DVN Historical PE Ratio Notes

— Devon Energy Corporation (DVN) is a leading independent oil & gas exploration and production company based in the United States, with a primary focus on onshore operations in top-tier North American resource plays, such as the Delaware Basin and Anadarko Basin. DVN generates revenue mainly through the extraction & sale of crude oil, natural gas, & natural gas liquids, making its financial results—and thus its earnings per share—highly sensitive to the often-volatile movements in commodity prices. When oil & gas prices are high, Devon's earnings typically rise, which, all else equal, can cause its price-to-earnings (PE) ratio to fall if the stock price doesn't increase as much as earnings. Conversely, periods of lower commodity prices can squeeze margins & reduce profits, inflating the PE ratio or even leading to negative earnings. As you review historical PE charts & tables for DVN, it’s crucial to understand that large swings in the PE ratio often reflect shifts in energy market fundamentals, investor sentiment about future oil & gas prices, and broader economic cycles impacting energy demand—rather than changes uniquely attributable to Devon’s operational performance.

On this page we presented the DVN Historical PE Ratio information for Devon Energy' stock. The average DVN historical PE based on using the annualized quarterly earnings result at each measurement period (for the "E" in the PE calculation; and the closing price on earnings date as the "P") is 21.7. Meanwhile, using the trailing twelve month (TTM) quarterly earnings result as our method of calculation the "E" value at each measurement period, the average DVN historical PE based on this TTM earnings result method is 21.2. Note: any PE calculations resulting in a value exceeding 500 were discarded as not meaningful. Note: any PE calculations involving negative earnings were discarded as not meaningful.

Let's now compare this DVN historical PE result, against the recent PE: when this page was posted on 8/11/2026, the most recent closing price for DVN had been 45.40, and the most recent quarterly earnings result, annualized, was 6.28. Meanwhile, the most recent TTM earnings summed to 4.47. From these numbers, we calculate the recent DVN PE on 8/11/2026 based on annualized quarterly EPS was 7.2. Based on DVN's history, that recent PE is low relative to the historical average, with the recent PE 66.8% lower than the historical average PE across our data set for Devon Energy. Looking at the recent DVN PE on 8/11/2026 based on TTM EPS, we calculate the ratio at 10.2. Based on DVN's history, that recent PE is low relative to the historical average, with the recent PE 51.9% lower than the average PE across our Devon Energy data set with TTM EPS used in the calculation at each period.

Another interesting DVN historical PE Ratio calculation we look at is to take the median earnings per share of the last four quarters for DVN, and then annualize the resulting value... with that annualized number then being used in the PE calculation. To walk through this math for DVN, we start with the past four EPS numbers and we first sort them from lowest to highest: 0.82, 1.04, 1.04, and 1.57. We then toss out the highest and lowest result, and then take the average of those two middle numbers — 1.04 and 1.04 — which gives us the median of 1.04. Basically the way to think about this 1.04 number is this: for the trailing four earnings reports, 1.04 marks the "middle ground" number where DVN has reported a value higher than 1.04 half the time, and has reported a value lower than 1.04 half the time. Annualizing that median value then gets us to 4.16/share, which we use as the denominator in our next PE calculation. With 45.40 as the numerator (as of 8/11/2026), the calculation is then 45.40 / 4.16 = 10.9 as the DVN PE ratio as of 8/11/2026, based on that annualized median value we calculated.

For self directed investors doing their due diligence on DVN or any other given stock, valuation analysis for DVN can greatly benefit from studying the past earnings and resulting PE calculations. This exercise can help inform an analysis as to whether the past earnings trajectory and current versus historical PE ratios justify the current stock value.

That's why we bring you HistoricalPERatio.com to make it easy for investors to investigate Devon Energy PE history or the past PE information for any stock in our coverage universe. And in your continued research we hope you will be sure to check out the further links included for earnings surprises history (beat/miss data) as well as next earnings dates for DVN. Thanks for visiting, and the next time you need to research DVN Historical PE Ratio or the ratio for another stock, we hope you'll think of our site, as your go-to historical PE ratio research resource of choice.