Comprehensive Stock Comparison
Compare Devon Energy Corporation (DVN) vs California Resources Corporation (CRC) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | DVN | 10.4% revenue growth vs CRC's 5.1% |
| Value | DVN | Lower P/E (13.5x vs 45.3x) |
| Quality / Margins | DVN | 15.9% net margin vs CRC's 10.9% |
| Stability / Safety | DVN | Beta 1.24 vs CRC's 1.26 |
| Dividends | CRC | 2.4% yield, 3-year raise streak, vs DVN's 2.3% |
| Momentum (1Y) | CRC | +35.4% vs DVN's +22.8% |
| Efficiency (ROA) | DVN | 8.4% ROA vs CRC's 5.7%, ROIC 12.3% vs 14.5% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Devon Energy is an independent oil and gas exploration and production company focused on U.S. onshore basins. It generates revenue primarily from crude oil sales (roughly 60% of total), with natural gas and natural gas liquids making up the remainder. The company's competitive advantage lies in its high-quality, low-cost asset portfolio concentrated in premier U.S. shale plays like the Delaware Basin.
California Resources Corporation is an independent oil and natural gas exploration and production company focused exclusively on California. It generates revenue primarily from crude oil sales (~60%), natural gas and natural gas liquids (~25%), and electricity generation from its cogeneration facilities (~15%). The company's key advantage is its extensive mineral acreage position—approximately 1.9 million net acres—in a mature, high-barrier-to-entry California market with established infrastructure.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
DVN leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). CRC leads in 2 (Total Returns, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
DVN is the larger business by revenue, generating $16.6B annually — 4.7x CRC's $3.5B. DVN is the more profitable business, keeping 15.9% of every revenue dollar as net income compared to CRC's 10.9%. On growth, DVN holds the edge at -6.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | DVNDevon Energy Corp… | CRCCalifornia Resour… |
|---|---|---|
| RevenueTrailing 12 months | $16.6B | $3.5B |
| EBITDAEarnings before interest/tax | $6.9B | $1.4B |
| Net IncomeAfter-tax profit | $2.6B | $384M |
| Free Cash FlowCash after capex | $3.0B | $545M |
| Gross MarginGross profit ÷ Revenue | +22.7% | +37.9% |
| Operating MarginEBIT ÷ Revenue | +19.8% | +21.2% |
| Net MarginNet income ÷ Revenue | +15.9% | +10.9% |
| FCF MarginFCF ÷ Revenue | +18.4% | +15.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | -6.3% | -11.9% |
| EPS Growth (YoY)Latest quarter vs prior year | -9.1% | -79.9% |
Valuation Metrics
At 10.4x trailing earnings, DVN trades at a 19% valuation discount to CRC's 12.7x P/E. On an enterprise value basis, DVN's 4.6x EV/EBITDA is more attractive than CRC's 4761.3x.
| Metric | DVNDevon Energy Corp… | CRCCalifornia Resour… |
|---|---|---|
| Market CapShares × price | $27.0B | $5.36T |
| Enterprise ValueMkt cap + debt − cash | $34.3B | $5.36T |
| Trailing P/EPrice ÷ TTM EPS | 10.36x | 12.74x |
| Forward P/EPrice ÷ next-FY EPS est. | 13.50x | 45.26x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 4.63x | 4761.27x |
| Price / SalesMarket cap ÷ Revenue | 1.57x | 1812.76x |
| Price / BookPrice ÷ Book value/share | 1.76x | 1.35x |
| Price / FCFMarket cap ÷ FCF | 8.66x | 9999.00x |
Profitability & Efficiency
DVN delivers a 17.0% return on equity — every $100 of shareholder capital generates $17 in annual profit, vs $11 for CRC. CRC carries lower financial leverage with a 0.35x debt-to-equity ratio, signaling a more conservative balance sheet compared to DVN's 0.57x. On the Piotroski fundamental quality scale (0–9), DVN scores 5/9 vs CRC's 3/9, reflecting solid financial health.
| Metric | DVNDevon Energy Corp… | CRCCalifornia Resour… |
|---|---|---|
| ROE (TTM)Return on equity | +17.0% | +11.2% |
| ROA (TTM)Return on assets | +8.4% | +5.7% |
| ROICReturn on invested capital | +12.3% | +14.5% |
| ROCEReturn on capital employed | +13.8% | +13.7% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 3 |
| Debt / EquityFinancial leverage | 0.57x | 0.35x |
| Net DebtTotal debt minus cash | $7.3B | $851M |
| Cash & Equiv.Liquid assets | $1.4B | $372M |
| Total DebtShort + long-term debt | $8.8B | $1.2B |
| Interest CoverageEBIT ÷ Interest expense | 7.42x | 5.95x |
Total Returns (with DRIP)
A $10,000 investment in DVN five years ago would be worth $24,978 today (with dividends reinvested), compared to $24,361 for CRC. Over the past 12 months, CRC leads with a +35.4% total return vs DVN's +22.8%. The 3-year compound annual growth rate (CAGR) favors CRC at 14.3% vs DVN's -3.3% — a key indicator of consistent wealth creation.
| Metric | DVNDevon Energy Corp… | CRCCalifornia Resour… |
|---|---|---|
| YTD ReturnYear-to-date | +14.9% | +26.8% |
| 1-Year ReturnPast 12 months | +22.8% | +35.4% |
| 3-Year ReturnCumulative with dividends | -9.5% | +49.2% |
| 5-Year ReturnCumulative with dividends | +149.8% | +143.6% |
| 10-Year ReturnCumulative with dividends | +194.4% | +1037.4% |
| CAGR (3Y)Annualised 3-year return | -3.3% | +14.3% |
Risk & Volatility
DVN is the less volatile stock with a 1.24 beta — it tends to amplify market swings less than CRC's 1.26 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CRC currently trades 98.0% from its 52-week high vs DVN's 94.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | DVNDevon Energy Corp… | CRCCalifornia Resour… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.24x | 1.26x |
| 52-Week HighHighest price in past year | $46.15 | $60.03 |
| 52-Week LowLowest price in past year | $25.89 | $30.97 |
| % of 52W HighCurrent price vs 52-week peak | +94.3% | +98.0% |
| RSI (14)Momentum oscillator 0–100 | 54.7 | 61.0 |
| Avg Volume (50D)Average daily shares traded | 8.6M | 696K |
Analyst Outlook
Wall Street rates DVN as "Buy" and CRC as "Buy". Consensus price targets imply 11.7% upside for CRC (target: $66) vs 9.8% for DVN (target: $48). For income investors, CRC offers the higher dividend yield at 2.36% vs DVN's 2.26%.
| Metric | DVNDevon Energy Corp… | CRCCalifornia Resour… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $47.78 | $65.71 |
| # AnalystsCovering analysts | 63 | 23 |
| Dividend YieldAnnual dividend ÷ price | +2.3% | +2.4% |
| Dividend StreakConsecutive years of raises | 0 | 3 |
| Dividend / ShareAnnual DPS | $0.98 | $1.39 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.9% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | 100 | 246.11 | +146.1% |
| California Resource… (CRC) | 100 | 843.06 | +743.1% |
Devon Energy Corpor… (DVN) returned +150% over 5 years vs California Resource… (CRC)'s +144%. A $10,000 investment in DVN 5 years ago would be worth $24,978 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | $10.5B | $17.2B | +63.4% |
| California Resource… (CRC) | $1.8B | $3.0B | +68.7% |
Devon Energy Corporation's revenue grew from $10.5B (2016) to $17.2B (2025) — a 5.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | -31.4% | 15.4% | +149.0% |
| California Resource… (CRC) | 15.9% | 12.7% | -20.1% |
Devon Energy Corporation's net margin went from -31% (2016) to 15% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | 24.4 | 8.7 | -64.3% |
| California Resource… (CRC) | 2.5 | 11.2 | +348.0% |
Devon Energy Corporation has traded in a 4x–24x P/E range over 7 years; current trailing P/E is ~10x. California Resources Corporation has traded in a 1x–11x P/E range over 6 years; current trailing P/E is ~13x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | -6.44 | 4.2 | +165.2% |
| California Resource… (CRC) | 6.76 | 4.62 | -31.7% |
Devon Energy Corporation's EPS grew from $-6.44 (2016) to $4.20 (2025).
Chart 6Free Cash Flow — 5 Years
Devon Energy Corporation generated $3B FCF in 2025 (+8% vs 2021). California Resources Corporation generated $350M FCF in 2024 (-25% vs 2021).
DVN vs CRC: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is DVN or CRC a better buy right now?
Devon Energy Corporation (DVN) offers the better valuation at 10.4x trailing P/E (13.5x forward), making it the more compelling value choice. Analysts rate Devon Energy Corporation (DVN) a "Buy" — based on 63 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — DVN or CRC?
On trailing P/E, Devon Energy Corporation (DVN) is the cheapest at 10.4x versus California Resources Corporation at 12.7x. On forward P/E, Devon Energy Corporation is actually cheaper at 13.5x.
03Which is the better long-term investment — DVN or CRC?
Over the past 5 years, Devon Energy Corporation (DVN) delivered a total return of +149.8%, compared to +143.6% for California Resources Corporation (CRC). A $10,000 investment in DVN five years ago would be worth approximately $25K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CRC returned +1037% versus DVN's +194.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — DVN or CRC?
By beta (market sensitivity over 5 years), Devon Energy Corporation (DVN) is the lower-risk stock at 1.24β versus California Resources Corporation's 1.26β — meaning CRC is approximately 2% more volatile than DVN relative to the S&P 500. On balance sheet safety, California Resources Corporation (CRC) carries a lower debt/equity ratio of 35% versus 57% for Devon Energy Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — DVN or CRC?
Devon Energy Corporation (DVN) is the more profitable company, earning 15.4% net margin versus 12.7% for California Resources Corporation — meaning it keeps 15.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CRC leads at 22.0% versus 22.0% for DVN. At the gross margin level — before operating expenses — CRC leads at 40.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is DVN or CRC more undervalued right now?
On forward earnings alone, Devon Energy Corporation (DVN) trades at 13.5x forward P/E versus 45.3x for California Resources Corporation — 31.8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CRC: 11.7% to $65.71.
07Which pays a better dividend — DVN or CRC?
All stocks in this comparison pay dividends. California Resources Corporation (CRC) offers the highest yield at 2.4%, versus 2.3% for Devon Energy Corporation (DVN).
08Is DVN or CRC better for a retirement portfolio?
For long-horizon retirement investors, California Resources Corporation (CRC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.26), 2.4% yield, +1037% 10Y return). Both have compounded well over 10 years (CRC: +1037%, DVN: +194.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between DVN and CRC?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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