Price to Book Value (P/BV)
since 2005
Calculation
Devon Energy Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity attributable to Devon1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2023 | 3.35 | = | 57.23 | ÷ | 17.07 | 17.07 | = | 11,167 | ÷ | 654,000,000 | |
| Feb 16, 2022 | 3.86 | = | 53.85 | ÷ | 13.94 | 13.94 | = | 9,262 | ÷ | 664,200,000 | |
| Feb 17, 2021 | 5.07 | = | 21.73 | ÷ | 4.29 | 4.29 | = | 2,885 | ÷ | 673,100,000 | |
| Feb 19, 2020 | 1.50 | = | 22.72 | ÷ | 15.15 | 15.15 | = | 5,802 | ÷ | 382,900,000 | |
| Feb 20, 2019 | 1.44 | = | 30.27 | ÷ | 20.96 | 20.96 | = | 9,186 | ÷ | 438,300,000 | |
| Feb 21, 2018 | 1.74 | = | 30.57 | ÷ | 17.59 | 17.59 | = | 9,254 | ÷ | 526,100,000 | |
| Feb 15, 2017 | 3.91 | = | 44.23 | ÷ | 11.30 | 11.30 | = | 5,927 | ÷ | 524,600,000 | |
| Feb 17, 2016 | 1.27 | = | 20.33 | ÷ | 15.97 | 15.97 | = | 7,049 | ÷ | 441,300,000 | |
| Feb 20, 2015 | 1.22 | = | 63.82 | ÷ | 52.39 | 52.39 | = | 21,539 | ÷ | 411,100,000 | |
| Feb 28, 2014 | 1.28 | = | 64.42 | ÷ | 50.32 | 50.32 | = | 20,499 | ÷ | 407,400,000 | |
| Feb 21, 2013 | 1.05 | = | 54.88 | ÷ | 52.41 | 52.41 | = | 21,278 | ÷ | 406,000,000 | |
| Feb 24, 2012 | 1.42 | = | 75.19 | ÷ | 53.03 | 53.03 | = | 21,430 | ÷ | 404,100,000 | |
| Feb 25, 2011 | 2.00 | = | 90.35 | ÷ | 45.09 | 45.09 | = | 19,253 | ÷ | 427,000,000 | |
| Feb 25, 2010 | 1.97 | = | 68.81 | ÷ | 34.85 | 34.85 | = | 15,570 | ÷ | 446,800,000 | |
| Feb 27, 2009 | 1.14 | = | 43.67 | ÷ | 38.44 | 38.44 | = | 17,060 | ÷ | 443,800,000 | |
| Feb 28, 2008 | 2.14 | = | 106.04 | ÷ | 49.52 | 49.52 | = | 22,006 | ÷ | 444,390,145 | |
| Feb 28, 2007 | 1.67 | = | 65.70 | ÷ | 39.24 | 39.24 | = | 17,442 | ÷ | 444,461,491 | |
| Mar 3, 2006 | 1.81 | = | 60.81 | ÷ | 33.63 | 33.63 | = | 14,862 | ÷ | 441,865,011 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Devon Energy Corp. Annual Report.
The Price to Book Value (P/BV) ratio exhibits significant volatility over the analyzed period, reflecting divergent phases of asset valuation and market sentiment. For the first decade of the sequence, the ratio generally remained within a moderate range, whereas the subsequent years show extreme fluctuations coinciding with sharp declines in book value per share.
- Period of Relative Stability (2006–2015)
- During this interval, the P/BV ratio primarily fluctuated between 1.05 and 2.14. A peak occurred in 2008 at 2.14, followed by a contraction to 1.14 in 2009. This period was characterized by a steadily increasing book value per share, which grew from 33.63 in 2006 to a peak of 53.03 in 2012, keeping the valuation multiple relatively anchored to the underlying asset base.
- Valuation Divergence and Asset Erosion (2016–2021)
- A marked shift in valuation dynamics is observed starting in 2016. While the book value per share experienced a severe decline—dropping from 52.39 in 2015 to a low of 4.29 in 2021—the P/BV ratio surged. Notable spikes occurred in 2017 (3.91) and 2021 (5.07). The peak ratio in 2021 suggests a significant decoupling of the share price from the book value, as the market maintained a higher valuation despite a substantial erosion of the company's recorded equity.
- Recent Valuation Trends (2022–2023)
- In the most recent two years, the P/BV ratio has remained elevated compared to historical norms, settling at 3.86 in 2022 and 3.35 in 2023. This trend coincides with a partial recovery in the book value per share, which rose to 17.07 by February 2023. The sustained higher multiples indicate a fundamental shift in how the market values the company's assets relative to its equity compared to the 2006–2015 era.
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Comparison to Competitors
Devon Energy Corp., P/BV, long-term trends, comparison to competitors
| Devon Energy Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 15, 2023 | 3.35 | 1.94 | 2.75 | 2.29 |
| Feb 16, 2022 | 3.86 | 1.89 | 2.61 | 1.93 |
| Feb 17, 2021 | 5.07 | 1.50 | 2.22 | 1.53 |
| Feb 19, 2020 | 1.50 | 1.42 | 1.80 | 1.17 |
| Feb 20, 2019 | 1.44 | 1.47 | 2.47 | 1.75 |
| Feb 21, 2018 | 1.74 | 1.42 | 2.10 | 1.71 |
| Feb 15, 2017 | 3.91 | 1.44 | 1.70 | 2.01 |
| Feb 17, 2016 | 1.27 | 1.05 | 1.02 | 1.98 |
| Feb 20, 2015 | 1.22 | 1.32 | 1.59 | 2.16 |
| Feb 28, 2014 | 1.28 | 1.44 | 1.57 | 2.38 |
| Feb 21, 2013 | 1.05 | 1.65 | 1.49 | 2.42 |
| Feb 24, 2012 | 1.42 | 1.76 | 1.45 | 2.67 |
| Feb 25, 2011 | 2.00 | 1.95 | 1.64 | 2.88 |
| Feb 25, 2010 | 1.97 | 1.58 | 1.15 | 2.78 |
| Feb 27, 2009 | 1.14 | 1.46 | 1.03 | 2.97 |
| Feb 28, 2008 | 2.14 | 2.40 | 1.41 | 3.93 |
| Feb 28, 2007 | 1.67 | 2.14 | 1.33 | 3.58 |
| Mar 3, 2006 | 1.81 | 2.03 | 1.62 | 3.26 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Devon Energy Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Devon Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 15, 2023 | 3.35 | 2.21 |
| Feb 16, 2022 | 3.86 | 2.00 |
| Feb 17, 2021 | 5.07 | 1.58 |
| Feb 19, 2020 | 1.50 | 1.33 |
| Feb 20, 2019 | 1.44 | 1.70 |
| Feb 21, 2018 | 1.74 | 1.62 |
| Feb 15, 2017 | 3.91 | 1.74 |
| Feb 17, 2016 | 1.27 | 1.49 |
| Feb 20, 2015 | 1.22 | 1.74 |
| Feb 28, 2014 | 1.28 | 1.89 |
| Feb 21, 2013 | 1.05 | 1.99 |
| Feb 24, 2012 | 1.42 | 2.11 |
| Feb 25, 2011 | 2.00 | 2.31 |
| Feb 25, 2010 | 1.97 | 1.98 |
| Feb 27, 2009 | 1.14 | 2.04 |
| Feb 28, 2008 | 2.14 | 2.74 |
| Feb 28, 2007 | 1.67 | 2.51 |
| Mar 3, 2006 | 1.81 | 2.54 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Devon Energy Corp., P/BV, long-term trends, comparison to industry (energy)
| Devon Energy Corp. | Energy | |
|---|---|---|
| Feb 15, 2023 | 3.35 | 2.30 |
| Feb 16, 2022 | 3.86 | 2.07 |
| Feb 17, 2021 | 5.07 | 1.61 |
| Feb 19, 2020 | 1.50 | 1.38 |
| Feb 20, 2019 | 1.44 | 1.69 |
| Feb 21, 2018 | 1.74 | 1.74 |
| Feb 15, 2017 | 3.91 | 1.86 |
| Feb 17, 2016 | 1.27 | 1.56 |
| Feb 20, 2015 | 1.22 | 1.83 |
| Feb 28, 2014 | 1.28 | 1.99 |
| Feb 21, 2013 | 1.05 | 2.08 |
| Feb 24, 2012 | 1.42 | 2.21 |
| Feb 25, 2011 | 2.00 | 2.45 |
| Feb 25, 2010 | 1.97 | 2.10 |
| Feb 27, 2009 | 1.14 | 2.10 |
| Feb 28, 2008 | 2.14 | 2.94 |
| Feb 28, 2007 | 1.67 | 2.69 |
| Mar 3, 2006 | 1.81 | 2.76 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).