Devon Energy Corporation (DVN) Key Metrics
DVN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $55.80B
- Enterprise value
- $63.58B
- P/E (TTM)
- 11.1 10-yr median 7.8
- Forward P/E
- 9.3
- PEG ratio
- 2.92
- Price / sales
- 3.0 10-yr median 1.8
- Price / book
- 1.2 10-yr median 2.1
- EV / EBITDA
- 7.2 10-yr median 5.4
- Dividend yield
- 2.52% $1.28 a year
- Beta
- 0.54
DVN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDVN valuation Price multiples at each fiscal year-end price.
DVN returns How much profit the business earns on the capital it uses.
DVN per-share figures Results divided by the shares outstanding at year-end.
DVN financial health Debt, liquidity and how easily interest is covered.
DVN efficiency & capital use Working capital cycle and where the cash goes.
DVN valuation history
DVN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DVN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DVN cash returned to shareholders
DVN price vs earnings per share
DVN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $23.04B | $20.39B | $29.08B | $40.17B | $29.29B | $5.96B | $10.41B | $11.32B | $21.86B | $23.43B |
| Enterprise value | $30.39B | $28.75B | $34.66B | $45.41B | $33.78B | $8.28B | $13.50B | $13.36B | $26.08B | $41.82B |
| P/E ratio | 8.7 | 7.1 | 7.8 | 6.7 | 10.4 | — | — | 3.7 | 24.3 | — |
| Price / sales | 1.3 | 1.3 | 1.9 | 2.1 | 2.4 | 1.2 | 1.7 | 1.3 | 3.4 | 2.3 |
| Price / book | 1.5 | 1.4 | 2.4 | 3.6 | 3.1 | 2.0 | 1.8 | 1.2 | 2.4 | 2.3 |
| Price / free cash flow | 8.2 | — | 11.2 | 11.8 | 10.1 | 30.9 | 80.1 | 57.1 | 210.2 | — |
| Price / operating cash flow | 3.4 | 3.1 | 4.4 | 4.7 | 6.0 | 4.4 | 5.0 | 4.2 | 7.5 | 13.4 |
| EV / sales | 1.8 | 1.8 | 2.3 | 2.4 | 2.8 | 1.7 | 2.2 | 1.5 | 4.0 | 4.1 |
| EV / EBITDA | 4.0 | 3.9 | 4.6 | 4.4 | 6.2 | — | 8.2 | 5.4 | 18.8 | 46.6 |
| EV / free cash flow | 10.9 | — | 13.3 | 13.3 | 11.7 | 42.9 | 103.9 | 67.4 | 250.8 | — |
| Earnings yield | 11.5% | 14.2% | 12.9% | 15.0% | 9.6% | −45.0% | −3.4% | 27.1% | 4.1% | −4.5% |
| Free cash flow yield | 12.1% | −4.2% | 8.9% | 8.5% | 9.9% | 3.2% | 1.2% | 1.7% | 0.5% | −9.5% |
| Dividend yield | 2.7% | 4.6% | 6.4% | 8.4% | 4.5% | 4.3% | 1.3% | 1.3% | 0.6% | 0.9% |
| Shareholder yield (dividends + buybacks) | 7.2% | 9.8% | 9.8% | 10.2% | 6.5% | 4.9% | 19.1% | 27.4% | 0.8% | 0.9% |
| Share price at fiscal year-end | $36.63 | $32.73 | $45.30 | $61.51 | $44.05 | $15.81 | $25.97 | $22.54 | $41.40 | $45.67 |
| Per share | ||||||||||
| Revenue per share | $27.33 | $25.59 | $23.77 | $29.36 | $18.35 | $12.81 | $15.51 | $17.72 | $12.31 | $20.09 |
| Earnings per share | $4.20 | $4.64 | $5.84 | $9.21 | $4.23 | −$7.11 | −$0.89 | $6.10 | $1.70 | −$2.06 |
| Operating cash flow per share | $10.67 | $10.59 | $10.19 | $13.06 | $7.37 | $3.59 | $5.16 | $5.39 | $5.51 | $3.40 |
| Free cash flow per share | $4.45 | −$1.37 | $4.05 | $5.21 | $4.35 | $0.51 | $0.32 | $0.39 | $0.20 | −$4.34 |
| Cash per share | $2.28 | $1.36 | $1.36 | $2.23 | $3.42 | $5.93 | $3.65 | $4.81 | $5.00 | $3.82 |
| Book value per share | $24.69 | $23.27 | $18.79 | $17.10 | $14.13 | $8.01 | $14.76 | $18.30 | $17.53 | $20.22 |
| Tangible book value per share | $23.49 | $22.06 | $17.61 | $15.95 | $13.00 | $6.01 | $12.89 | $16.80 | $13.10 | $9.33 |
| Dividends per share | $0.98 | $1.50 | $2.89 | $5.17 | $1.98 | $0.68 | $0.35 | $0.30 | $0.24 | $0.43 |
| Capex per share | $6.22 | $11.96 | $6.15 | $7.85 | $3.02 | $3.08 | $4.84 | $4.99 | $5.31 | $7.74 |
| Debt per share | $13.96 | $14.77 | $10.05 | $10.26 | $10.17 | $12.08 | $11.36 | $8.87 | $13.00 | $39.67 |
| Shares outstanding | 629.0M | 623.0M | 642.0M | 653.0M | 665.0M | 377.0M | 401.0M | 502.0M | 528.0M | 513.0M |
| Change in shares outstanding | +1.0% | −3.0% | −1.7% | −1.8% | +76.4% | −6.0% | −20.1% | −4.9% | +2.9% | +24.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.6% | 21.8% | 32.3% | 58.5% | 45.3% | −60.0% | −4.7% | 33.2% | 9.1% | −12.1% |
| Return on invested capital (ROIC) | 13.0% | 16.4% | 23.7% | 40.6% | 33.0% | −6.5% | 1.2% | 9.1% | 0.6% | −9.8% |
| Return on assets (ROA) | 8.5% | 10.5% | 15.5% | 26.9% | 18.2% | −22.7% | −2.1% | 12.3% | 3.2% | −3.8% |
| Return on tangible assets | 8.6% | 9.7% | 15.8% | 26.2% | 13.9% | −29.3% | −2.7% | 16.3% | 3.2% | −5.2% |
| Free cash flow margin | 16.3% | −5.4% | 17.0% | 17.8% | 23.7% | 4.0% | 2.1% | 2.2% | 1.6% | −21.6% |
| Income quality (OCF / net income) | 2.54 | 2.28 | 1.75 | 1.42 | 1.74 | — | — | 0.88 | 3.24 | — |
| Financial health | ||||||||||
| Total debt | $8.78B | $9.20B | $6.45B | $6.70B | $6.76B | $4.55B | $4.55B | $4.45B | $6.86B | $20.35B |
| Cash & short-term investments | $1.43B | $846.0M | $875.0M | $1.45B | $2.27B | $2.24B | $1.46B | $2.41B | $2.64B | $1.96B |
| Net debt | $7.35B | $8.36B | $5.58B | $5.24B | $4.49B | $2.32B | $3.09B | $2.04B | $4.22B | $18.39B |
| Debt / equity | 0.57 | 0.63 | 0.53 | 0.60 | 0.72 | 1.51 | 0.77 | 0.48 | 0.74 | 1.96 |
| Debt / assets | 0.28 | 0.30 | 0.26 | 0.28 | 0.32 | 0.46 | 0.33 | 0.23 | 0.23 | 0.79 |
| Net debt / EBITDA | 0.97 | 1.13 | 0.74 | 0.51 | 0.82 | — | 1.88 | 0.83 | 3.05 | 20.48 |
| Current ratio | 0.98 | 1.04 | 1.07 | 1.25 | 1.38 | 2.26 | 2.00 | 1.99 | 1.45 | 1.44 |
| Quick ratio | 0.90 | 0.95 | 0.99 | 1.19 | 1.34 | 2.26 | 1.34 | 1.90 | 1.45 | 1.37 |
| Interest coverage | 7.5 | 10.4 | 13.6 | 22.8 | 9.0 | -2.1 | 0.6 | 2.5 | 0.5 | -6.8 |
| Working capital | −$80.0M | $118.0M | $208.0M | $786.0M | $1.16B | $1.82B | $1.92B | $2.21B | $1.48B | $1.16B |
| Invested capital | $22.88B | $22.85B | $17.64B | $16.41B | $13.89B | $5.33B | $9.01B | $11.23B | $13.48B | $28.77B |
| Tangible asset value | $14.78B | $13.95B | $11.46B | $10.54B | $8.65B | $2.27B | $5.17B | $8.43B | $11.77B | $4.79B |
| Net current asset value | −$12.06B | −$12.36B | −$9.12B | −$8.53B | −$7.38B | −$3.63B | −$3.95B | −$5.94B | −$11.35B | −$11.77B |
| Graham number | $48.30 | $49.29 | $49.67 | $59.53 | $36.68 | — | — | $50.13 | $25.90 | — |
| Graham net-net per share | −$20.87 | −$21.37 | −$15.72 | −$14.62 | −$12.15 | −$10.81 | −$12.65 | −$14.47 | −$24.20 | −$24.30 |
| Capital allocation | ||||||||||
| Dividends paid | $619.0M | $937.0M | $1.86B | $3.38B | $1.31B | $257.0M | $140.0M | $149.0M | $127.0M | $221.0M |
| Share buybacks (net) | $1.05B | $1.06B | $979.0M | $718.0M | $589.0M | $38.0M | $1.85B | $2.96B | $46.0M | $0 |
| Dividend payout ratio | 23.4% | 32.4% | 49.6% | 56.2% | 46.7% | — | — | 4.9% | 14.1% | — |
| Dividends + buybacks / free cash flow | 59.7% | — | 109.2% | 120.3% | 65.8% | 152.8% | — | — | 166.3% | — |
| Capex / revenue | 22.8% | 46.8% | 25.9% | 26.7% | 16.4% | 24.0% | 31.2% | 28.2% | 43.1% | 38.5% |
| Capex / operating cash flow | 58.3% | 112.9% | 60.3% | 60.1% | 41.0% | 85.7% | 93.7% | 92.7% | 96.4% | 227.4% |
| Capex / depreciation | 1.09 | 2.29 | 1.55 | 2.31 | 0.56 | 0.30 | 1.00 | 2.04 | 2.78 | 2.49 |
| Stock-based compensation / revenue | 0.6% | 0.6% | 0.6% | 0.5% | 0.8% | 1.8% | 1.8% | 1.8% | 3.0% | 1.9% |
| SG&A / revenue | 2.9% | 3.1% | 2.8% | 2.2% | 3.3% | 7.3% | 8.3% | 6.5% | 9.9% | 9.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 40.0 | 40.6 | 39.9 | 32.3 | 35.9 | 60.7 | 47.9 | 36.1 | 65.0 | 43.6 |
| Days of inventory on hand | 9.0 | 8.8 | 8.3 | 5.3 | 4.9 | — | 48.8 | 5.3 | 6.5 | 4.6 |
| Days payables outstanding | 44.0 | 25.4 | 29.9 | 23.0 | 15.9 | 27.6 | 31.8 | 52.0 | 68.9 | 30.0 |
| Cash conversion cycle (days) | 4.9 | 24.0 | 18.4 | 14.7 | 24.9 | 33.2 | 65.0 | -10.6 | 2.7 | 18.2 |
| Receivables turnover | 9.13 | 8.99 | 9.14 | 11.30 | 10.17 | 6.01 | 7.61 | 10.10 | 5.61 | 8.37 |
| Payables turnover | 8.29 | 14.34 | 12.22 | 15.89 | 22.98 | 13.24 | 11.49 | 7.01 | 5.30 | 12.19 |
| Inventory turnover | 40.63 | 41.36 | 43.96 | 68.57 | 74.80 | — | 7.48 | 68.39 | — | 79.93 |
| Asset turnover | 0.55 | 0.58 | 0.63 | 0.86 | 0.79 | 0.41 | 0.37 | 0.36 | 0.23 | 0.37 |
| Average receivables | $1.88B | $1.77B | $1.67B | $1.70B | $1.20B | $803.5M | $817.0M | $881.0M | $1.16B | $1.23B |
| Average payables | $1.54B | $783.0M | $809.5M | $679.5M | $371.0M | $335.0M | $479.0M | $955.5M | $1.01B | $774.0M |
| Average inventory | $315.0M | $271.5M | $225.0M | $157.5M | $114.0M | — | $736.5M | $98.0M | $96.0M | $118.0M |
| Intangibles / total assets | 2.4% | 2.5% | 3.1% | 3.2% | 3.6% | 7.6% | 5.5% | 3.8% | 7.7% | 21.6% |
Computed from DVN's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DVN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Devon Energy traded at 8.7 times earnings, against a 10-year median of 7.8. Based on the latest twelve months, the trailing P/E is 11.1 and the forward P/E is 9.3. Devon Energy earned a return on equity of 17.6% and a return on invested capital of 13.0% in fiscal 2025. It ended the year with $8.8 billion of debt and $1.4 billion in cash and short-term investments, net debt of $7.3 billion. It returned $1.7 billion to shareholders: $619.0 million in dividends and $1.1 billion in share buybacks, 60% of free cash flow. The share count rose 22.6% from 513.0M to 629.0M over 9 years.
See the DVN income statement, the DVN chart for price history, or the DVN stock overview for the latest quote and news.
DVN key metrics FAQ
What is Devon Energy's P/E ratio?
Devon Energy's trailing P/E ratio is 11.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.3. At the end of fiscal 2025 it was 8.7, compared with a 10-year median of 7.8.
What is Devon Energy's EV/EBITDA?
Devon Energy's enterprise value was 4.0 times EBITDA at the end of fiscal 2025 (enterprise value $30.4 billion, EBITDA $7.6 billion); the current EV/EBITDA is 7.2.
What is Devon Energy's return on equity?
Devon Energy's return on equity (ROE) was 17.6% in fiscal 2025: net income of $2.6 billion on average shareholders' equity of $15.0 billion.
What is Devon Energy's ROIC?
Devon Energy's return on invested capital was 13.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Devon Energy have?
Devon Energy had total debt of $8.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.57 and $7.3 billion of net debt (0.97 times EBITDA).
What is Devon Energy's dividend yield?
Devon Energy's forward dividend yield is 2.52%. Devon Energy paid $619.0 million in dividends in fiscal 2025 ($0.98 per share), a payout ratio of 23.4%.
Does Devon Energy buy back its shares?
Yes. Devon Energy spent $1.1 billion on net share repurchases in fiscal 2025 Shares outstanding changed +1.0% over the year, to 629.0M..
What is Devon Energy's free cash flow yield?
Devon Energy generated $2.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 12.1% on its market value at year-end ($23.0 billion).
What is Devon Energy's current ratio?
Devon Energy's current ratio was 0.98 at the end of fiscal 2025: current assets were 0.98 times current liabilities.