DVNDEVON ENERGY CORP/DE
Crude Petroleum & Natural Gas
- Revenue
- $16.8B
- 5.4% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $57.4B
- Employees
- 2,200
- $8M revenue each
- Net debt / EBITDA
- —
- $3.3B net debt
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$15K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo254% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo20% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$8M · 93rd pctBottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 45th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$57.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$58M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $13.8B | $19.8B | $15.1B | $15.9B | $16.8B | 5.4% |
| Net income | $2.8B | $6.0B | $3.7B | $2.9B | $2.6B | 8.7% |
| Operating cash flow | $4.9B | $8.5B | $6.5B | $6.6B | $6.7B | 1.7% |
| Capex | $2.0B | $2.5B | $3.9B | $3.6B | $3.6B | 1.5% |
| Stock-based comp | $99M | $88M | $93M | $99M | $99M | 0.0% |
| Buybacks | $589M | $718M | $979M | $1.1B | $1.1B | 0.7% |
| Dividends | $1.3B | $3.4B | $1.9B | $937M | $319M | 66% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Mar 30, 2026 | DEFM14A | — | $59.98 | 36.45% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 21, 2021 | EnCap Energy Capital Fund X, L.P. | SC 13D/A | 3.8% | Passive |
| Feb 25, 2021 | EnCap Energy Capital Fund X, L.P. | SC 13D/A | 1.0% | Passive |
| Jan 13, 2021 | EnCap Energy Capital Fund X, L.P. | SC 13D | 3.0% | Active |
Insider trading
- Open-market buys, 12 mo
- $200K · 1
- Open-market sells, 12 mo
- $58M · 5
- Net
- −$58M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 292 | 242 |
| FY2024 | $17K | $7K | 163 | 157 |
| FY2023 | $15K | $814 | 226 | 152 |
| FY2022 | $15K | $41K | 285 | 143 |
| FY2021 | — | — | 191 | 121 |