Latest Ratios: P/E Ratio 11.0x · EV/EBITDA 3.7x · ROE 17.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.6B | $23.0B | $20.4B | $29.1B | $40.2B | $29.3B | $6.0B | $10.4B | $11.3B | $21.9B | $23.4B |
| Enterprise Value | $36.9B | $30.4B | $28.7B | $34.7B | $45.4B | $34.0B | $8.5B | $13.5B | $13.4B | $26.1B | $31.6B |
| P/E Ratio → | 11.02 | 8.72 | 7.16 | 7.76 | 6.74 | 10.54 | — | — | 3.70 | 24.35 | — |
| P/S Ratio | 1.33 | 1.34 | 1.28 | 1.91 | 2.10 | 2.40 | 1.23 | 1.67 | 1.27 | 3.36 | 2.27 |
| P/B Ratio | 1.71 | 1.48 | 1.39 | 2.38 | 3.56 | 3.12 | 1.97 | 1.76 | 1.23 | 1.55 | 2.26 |
| P/FCF | 13.45 | 8.24 | — | 11.20 | 11.80 | 10.13 | 30.88 | 80.11 | 57.15 | 210.18 | — |
| P/OCF | 4.40 | 3.43 | 3.09 | 4.44 | 4.71 | 5.98 | 4.40 | 5.03 | 4.18 | 7.51 | 13.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.77 | 1.80 | 2.27 | 2.37 | 2.78 | 1.75 | 2.17 | 1.50 | 4.01 | 3.07 |
| EV / EBITDA | 3.74 | 4.08 | 3.87 | 4.63 | 4.48 | 6.28 | — | 8.14 | 4.91 | 22.48 | — |
| EV / EBIT | 9.57 | 7.67 | 6.99 | 6.94 | 5.58 | 10.33 | — | 89.32 | 10.85 | 69.18 | — |
| EV / FCF | — | 10.86 | — | 13.35 | 13.34 | 11.74 | 43.82 | 103.75 | 67.45 | 250.78 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.5% | 25.5% | 29.5% | 35.2% | 43.7% | 30.1% | 8.1% | 11.5% | 24.7% | 17.6% | 8.5% |
| Operating Margin | 22.4% | 22.4% | 26.2% | 32.4% | 41.3% | 26.6% | — | 2.6% | 16.8% | 2.3% | -28.1% |
| Net Profit Margin | 15.4% | 15.4% | 18.1% | 24.6% | 31.4% | 23.0% | -55.5% | -5.7% | 34.4% | 13.8% | -10.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.5% | 17.5% | 21.5% | 31.9% | 58.1% | 45.3% | -60.0% | -4.7% | 26.3% | 7.3% | -9.9% |
| ROA | 8.5% | 8.5% | 10.5% | 15.5% | 26.9% | 18.2% | -22.7% | -2.1% | 12.3% | 3.2% | -3.8% |
| ROIC | 12.6% | 12.6% | 15.4% | 21.6% | 38.8% | 24.9% | — | 1.2% | 7.6% | 0.6% | -10.8% |
| ROCE | 14.1% | 14.1% | 17.2% | 23.4% | 41.1% | 24.6% | — | 1.1% | 6.7% | 0.6% | -11.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.57 | 0.63 | 0.53 | 0.59 | 0.72 | 1.51 | 0.77 | 0.48 | 0.49 | 0.98 |
| Debt / EBITDA | 1.18 | 1.18 | 1.24 | 0.86 | 0.66 | 1.25 | — | 2.74 | 1.64 | 5.92 | — |
| Net Debt / Equity | — | 0.47 | 0.57 | 0.46 | 0.46 | 0.50 | 0.83 | 0.52 | 0.22 | 0.30 | 0.79 |
| Net Debt / EBITDA | 0.99 | 0.99 | 1.12 | 0.74 | 0.52 | 0.86 | — | 1.86 | 0.75 | 3.64 | — |
| Debt / FCF | — | 2.63 | — | 2.15 | 1.54 | 1.61 | 12.94 | 23.65 | 10.30 | 40.60 | — |
| Interest Coverage | 7.76 | 7.76 | 10.26 | 13.75 | 23.47 | 9.10 | -10.04 | 0.60 | 2.07 | 1.12 | -1.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 1.04 | 1.07 | 1.25 | 1.38 | 2.26 | 2.00 | 1.99 | 1.45 | 1.44 |
| Quick Ratio | 0.90 | 0.90 | 0.95 | 0.99 | 1.19 | 1.34 | 2.26 | 2.00 | 1.99 | 1.45 | 1.44 |
| Cash Ratio | 0.35 | 0.35 | 0.26 | 0.30 | 0.47 | 0.68 | 1.42 | 0.76 | 1.08 | 0.80 | 0.75 |
| Asset Turnover | — | 0.54 | 0.52 | 0.62 | 0.81 | 0.58 | 0.49 | 0.45 | 0.45 | 0.21 | 0.40 |
| Inventory Turnover | 38.09 | 38.09 | 38.20 | 39.72 | 53.73 | 74.80 | — | — | — | — | — |
| Days Sales Outstanding | — | 38.05 | 45.16 | 37.63 | 33.65 | 46.14 | 58.59 | 51.58 | 32.91 | 53.90 | 48.03 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 2.7% | 4.6% | 6.4% | 8.4% | 4.5% | 4.3% | 1.3% | 1.3% | 0.6% | 0.9% |
| Payout Ratio | 23.4% | 23.4% | 32.4% | 49.6% | 56.2% | 46.7% | — | — | 4.9% | 14.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.1% | 11.5% | 14.0% | 12.9% | 14.8% | 9.5% | — | — | 27.1% | 4.1% | — |
| FCF Yield | 7.4% | 12.1% | — | 8.9% | 8.5% | 9.9% | 3.2% | 1.2% | 1.7% | 0.5% | — |
| Buyback Yield | 3.6% | 4.6% | 5.2% | 3.4% | 1.8% | 2.0% | 0.6% | 17.8% | 26.1% | 0.2% | 0.0% |
| Total Shareholder Yield | 5.9% | 7.2% | 9.8% | 9.8% | 10.2% | 6.5% | 4.9% | 19.1% | 27.4% | 0.8% | 0.9% |
| Shares Outstanding | — | $629M | $623M | $642M | $653M | $665M | $377M | $401M | $502M | $528M | $513M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DVN stock.
Devon Energy Corporation's current P/E ratio is 11.0x. The historical average is 15.9x. This places it at the 63th percentile of its historical range.
Devon Energy Corporation's current EV/EBITDA is 3.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.8x.
Devon Energy Corporation's return on equity (ROE) is 17.5%. The historical average is 7.7%.
Based on historical data, Devon Energy Corporation is trading at a P/E of 11.0x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Devon Energy Corporation's current dividend yield is 2.33% with a payout ratio of 23.4%.
Devon Energy Corporation has 25.5% gross margin and 22.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Devon Energy Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity price and merger execution
Metrics are mathematically derived from official filings.
Low Multiples Reflect Earnings Volatility
Based on DVN's reported figures, the trailing P/E of 11.02 and EV/EBITDA of 3.74 sit below most large-cap peers, suggesting the market is discounting cyclical earnings rather than pricing in a durable growth profile.
The forward P/E of 7.62 implies the market expects earnings to recover from the recent Q3 2026 EPS miss, though that expectation appears to rest on commodity price assumptions rather than visible operating momentum. Relative to ConocoPhillips at 14.10 and Diamondback at 23.08, DVN's discount may reflect concerns about inventory depletion in the Delaware Basin and the uncertainty surrounding the pending Coterra transaction. Investors should monitor whether the discount narrows once the merger terms and synergy realization become clearer.
Margins Compressed From 2024 Peak Levels
Reported gross margin fell from 32.8% in 2024Q3 to 25.5% in 2025Q3 and operating margin from 29.8% to 22.7%, a compression that may indicate rising costs or weaker realized pricing per barrel.
The decline in operating margin of roughly seven points over five quarters suggests that cost inflation in services and royalty burdens is outpacing revenue per unit, a pattern that warrants investigation before assuming it is purely cyclical. Net margin of 14.7% in the latest reported quarter, though, indicates that below-the-line items are not the primary driver of the squeeze. Earning power appears best captured by operating margin trends rather than the more volatile net margin.
Returns Decaying Alongside Margin Compression
Based on DVN's reported figures, ROIC fell from 4.8% in 2024Q2 to roughly 3.3% by 2025Q2 and ROE remains subdued at 2.4% in 2026Q3, suggesting capital is compounding more slowly than in the prior cycle.
The ROIC trend appears driven primarily by margin compression rather than asset turnover, since the asset turnover ratio has remained broadly stable in the 5 to 8 range. Post-merger balance sheet expansion may further dilute these returns until integrated assets contribute at historical productivity levels. Investors should treat the current low ROE as partially a function of the enlarged equity base and monitor whether returns recover as synergies are realized.
Leverage Diluted Rather Than Reduced
As reported in financial statements, DVN's debt-to-equity fell from 0.57 to 0.26 between 2025Q4 and 2026Q3, but this improvement reflects equity expansion from the merger rather than debt repayment, leaving absolute debt of $11.0B to service.
Interest coverage has moved from 17.75 in 2026Q2 to 3.76 in 2026Q3, a sharp deterioration that may indicate higher interest burden or lower operating income relative to debt service requirements. The debt-to-EBITDA ratio of 3.76 remains moderate but has been volatile across quarters, suggesting sensitivity to EBITDA swings. Refinancing and covenant risk warrant further investigation given the step-up in absolute debt post-transaction.
Thin Liquidity Buffer Under Stress
Based on DVN's reported figures, the current ratio of 0.70 and quick ratio of 0.65 in 2026Q3 indicate current liabilities exceed liquid assets, leaving limited cushion if commodity prices fall sharply.
The reduction in cash from $1.8B to $413M over two quarters suggests reliance on operating cash flow and existing credit capacity to meet near-term obligations. A severe price shock could compress operating cash flow while working capital requirements remain fixed, potentially forcing reduced buybacks before dividend adjustments. Investors should monitor the cash balance and credit facility availability in subsequent filings.
Low P/E May Mask Reinvestment Needs
The most commonly misapplied metric for E&P businesses is trailing P/E, which for DVN at 11.02 may understate the true cost of replacing depleting reserves that is not captured in reported earnings.
Earnings-based multiples ignore depletion, depreciation, and amortization, which for DVN runs near $0.9B per quarter and represents the historical cost of production that must be reinvested. EV-to-discounted-free-cash-flow or PV-10 of proved reserves per share would better capture value than headline P/E. Investors should use reserve-replacement-adjusted metrics when comparing DVN to peers with different reinvestment profiles.