Recent News
Dec. 30, 2025 — Devon announced President and CEO Clay Gaspar will speak on a panel at the Goldman Sachs Energy, Cleantech & Utilities Conference on Jan. 6, 2026, with a webcast and replay availability. Dec. 11, 2025 — Morgan Stanley maintained an Overweight rating on Devon, publishing a one-year price-target aggregate implying upside versus recent levels. Dec. 29, 2025, and Jan. 2, 2026 — market coverage noted outperformance on those trading days with volume above short-term averages, highlighting relative strength versus key peers.
Technical Analysis
ADX / DI+/DI-: ADX at 31.84 signals a strong trend. DI+ shows a dip & reversal and DI- shows a peak & reversal, which together indicate directional indicators skew bullish and support the constructive momentum referenced above.
MACD: MACD reads 0.28 with a dip & reversal trend, indicating bullish momentum development; MACD remains below the signal line (0.32), so momentum improvement currently lacks a confirmed MACD crossover to extend the move immediately.
MRO (Momentum/Regression Oscillator): MRO sits at 12.33 with a peak & reversal trend. MRO positive implies price currently above the model target and therefore carries an elevated risk of a pullback, a counterforce to the directional bullish signals.
RSI: RSI at 55.57 with a dip & reversal trend indicates moderate bullish pressure without overbought extremes, aligning with a controlled upward bias rather than an exuberant breakout.
Price Structure & Volumes: Price closed at $37.87, above the 20-day ($36.39), 50-day ($35.40) and 200-day ($33.57) averages, and sits near the 1x upper Bollinger band ($37.22). Volume on the most recent session (8.7M) exceeded the 10-day average (6.63M) and 50-day average (7.74M), confirming buying interest. Ichimoku components (Tenkan/Kijun ≈ $36.59/$36.63 and Senkou A/B ≈ $34.28/$34.37) and the SuperTrend lower at $35.15 provide structural support in the mid-$30s that complements the WMDST valuation signal.
Fundamental Analysis
Profitability: EBIT totaled $1,037,000,000, producing an EBIT margin of 23.94%. That margin sits above the industry peer mean of 14.89% and the industry peer median of 13.23%. Quarter-over-quarter EBIT margin declined by 20.30% and year-over-year by 17.08%, indicating recent margin compression despite still-elevated absolute margin versus peers.
Revenue & Growth: Reported total revenue equals $4,331,000,000. Point-in-time revenue growth registers 1.10%, while revenue growth quarter-over-quarter fell by 129.07% and year-over-year by 59.85%, reflecting material short-term revenue volatility that pressures margin durability.
Earnings & Cash Flow: Reported EPS came in at $1.04 versus an estimate of $0.94, an EPS surprise of +10.64%. Free cash flow reached $623,000,000 with a free cash flow yield of 2.96%, which sits above the industry peer mean of 1.84% and improved QoQ by 10.32%. Free cash flow generation remains a principal support for the WMDST under-valued determination despite year-over-year contraction measures in some cash metrics.
Balance Sheet and Coverage: Cash and short-term investments equal $1,278,000,000; net debt stands at $7,113,000,000. Debt-to-equity measures 0.56, below the industry peer mean of 0.70, while interest coverage of 8.30 sits above the industry peer mean of 6.98—both indicate leverage and coverage compare favorably to peer averages. Current and quick ratios (0.96 and 0.87) remain below industry peer means (1.24 and 0.97), showing tighter near-term liquidity.
Valuation Metrics: Trailing P/E reads $32.17 with forward P/E $30.70; enterprise multiple ~14.78 and EV-to-revenue ~6.54. Earnings growth stands at +23.81% on the period metric, though earnings growth QoQ and YoY show declines. WMDST values the stock as under-valued, a view supported by above-peer EBIT margin and a free cash flow yield that exceeds the industry peer mean, offset by recent revenue and margin compression.
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 | $ 745.0 M | |
| 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 | $ 1.1 B | |
| 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 | $ 1.11 | |
| 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: 30.855 median: 28.677 DVN: 14.78 low: -30.741 |
|
| 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: 0.225 median: 0.199 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: 1.777 mean: 0.696 DVN: 0.557 median: 0.421 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: 5.433 median: 1.736 mean: 1.508 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: 56.439 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: 5.866 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: 0.171 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: 6.116 DVN: 2.349 mean: 2.131 median: 1.996 low: 0.185 |
|
| Inventory Turnover | 9.381 | |
| Inventory Turnover Ratio QoQ | -2.493 % | |
| Inventory Turnover Ratio YoY | -4.493 % | |
| Inventory Turnover Ratio IPRWA | high: 13.617 DVN: 9.381 mean: 2.819 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: 1.08 mean: -1.655 low: -100.341 |
|
| 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: 1.236 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: 3.668 mean: 0.972 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 mean: 6.978 median: 6.237 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 % median: 4.2 % mean: 4.149 % 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: 10.058 % 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: 24.256 % 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: 14.886 % median: 13.227 % 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: 88.305 % DVN: 22.674 % mean: 13.499 % median: 11.014 % 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: 1.84 % median: 1.607 % low: -13.048 % |
|
| 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: 16.045 % 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: 1.063 % low: -6.854 % |
|
| 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: 0.13 DVN: 0.045 median: 0.029 mean: 0.025 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: 8.109 % DVN: 3.32 % median: 2.588 % mean: 2.576 % low: -6.505 % |
|