DVN vs EQT: Devon Energy and EQT compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Devon Energy is the larger company, worth $59.0B, about 1.7 times EQT.
- Devon Energy grew revenue faster over the last year (+73.0% vs -29.2%).
- On earnings, EQT is the cheaper stock (10.7x vs 14.2x).
- Devon Energy's price assumes faster free cash flow growth: about 4% a year, against -1% for EQT (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DVN | EQT |
|---|---|---|
| Market cap | $59.0B | $35.3B |
| Share price | $48.26 | $52.83 |
| Revenue (last fiscal year) | $16.8B | $8.6B |
| Free cash flow (last fiscal year) | $3.1B | $2.8B |
| Revenue growth, last year | +73.0% | -29.2% |
| Revenue growth per year, last 5 fiscal years | +5.1% | +6.2% |
| Operating margin | — | 42.5% |
| Net margin | 16.6% | 28.4% |
| Return on equity | 7.9% | 10.7% |
| P/E (trailing) | 14.2x | 10.7x |
| Price / free cash flow | 18.9x | 12.4x |
| EV / EBITDA | 7.44x | 5.57x |
| FCF growth the price implies | 4.3% | -1.2% |
| Dividend yield | 1.9% | 1.2% |
| Debt / equity | 0.70x | 0.49x |
| Fundamental grade | B | C |
| Superinvestors holding it | 7 | 6 |
| Insider purchases, last 12 months | 3 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Devon Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $13.8B | $2.9B | — |
| 2022 | $19.8B | $6.0B | — |
| 2023 | $15.1B | $2.7B | — |
| 2024 | $15.9B | $3.0B | — |
| 2025 | $16.8B | $3.1B | — |
EQT
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.8B | $607M | -20.0% |
| 2022 | $12.1B | $2.1B | 22.4% |
| 2023 | $5.0B | $1.2B | 45.9% |
| 2024 | $5.3B | $573M | 13.0% |
| 2025 | $8.6B | $2.8B | 37.6% |
Where the revenue comes from
Devon Energy · by products, 2025
Oil, Gas and NGL Sales$11.2B67%
Marketing and Midstream Revenues$5.6B33%
EQT · by segments, 2025
Upstream$8.0B81%
Gathering$1.3B13%
Transmission$572M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DVN in InvestinglyQuestions
Which is bigger, Devon Energy or EQT?
Devon Energy (DVN), at $59.0B against $35.3B.
Is DVN or EQT cheaper?
By trailing P/E, EQT (10.7x) is cheaper than Devon Energy (14.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, DVN or EQT?
Devon Energy: revenue grew +73.0% over the last year, against -29.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.