30 years of historical data (1996–2025) · Energy · Oil & Gas Exploration & Production
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Devon Energy Corporation trades at 10.4x earnings, 27% above its 5-year average of 8.2x, sitting at the 53rd percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a discount of 38%. On a free-cash-flow basis, the stock trades at 8.7x P/FCF, 15% below the 5-year average of 10.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $27.0B | $23.0B | $20.4B | $29.1B | $40.2B | $29.3B | $6.0B | $10.4B | $11.3B | $21.9B | $23.4B |
| Enterprise Value | $34.3B | $30.4B | $28.7B | $34.7B | $45.4B | $33.9B | $8.5B | $13.5B | $13.4B | $26.1B | $31.6B |
| P/E Ratio → | 10.36 | 8.72 | 7.16 | 7.76 | 6.74 | 10.54 | — | — | 3.70 | 24.35 | — |
| P/S Ratio | 1.57 | 1.34 | 1.31 | 1.92 | 2.03 | 2.13 | 1.37 | 1.56 | 1.34 | 2.48 | 2.23 |
| P/B Ratio | 1.76 | 1.48 | 1.39 | 2.38 | 3.56 | 3.12 | 1.97 | 1.76 | 1.23 | 1.55 | 2.26 |
| P/FCF | 8.66 | 7.39 | — | 11.20 | 11.80 | 10.13 | 30.88 | 80.11 | 57.15 | 210.18 | — |
| P/OCF | 4.02 | 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
Devon Energy Corporation's enterprise value stands at 4.6x EBITDA, 6% above its 5-year average of 4.4x. The Energy sector median is 7.3x, placing the stock at a 36% discount on an enterprise-value basis.
| 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 | 1.85 | 2.29 | 2.29 | 2.47 | 1.94 | 2.02 | 1.58 | 2.96 | 3.01 |
| EV / EBITDA | 4.63 | 4.09 | 4.07 | 4.70 | 4.19 | 4.86 | 9.81 | 6.27 | 5.66 | 10.52 | 13.80 |
| EV / EBIT | 9.10 | 8.05 | 6.95 | 6.95 | 5.59 | 10.41 | — | 95.66 | 11.02 | 23.93 | — |
| EV / FCF | — | 9.74 | — | 13.35 | 13.34 | 11.73 | 43.82 | 103.75 | 67.45 | 250.78 | — |
Margins and return-on-capital ratios measuring operating efficiency
Devon Energy Corporation earns an operating margin of 22.0%, above the Energy sector average of 13.9%. Operating margins have compressed from 31.7% to 22.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 17.5% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 12.3% represents solid returns on invested capital versus a sector median of 6.8%.
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 | 24.6% | 24.6% | 27.4% | 34.3% | 45.3% | 37.9% | -5.8% | 16.6% | 19.1% | 16.0% | 8.3% |
| Operating Margin | 22.0% | 22.0% | 24.2% | 31.7% | 43.3% | 35.0% | -13.6% | 9.5% | 12.3% | 7.6% | 0.1% |
| Net Profit Margin | 15.4% | 15.4% | 18.6% | 24.7% | 30.3% | 20.2% | -61.7% | -5.3% | 36.3% | 10.2% | -31.4% |
| 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% | 44.8% | -60.1% | -4.7% | 26.3% | 7.3% | -30.9% |
| ROA | 8.5% | 8.5% | 10.5% | 15.5% | 26.9% | 18.0% | -22.7% | -2.1% | 12.3% | 3.2% | -11.9% |
| ROIC | 12.3% | 12.3% | 13.8% | 20.9% | 42.1% | 37.0% | -6.1% | 4.7% | 5.3% | 2.7% | 0.0% |
| ROCE | 13.8% | 13.8% | 15.5% | 22.7% | 44.5% | 36.5% | -5.8% | 4.4% | 4.7% | 2.7% | 0.0% |
Solvency and debt-coverage ratios — lower is generally safer
Devon Energy Corporation carries a Debt/EBITDA ratio of 1.2x, which is manageable (52% below the sector average of 2.5x). Net debt stands at $7.3B ($8.8B total debt minus $1.4B cash). Interest coverage of 7.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | 1.30 | 0.87 | 0.62 | 0.96 | 5.27 | 2.11 | 1.89 | 2.77 | 4.43 |
| Net Debt / Equity | — | 0.47 | 0.57 | 0.46 | 0.46 | 0.49 | 0.83 | 0.52 | 0.22 | 0.30 | 0.79 |
| Net Debt / EBITDA | 0.99 | 0.99 | 1.18 | 0.76 | 0.48 | 0.66 | 2.90 | 1.43 | 0.87 | 1.70 | 3.58 |
| Debt / FCF | — | 2.36 | — | 2.15 | 1.54 | 1.60 | 12.94 | 23.65 | 10.30 | 40.60 | — |
| Interest Coverage | 7.39 | 7.39 | 9.40 | 13.20 | 24.72 | 13.35 | -2.09 | 2.54 | 1.74 | 1.99 | 0.02 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.98x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.4B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 1.07x to 0.98x over the past 3 years.
| 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 | 0.51 | 0.62 | 0.84 | 0.65 | 0.44 | 0.49 | 0.43 | 0.29 | 0.41 |
| Inventory Turnover | 38.38 | 38.38 | 38.43 | 39.92 | 54.00 | 74.92 | — | — | — | — | — |
| Days Sales Outstanding | — | 38.05 | 46.24 | 37.92 | 32.53 | 40.96 | 65.01 | 48.07 | 34.69 | 39.72 | 47.06 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Devon Energy Corporation returns 6.1% to shareholders annually — split between a 2.3% dividend yield and 3.9% buyback yield. The payout ratio of 23.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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% | 47.3% | — | — | 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 | 9.6% | 11.5% | 14.0% | 12.9% | 14.8% | 9.5% | — | — | 27.1% | 4.1% | — |
| FCF Yield | 11.6% | 13.5% | — | 8.9% | 8.5% | 9.9% | 3.2% | 1.2% | 1.7% | 0.5% | — |
| Buyback Yield | 3.9% | 4.6% | 5.2% | 3.4% | 1.8% | 2.0% | 0.6% | 17.8% | 26.1% | 0.2% | 0.0% |
| Total Shareholder Yield | 6.1% | 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 |
Compare DVN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| DVNYou | $27B | 10.4 | 4.6 | 8.7 | 24.6% | 22.0% | 17.5% | 12.3% | 1.2 |
| EOG | $67B | 13.6 | 5.7 | 17.1 | 68.1% | 35.1% | 16.8% | 19.1% | 0.7 |
| FANG | $50B | 30.4 | 6.4 | 9.5 | 35.2% | 32.7% | 4.0% | 6.7% | 1.5 |
| OVV | $13B | 10.6 | 5.0 | 8.5 | 28.6% | 21.6% | 11.5% | 8.0% | 1.8 |
| MTDR | $6B | 8.4 | 3.5 | 2.7 | 88.8% | 33.2% | 13.3% | 11.8% | 0.9 |
| CHRD | $6B | 146.4 | 4.5 | 8.9 | — | 4.0% | 5.3% | 1.6% | 0.9 |
| SM | $3B | 4.1 | 3.7 | 4.6 | — | 0.5% | 14.3% | 0.2% | 1.9 |
| CIVI | $2B | 3.2 | 1.9 | 2.6 | 41.2% | 29.0% | 13.1% | 10.8% | 1.3 |
| PR | $2B | 14.3 | 0.4 | 0.4 | — | — | 8.5% | 8.5% | 0.0 |
| VTLE | $693M | -3.8 | 4.5 | — | 31.4% | -1.2% | -6.3% | -0.3% | 3.6 |
| HPK | $654M | 7.8 | 1.9 | 9.5 | 35.2% | 31.6% | 6.0% | 10.0% | 1.3 |
| Energy Median | — | 16.8 | 7.3 | 11.5 | 35.3% | 13.9% | 8.2% | 6.8% | 2.5 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonDevon Energy Corporation's current P/E ratio is 10.4x. The historical average is 15.9x. This places it at the 53th percentile of its historical range.
Devon Energy Corporation's current EV/EBITDA is 4.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
Devon Energy Corporation's return on equity (ROE) is 17.5%. The historical average is 7.0%.
Based on historical data, Devon Energy Corporation is trading at a P/E of 10.4x. This is at the 53th 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 2.26% with a payout ratio of 23.4%.
Devon Energy Corporation has 24.6% gross margin and 22.0% 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.