Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

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

Devon Energy Corp., EBITDA calculation

US$ in millions

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).

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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

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.	6.46
ConocoPhillips	6.53
Exxon Mobil Corp.	6.63
Marathon Petroleum Corp.	5.28
Occidental Petroleum Corp.	6.10
Pioneer Natural Resources Co.	7.32
Valero Energy Corp.	4.32
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	4.48
EV/EBITDA, Industry
Energy	4.66

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

	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	—
Pioneer Natural Resources Co.	4.16	10.66	22.82	8.69	—
Valero Energy Corp.	3.15	10.17	47.76	6.00	—
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	4.19	7.13	39.03	6.59	—
EV/EBITDA, Industry
Energy	4.40	7.34	66.20	7.54	—

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).

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.

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Devon Energy Corp. (NYSE:DVN)

Enterprise Value to EBITDA (EV/EBITDA)

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

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical