Devon Energy Corporation (DVN) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Exploration & Production
EV/EBITDA
↓
4.89
+12% vs avg
5yr avg: 4.38
30Y Low3.8·High13.8
P/FCF
↓
9.28
-8% vs avg
5yr avg: 10.13
30Y Low7.4·High81.2
P/B Ratio
↓
1.89
↓-21% vs avg
5yr avg: 2.38
30Y Low1.0·High3.6
ROE
↓
17.5%
↑-50% vs avg
5yr avg: 34.8%
30Y Low-77%·High58%
Debt/EBITDA
↑
1.18
+20% vs avg
5yr avg: 0.99
30Y Low0.1·High5.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DVN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Devon Energy Corporation trades at 11.1x earnings, 36% above its 5-year average of 8.2x, sitting at the 68th percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a discount of 34%. On a free-cash-flow basis, the stock trades at 9.3x P/FCF, 8% 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 | $29.0B | $23.0B | $20.4B | $29.1B | $40.2B | $29.3B | $6.0B | $10.4B | $11.3B | $21.9B | $23.4B |
| Enterprise Value | $36.3B | $30.4B | $28.7B | $34.7B | $45.4B | $33.9B | $8.5B | $13.5B | $13.4B | $26.1B | $31.6B |
| P/E Ratio → | 11.10 | 8.72 | 7.16 | 7.76 | 6.74 | 10.54 | — | — | 3.70 | 24.35 | — |
| P/S Ratio | 1.69 | 1.35 | 1.31 | 1.92 | 2.03 | 2.13 | 1.37 | 1.56 | 1.34 | 2.48 | 2.23 |
| P/B Ratio | 1.89 | 1.48 | 1.39 | 2.38 | 3.56 | 3.12 | 1.97 | 1.76 | 1.23 | 1.55 | 2.26 |
| P/FCF | 9.28 | 7.39 | — | 11.20 | 11.80 | 10.13 | 30.88 | 80.11 | 57.15 | 210.18 | — |
| P/OCF | 4.32 | 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
DVN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Devon Energy Corporation's enterprise value stands at 4.9x EBITDA, 12% above its 5-year average of 4.4x. The Energy sector median is 7.9x, placing the stock at a 38% 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 | 4.89 | 4.09 | 4.07 | 4.70 | 4.19 | 4.86 | 9.81 | 6.27 | 5.66 | 10.52 | 13.80 |
| EV / EBIT | 9.62 | 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 | — |
DVN Profitability
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 14.4%. 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 8.5%. ROIC of 12.3% represents solid returns on invested capital versus a sector median of 6.3%.
Margins
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 | 24.7% | 24.7% | 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% |
Return on Capital
| 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% |
DVN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Devon Energy Corporation carries a Debt/EBITDA ratio of 1.2x, which is manageable (50% below the sector average of 2.4x). 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 | 10.32 | 13.74 | 23.41 | 9.03 | -9.96 | 0.56 | 2.04 | 3.23 | -0.96 |
DVN Liquidity & Efficiency
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 | — | 38.19 | 46.24 | 37.92 | 32.53 | 40.96 | 65.01 | 48.07 | 34.69 | 39.72 | 47.06 |
DVN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Devon Energy Corporation returns 5.7% to shareholders annually — split between a 2.1% dividend yield and 3.6% buyback yield. The payout ratio of 23.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.1% | 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% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 11.5% | 14.0% | 12.9% | 14.8% | 9.5% | — | — | 27.1% | 4.1% | — |
| FCF Yield | 10.8% | 13.5% | — | 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 | 5.7% | 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 |
Peer Comparison
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 | $29B | 11.1 | 4.9 | 9.3 | 24.7% | 22.0% | 17.5% | 12.3% | 1.2 |
 COP | $145B | 18.7 | 7.0 | 8.6 | 24.6% | 19.6% | 12.4% | 10.4% | 1.0 |
 EOG | $72B | 14.8 | 6.1 | 18.4 | 68.1% | 35.1% | 16.8% | 19.1% | 0.7 |
 APA | $14B | 9.6 | 3.3 | 7.6 | 37.3% | 30.8% | 15.6% | 14.9% | 0.8 |
 FANG | $55B | 34.0 | 7.0 | 10.5 | 35.2% | 32.7% | 4.0% | 6.7% | 1.5 |
 OVV | $15B | 12.5 | 5.5 | 10.1 | 28.6% | 21.6% | 11.5% | 8.0% | 1.8 |
 XOM | $630B | 22.2 | 11.1 | 26.7 | 21.7% | 10.5% | 10.7% | 8.6% | 0.7 |
 CVX | $369B | 27.9 | 11.0 | 22.3 | 30.4% | 9.0% | 7.1% | 6.2% | 1.3 |
 OXY | $55B | 34.2 | 6.7 | 13.3 | 33.8% | 17.2% | 6.7% | 4.7% | 2.1 |
 SM | $3B | 5.1 | 4.3 | 5.7 | — | 0.5% | 14.3% | 0.2% | 1.9 |
 CTRA | $25B | 14.5 | 5.9 | 15.1 | 60.4% | 89.1% | 12.3% | 10.9% | 0.8 |
| Energy Median | — | 16.8 | 7.9 | 13.3 | 33.2% | 14.4% | 8.5% | 6.3% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonDVN — Frequently Asked Questions
Quick answers to the most common questions about buying DVN stock.
What is Devon Energy Corporation's P/E ratio?
Devon Energy Corporation's current P/E ratio is 11.1x. The historical average is 15.9x. This places it at the 68th percentile of its historical range.
What is Devon Energy Corporation's EV/EBITDA?
Devon Energy Corporation's current EV/EBITDA is 4.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
What is Devon Energy Corporation's ROE?
Devon Energy Corporation's return on equity (ROE) is 17.5%. The historical average is 7.0%.
Is DVN stock overvalued?
Based on historical data, Devon Energy Corporation is trading at a P/E of 11.1x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Devon Energy Corporation's dividend yield?
Devon Energy Corporation's current dividend yield is 2.11% with a payout ratio of 23.4%.
What are Devon Energy Corporation's profit margins?
Devon Energy Corporation has 24.7% gross margin and 22.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Devon Energy Corporation have?
Devon Energy Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.