A Business at a Glance
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SM Energy Co
SM
$7.6B
Mkt Cap
$33.19
-0.95%
SM Energy Co (SM) has a current P/E ratio of 5.9, compared to its historical median P/E of 4.4. The stock is currently considered Fair based on its historical valuation range.
SM Energy Co (SM) has a 5-year average return on invested capital (ROIC) of 16.8%. This indicates strong capital allocation and a potential competitive advantage.
SM Energy Co (SM) has a market capitalization of $8.0B. It is classified as a mid-cap stock.
Yes, SM Energy Co (SM) pays a dividend with a trailing twelve-month yield of 1.90%. The company also returns capital through share buybacks, with a buyback yield of 0.16%.
Based on historical P/E analysis, SM Energy Co (SM) appears fair. The current P/E of 5.9 is 34% above its historical median of 4.4. The estimated fair value CAGR (P/E method) is 27.1%.
SM Energy Co (SM) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
SM Energy Co (SM) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
ITEMS 1. AND 2. BUSINESS AND PROPERTIES We are an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas, and NGLs in Texas, Utah, and following the closing of the Civitas Merger on January 30, 2026, Colorado and New Mexico. SM Energy was founded in 1908, incorporated in Delaware in 1915, and our initial public offering of common stock was in 1992. Our common stock trades on the New York Stock Exchange under the ticker symbol “SM.” Our principal office is located at 1700 Lincoln Street, Suite 3200, Denver, Colorado 80203, and our telephone number is (303) 861-8140. Our purpose is to make people’s lives better by responsibly producing energy supplies, contributing to domestic energy security and prosperity, and having a positive impact in the communities where we live and work.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.8B | 3.2B | 2.7B | 2.4B | 3.4B | 2.6B |
| Net Income | 131M | 648M | 770M | 818M | 1.1B | 36M |
| EPS | $2.67 | $2.82 | $3.34 | $3.43 | $4.48 | $0.15 |
| Free Cash Flow | 0 | 2.0B | 1.8B | 1.6B | 1.7B | 1.1B |
| ROIC | 4.0% | 12.3% | 16.5% | 20.0% | 31.2% | 4.0% |
| Gross Margin | - | 36.8% | 45.1% | 46.7% | 50.2% | 12.2% |
| Debt/Equity | 0.14 | 0.51 | 0.38 | 0.45 | 0.52 | 1.02 |
| Dividends/Share | $0.63 | $0.40 | $0.38 | $0.32 | $0.08 | $0.01 |
| Operating Income | 426M | 1.0B | 1.1B | 987M | 1.6B | 209M |
| Operating Margin | 11.2% | 31.7% | 40.0% | 41.6% | 47.0% | 8.0% |
| ROE | 1.9% | 14.3% | 19.6% | 24.4% | 43.2% | 1.8% |
| Shares Outstanding | 240M | 230M | 231M | 238M | 248M | 250M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.5B | 1.6B | 1.2B | 1.1B | 2.1B | 1.6B | 1.1B | 2.6B | 3.4B | 2.4B | 2.7B | 3.2B | 3.8B |
| Gross Margin | N/A | N/A | -76.6% | -4.1% | 46.1% | 4.0% | -86.1% | 12.2% | 50.2% | 46.7% | 45.1% | 36.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 167M | 158M | 125M | 117M | 117M | 133M | 99M | 112M | 115M | 121M | 138M | 161M | 296M |
| EBIT | 1.2B | -579M | -1.1B | -164M | 836M | -70M | -1.1B | 209M | 1.6B | 987M | 1.1B | 1.0B | 426M |
| Op. Margin | 46.2% | -37.2% | -86.8% | -14.5% | 40.5% | -4.4% | -94.9% | 8.0% | 47.0% | 41.6% | 40.0% | 31.7% | 11.2% |
| Net Income | 666M | -448M | -758M | -161M | 508M | -187M | -765M | 36M | 1.1B | 818M | 770M | 648M | 131M |
| Net Margin | 26.4% | -28.8% | -62.2% | -14.2% | 24.6% | -11.8% | -67.9% | 1.4% | 33.1% | 34.5% | 28.6% | 20.5% | 3.5% |
| Non-Recurring | 0 | 49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 19.3% | -12.7% | -16.1% | -3.1% | 12.9% | -3.5% | -21.9% | 4.0% | 31.2% | 20.0% | 16.5% | 12.3% | 4.0% |
| ROE | 34.2% | -21.6% | -34.8% | -6.6% | 19.1% | -6.6% | -32.1% | 1.8% | 43.2% | 24.4% | 19.6% | 14.3% | 1.9% |
| ROA | 11.9% | -7.4% | -12.6% | -2.6% | 8.1% | -3.0% | -13.6% | 0.7% | 20.3% | 13.5% | 10.3% | 7.3% | 0.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 991M | 553M | 515M | 721M | 824M | 791M | 1.2B | 1.7B | 1.6B | 1.8B | 2.0B | 2.2B |
| Free Cash Flow | 1.3B | 780M | 545M | 515M | 721M | 799M | 783M | 1.1B | 1.7B | 1.6B | 1.8B | 2.0B | 0 |
| Owner Earnings | -1.8B | -2.5B | -2.3B | -2.7B | 209M | 299M | 385M | 636M | 1.0B | 990M | 1.1B | 1.1B | 1.0B |
| CapEx | 130M | 211M | 8.0M | 0 | 0 | 24M | 8.0M | 11M | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 3.2B | 3.5B | 2.8B | 3.2B | 487M | 501M | 391M | 505M | 621M | 564M | 637M | 885M | 1.1B |
| Growth CapEx | 0 | 0 | 0 | N/A | N/A | 0 | 0 | 0 | N/A | N/A | N/A | N/A | 0 |
| D&A | 3.2B | 3.5B | 2.8B | 3.2B | 487M | 501M | 391M | 505M | 621M | 564M | 637M | 885M | 1.1B |
| CapEx/OCF | N/A | 21.5% | 1.5% | 1.4% | 0.4% | 2.9% | 1.0% | 0.9% | 1.8% | 5.1% | 1.3% | 1.9% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 6.7M | 6.8M | 7.8M | 11M | 11M | 11M | 2.3M | 2.4M | 20M | 72M | 85M | 92M | 151M |
| Dividend Yield | 0.1% | 0.1% | 0.2% | 0.3% | 0.2% | 0.4% | 0.3% | 0.1% | 0.2% | 1.0% | 0.9% | 1.5% | 1.9% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57M | 228M | 86M | 13M | 13M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.5% | 5.2% | 1.0% | 0.3% | 0.2% |
| Stock-Based Comp | 33M | 27M | 27M | 23M | 24M | 24M | 15M | 19M | 19M | 20M | 25M | 29M | 47M |
| Debt Repayment | 0 | 12M | 0 | 13K | 0 | 0 | 13M | 0 | 10.0M | 0 | 13M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.3B | 2.5B | 2.8B | 2.5B | 2.4B | 2.8B | 2.3B | 1.8B | 1.2B | 999M | 1.6B | 2.1B | 536M |
| Cash & Equiv. | 120K | 18K | 9.4M | 314M | 78M | 10K | 10K | 333M | 445M | 616M | 0 | 368M | 449M |
| Long-Term Debt | 2.2B | 2.3B | 2.8B | 2.8B | 2.4B | 2.6B | 2.2B | 2.1B | 1.6B | 1.6B | 1.5B | 2.3B | 985M |
| Debt/Equity | 1.02 | 1.36 | 1.11 | 1.16 | 0.84 | 1.01 | 1.16 | 1.02 | 0.52 | 0.45 | 0.38 | 0.51 | 0.14 |
| Interest Coverage | 11.8 | -4.5 | -6.7 | -0.9 | 5.2 | -0.4 | -6.5 | 1.3 | 13.1 | 10.7 | 7.6 | 5.8 | 1.8 |
| Equity | 2.3B | 1.9B | 2.5B | 2.4B | 2.9B | 2.7B | 2.0B | 2.1B | 3.1B | 3.6B | 4.2B | 4.8B | 6.9B |
| Total Assets | 6.5B | 5.6B | 6.4B | 6.2B | 6.4B | 6.3B | 5.0B | 5.2B | 5.7B | 6.4B | 8.6B | 9.3B | 19.1B |
| Total Liabilities | 1.3B | 1.0B | 526M | 3.8B | 3.4B | 3.5B | 3.0B | 3.2B | 2.6B | 2.8B | 4.3B | 4.4B | 2.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 2.0B | 1.6B | 794M | 666M | 1.2B | 968M | 201M | 235M | 1.3B | 2.1B | 2.7B | 3.3B | 2.9B |
| Working Capital | -40M | 216M | -191M | -10M | -37M | -219M | -380M | -276M | 139M | 283M | -355M | -358M | -2.6B |
| Current Assets | 745M | 519M | 225M | 549M | 429M | 253M | 204M | 613M | 737M | 916M | 435M | 811M | 1.7B |
| Current Liabilities | 785M | 303M | 415M | 559M | 466M | 472M | 584M | 889M | 599M | 634M | 790M | 1.2B | 4.3B |
| Per Share Data | |||||||||||||
| EPS | 4.90 | -3.31 | -4.95 | -0.72 | 2.24 | -0.83 | -3.36 | 0.15 | 4.48 | 3.43 | 3.34 | 2.82 | 2.67 |
| Owner EPS | -13.30 | -18.59 | -15.09 | -11.99 | 0.92 | 1.33 | 1.69 | 2.54 | 4.22 | 4.15 | 4.86 | 4.77 | 4.31 |
| Book Value | 16.81 | 13.67 | 16.31 | 10.72 | 12.87 | 12.20 | 8.86 | 8.26 | 12.43 | 15.16 | 18.35 | 20.93 | 28.65 |
| Cash Flow/Share | 10.70 | 7.31 | 3.61 | 2.31 | 3.18 | 3.66 | 3.48 | 4.64 | 6.79 | 6.60 | 7.72 | 8.75 | 5.08 |
| Dividends/Share | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.01 | 0.01 | 0.08 | 0.32 | 0.38 | 0.40 | 0.63 |
| Shares Out. | 136.1M | 135.5M | 153.1M | 223.4M | 227.0M | 225.3M | 227.6M | 249.9M | 248.2M | 238.5M | 230.9M | 229.8M | 239.7M |
| Valuation | |||||||||||||
| P/E Ratio | 3.5 | N/A | N/A | N/A | 3.1 | N/A | N/A | 96.9 | 3.4 | 5.4 | 5.4 | 3.3 | 12.4 |
| P/FCF | 3.5 | 3.0 | 8.8 | 8.8 | 4.4 | 2.8 | 1.6 | 6.1 | 4.5 | 5.6 | 4.7 | 2.1 | N/A |
| EV/EBIT | 2.3 | N/A | N/A | N/A | 1.7 | N/A | N/A | 13.6 | 1.9 | 3.2 | 8.1 | 4.1 | 19.9 |
| Price/Book | 1.0 | 0.6 | 1.0 | 0.9 | 0.5 | 0.4 | 0.3 | 1.7 | 1.2 | 1.2 | 2.0 | 0.9 | 1.2 |
| Price/Sales | 1.7 | 1.6 | 1.5 | 1.9 | 1.2 | 0.8 | 0.4 | 0.9 | 1.3 | 1.6 | 3.7 | 2.0 | 2.1 |
| FCF Yield | 56.7% | 67.8% | 22.7% | 22.7% | 45.8% | 71.6% | 127.5% | 32.7% | 44.1% | 35.8% | 20.6% | 45.6% | N/A |
| Market Cap | 2.3B | 1.2B | 2.4B | 2.3B | 1.6B | 1.1B | 614M | 3.5B | 3.8B | 4.4B | 8.7B | 4.4B | 8.0B |
| Avg. Price | 64.03 | 36.40 | 24.54 | 18.79 | 21.83 | 11.62 | 3.79 | 19.07 | 36.32 | 31.70 | 41.85 | 26.18 | 33.19 |
| Year-End Price | 34.40 | 16.99 | 31.42 | 20.31 | 13.86 | 9.91 | 5.40 | 28.10 | 30.82 | 36.85 | 36.29 | 18.51 | 33.19 |
SM Energy Co passes 6 of 9 quality checks, suggesting mixed fundamentals.
SM Energy Co trades at 5.9x trailing earnings, compared to its 15-year median P/E of 4.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 4.0x vs a median of 4.6x. The company's 5-year average ROIC is 16.8% with a gross margin of 38.2%. Total shareholder yield (dividends + buybacks) is 2.1%. At current prices, the estimated annualized return to fair value is +14.5%.
SM Energy Co (SM) has a net profit margin of 20.5%. This is a strong margin indicating high profitability.
SM Energy Co (SM) generated $2.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SM Energy Co (SM) has a debt-to-equity ratio of 0.51. This indicates moderate leverage.
SM Energy Co (SM) reported earnings per share (EPS) of $2.82 in its most recent fiscal year.
SM Energy Co (SM) has a return on equity (ROE) of 14.3%. This indicates moderate shareholder returns.
SM Energy Co (SM) has a 5-year average gross margin of 38.2%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for SM Energy Co (SM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SM Energy Co (SM) has a book value per share of $20.93, based on its most recent annual SEC filing.
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