Question 1

What is Devon Energy's P/FCF ratio?

Accepted Answer

Devon Energy (DVN) P/FCF ratio is 10.6× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Devon Energy?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Devon Energy specifically, the relevant sector benchmark is the current sector median of 22.1×.

Question 5

Is Devon Energy's P/FCF ratio high or low?

Accepted Answer

Devon Energy's P/FCF ratio of 10.6× is below its own 5-year average of 11.9× and below the sector median of 22.1×. That places the current reading at the 45th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Devon Energy's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Devon Energy (DVN) P/FCF ratio has ranged from a low of 6.5× in 2022 to a high of 1409.9× in 2018. The 5-year average is 11.9× and the 5-year median is 11.2×.

Question 7

What was Devon Energy's P/FCF ratio in 2025?

Accepted Answer

Devon Energy (DVN) P/FCF ratio at the end of 2025 was 7.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Devon Energy's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$22.7B	$3.01B	7.6×	—	Dec 31, 2025
2024	$20.4B	-$842M	—	—	Dec 31, 2024
2023	$28.8B	$2.61B	11.0×	-0.8×	Dec 31, 2023
2022	$40.2B	$3.41B	11.8×	+1.6×	Dec 31, 2022
2021	$29.6B	$2.89B	10.2×	-21.2×	Dec 31, 2021
2020	$6.06B	$193M	31.4×	-152.8×	Dec 31, 2020
2019	$9.95B	$54M	184.2×	-424.4×	Dec 31, 2019
2018	$10.3B	$17M	608.6×	+384.5×	Dec 31, 2018
2017	$21.7B	$97M	224.1×	—	Dec 31, 2017
2016	$23.9B	-$2.23B	—	—	Dec 31, 2016
2015	$13.2B	-$1.03B	—	—	Dec 31, 2015
2014	$25B	-$7.5B	—	—	Dec 31, 2014
2013	$25.1B	-$1.32B	—	—	Dec 31, 2013
2012	$21.1B	-$3.27B	—	—	Dec 31, 2012
2011	$24.6B	-$1.31B	—	—	Dec 31, 2011
2010	$33.2B	-$998M	—	—	Dec 31, 2010
2009	$32.9B	-$142M	—	—	Dec 31, 2009
2008	$28.6B	$33M	868.2×	+787.9×	Dec 31, 2008
2007	$39.6B	$493M	80.3×	—	Dec 31, 2007
2006	$29.8B	-$1.56B	—	—	Dec 31, 2006
2005	$27.6B	$1.52B	18.2×	+7.3×	Dec 31, 2005
2004	$18.7B	$1.71B	10.9×	-0.4×	Dec 31, 2004
2003	$13.4B	$1.18B	11.3×	—	Dec 31, 2003
2002	$7.21B	-$1.67B	—	—	Dec 31, 2002


Phillips 66 (PSX)	615.5×
Targa Resources (TRGP)	205.8×
Williams Companies (WMB)	123.3×
Enbridge (ENB)	73.7×
Texas Pacific Land (TPL)	66.3×
Diamondback Energy (FANG)	35.1×
Enphase Energy (ENPH)	34.2×
Chevron (CVX)	30.6×
National Fuel Gas (NFG)	29.1×
Baker Hughes (BKR)	26.4×
ONEOK (OKE)	25.4×
EOG Resources (EOG)	18.9×
Energy Transfer LP (ET)	18.2×
Occidental Petroleum (OXY)	17.8×
SLB (SLB)	16.5×
Halliburton (HAL)	16.5×
Marathon Petroleum (MPC)	12.6×
Valero Energy (VLO)	12.4×
ConocoPhillips (COP)	10.5×
APA (APA)	10.1×
Expand Energy (EXE)	9.2×

P/FCF Ratio for Devon Energy (DVN) 2003-2026

P/FCF Ratio daily chart for Devon Energy (DVN)

Historical P/FCF Ratio for Devon Energy (DVN) from 2002 to 2025

About P/FCF Ratio at Devon Energy (DVN)

Devon Energy P/FCF Ratio by Year

Devon Energy P/FCF Ratio 2025: 7.6×

Devon Energy P/FCF Ratio 2023: 11.0×

Devon Energy P/FCF Ratio 2022: 11.8×

Devon Energy P/FCF Ratio 2021: 10.2×

Devon Energy P/FCF Ratio 2020: 31.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Devon Energy (DVN) Key Financials