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SM Energy Company

SM Energy Oil & Gas E&P

SM Energy Company’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 17.2% from fiscal 2024.

Revenue
+167.4%
EPS
−70.9%
Free cash flow
+369.4%
Total debt
+188.3%

Quarter to September 2026, against a year earlier

29.75 1.31 −4.22%
Market cap
$7.1B
P/E
7.2×
Fwd P/E
5.5×
Dividend yield
2.89%
F-score
6/9
Altman Z
1.44
Beneish M
−2.98
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • E&P Segment

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 1.62
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — 1 1 — —
Insider Ownership 0.60%

Capital & Financial Ratios $m

Size
Market Cap 7,050.00
Revenue ttm 6,853.41
Net income ttm 937.98
Free cash flow ttm 1,957.15
Net debt Q 6,172.00
Valuation
P/E 7.18
Forward P/E 5.52
Price / sales 1.03
Forward P/S Powerpack
Price / FCF 3.60
Price / book 0.91
Financial health
Current ratio Q 0.57 (below 1: weak)
Debt / equity Q 0.85
Interest coverage Q 2.03
Growth
Revenue growth Q +167.38% (above 0%: growing)
Operating income growth Q −4.25% (below 0%: shrinking)
EPS, this year +47.45% (at or above 15%: strong)
EPS, next year A +5.84%
Revenue, next year A +149.08% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +12.21%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.1×, against a ten-year median of 2.6×; over the ten years it ranged from 1.4× in 2025 to 4.6× in 2018.
P/E against its own 10 years 63.51%
10-year low 10-year high
P/S against its own 10 years 29.15%
10-year low 10-year high
P/B against its own 10 years 43.05%
10-year low 10-year high
EV/Sales against its own 10 years 22.59%
10-year low 10-year high
EV/FCF against its own 10 years 13.66%
10-year low 10-year high

Dividends raised 4 years running

Yield
2.89%
Annual rate
0.86
Payout ratio
20.9%
Growth, 2017–25
+33.4%/yr
  1. 0.10 ’17
  2. 0.10 ’18 +0
  3. 0.10 ’19 +0
  4. 0.02 ’20 −80
  5. 0.02 ’21 +0
  6. 0.16 ’22 +700
  7. 0.60 ’23 +275
  8. 0.74 ’24 +23
  9. 1.00 ’25 +35
  10. 0.94 ’26e −6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 616 — 368 442
Receivables 231 361 331 1,175
Inventory — — — —
Other 56 49 83 93
916 435 811 1,817
2023 2024 2025 Q'26
Payables 612 760 690 2,505
ST’ Debt — — 419 —
Other 22 29 60 682
634 790 1,169 3,187

Compound Annual Growth %

10y 5y 3y
Sales 7.31% 22.86% (2.07%)
Cash Flow 7.34% 20.52% 6.04%
Earnings 0.00% 0.00% (16.47%)
Book Value 10.01% 18.99% 15.95%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.03 Actual 1.95

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.73 0.83 Beat by 0.10
Q1 FY26 1.29 1.55 Beat by 0.26
Q2 FY26 1.93 2.19 Beat by 0.26
Q3 FY26 2.03 1.95 Miss by 0.08
Q4 FY26 2.38 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (1.68) 4.46 0.39 — —
’25 1.59 1.76 1.35 0.95 5.64
’24 1.13 1.82 2.09 1.64 6.67
’23 1.62 1.25 1.88 2.12 6.86
’22 0.39 2.60 3.87 2.09 8.96
’21 (2.19) (1.88) 0.69 3.43 0.29
’20 (3.64) (0.79) (0.86) (1.44) (6.72)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,479 2,500 2,170 — —
’25 845 793 812 704 3,154
’24 560 635 644 852 2,690
’23 574 551 641 609 2,374
’22 860 992 835 671 3,359
’21 444 564 760 855 2,623
’20 356 170 281 320 1,127
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 640 1,103 1,122 — —
’25 483 571 505 452 2,011
’24 276 476 452 578 1,783
’23 332 383 383 476 1,574
’22 342 543 513 288 1,686
’21 106 296 328 430 1,160
’20 218 114 202 257 791
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 85 1,246 403 — —
’25 69 161 86 223 539
’24 (56) 154 149 (1,879) (1,632)
’23 91 (15) 146 253 475
’22 192 327 287 0 806
’21 (42) 74 148 302 482
’20 79 (57) 85 136 243
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −10.0% a year for ten years.

Implied
−10.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,217 1,129 2,067 1,590 1,127 2,623 3,359 2,374 2,690 3,154 6,853 +11.2% 7,856 7,882 7,519 +33.6%
Gross margin, % 50.92 55.03 76.42 68.51 65.28 80.73 81.51 76.24 76.32 71.94 74.25 +21.0 pt
EBT (1,202) (344) 652 (231) (957) 46 1,396 914 966 830 1,243 n/m
EBT margin, % (98.72) (30.44) 31.53 (14.53) (84.91) 1.76 41.56 38.50 35.91 26.32 18.13 +125.0 pt
Net income (758) (161) 508 (187) (765) 36 1,112 818 770 648 938 n/m
Per share, $
Per share, $ Revenue 15.90 10.14 18.47 14.13 9.91 22.03 27.45 19.95 23.39 27.43 28.92 +6.2%
Earnings (9.90) (1.44) 4.54 (1.66) (6.72) 0.30 9.09 6.89 6.71 5.65 4.14 n/m
Cash flow 7.22 4.63 6.44 7.32 6.95 9.74 13.78 13.23 15.50 17.49 14.00 +10.3%
Capex (24.39) (1.81) (5.25) (9.00) (4.82) (5.70) (7.19) (9.24) (29.70) (12.80) (5.74) (6.9%)
Free cash flow (17.17) 2.82 1.19 (1.69) 2.14 4.05 6.59 3.99 (14.19) 4.69 8.26 n/m
Book value 32.61 21.49 26.09 24.43 17.73 17.33 25.22 30.39 36.84 41.83 32.81 +2.8%
Shares, m 77 111 112 113 114 119 122 119 115 115 198 +4.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 3.41 0.00 0.00 226.77 3.53 5.64 5.78 3.31 7.18 24.8
P/S 2.16 2.29 0.84 0.80 0.62 1.34 1.17 1.95 1.66 0.68 1.03 1.3
P/B 1.05 1.08 0.59 0.46 0.35 1.70 1.27 1.28 1.05 0.45 0.91 0.9
EV/Sales 4.53 4.59 2.22 2.73 2.89 2.14 1.60 2.50 2.17 1.43 2.11 2.7
EV/FCF (4.19) 16.53 34.61 (22.88) 13.38 11.63 6.67 12.50 (3.58) 8.34 7.39 7.3
Cash, $m
Cash, $m Operating cash flow 553 515 721 824 791 1,160 1,686 1,574 1,783 2,011 3,317 +15.4%
Capex (1,868) (202) (588) (1,013) (548) (678) (880) (1,099) (3,415) (1,472) (1,360) (2.6%)
Free cash flow (1,315) 314 133 (190) 243 482 806 475 (1,632) 539 1,957 n/m
Balance, $m
Balance, $m Working capital (191) (10) (37) (219) (380) (276) 139 283 (355) (358) (1,370) +7.3%
Net debt 2,888 2,595 2,518 2,752 2,226 1,755 1,137 959 2,777 2,347 6,172 (2.3%)
Shareholders’ equity 2,497 2,395 2,920 2,749 2,016 2,063 3,085 3,616 4,237 4,810 7,777 +7.6%
Returns, %
Returns, % ROA (12.61) (2.56) 8.12 (2.96) (13.57) 0.71 20.31 13.53 10.30 7.27 6.69 +19.9 pt
ROIC (12.27) (2.05) 9.61 (0.79) (15.75) 3.42 23.38 13.48 9.59 8.73 7.24 +21.0 pt
ROE (34.84) (6.58) 19.13 (6.60) (32.09) 1.78 43.19 24.41 19.61 14.33 15.02 +49.2 pt
People
People Employees 607 635 611 530 503 506 539 544 663 1,241 — +8.3%
Revenue/emp, $m 2.01 1.78 3.38 3.00 2.24 5.18 6.23 4.36 4.06 2.54 — +2.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

SM Energy is an independent energy company that acquires, explores for, develops and produces crude oil, natural gas and natural gas liquids, or NGLs. It sells that production to customers rather than operating as a refiner or retailer. The company was founded in 1908 and is headquartered in Denver.

Its work starts with acreage that may contain oil and gas. It uses geological and engineering information to identify locations, drills and completes wells, and produces hydrocarbons from them. Some natural gas can also be processed to extract NGLs. The company develops existing acreage and acquires assets to add locations for future drilling.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
E&P Segment 3,154 100.00%
Gross margin 71.94%
Operating margin 31.71%
Pre-tax margin 26.32%

Revenue by segment since 2016

SM Energy Company vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CHRD Chord Energy Corporation $7.2B 8.3× 6.8× +30.01% (above 0%: growing) +46.02% (above 0%: growing) +257.56% (above 0%: growing) 0.00% 29.60% Compare
SM SM Energy Company $7.1B 7.2× 5.5× +167.38% (above 0%: growing) −70.93% (below 0%: shrinking) +369.43% (above 0%: growing) 73.55% 10.88%
VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR $6.4B 7.5× 9.9× +83.39% (above 0%: growing) −10.66% (below 0%: shrinking) −82.86% (below 0%: shrinking) 54.75% 45.65% Compare
MGY Magnolia Oil & Gas Corp $6.3B 10.3× 9.4× +58.15% (above 0%: growing) +136.59% (above 0%: growing) +176.03% (above 0%: growing) 0.00% 30.08% Compare
MTDR Matador Resources Company $6.2B 8.4× 8.7× +23.82% (above 0%: growing) +10.97% (above 0%: growing) −65.09% (below 0%: shrinking) 85.09% 30.44% Compare
MUR Murphy Oil Corporation $5.2B 11.2× 10.6× +16.64% (above 0%: growing) n/m −59.09% (below 0%: shrinking) 100.00% 30.00% Compare
CNX CNX Resources Corporation. $5.0B 5.5× 7.4× −0.66% (below 0%: shrinking) −22.07% (below 0%: shrinking) −42.35% (below 0%: shrinking) 82.78% 44.70% Compare
LB LandBridge Company LLC $4.8B 42.4× 57.6× +39.46% (above 0%: growing) +41.94% (above 0%: growing) +44.89% (above 0%: growing) 0.00% 68.06% Compare
CRGY Crescent Energy Company $4.7B 62.7× 10.5× +55.92% (above 0%: growing) n/m +41.37% (above 0%: growing) 100.00% 35.43% Compare
Median of peers $5.7B 9.4× 9.6× +34.74% +26.46% −0.49% 68.77% 32.94%

All 74 Oil & Gas E&P stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.71%
Held by the ten largest 59.84%
Holder Shares Stake Change
BlackRock 39.28m 16.54% +849.03k
Vanguard 28.10m 11.83% +419.38k
CPP Investments 14.49m 6.10% 0.00
ARISTEIA CAPITAL, L.L.C. 13.00m 5.47% +2.16m
State Street 11.71m 4.93% −790.10k
American Century 8.94m 3.76% +12.06k
Dimensional Fund Advisors 8.17m 3.44% −1.82m
DONALD SMITH & CO., INC. 7.65m 3.22% +438.70k
Geode Capital Management 6.27m 2.64% +571.29k
Millennium Management 4.49m 1.89% −539.43k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 8 April 2026

Ownership

Directors and executive officers, together 0.50%
BlackRock Inc. 14.00%
The Vanguard Group 5.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

SM Energy Company (SM) Latest News

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · Simply Wall St.

3 Nov

Impact 3 · · Oilprice.com
Impact 3 · · StockStory
Impact 3 · · PR Newswire

27 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 3 · · StockStory

23 Oct

Impact 3 · · StockStory

20 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

19 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

13 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks

12 Oct

Impact 4 · · Zacks

9 Oct

Impact 3 · · StockStory

8 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

2 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory

SM metrics, ten years each

stockrow.com/SM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com