Devon Energy Corp
DVNAbove valueExpectations · demandingHeld by 9 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +5.4%
- Net margin
- 15.7%
- ROE
- 17.0%
- FCF margin
- 18.6%
Valuation · value band
Above fair value
Zero-growth floor
$44
Central IV
$9
Optimistic top
$44
Devon Energy Corp (DVN): A conservative value band $44 / sh (zero-growth floor to growth-capped optimistic top); central read about $9. Today’s price sits above that band (price $47 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 3% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.6% · Zero-growth downside $44
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $6.69 – $9.74 · Greenwald zero-growth $43.61 · zero-growth base $43.61 · reproduction $43.61
Moat Below asset base · terminal value 33% of present value · owner-earnings yield 2% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
Buffett owner-earnings value$6.64 – $7.66 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 12.7 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $40.99B = $43.61 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 17% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 12.7 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.
Owner-earnings DCF: growth g₁ 3% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 13.16%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 20.6% a year.
The market wants it well ahead of its own track record.
Roughly, the price needs its historical revenue growth to run about 18 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
9 holders · $1.61B combined · this quarter +4 opened / -1 exited
- Value$1.05BWeight (prev→now)New · 4.5%
- Value$312.3MWeight (prev→now)3.6% → 3.0% ▼
- Value$174.3MWeight (prev→now)New · 3.0%
- Value$30.4MWeight (prev→now)New · 0.1%
- Value$21.1MWeight (prev→now)0.3% → 0.3% ▼
- Value$18.4MWeight (prev→now)0.1% → 0.0% ▼
- Value$2.6MWeight (prev→now)0.3% → 0.5% ▲
- Value$1.4MWeight (prev→now)0.1% → 0.1% ▲
- Value$411,919Weight (prev→now)New · 0.0%
SEC 13F · notes
Written summary
Written summary
Devon Energy Corp (DVN) is held by 9 of the superinvestors tracked on Compounder, with a combined $1.61B in reported 13F value. The largest position belongs to Christopher Davis, where it makes up 4.5% of the portfolio.
Other notable holders by value include John Armitage (3.0% of its book), Fred Martin (3.0% of its book) and Ray Dalio (0.1% of its book).
Over the latest quarter, 4 of the tracked filers opened a new position in DVN, 4 added to existing ones, 1 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Devon Energy Corp (DVN) also commonly hold →
- Unitedhealth Group IncUNH7 holders
- ConocophillipsCOP7 holders
- Alphabet Inc-Cl AGOOGL6 holders
- Microsoft CorpMSFT6 holders
- Alphabet Inc-Cl CGOOG6 holders
- The Cigna GroupCI6 holders
DVN's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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