Devon Energy Corp. (DVN) intrinsic value & 10-year financials
Devon Energy Corp. (DVN) has a Graham intrinsic value of $115.99 per share. At $50.73 on Oct 17, 2026, the stock trades 56% below that value. Over the last 10 fiscal years revenue grew 22.1% a year to $16.8B, with an average return on invested capital of 8.8%.
- Graham intrinsic value
- $115.99
- Share price (Oct 17, 2026)
- $50.73
- Price vs Graham value
- 56% below
- Market cap
- $32.1B
- Revenue (FY2025)
- $16.8B
- Revenue growth (10-yr CAGR)
- 22.1%
- ROIC (10-yr avg)
- 8.8%
- Free cash flow (FY2025)
- $3.1B
DVN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.8B | $2.6B | $4.17 | $3.1B | — | 11.6% |
| FY2024 | $15.9B | $2.9B | $4.56 | $3.0B | — | 14.3% |
| FY2023 | $15.1B | $3.7B | $5.84 | $2.7B | — | 21.9% |
| FY2022 | $19.8B | $6.0B | $9.12 | $6.0B | — | 39.5% |
| FY2021 | $13.8B | $2.8B | $4.19 | $2.9B | — | 29.2% |
| FY2020 | $4.7B | -$2.7B | -$7.12 | $311.0M | — | -37.6% |
| FY2019 | $2.9B | -$355.0M | -$0.89 | $2.0B | — | -3.6% |
| FY2018 | $4.4B | $3.1B | $6.10 | $2.2B | — | 25.1% |
| FY2017 | $3.6B | $898.0M | $1.70 | $2.9B | — | 6.5% |
| FY2016 | $2.8B | -$3.3B | -$6.52 | -$141.0M | -104.4% | -19.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Devon Energy is a consistent compounder, expanding top-line revenue at 22.2% annually over the past decade.
Devon Energy returns on capital have been average, hovering around 8.7% ROIC over the decade.
Devon Energy has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Devon Energy is modeled at 11.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $115.99 per share.