Devon Energy vs Occidental Petroleum
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The short version
- Occidental Petroleum is the larger business, with $21.6B of revenue in fiscal 2025 against $17.2B for Devon Energy.
- Devon Energy grew revenue faster (7.8%, against −1.9%).
- Occidental Petroleum turned more of its sales into free cash flow (19.0% FCF margin, against 18.2%).
- Devon Energy earned a higher return on the capital invested in it (13.0%, against 4.9%).
- Investors pay more for each dollar of Devon Energy’s earnings: a P/E of 12.2x against 9.9x for Occidental Petroleum.
| Latest fiscal year | DVN · FY25 | OXY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $48.3B | $65.0B |
| Revenue | $17.2B | $21.6B |
| Free cash flow | $3.1B | $4.1B |
| Net income | $2.6B | $2.4B |
| Growth | ||
| Revenue growth | 7.8% | −1.9% |
| 5-year growth | 28.9% | 3.9% |
| Share count change | −0.2% | 3.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 15.4% | 11.0% |
| FCF margin | 18.2% | 19.0% |
| Return on capital | 13.0% | 4.9% |
| Return on equity | 17.6% | 6.7% |
| Balance sheet | ||
| Net debt | $8.0B | $20.4B |
| Net debt / EBITDA | 1.1x | 1.7x |
| Dividends and buybacks | $1.7B | $1.6B |
| Valuation & quality | ||
| P/E | 12.2x | 9.9x |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
DVN $6.8B
OXY $10.1B
FY17
DVN $6.5B
OXY $12.5B
FY18
DVN $8.9B
OXY $17.8B
FY19
DVN $6.2B
OXY $20.9B
FY20
DVN $4.8B
OXY $17.8B
FY21
DVN $12.2B
OXY $26.0B
FY22
DVN $19.2B
OXY $36.6B
FY23
DVN $15.3B
OXY $23.2B
FY24
DVN $15.9B
OXY $22.0B
FY25
DVN $17.2B
OXY $21.6B
DVN
OXY
Operating margin
FY16
DVN −42.9%
OXY —
FY17
DVN —
OXY —
FY18
DVN —
OXY —
FY19
DVN —
OXY —
FY20
DVN —
OXY —
FY21
DVN —
OXY —
FY22
DVN —
OXY —
FY23
DVN —
OXY —
FY24
DVN —
OXY —
FY25
DVN —
OXY —
DVN
OXY
Free cash flow
FY16
DVN $116M
OXY $667M
FY17
DVN $1.3B
OXY $1.3B
FY18
DVN −$533M
OXY $2.7B
FY19
DVN $133M
OXY $1.0B
FY20
DVN $311M
OXY $1.4B
FY21
DVN $2.9B
OXY $7.6B
FY22
DVN $6.0B
OXY $12.3B
FY23
DVN $2.7B
OXY $6.6B
FY24
DVN $3.0B
OXY $5.2B
FY25
DVN $3.1B
OXY $4.1B
DVN
OXY
Return on capital
FY16
DVN −10.8%
OXY —
FY17
DVN 1.6%
OXY —
FY18
DVN 6.4%
OXY 15.4%
FY19
DVN 1.2%
OXY 1.4%
FY20
DVN −30.8%
OXY −18.4%
FY21
DVN 32.9%
OXY 8.0%
FY22
DVN 40.9%
OXY 29.7%
FY23
DVN 23.2%
OXY 8.2%
FY24
DVN 15.6%
OXY 6.9%
FY25
DVN 13.0%
OXY 4.9%
DVN
OXY
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.