Stock Analysis on Net

Devon Energy Corp. (NYSE:DVN)

This company has been moved to the archive! The financial data has not been updated since November 8, 2023.

Enterprise Value to EBITDA (EV/EBITDA) 

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Devon Energy Corp., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net earnings (loss) attributable to Devon 6,015 2,813 (2,680) (355) 3,064
Add: Net income attributable to noncontrolling interest 22 20 9 2 160
Less: Net earnings (loss) from discontinued operations, net of income taxes (128) (274) 2,460
Add: Income tax expense 1,738 65 (547) (30) 156
Earnings before tax (EBT) 7,775 2,898 (3,090) (109) 920
Add: Interest based on debt outstanding 370 388 259 260 298
Earnings before interest and tax (EBIT) 8,145 3,286 (2,831) 151 1,218
Add: Depreciation, depletion and amortization 2,223 2,158 1,300 1,497 1,658
Earnings before interest, tax, depreciation and amortization (EBITDA) 10,368 5,444 (1,531) 1,648 2,876

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Devon Energy Corp. EBITDA increased from 2020 to 2021 and from 2021 to 2022.

Enterprise Value to EBITDA Ratio, Current

Devon Energy Corp., current EV/EBITDA calculation, comparison to benchmarks

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Selected Financial Data (US$ in millions)
Enterprise value (EV) 33,678
Earnings before interest, tax, depreciation and amortization (EBITDA) 10,368
Valuation Ratio
EV/EBITDA 3.25
Benchmarks
EV/EBITDA, Competitors1
Chevron Corp. 6.37
ConocoPhillips 5.65
Exxon Mobil Corp. 7.40
Marathon Petroleum Corp. 3.94
Occidental Petroleum Corp. 5.14
Valero Energy Corp. 3.47
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels 4.37
EV/EBITDA, Industry
Energy 4.51

Based on: 10-K (reporting date: 2022-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Devon Energy Corp., historical EV/EBITDA calculation, comparison to benchmarks

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 42,800 40,370 17,073 11,514 16,800
Earnings before interest, tax, depreciation and amortization (EBITDA)2 10,368 5,444 (1,531) 1,648 2,876
Valuation Ratio
EV/EBITDA3 4.13 7.42 6.99 5.84
Benchmarks
EV/EBITDA, Competitors4
Chevron Corp. 4.74 7.18 18.57 6.39
ConocoPhillips 3.82 6.34 23.12 4.13
Exxon Mobil Corp. 4.54 7.07 16.97 6.91
Marathon Petroleum Corp. 3.11 8.48 7.23
Occidental Petroleum Corp. 3.70 5.30 10.32
Valero Energy Corp. 3.15 10.17 47.76 6.00
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels 4.20 6.99 40.24 6.54
EV/EBITDA, Industry
Energy 4.41 7.21 71.70 7.51

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 See details »

2 See details »

3 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= 42,800 ÷ 10,368 = 4.13

4 Click competitor name to see calculations.