Comprehensive Stock Comparison
Compare Devon Energy Corporation (DVN) vs Ovintiv Inc. (OVV) 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 OVV's -4.5% |
| Value | OVV | Lower P/E (12.0x vs 13.5x) |
| Quality / Margins | DVN | 15.9% net margin vs OVV's 14.1% |
| Stability / Safety | DVN | Beta 1.24 vs OVV's 1.42, lower leverage |
| Dividends | OVV | 2.3% yield, 5-year raise streak, vs DVN's 2.3% |
| Momentum (1Y) | DVN | +22.8% vs OVV's +19.2% |
| Efficiency (ROA) | DVN | 8.4% ROA vs OVV's 6.1%, ROIC 12.3% vs 8.0% |
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.
Ovintiv is an independent North American energy company that explores for, develops, and produces natural gas, oil, and natural gas liquids. It generates revenue primarily from selling hydrocarbons produced from its core assets — roughly 60% from the Permian and Anadarko basins in the U.S. and 40% from Canadian operations like the Montney formation. The company's competitive advantage lies in its large, low-cost resource base across premier North American basins and its operational scale, which drives capital efficiency.
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
OVV leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). DVN leads in 1 (Profitability & Efficiency). 2 tied.
Financial Metrics (TTM)
DVN is the larger business by revenue, generating $16.6B annually — 1.9x OVV's $8.8B. Profitability is closely matched — net margins range from 15.9% (DVN) to 14.1% (OVV).
| Metric | DVNDevon Energy Corp… | OVVOvintiv Inc. |
|---|---|---|
| RevenueTrailing 12 months | $16.6B | $8.8B |
| EBITDAEarnings before interest/tax | $6.9B | $3.3B |
| Net IncomeAfter-tax profit | $2.6B | $1.2B |
| Free Cash FlowCash after capex | $3.0B | $3.6B |
| Gross MarginGross profit ÷ Revenue | +22.7% | +47.1% |
| Operating MarginEBIT ÷ Revenue | +19.8% | +12.6% |
| Net MarginNet income ÷ Revenue | +15.9% | +14.1% |
| FCF MarginFCF ÷ Revenue | +18.4% | +41.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -6.3% | -5.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -9.1% | +16.8% |
Valuation Metrics
At 10.4x trailing earnings, DVN trades at a 2% valuation discount to OVV's 10.6x P/E. On an enterprise value basis, DVN's 4.6x EV/EBITDA is more attractive than OVV's 5.0x.
| Metric | DVNDevon Energy Corp… | OVVOvintiv Inc. |
|---|---|---|
| Market CapShares × price | $27.0B | $12.8B |
| Enterprise ValueMkt cap + debt − cash | $34.3B | $20.3B |
| Trailing P/EPrice ÷ TTM EPS | 10.36x | 10.58x |
| Forward P/EPrice ÷ next-FY EPS est. | 13.50x | 11.97x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 4.63x | 4.96x |
| Price / SalesMarket cap ÷ Revenue | 1.57x | 1.47x |
| Price / BookPrice ÷ Book value/share | 1.76x | 1.17x |
| Price / FCFMarket cap ÷ FCF | 8.66x | 8.51x |
Profitability & Efficiency
DVN delivers a 17.0% return on equity — every $100 of shareholder capital generates $17 in annual profit, vs $11 for OVV. DVN carries lower financial leverage with a 0.57x debt-to-equity ratio, signaling a more conservative balance sheet compared to OVV's 0.67x. On the Piotroski fundamental quality scale (0–9), OVV scores 6/9 vs DVN's 5/9, reflecting solid financial health.
| Metric | DVNDevon Energy Corp… | OVVOvintiv Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +17.0% | +11.1% |
| ROA (TTM)Return on assets | +8.4% | +6.1% |
| ROICReturn on invested capital | +12.3% | +8.0% |
| ROCEReturn on capital employed | +13.8% | +11.1% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 0.57x | 0.67x |
| Net DebtTotal debt minus cash | $7.3B | $7.5B |
| Cash & Equiv.Liquid assets | $1.4B | $35M |
| Total DebtShort + long-term debt | $8.8B | $7.5B |
| Interest CoverageEBIT ÷ Interest expense | 7.42x | 3.06x |
Total Returns (with DRIP)
A $10,000 investment in DVN five years ago would be worth $24,978 today (with dividends reinvested), compared to $22,658 for OVV. Over the past 12 months, DVN leads with a +22.8% total return vs OVV's +19.2%. The 3-year compound annual growth rate (CAGR) favors OVV at 8.2% vs DVN's -3.3% — a key indicator of consistent wealth creation.
| Metric | DVNDevon Energy Corp… | OVVOvintiv Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +14.9% | +24.9% |
| 1-Year ReturnPast 12 months | +22.8% | +19.2% |
| 3-Year ReturnCumulative with dividends | -9.5% | +26.6% |
| 5-Year ReturnCumulative with dividends | +149.8% | +126.6% |
| 10-Year ReturnCumulative with dividends | +194.4% | +166.7% |
| CAGR (3Y)Annualised 3-year return | -3.3% | +8.2% |
Risk & Volatility
DVN is the less volatile stock with a 1.24 beta — it tends to amplify market swings less than OVV's 1.42 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. OVV 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… | OVVOvintiv Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.24x | 1.42x |
| 52-Week HighHighest price in past year | $46.15 | $51.60 |
| 52-Week LowLowest price in past year | $25.89 | $29.80 |
| % of 52W HighCurrent price vs 52-week peak | +94.3% | +98.0% |
| RSI (14)Momentum oscillator 0–100 | 54.7 | 63.8 |
| Avg Volume (50D)Average daily shares traded | 8.6M | 3.8M |
Analyst Outlook
Wall Street rates DVN as "Buy" and OVV as "Buy". Consensus price targets imply 9.8% upside for DVN (target: $48) vs 3.1% for OVV (target: $52). For income investors, OVV offers the higher dividend yield at 2.34% vs DVN's 2.26%.
| Metric | DVNDevon Energy Corp… | OVVOvintiv Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $47.78 | $52.14 |
| # AnalystsCovering analysts | 63 | 26 |
| Dividend YieldAnnual dividend ÷ price | +2.3% | +2.3% |
| Dividend StreakConsecutive years of raises | 0 | 5 |
| Dividend / ShareAnnual DPS | $0.98 | $1.19 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.9% | +2.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | 100 | 247.17 | +147.2% |
| Ovintiv Inc. (OVV) | 100 | 367.79 | +267.8% |
Devon Energy Corpor… (DVN) returned +150% over 5 years vs Ovintiv Inc. (OVV)'s +127%. 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% |
| Ovintiv Inc. (OVV) | $2.9B | $8.7B | +199.4% |
Devon Energy Corporation's revenue grew from $10.5B (2016) to $17.2B (2025) — a 5.6% CAGR. Ovintiv Inc.'s revenue grew from $2.9B (2016) to $8.7B (2025) — a 13.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | -31.4% | 15.4% | +149.0% |
| Ovintiv Inc. (OVV) | -32.4% | 14.2% | +143.9% |
Devon Energy Corporation's net margin went from -31% (2016) to 15% (2025). Ovintiv Inc.'s net margin went from -32% (2016) to 14% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | 24.4 | 8.7 | -64.3% |
| Ovintiv Inc. (OVV) | 15.7 | 8.2 | -47.8% |
Devon Energy Corporation has traded in a 4x–24x P/E range over 7 years; current trailing P/E is ~10x. Ovintiv Inc. has traded in a 4x–26x P/E range over 8 years; current trailing P/E is ~11x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Devon Energy Corpor… (DVN) | -6.44 | 4.2 | +165.2% |
| Ovintiv Inc. (OVV) | -5.35 | 4.78 | +189.3% |
Devon Energy Corporation's EPS grew from $-6.44 (2016) to $4.20 (2025). Ovintiv Inc.'s EPS grew from $-5.35 (2016) to $4.78 (2025).
Chart 6Free Cash Flow — 5 Years
Devon Energy Corporation generated $3B FCF in 2025 (+8% vs 2021). Ovintiv Inc. generated $2B FCF in 2025 (-7% vs 2021).
DVN vs OVV: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is DVN or OVV 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 OVV?
On trailing P/E, Devon Energy Corporation (DVN) is the cheapest at 10.4x versus Ovintiv Inc. at 10.6x. On forward P/E, Ovintiv Inc. is actually cheaper at 12.0x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — DVN or OVV?
Over the past 5 years, Devon Energy Corporation (DVN) delivered a total return of +149.8%, compared to +126.6% for Ovintiv Inc. (OVV). 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: DVN returned +194.4% versus OVV's +166.7%. 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 OVV?
By beta (market sensitivity over 5 years), Devon Energy Corporation (DVN) is the lower-risk stock at 1.24β versus Ovintiv Inc.'s 1.42β — meaning OVV is approximately 15% more volatile than DVN relative to the S&P 500. On balance sheet safety, Devon Energy Corporation (DVN) carries a lower debt/equity ratio of 57% versus 67% for Ovintiv Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — DVN or OVV?
Devon Energy Corporation (DVN) is the more profitable company, earning 15.4% net margin versus 14.2% for Ovintiv Inc. — meaning it keeps 15.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: DVN leads at 22.0% versus 21.6% for OVV. At the gross margin level — before operating expenses — OVV leads at 28.6%, 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 OVV more undervalued right now?
On forward earnings alone, Ovintiv Inc. (OVV) trades at 12.0x forward P/E versus 13.5x for Devon Energy Corporation — 1.5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for DVN: 9.8% to $47.78.
07Which pays a better dividend — DVN or OVV?
All stocks in this comparison pay dividends. Ovintiv Inc. (OVV) offers the highest yield at 2.3%, versus 2.3% for Devon Energy Corporation (DVN).
08Is DVN or OVV better for a retirement portfolio?
For long-horizon retirement investors, Devon Energy Corporation (DVN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.24), 2.3% yield, +194.4% 10Y return). Both have compounded well over 10 years (DVN: +194.4%, OVV: +166.7%), 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 OVV?
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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