Latest Ratios: P/E Ratio 9.6x · EV/EBITDA 4.4x · 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 | $25.1B | $23.0B | $20.4B | $29.1B | $40.2B | $29.3B | $6.0B | $10.4B | $11.3B | $21.9B | $23.4B |
| Enterprise Value | $32.4B | $30.4B | $28.7B | $34.7B | $45.4B | $33.9B | $8.5B | $13.5B | $13.4B | $26.1B | $31.6B |
| P/E Ratio → | 9.61 | 8.72 | 7.16 | 7.76 | 6.74 | 10.54 | — | — | 3.70 | 24.35 | — |
| P/S Ratio | 1.46 | 1.35 | 1.31 | 1.92 | 2.03 | 2.13 | 1.37 | 1.56 | 1.34 | 2.48 | 2.23 |
| P/B Ratio | 1.63 | 1.48 | 1.39 | 2.38 | 3.56 | 3.12 | 1.97 | 1.76 | 1.23 | 1.55 | 2.26 |
| P/FCF | 8.04 | 7.39 | — | 11.20 | 11.80 | 10.13 | 30.88 | 80.11 | 57.15 | 210.18 | — |
| P/OCF | 3.74 | 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 | 1.85 | 2.29 | 2.29 | 2.47 | 1.94 | 2.02 | 1.58 | 2.96 | 3.01 |
| EV / EBITDA | 4.37 | 4.09 | 4.07 | 4.70 | 4.19 | 4.86 | 9.81 | 6.27 | 5.66 | 10.52 | 13.80 |
| EV / EBIT | 8.59 | 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
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% |
| 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
| 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 |
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 | 0.51 | 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 |
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 | 2.4% | 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 | 10.4% | 11.5% | 14.0% | 12.9% | 14.8% | 9.5% | — | — | 27.1% | 4.1% | — |
| FCF Yield | 12.4% | 13.5% | — | 8.9% | 8.5% | 9.9% | 3.2% | 1.2% | 1.7% | 0.5% | — |
| Buyback Yield | 4.2% | 4.6% | 5.2% | 3.4% | 1.8% | 2.0% | 0.6% | 17.8% | 26.1% | 0.2% | 0.0% |
| Total Shareholder Yield | 6.6% | 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 |
Commodity price volatility exposure
Based on current market data, Devon Energy trades at a forward P/E of 7.67, which appears to reflect investor skepticism regarding the sustainability of its variable dividend model compared to the higher valuation multiples commanded by peers like EOG Resources at 14.56 times earnings.
The current valuation suggests that the market is pricing in a significant risk premium for commodity price volatility rather than rewarding the company for its low-cost Delaware Basin assets. Investors should monitor whether this discount persists as the company integrates recent acquisitions, as the current P/E gap relative to the peer group may indicate a lack of confidence in long-term production growth.
According to historical financial data, Devon's ROIC has struggled to maintain momentum, fluctuating between 2.2% and 5.1% over the last ten quarters, which suggests that the company is currently failing to compound capital at rates comparable to industry leaders like EOG Resources.
The inability to consistently drive ROIC above the cost of capital warrants further investigation into whether the company's capital allocation strategy is being diluted by high-cost drilling or inefficient M&A. This trend suggests that management's focus on shareholder returns may be coming at the expense of internal reinvestment efficiency.
As reported in recent quarterly filings, Devon's cash conversion cycle has shown significant variance, ranging from 6 to 27 days, which indicates that the company's ability to manage working capital is highly sensitive to operational shifts and the timing of commodity sales.
The fluctuation in DSO and DPO suggests that the company's leverage over suppliers and customers is inconsistent, potentially complicating cash flow forecasting. Investors should monitor these metrics to determine if the recent acquisition of Grayson Mill assets will structurally alter the company's working capital requirements or improve its overall operational efficiency.
Based on reported figures, Devon maintains a debt-to-equity ratio of 0.57 as of 2025Q4, a level that remains well-positioned compared to more levered peers and provides the company with a significant buffer against potential downturns in the energy sector.
The stability of the debt-to-equity ratio suggests that management is prioritizing balance sheet health, which is critical given the inherent volatility of the company's revenue streams. This conservative posture appears to be a strategic choice to maintain dividend reliability, though it may limit the company's ability to pursue aggressive, debt-funded growth opportunities.
The dividend yield is the most commonly misapplied metric for Devon, as it obscures the inherent volatility of the company's variable payout structure, which is fundamentally tied to fluctuating commodity prices rather than a stable, predictable earnings stream.
Investors should instead focus on the reinvestment rate and free cash flow yield to better understand the sustainability of capital returns. Relying on the headline dividend yield may lead to an inaccurate assessment of the company's long-term income potential, as the variable component is essentially a cyclical windfall rather than a fixed commitment.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DVN stock.
Devon Energy Corporation's current P/E ratio is 9.6x. The historical average is 15.9x. This places it at the 47th percentile of its historical range.
Devon Energy Corporation's current EV/EBITDA is 4.4x. 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 9.6x. This is at the 47th 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 2.44% with a payout ratio of 23.4%.
Devon Energy Corporation has 24.7% 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.