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Held by 451 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-14 | Lowe Robert Ferrall Iii EVP EXPLORATION & PRODUCTION | Open-market sale | 6,756 | $50.95 | $344k |
| 2026-09-14 | 2 co-filers PRESIDENT AND CEO | Open-market buy | 3,913 | $51.08 | $200k |
| 2026-09-10 | 2 co-filers PRESIDENT AND CEO | Grant | 53,979 | $0.00 | $0 |
| 2026-07-01 | 3 co-filers Group filing | Gift |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 7,684 |
| $0.00 |
| $0 |
| 2026-07-01 | 3 co-filers Group filing | Giftindirect | 7,684 | $0.00 | $0 |
| 2026-06-30 | Shellebarger Jeffrey Earle Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-30 | Smolik Brent J Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-30 | Watts Marcus A Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-30 | 3 co-filers Group filing | Grant | 7,684 | $0.00 | $0 |
| 2026-06-30 | Williams Valerie Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-30 | Kindick Kelt Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-30 | Fox Ann G Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-30 | Brock Amanda M Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-30 | Hernandez Jacinto J Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-30 | Kurz Karl F Director | Grant | 5,567 | $0.00 | $0 |
| 2026-06-10 | Lowe Robert Ferrall Iii EVP & CHIEF TECHNOLOGY OFFICER | Grant50d late | 30,043 | $0.00 | $0 |
| 2026-06-10 | Alexander Andrea SVP & CHIEF ADMIN OFFICER | Open-market sale | 18,000 | $46.74 | $841k |
| 2026-05-15 | 6 co-filers Group filing | Tax withholding | 52,806 | $49.49 | $2.6m |
| 2026-05-15 | 6 co-filers Group filing | Tax withholding | 49,672 | $49.49 | $2.5m |
| 2026-05-15 | 6 co-filers Group filing | Tax withholding | 52,806 | $49.49 | $2.6m |
| 2026-05-15 | 6 co-filers Group filing | Tax withholding | 49,672 | $49.49 | $2.5m |
| 2026-05-15 | 6 co-filers Group filing | Gift | 315,892 | $0.00 | $0 |
| 2026-05-15 | 6 co-filers Group filing | Giftindirect | 315,892 | $0.00 | $0 |
| 2026-05-14 | Vela Adam M SVP & GENERAL COUNSEL | Open-market sale | 24,342 | $47.21 | $1.1m |
| 2026-05-11 | Ritenour Jeffrey L EVP & CHIEF CORP DEV OFFICER | Open-market sale | 70,029 | $46.66 | $3.3m |
| 2026-05-07 | Brock Amanda M Director | Grant | 55,734 | — | — |
| 2026-05-07 | Hernandez Jacinto J Director | Grant | 6,801 | — | — |
| 2026-05-07 | 4 co-filers EVP, Exploration & Production | Grant | 63,779 | — | — |
| 2026-05-07 | Conaway Gregory F VP, Chief Accounting Officer | Grant | 18,361 | — | — |
| 2026-05-07 | 4 co-filers EVP, CFO | Grant | 129,490 | — | — |
| 2026-05-07 | Watts Marcus A Director | Grant | 55,734 | — | — |
| 2026-05-07 | 4 co-filers SVP, General Counsel | Grant | 48,560 | — | — |
| 2026-05-07 | 4 co-filers EVP, Operations | Grant | 58,497 | — | — |
| 2026-05-07 | 4 co-filers SVP, Chief Admin. Officer | Grant | 61,829 | — | — |
| 2026-05-07 | 4 co-filers Group filing | Grantindirect | 2,092,861 | — | — |
| 2026-05-07 | Shellebarger Jeffrey Earle Director | Grant | 6,505 | — | — |
| 2026-05-07 | 4 co-filers EVP, CFO | Grant | 96,995 | — | — |
| 2026-05-07 | 4 co-filers Group filing | Grant | 260,424 | — | — |
| 2026-05-07 | 4 co-filers SVP, General Counsel | Grant | 53,161 | — | — |
| 2026-05-07 | 4 co-filers SVP, Chief Admin. Officer | Grant | 47,350 | — | — |
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $52.15 today, the market must believe free cash flow compounds 2.4%/yr for a decade (off $2.91B on the 3-yr avg basis).
On the basis ($2.81B) the requirement is 2.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 2.4% is more conservative than its 9-yr track record.
Default is 7.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.10B shares (market data) · net debt $7.00B
mean 81.4% · volatility σ 156% · implied rate exceeded in 4/5 yrs
Central path = implied 2.4%/yr growth; shaded band = ±1σ (156%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EOG | $86.8B | 18.1× | 8.4× | 3.8× | -4.5% | — | 22.0% | 16.7% | 13.2% | 0.4× | 490 |
| OXY | $64.0B | 39.8× | — | 3.0× | -1.9% | — | 11.0% | 6.6% | 4.2% | — | 383 |
| FANG | $59.4B | 37.0× | 11.7× | 4.0× | 35.8% | — | 11.1% | 4.5% | 3.2% | 2.3× | 361 |
| DVN | $57.4B | 12.5× | — | 3.3× | 7.8% | — | 15.4% | 17.0% | 11.0% | — | 451 |
| EQT | $34.6B | 16.7× | 7.2× | 4.0× | 63.9% | 82.3% | 23.6% | 8.6% | 6.5% | 1.3× | 277 |
| PR | $21.8B | 20.3× | — | 4.3× | 1.3% | — | 18.5% | 9.1% | 6.8% | — | 151 |
| EXE | $20.9B | 12.0× | 4.6× | 1.7× | 186% | — | 15.0% | 9.8% | 7.7% | 0.8× | 206 |
| OVV | $20.1B | 15.2× | 7.6× | 2.3× | -2.7% | — | 13.9% | 11.1% | 7.6% | 1.6× | 148 |
| AR | $12.9B | 20.7× | 8.8× | 2.5× | 22.0% | — | 12.8% | 8.9% | 7.5% | 0.9× | 137 |
| RRC | $12.8B | 19.9× | — | 4.1× | 28.9% | 94.0% | 21.1% | 15.2% | 11.9% | — | 124 |
| SM | $9.6B | 7.2× | — | 3.0× | 17.2% | — | 20.5% | 13.5% | 13.5% | — | 107 |
| CHRD | $8.6B | 212.2× | 5.9× | 1.8× | -7.1% | 80.0% | 0.9% | 0.6% | 0.5% | 0.8× | 110 |
| MTDR | $7.5B | 10.0× | 4.5× | 2.0× | 5.5% | 94.4% | 20.5% | 13.4% | 8.4% | 1.4× | 95 |
| MGY | $7.1B | — | 8.3× | 5.4× | -0.3% | — | 24.8% | 16.3% | 13.6% | 0.1× | 83 |
| MUR | $6.3B | 61.0× | 5.6× | 2.3× | -10.2% | 100% | 3.8% | 2.0% | 1.6% | 0.7× | 97 |
Peers = companies sharing DVN's sector (Crude Petroleum & Natural Gas) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 10% of free cash flow, leaving room to grow it and fund buybacks. Last year: $319.0M dividends + $1.05B buybacks = $1.37B returned on $3.12B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 11%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.19B 100.0% | $15.94B 100.0% | $15.26B 100.0% | $19.17B 100.0% | $12.21B 100.0% | $4.83B 100.0% | $6.22B 100.0% | $8.90B 100.0% | $6.50B 100.0% | $6.75B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | $2.81B 45.2% | $4.32B 48.6% | $3.56B 54.7% | $2.82B 41.8% |
| Selling, General & Admin | $492.0M 2.9% | $500.0M 3.1% | $408.0M 2.7% | $395.0M 2.1% | $391.0M 3.2% | $338.0M 7.0% | $475.0M 7.6% | $574.0M 6.5% | $645.0M 9.9% | $733.0M 10.9% |
| Total Operating Expenses | $14.51B 84.4% | $13.00B 81.5% | $11.48B 75.2% | $13.13B 68.5% | — | — | — | — | — | $15.09B 223.5% |
| Operating Income | — | — | — | — | — | — | — | — | — | -$2.90B -42.9% |
| Interest Expense | $497.0M 2.9% | $401.0M 2.5% | $369.0M 2.4% | $370.0M 1.9% | $388.0M 3.2% | $259.0M 5.4% | $260.0M 4.2% | $287.0M 3.2% | $337.0M 5.2% | $488.0M 7.2% |
| Interest & Investment Income | $56.0M 0.3% | $62.0M 0.4% | $55.0M 0.4% | $38.0M 0.2% | $2.0M 0.0% | $12.0M 0.2% | $33.0M 0.5% | $32.0M 0.4% | — | — |
| Other Income (Expense), net | — | — | — | — | — | — | — | — | — | -$78.0M -1.2% |
| Pretax Income | $3.47B 20.2% | $3.71B 23.3% | $4.62B 30.3% | $7.78B 40.6% | $2.90B 23.7% | -$3.09B -64.0% | -$109.0M -1.8% | $944.0M 10.6% | $40.0M 0.6% | -$433.0M -6.4% |
| Income Tax Expense | $785.0M 4.6% | $770.0M 4.8% | $841.0M 5.5% | $1.74B 9.1% | $65.0M 0.5% | -$547.0M -11.3% | -$30.0M -0.5% | $230.0M 2.6% | $7.0M 0.1% | $141.0M 2.1% |
| Net Income | $2.64B 15.4% | $2.89B 18.1% | $3.74B 24.5% | $6.03B 31.5% | $2.81B 23.0% | -$2.68B -55.5% | -$355.0M -5.7% | $3.06B 34.4% | $898.0M 13.8% | -$1.06B -15.6% |
| Per Share | ||||||||||
| EPS (Basic) | $4.18 | $4.58 | $5.86 | $9.15 | $4.20 | -$7.12 | -$0.89 | $6.14 | $1.71 | -$2.09 |
| EPS (Diluted) | $4.17 | $4.56 | $5.84 | $9.12 | $4.19 | -$7.12 | -$0.89 | $6.10 | $1.70 | -$2.09 |
| Weighted Avg Shares (Basic) | 632.0M | 632.0M | 639.0M | 651.0M | 663.0M | 377.0M | 401.0M | 494.0M | 520.0M | 507.0M |
| Weighted Avg Shares (Diluted) | 633.0M | 634.0M | 642.0M | 653.0M | 665.0M | 377.0M | 401.0M | 497.0M | 520.0M | 507.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 82th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 17% against ROIC 11% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 48.6 | 45.2 | — | — | — | — | — | — |
| SG&A | 6.5 | 7.6 | 7.0 | 3.2 | 2.1 | 2.7 | 3.1 | 2.9 |
| Income Tax | 2.6 | -0.5 | -11.3 | 0.5 | 9.1 | 5.5 | 4.8 | 4.6 |
| Net Income | 34.4 | -5.7 | -55.5 | 23.0 | 31.5 | 24.5 | 18.1 | 15.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DVN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.38B covers the $1.00B due within a year 1.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~5.9% on $8.39B of debt.
Cash of $1.38B fully covers short-term debt of $998.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 58.2% | -42.9% | -15.6% |
| FY2017 | 45.3% | not reported | 13.8% |
| FY2018 | 51.4% | not reported | 34.4% |
| FY2019 | 54.8% | not reported | -5.7% |
| FY2020 | not reported | not reported | -55.5% |
| FY2021 | not reported | not reported | 23.0% |
| FY2022 | not reported | not reported | 31.5% |
| FY2023 | not reported | not reported | 24.5% |
| FY2024 | not reported | not reported | 18.1% |
| FY2025 | not reported | not reported | 15.4% |
Leverage and buybacks account for 6 points of the 17% return on equity in FY2025. The business earns 11% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 0.99x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 58% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $52.15, free cash flow must compound 2.43%/yr for 10 years. It has done 1.75%/yr over 4 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | 105.8% | 2.4% |
| FY2023 | −55.6% | 2.4% |
| FY2024 | 11.0% | 2.4% |
| FY2025 | 5.5% | 2.4% |
The implied rate has been matched or beaten in 3 of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.64B | $2.64B |
| Share-based comp | $99M | $2.74B |
| Other non-cash & working capital | $3.97B | $6.71B |
| Operating cash flow | $6.71B | $6.71B |
| Capex | −$3.59B | $3.12B |
| Free cash flow | $3.12B | $3.12B |
| FCF after SBC | $3.02B | $3.02B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -22.4% | -27.8% | -5.4 points |
| FY2021 | 152.8% | 156.7% | 3.9 points |
| FY2022 | 57.0% | 14.5% | -42.5 points |
| FY2023 | -20.4% | -11.0% | 9.4 points |
| FY2024 | 4.5% | 25.4% | 20.9 points |
| FY2025 | 7.8% | -9.1% | -17.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 48.8 days | not reported | 55.6 days | -6.7 days |
| FY2020 | 45.4 days | not reported | not reported | not reported |
| FY2021 | 46.1 days | not reported | not reported | not reported |
| FY2022 | 33.6 days | not reported | not reported | not reported |
| FY2023 | 37.6 days | not reported | not reported | not reported |
| FY2024 | 45.2 days | not reported | not reported | not reported |
| FY2025 | 38.1 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | not reported |
| FY2020 | not reported |
| FY2021 | -9.9 percent |
| FY2022 | -10.7 percent |
| FY2023 | -11.4 percent |
| FY2024 | -12.2 percent |
| FY2025 | -12.9 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.