Discounted Cash Flow

Devon Energy Corp./de

DVN · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $12.2b $-3.3b $105.0m -27.1% $-6.52
2017 $13.9b (14.4%) $898.0m (127.2%) $2.9b (2626.7%) 6.4% (123.8%) $1.71 (126.2%)
2018 $4.4b (-68.1%) $3.1b (241.2%) $2.2b (-24.1%) 68.9% (969.8%) $6.14 (259.1%)
2019 $2.9b (-35.6%) $-355.0m (-111.6%) $2.0b (-7.4%) -12.4% (-118.0%) $-0.89 (-114.5%)
2020 $4.7b (63.1%) $-2.7b (-654.9%) $311.0m (-84.5%) -57.4% (-362.8%) $-7.12 (-700.0%)
2021 $13.8b (194.2%) $2.8b (205.0%) $2.9b (835.7%) 20.5% (135.7%) $4.20 (159.0%)
2022 $19.8b (44.2%) $6.0b (113.8%) $6.0b (105.8%) 30.3% (48.3%) $9.15 (117.9%)
2023 $15.1b (-23.6%) $3.7b (-37.7%) $2.7b (-55.6%) 24.7% (-18.4%) $5.86 (-36.0%)
2024 $15.9b (5.1%) $2.9b (-22.8%) $3.0b (11.0%) 18.2% (-26.6%) $4.58 (-21.8%)
2025 $16.8b (5.4%) $2.6b (-8.6%) $3.1b (5.5%) 15.7% (-13.3%) $4.18 (-8.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model