ratio QoQ | -21.724 % | |
| Current Ratio YoY | -13.98 % | |
| Current Ratio IPRWA | high: 3.911 mean: 1.208 median: 1.193 DVN: 0.957 low: 0.331 |
|
| Quick Ratio | 0.867 | |
| Quick Ratio QoQ | -23.224 % | |
| Quick Ratio YoY | -14.235 % | |
| Quick Ratio IPRWA | high: 2.792 mean: 0.927 median: 0.892 DVN: 0.867 low: 0.285 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.462 | |
| Cost Of Debt | 1.083 % | |
| Interest Coverage Ratio | 8.296 | |
| Interest Coverage Ratio QoQ | -18.78 % | |
| Interest Coverage Ratio YoY | -30.034 % | |
| Interest Coverage Ratio IPRWA | high: 20.571 DVN: 8.296 median: 7.171 mean: 7.011 low: -10.268 |
|
| Operating Cash Flow Ratio | 0.184 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 26.18 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.55 | |
| Dividend Payout Ratio | 0.22 | |
| Dividend Rate | $ 0.24 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.538 % | |
| Revenue Growth | 1.097 % | |
| Revenue Growth QoQ | -129.067 % | |
| Revenue Growth YoY | -59.846 % | |
| Revenue Growth IPRWA | high: 37.34 % mean: 4.4 % median: 4.2 % DVN: 1.097 % low: -20.802 % |
|
| Earnings Growth | 23.81 % | |
| Earnings Growth QoQ | -177.864 % | |
| Earnings Growth YoY | -208.296 % | |
| Earnings Growth IPRWA | high: 200.0 % DVN: 23.81 % median: 14.634 % mean: 11.201 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | 25.491 % | |
| Gross Margin QoQ | -1.973 % | |
| Gross Margin YoY | -22.172 % | |
| Gross Margin IPRWA | high: 81.109 % DVN: 25.491 % mean: 25.459 % median: 22.601 % low: -15.694 % |
|
| EBIT Margin | 23.944 % | |
| EBIT Margin QoQ | -20.298 % | |
| EBIT Margin YoY | -17.083 % | |
| EBIT Margin IPRWA | high: 96.372 % DVN: 23.944 % mean: 16.565 % median: 13.511 % low: -70.544 % |
|
| Return On Sales (ROS) | 22.674 % | |
| Return On Sales QoQ | -0.983 % | |
| Return On Sales YoY | -21.481 % | |
| Return On Sales IPRWA | high: 47.608 % DVN: 22.674 % mean: 14.715 % median: 11.348 % low: -22.163 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 623.0 M | |
| Free Cash Flow Yield | 2.96 % | |
| Free Cash Flow Yield QoQ | 10.324 % | |
| Free Cash Flow Yield YoY | -128.285 % | |
| Free Cash Flow Yield IPRWA | high: 20.745 % DVN: 2.96 % mean: 1.915 % median: 1.607 % low: -13.208 % |
|
| Free Cash Growth | 8.726 % | |
| Free Cash Growth QoQ | -120.436 % | |
| Free Cash Growth YoY | -101.327 % | |
| Free Cash Growth IPRWA | high: 279.983 % mean: 15.866 % median: 15.075 % DVN: 8.726 % low: -454.42 % |
|
| Free Cash To Net Income | 0.907 | |
| Cash Flow Margin | 17.202 % | |
| Cash Flow To Earnings | 1.084 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 2.195 % | |
| Return On Assets QoQ | -23.917 % | |
| Return On Assets YoY | -25.085 % | |
| Return On Assets IPRWA | high: 6.589 % DVN: 2.195 % median: 1.226 % mean: 1.144 % low: -3.499 % |
|
| Return On Capital Employed (ROCE) | 3.815 % | |
| Return On Equity (ROE) | 0.045 | |
| Return On Equity QoQ | -25.013 % | |
| Return On Equity YoY | -21.294 % | |
| Return On Equity IPRWA | high: 0.131 DVN: 0.045 median: 0.029 mean: 0.028 low: -0.061 |
|
| DuPont ROE | 4.518 % | |
| Return On Invested Capital (ROIC) | 3.32 % | |
| Return On Invested Capital QoQ | -21.809 % | |
| Return On Invested Capital YoY | -102.267 % | |
| Return On Invested Capital IPRWA | high: 11.798 % DVN: 3.32 % mean: 2.774 % median: 2.588 % low: -6.505 % |
|