Devon Energy Valuation Multiples

Devon Energy Overview

About Devon Energy

Devon Energy is an oil and gas producer with acreage in several top US shale plays. While roughly two-thirds of its production comes from the Permian Basin, it also holds a meaningful presence in the Anadarko, Eagle Ford, and Bakken basins. If the merger with Coterra is successful, it will have a foothold in the gas-driven Appalachian Basin, as well. At the end of 2025, Devon reported net proved reserves of 2.4 billion barrels of oil equivalent, up from 2.2 billion in 2024. Net production averaged roughly 840,000 barrels of oil equivalent per day in 2025 at a ratio of 73% oil and natural gas liquids and 27% natural gas.

Founded

1999

HQ

Employees

2.2K

Website

devonenergy.com

Sectors

Energy ProductionOil & Gas

Financials (LTM)

Revenue: $18B

EBITDA: $8B

EV

$36B

Valuation Multiples

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Devon Energy Financials

Devon Energy reported last 12-month revenue of $18B and EBITDA of $8B.

In the same LTM period, Devon Energy generated $15B in gross profit, $8B in EBITDA, and $3B in net income.

Devon Energy P&L

In the most recent fiscal year, Devon Energy reported revenue of $17B and EBITDA of $8B.

Devon Energy expects next 12-month revenue of XXX and NTM EBITDA of XXX

Devon Energy Stock Performance

Devon Energy has current market cap of $28B, and enterprise value of $36B.

Devon Energy's stock price is $45.78.

Devon Energy Valuation Multiples

Devon Energy trades at 1.9x EV/Revenue multiple, and 4.2x EV/EBITDA.

Devon Energy Financial Valuation Multiples

As of April 17, 2026, Devon Energy has market cap of $28B and EV of $36B.

Equity research analysts estimate Devon Energy's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Devon Energy has a P/E ratio of 9.8x.

Devon Energy Margins & Growth Rates

Devon Energy's revenue in the last 12 month grew by 21%.

Devon Energy's revenue per employee in the last FY averaged $7.8M, while opex per employee averaged $0.2M for the same period.

Devon Energy's rule of 40 is 75% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Devon Energy's rule of X is 112% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Devon Energy Public Comps

See public comps and valuation multiples for other Energy Production and Oil & Gas comps.

Devon Energy M&A Activity

Devon Energy acquired XXX companies to date.

Last acquisition by Devon Energy was on XXXXXXXX, XXXXX. Devon Energy acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Devon Energy Investment Activity

Devon Energy invested in XXX companies to date.

Devon Energy made its latest investment on XXXXXXXX, XXXXX. Devon Energy invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).