SM Energy Company
SM Energy Company’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 17.2% from fiscal 2024. In the quarter to June 2026, revenue grew 215.3%, EPS grew 154.6%, free cash flow grew 673.9% and total debt rose 144.2%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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SM Energy Company (SM) Piotroski F-score
SM Energy Company's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 1.00 |
| FY2024 | 5 | (1.00) |
| FY2023 | 6 | (2.00) |
| FY2022 | 8 | 1.00 |
| FY2021 | 7 | 4.00 |
| FY2020 | 3 | 1.00 |
| FY2019 | 2 | (5.00) |
| FY2018 | 7 | 1.00 |
| FY2017 | 6 | 4.00 |
| FY2016 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 7.27% | 10.30% | Pass | 1 |
| Positive operating cash flow | 2.01b | 1.78b | Pass | 1 |
| Rising return on assets | 7.27% | 10.30% | Fail | 0 |
| Cash flow above net income | 1.36b | 1.01b | Pass | 1 |
| Falling long-term leverage | 0.26 | 0.37 | Pass | 1 |
| Rising current ratio | 0.69 | 0.55 | Pass | 1 |
| No new shares issued | 115,000,000 | 115,000,000 | Pass | 1 |
| Rising gross margin | 71.94% | 76.32% | Fail | 0 |
| Rising asset turnover | 0.35 | 0.36 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| RRC Range Resources Corporation compare | 8 |
| AR Antero Resources Corporation compare | 8 |
| SM SM Energy Company | 6 |
| MGY Magnolia Oil & Gas Corp compare | 6 |
| CRGY Crescent Energy Company compare | 5 |
| CHRD Chord Energy Corporation compare | 5 |
| MUR Murphy Oil Corporation compare | 5 |
| MTDR Matador Resources Company compare | 4 |
| VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover