DEVON ENERGY CORP/DE vs SLB LIMITED/NV, two Oil & Gas stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Devon earns 14.7% on equity producing shale oil; SLB earns 12.2% providing the services to extract it, a rare cycle where the producer edges the premier service company on capital return. Devon nets 13.2% of revenue to SLB's 9.3%, and yields more free cash, 11.2% against 6.6%. SLB trades dearer, 20.7 times earnings against Devon's 11.8, the services multiple pricing more drilling-cycle upside. Both carry moderate debt near 0.4-0.6 turns and pay near-2% dividends. The pair prices a shale producer against the world's largest oilfield-services firm; Devon owns the barrels and converts more to cash, SLB sells the technology at nearly double the multiple, the market paying up for the services company's leverage to a drilling recovery.
Comparison updated 2026-07-11.
| Metric | DVN | SLB |
|---|---|---|
| Price | $42.18 | $46.95 |
| Market cap | $26.1B | $71.1B |
| Sector | Oil & Gas | Oil & Gas |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | -0.4% | +7.3% |
| P/E | 11.8 | 20.7 |
| P/B | 1.69 | 2.60 |
| P/S | 1.52 | 1.98 |
| EV/EBITDA | 9.4 | 29.0 |
| Revenue growth | +2.6% | -0.3% |
| Net margin | 13.2% | 9.3% |
| Return on equity | 14.7% | 12.2% |
| Return on assets | 7.0% | 6.1% |
| FCF yield | 11.2% | 6.6% |
| Dividend yield | 1.6% | 1.8% |
| Debt / equity | 0.61 | 0.35 |
| Current ratio | 1.01 | 1.34 |
| Altman Z (solvency) | 6.97 | 2.81 |
| Piotroski F (quality) | 8 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.