Price to Sales (P/S)
since 2005
Calculation
Devon Energy Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2023 | 1.95 | = | 57.23 | ÷ | 29.31 | 29.31 | = | 19,169 | ÷ | 654,000,000 | |
| Feb 16, 2022 | 2.93 | = | 53.85 | ÷ | 18.38 | 18.38 | = | 12,206 | ÷ | 664,200,000 | |
| Feb 17, 2021 | 3.03 | = | 21.73 | ÷ | 7.17 | 7.17 | = | 4,828 | ÷ | 673,100,000 | |
| Feb 19, 2020 | 1.40 | = | 22.72 | ÷ | 16.24 | 16.24 | = | 6,220 | ÷ | 382,900,000 | |
| Feb 20, 2019 | 1.24 | = | 30.27 | ÷ | 24.49 | 24.49 | = | 10,734 | ÷ | 438,300,000 | |
| Feb 21, 2018 | 1.15 | = | 30.57 | ÷ | 26.51 | 26.51 | = | 13,949 | ÷ | 526,100,000 | |
| Feb 15, 2017 | 2.25 | = | 44.23 | ÷ | 19.64 | 19.64 | = | 10,304 | ÷ | 524,600,000 | |
| Feb 17, 2016 | 0.68 | = | 20.33 | ÷ | 29.79 | 29.79 | = | 13,145 | ÷ | 441,300,000 | |
| Feb 20, 2015 | 1.34 | = | 63.82 | ÷ | 47.59 | 47.59 | = | 19,566 | ÷ | 411,100,000 | |
| Feb 28, 2014 | 2.52 | = | 64.42 | ÷ | 25.52 | 25.52 | = | 10,397 | ÷ | 407,400,000 | |
| Feb 21, 2013 | 2.34 | = | 54.88 | ÷ | 23.40 | 23.40 | = | 9,502 | ÷ | 406,000,000 | |
| Feb 24, 2012 | 2.65 | = | 75.19 | ÷ | 28.34 | 28.34 | = | 11,454 | ÷ | 404,100,000 | |
| Feb 25, 2011 | 3.88 | = | 90.35 | ÷ | 23.28 | 23.28 | = | 9,940 | ÷ | 427,000,000 | |
| Feb 25, 2010 | 3.84 | = | 68.81 | ÷ | 17.94 | 17.94 | = | 8,015 | ÷ | 446,800,000 | |
| Feb 27, 2009 | 1.27 | = | 43.67 | ÷ | 34.27 | 34.27 | = | 15,211 | ÷ | 443,800,000 | |
| Feb 28, 2008 | 4.15 | = | 106.04 | ÷ | 25.57 | 25.57 | = | 11,362 | ÷ | 444,390,145 | |
| Feb 28, 2007 | 2.76 | = | 65.70 | ÷ | 23.80 | 23.80 | = | 10,578 | ÷ | 444,461,491 | |
| Mar 3, 2006 | 2.50 | = | 60.81 | ÷ | 24.31 | 24.31 | = | 10,741 | ÷ | 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-Sales (P/S) ratio demonstrates significant volatility over the analyzed 17-year period, reflecting the cyclical nature of the energy market and fluctuations in equity valuation relative to revenue generation. The ratio reached a historical peak of 4.15 in February 2008 and a historical trough of 0.68 in February 2016.
- Early Valuation Peaks and Correction (2006–2009)
- A period of valuation expansion is observed from 2006 to 2008, with the P/S ratio rising from 2.50 to 4.15. This increase was primarily driven by a substantial rise in share price, which peaked at 106.04 USD. A sharp contraction followed in February 2009, where the P/S ratio fell to 1.27, indicating a rapid decompression of market valuation despite an increase in sales per share to 34.27 USD.
- Mid-Term Volatility and Historic Lows (2010–2016)
- The P/S ratio experienced a recovery to 3.88 by February 2011 before entering a general downward trajectory. By February 2016, the ratio reached its lowest point of 0.68. This decline was characterized by a severe reduction in share price to 20.33 USD, which outweighed the fluctuations in sales per share during that window.
- Recent Valuation Trends and Revenue Anomalies (2017–2023)
- The P/S ratio showed inconsistent recovery patterns between 2017 and 2023. A notable anomaly occurred in February 2021, where the P/S ratio spiked to 3.03. This peak was not driven by share price appreciation, but rather by a significant contraction in sales per share to a period low of 7.17 USD. Subsequently, the ratio moderated to 1.95 by February 2023, as sales per share recovered to 29.31 USD and the share price stabilized at 57.23 USD.
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Comparison to Competitors
Devon Energy Corp., P/S, long-term trends, comparison to competitors
| Devon Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 15, 2023 | 1.95 | 1.31 | 1.68 | 1.12 |
| Feb 16, 2022 | 2.93 | 1.69 | 2.58 | 1.17 |
| Feb 17, 2021 | 3.03 | 2.09 | 3.52 | 1.34 |
| Feb 19, 2020 | 1.40 | 1.46 | 1.94 | 0.88 |
| Feb 20, 2019 | 1.24 | 1.43 | 2.16 | 1.20 |
| Feb 21, 2018 | 1.15 | 1.56 | 2.21 | 1.35 |
| Feb 15, 2017 | 2.25 | 1.91 | 2.51 | 1.54 |
| Feb 17, 2016 | 0.68 | 1.24 | 1.38 | 1.30 |
| Feb 20, 2015 | 1.34 | 1.02 | 1.57 | 0.95 |
| Feb 28, 2014 | 2.52 | 0.98 | 1.50 | 0.98 |
| Feb 21, 2013 | 2.34 | 0.98 | 1.23 | 0.89 |
| Feb 24, 2012 | 2.65 | 0.88 | 0.39 | 0.88 |
| Feb 25, 2011 | 3.88 | 1.03 | 0.59 | 1.14 |
| Feb 25, 2010 | 3.84 | 0.87 | 0.48 | 1.02 |
| Feb 27, 2009 | 1.27 | 0.48 | 0.24 | 0.73 |
| Feb 28, 2008 | 4.15 | 0.86 | 0.67 | 1.23 |
| Feb 28, 2007 | 2.76 | 0.72 | 0.60 | 1.12 |
| Mar 3, 2006 | 2.50 | 0.66 | 0.48 | 1.01 |
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/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Devon Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 15, 2023 | 1.95 | 1.24 |
| Feb 16, 2022 | 2.93 | 1.48 |
| Feb 17, 2021 | 3.03 | 1.72 |
| Feb 19, 2020 | 1.40 | 1.15 |
| Feb 20, 2019 | 1.24 | 1.35 |
| Feb 21, 2018 | 1.15 | 1.48 |
| Feb 15, 2017 | 2.25 | 1.72 |
| Feb 17, 2016 | 0.68 | 1.29 |
| Feb 20, 2015 | 1.34 | 1.02 |
| Feb 28, 2014 | 2.52 | 1.02 |
| Feb 21, 2013 | 2.34 | 0.94 |
| Feb 24, 2012 | 2.65 | 0.75 |
| Feb 25, 2011 | 3.88 | 0.98 |
| Feb 25, 2010 | 3.84 | 0.85 |
| Feb 27, 2009 | 1.27 | 0.54 |
| Feb 28, 2008 | 4.15 | 1.00 |
| Feb 28, 2007 | 2.76 | 0.88 |
| Mar 3, 2006 | 2.50 | 0.79 |
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/S, long-term trends, comparison to industry (energy)
| Devon Energy Corp. | Energy | |
|---|---|---|
| Feb 15, 2023 | 1.95 | 1.31 |
| Feb 16, 2022 | 2.93 | 1.52 |
| Feb 17, 2021 | 3.03 | 1.69 |
| Feb 19, 2020 | 1.40 | 1.18 |
| Feb 20, 2019 | 1.24 | 1.38 |
| Feb 21, 2018 | 1.15 | 1.63 |
| Feb 15, 2017 | 2.25 | 1.90 |
| Feb 17, 2016 | 0.68 | 1.37 |
| Feb 20, 2015 | 1.34 | 1.10 |
| Feb 28, 2014 | 2.52 | 1.11 |
| Feb 21, 2013 | 2.34 | 1.02 |
| Feb 24, 2012 | 2.65 | 0.83 |
| Feb 25, 2011 | 3.88 | 1.10 |
| Feb 25, 2010 | 3.84 | 0.93 |
| Feb 27, 2009 | 1.27 | 0.57 |
| Feb 28, 2008 | 4.15 | 1.09 |
| Feb 28, 2007 | 2.76 | 0.96 |
| Mar 3, 2006 | 2.50 | 0.86 |
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).