Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Devon Energy Corp. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Current Valuation Ratios
Devon Energy Corp., current price multiples
| Devon Energy Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price-earnings-growth (PEG) | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2022-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Devon Energy Corp., historical price multiples
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrated significant variability over the examined periods. It started at a relatively low value of 4.33 in 2018, was not reported in 2019 and 2020, then increased noticeably to 12.71 in 2021 before declining to 6.22 in 2022. This pattern indicates fluctuations in market valuation relative to earnings, with the highest valuation seen in 2021 and a considerable decrease thereafter.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibited substantial inconsistency. It was 8.76 in 2018, sharply increased to 61.7 in 2019, was not available for 2020, dropped significantly to 11.08 in 2021, and further decreased to 4.63 in 2022. This erratic trend suggests volatile investor sentiment relating to operating profitability, with a peak valuation in 2019 followed by a steady decline.
- Price to Sales (P/S) Ratio
- The P/S ratio showed a generally rising trend from 2018 through 2020, increasing from 1.24 to 3.03, before beginning a downward trend in subsequent years. It slightly decreased to 2.93 in 2021 and further declined to 1.95 in 2022. This indicates that the market initially placed increasing value on sales, but this premium diminished after 2020.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio increased markedly from 1.44 in 2018 to its peak of 5.07 in 2020, indicating an elevated market valuation relative to book value in that year. Subsequently, it declined to 3.86 in 2021 and further to 3.35 in 2022. This pattern suggests heightened investor confidence in asset value up to 2020, followed by a normalization or correction in valuation thereafter.
Price to Earnings (P/E)
Devon Energy Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net earnings (loss) attributable to Devon (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/E Ratio, Industry | ||||||
| Energy | ||||||
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 Data adjusted for splits and stock dividends.
2 2022 Calculation
EPS = Net earnings (loss) attributable to Devon ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Devon Energy Corp. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated a decline from $30.27 at the end of 2018 to a low of $21.73 by December 2020. Subsequently, the share price experienced a significant recovery and increase, reaching $53.85 in 2021 and further rising to $57.23 in 2022. This indicates a strong upward momentum starting from 2021, after a period of decline and stagnation during the earlier years.
- Earnings per Share (EPS) Trends
- Earnings per share showed considerable volatility over the five-year period. The EPS was positive at $6.99 in 2018 but dropped to a negative figure of -$0.93 in 2019 and further declined sharply to -$3.98 in 2020, reflecting a challenging period for profitability. The EPS rebounded strongly in 2021 to $4.24 and doubled in 2022 to $9.20, suggesting a significant turnaround in the company’s earnings performance in the latter two years.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was 4.33 in 2018 when earnings were positive, but no meaningful P/E values are available for 2019 and 2020 due to negative earnings in those years. In 2021, the P/E ratio rose to 12.71, corresponding with the resumption of positive EPS, and then decreased to 6.22 in 2022. This decline in P/E ratio alongside rising earnings and share price suggests that the stock became more attractively valued relative to its earnings in 2022.
Price to Operating Profit (P/OP)
Devon Energy Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/OP Ratio, Industry | ||||||
| Energy | ||||||
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 Data adjusted for splits and stock dividends.
2 2022 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Devon Energy Corp. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a downward trend from 2018 through 2020, declining from $30.27 to $21.73. Starting in 2021, there was a significant reversal, with the share price rising sharply to $53.85 and further increasing to $57.23 in 2022, indicating renewed market confidence and valuation improvement.
- Operating Profit per Share
- Operating profit per share followed a volatile path over the period. It decreased dramatically from $3.45 in 2018 to $0.37 in 2019 and further into negative territory at -$4.19 in 2020. A strong recovery occurred in 2021, with operating profit per share climbing to $4.86 and continuing to improve substantially to $12.36 in 2022. This suggests a turnaround in operational performance and profitability.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio fluctuated considerably reflecting changes in both share price and operating profit. It was relatively low at 8.76 in 2018 but spiked sharply to 61.7 in 2019, indicating a high share price relative to operating profits during a period of diminished profitability. The ratio data for 2020 is missing, likely due to negative operating profits making the ratio undefined. The P/OP ratio decreased to 11.08 in 2021 and dropped further to 4.63 in 2022, suggesting that the share price increase was accompanied by even stronger growth in operating profits, resulting in a more favorable valuation relative to earnings.
Price to Sales (P/S)
Devon Energy Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/S Ratio, Industry | ||||||
| Energy | ||||||
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 Data adjusted for splits and stock dividends.
2 2022 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Devon Energy Corp. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced a decline from 30.27 US$ at the end of 2018 to 21.73 US$ by the end of 2020. A notable recovery occurred starting in 2021 when the price increased substantially to 53.85 US$, continuing its upward trajectory to 57.23 US$ in 2022.
- Sales per Share
- Sales per share showed a downward trend from 24.49 US$ in 2018 to a low point of 7.17 US$ in 2020. Thereafter, sales per share recovered significantly, rising to 18.38 US$ in 2021 and further increasing to 29.31 US$ in 2022, surpassing pre-2019 levels.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio exhibited variability over the period. It increased from 1.24 in 2018 to a peak of 3.03 in 2020, despite falling sales per share during that year. The ratio slightly decreased to 2.93 in 2021 and further dropped to 1.95 in 2022, indicating changes in market valuation relative to sales performance.
Price to Book Value (P/BV)
Devon Energy Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity attributable to Devon (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/BV Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
BVPS = Stockholders’ equity attributable to Devon ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Devon Energy Corp. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a downward trend from 2018 through 2020, declining from 30.27 US$ in 2018 to a low of 21.73 US$ in 2020. Subsequently, a significant recovery occurred in 2021, with the share price more than doubling to 53.85 US$, and this positive momentum continued into 2022, reaching 57.23 US$.
- Book Value Per Share (BVPS)
- Book value per share showed a declining trend from 2018 to 2020, falling sharply from 20.96 US$ in 2018 to 4.29 US$ in 2020. However, this was followed by a substantial rebound in 2021, increasing to 13.94 US$, and a further modest rise to 17.07 US$ in 2022. Despite these improvements, the 2022 BVPS remained below the initial 2018 level.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio increased from 1.44 in 2018 to 1.50 in 2019, then surged dramatically to 5.07 in 2020, indicating that the share price was valued at over five times the book value per share during that year. This elevated ratio decreased in the subsequent two years, dropping to 3.86 in 2021 and further to 3.35 in 2022, which suggests some normalization after the peak in 2020, although the ratio remained relatively high compared to the 2018 and 2019 levels.
- Summary of Trends
- The financial data reveals a period of stress during 2019 and 2020, reflected in both declining share prices and book values per share, with the book value hitting a significant low in 2020. The sharp increase in the P/BV ratio in 2020 primarily resulted from the dramatic drop in book value rather than a corresponding rise in share price. The subsequent recovery phase in 2021 and 2022 is characterized by increases in both share price and book value, although the share price growth outpaced the book value growth, leading to a maintained elevated P/BV ratio. This pattern indicates renewed investor confidence and recovery in perceived company value, albeit with cautious valuation relative to the company's net asset base.