Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
Devon Energy Corp., FCFF calculation
US$ in millions
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 |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Devon Energy Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Devon Energy Corp. FCFF increased from 2020 to 2021 and from 2021 to 2022. |
Interest Paid, Net of Tax
Devon Energy Corp., interest paid, net of tax calculation
US$ in millions
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).
2 2022 Calculation
Interest paid, tax = Interest paid × EITR
= 370 × 22.00% = 81
Enterprise Value to FCFF Ratio, Current
Devon Energy Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 33,678) |
| Free cash flow to the firm (FCFF) | 6,277) |
| Valuation Ratio | |
| EV/FCFF | 5.37 |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Chevron Corp. | 15.69 |
| ConocoPhillips | 17.69 |
| Exxon Mobil Corp. | 14.39 |
| Marathon Petroleum Corp. | 7.19 |
| Occidental Petroleum Corp. | 12.43 |
| Valero Energy Corp. | 7.41 |
| EV/FCFF, Sector | |
| Oil, Gas & Consumable Fuels | 7.82 |
| EV/FCFF, Industry | |
| Energy | 8.23 |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Devon Energy Corp., historical EV/FCFF 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) | |
| Free cash flow to the firm (FCFF)2 | 6,277) | 3,306) | 523) | 355) | 70) | |
| Valuation Ratio | ||||||
| EV/FCFF3 | 6.82 | 12.21 | 32.62 | 32.46 | 241.38 | |
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Chevron Corp. | 8.27 | 13.33 | 106.63 | 16.67 | — | |
| ConocoPhillips | 7.43 | 10.72 | 92.48 | 13.21 | — | |
| Exxon Mobil Corp. | 7.84 | 10.06 | — | 44.38 | — | |
| Marathon Petroleum Corp. | 5.22 | 7.80 | — | 13.14 | — | |
| Occidental Petroleum Corp. | 5.95 | 8.39 | 25.58 | 45.65 | — | |
| Valero Energy Corp. | 5.39 | 10.62 | — | 9.96 | — | |
| EV/FCFF, Sector | ||||||
| Oil, Gas & Consumable Fuels | 7.32 | 10.61 | 399.27 | 21.17 | — | |
| EV/FCFF, Industry | ||||||
| Energy | 7.80 | 10.93 | 210.37 | 21.44 | — | |
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).
3 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 42,800 ÷ 6,277 = 6.82
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Devon Energy Corp. EV/FCFF ratio decreased from 2020 to 2021 and from 2021 to 2022. |