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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Devon Energy's Beneish M-Score or its related term are showing as below:
XBUL:DY6'
s Beneish M-Score Range Over the Past 10 Years
Min: -9.65 Med: -2.9 Max: -1.08
Current: -2.15
During the past 13 years, the highest Beneish M-Score of Devon Energy was -1.08. The lowest was -9.65. And the median was -2.90.
The historical data trend for Devon Energy's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XBUL:DY6 vs OXY, FANG, EQT: Beneish M-Score Comparison
For the Oil & Gas E&P subindustry, Devon Energy's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Devon Energy Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Devon Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Devon Energy's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Devon Energy for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.5795
+
0.528 * 1.0345
+
0.404 * 0.5606
+
0.892 * 1.0816
+
0.115 * 2.1696
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9333
+
4.679 * -0.073544
-
0.327 * 0.6356
=
-2.11
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(3278.737 / (3278.737 + 21935.1))
/
(3520.016 / (3520.016 + 55210.876))
=
0.130037
/
0.059935
=
2.1696
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(2827.82 - -17.187
-
7370.523)
/
61535.124
=
-0.073544
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Devon Energy has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
Devon Energy (XBUL:DY6) has a Beneish M-Score of -2.15 as of Aug. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Devon Energy and its competitors. According to the industry distribution chart, Devon Energy ranks #634 out of 832 companies in the Oil & Gas industry, placing it in the top 76.2%.
Is Devon Energy's Beneish M-Score too high?
Devon Energy's current Beneish M-Score is -2.15. Based on the distribution chart, Devon Energy ranks #634 out of 832 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Devon Energy has a GF Score™ of 29/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Devon Energy's Beneish M-Score compare to OXY and FANG?
According to the Oil & Gas industry distribution chart, Devon Energy ranks #634 out of 832 companies for Beneish M-Score. This places Devon Energy in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Devon Energy and its competitors. Devon Energy's current Beneish M-Score is -2.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Devon Energy stock overvalued right now?
Based on GuruFocus' analysis, Devon Energy (XBUL:DY6) is currently considered Fairly Valued. The stock's GF Value™ is €43.37, compared to a current price of €39.81 — trading 8.2% below its estimated fair value. The current Beneish M-Score is -2.15. Devon Energy's overall GF Score™ is 29/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Devon Energy (XBUL:DY6), the current Beneish M-Score is -2.15 as of Aug. 17, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Devon Energy (XBUL:DY6) Overvalued in 2026?
Based on GuruFocus' analysis, Devon Energy stock appears to be undervalued.
The current stock price of €39.81 is trading 8.2% below its estimated GF Value™ of €43.37.
GuruFocus considers Devon Energy to be Fairly Valued.
Key valuation signals for XBUL:DY6:
Beneish M-Score: -2.15
GF Value™: €43.37 vs. price of €39.81 (8.2% below fair value)
No single metric tells the full story. See the XBUL:DY6 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Devon Energy is an oil and gas producer with acreage in several top US shale plays. While roughly two-thirds of its production comes from the Permian Basin, it also holds a meaningful presence in the Anadarko, Eagle Ford, and Bakken basins. After the merger with Coterra, it will have a foothold in the gas-driven Appalachian Basin as well. At the end of 2025, Devon reported net proved reserves of 2.4 billion barrels of oil equivalent, up from 2.2 billion in 2024. Net production averaged roughly 840,000 barrels of oil equivalent per day in 2025 at a ratio of 73% oil and natural gas liquids and 27% natural gas.
29GF Score
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