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SM Energy

SM NYSE Oil & Gas Exploration & Production Financials FY2016–FY2025

SM Energy's revenue rose 17.2% to $3.2 billion in fiscal 2025. Its operating margin was 31.7%, down from 40.0% a year earlier. It paid out $105 million in dividends and buybacks. The diluted share count fell 0.9%.

Last close · Oct 23, 2026

$40.11

4.4%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
17.2% vs prior year
Operating margin Operating income as a share of revenue.
31.7%
8.3 pts
Net income Profit after all expenses, interest and tax.
$648M
15.8%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.1%
3.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What SM Energy does

No business description yet.

Legal name
SM ENERGY CO
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000893538-26-000032
0000893538

Revenue and margins

SM Energy had $3.2B of revenue in fiscal 2025, up 17.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

SM Energy returned $105M to shareholders in fiscal 2025. The diluted share count fell 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value SM Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$2.3B and divides by 115.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today — · peers 17.3x · sector 17.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably SM Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $333M$445M$616M$0.0M$368M
Debt incl. finance leases $2.1B$1.6B$1.6B$2.7B$2.7B
Debt / equity 1.0x0.5x0.4x0.6x0.6x
Interest coverage 1.3x13.1x10.7x7.6x5.8x
Current ratio 0.7x1.2x1.5x0.6x0.7x
Quick ratio 0.7x1.2x1.5x0.6x0.7x
Total assets $5.2B$5.7B$6.4B$8.6B$9.3B
Total liabilities $3.2B$2.6B$2.8B$4.3B$4.4B
Shareholders' equity $2.1B$3.1B$3.6B$4.2B$4.8B
Net debt (− = net cash) $1.7B$1.1B$959M$2.7B$2.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.6M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Ashwin VenkatramanDirector Sold 3,650 $38.28 $0.1M Form 4
Aug 21, 2026 James Barker LebeckEVP, GC & Corp Secretary Sold 17,500 $37.02 $0.6M Form 4
May 21, 2026 Ramiro G PeruDirector Sold 24,553 $33.98 $0.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 85 / 86 / 8
Accruals ratio −12.5%−13.6%−15.3%
Altman Z'' 3.752.642.77

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
SM Energy SM $9.6B 17.3% 31.7% — 11.1% — 6
Range Resources RRC $10.8B 28.9% — 18.9% 13.7% 12.6x 8 Compare →
Crescent Energy CRGY — 22.1% 6.4% — 2.3% — — Compare →
Murphy Oil MUR $6.5B −10.2% 11.1% 8.4% 3.7% 22.0x 5 Compare →
California Resources CRC $4.9B 14.7% 16.3% 14.8% 9.5% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.2B $1.1B $2.1B $1.6B $1.1B $2.6B $3.4B $2.4B $2.7B $3.2B
Gross profit $620M $622M $1.6B $1.1B — — — — — —
Operating income −$1.1B −$164M $836M −$70.0M −$1.1B $209M $1.6B $987M $1.1B $1.0B
Interest expense $159M $179M $161M $159M $164M $160M $120M $92.0M $141M $173M
Pretax income −$1.2B −$344M $652M −$231M −$957M $46.2M $1.4B $914M $966M $830M
Income tax −$444M −$183M $143M −$44.0M −$192M $9.9M $284M $96.0M $196M $182M
Net income −$758M −$161M $508M −$187M −$765M $36.2M $1.1B $818M $770M $648M
Diluted EPS −$9.90 −$1.44 $4.48 −$1.66 −$6.72 $0.29 $8.96 $6.86 $6.67 $5.64
Diluted shares 0.08B 0.11B 0.11B 0.11B 0.11B 0.12B 0.12B 0.12B 0.12B 0.12B
Cash flow
Cash from operations $553M $515M $721M $824M $791M $1.2B $1.7B $1.6B $1.8B $2.0B
Stock-based compensation $26.9M $22.7M $23.9M $24.3M $15.0M $18.8M $18.8M $20.0M $25.0M $29.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $57.2M $228M $86.0M $13.0M
Dividends paid $7.8M $11.1M $11.2M $11.3M $2.3M $2.4M $19.6M $72.0M $85.0M $92.0M
Dividends and buybacks $7.8M $11.1M $11.2M $11.3M $2.3M $2.4M $76.8M $300M $171M $105M
Balance sheet
Cash and short-term investments $9.4M $314M $78.0M $0.0M $0.0M $333M $445M $616M $0.0M $368M
Total debt $131M $139M $148M $157M $2.2B $2.1B $1.6B $1.6B $2.7B $2.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $225M $549M $429M $253M $204M $613M $737M $916M $435M $811M
Current liabilities $415M $559M $466M $472M $584M $889M $599M $634M $790M $1.2B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $6.1B $5.6B $5.8B $6.0B $4.7B $4.6B $4.9B $5.4B $8.0B $8.2B
Total assets $6.4B $6.2B $6.4B $6.3B $5.0B $5.2B $5.7B $6.4B $8.6B $9.3B
Total liabilities $3.9B $3.8B $3.4B $3.5B $3.0B $3.2B $2.6B $2.8B $4.3B $4.4B
Shareholders' equity $2.5B $2.4B $2.9B $2.7B $2.0B $2.1B $3.1B $3.6B $4.2B $4.8B
Margins
Gross margin 50.9% 55.0% 76.4% 68.5% — — — — — —
Operating margin −86.8% −14.5% 40.5% −4.4% −94.9% 8.0% 47.0% 41.6% 40.0% 31.7%
Net margin −62.2% −14.2% 24.6% −11.8% −67.9% 1.4% 33.1% 34.5% 28.6% 20.6%
Returns
Return on capital −37.4% −5.4% 25.0% −1.9% −23.7% 4.1% 31.4% 20.1% 14.9% 11.1%
Return on capital employed −18.7% −2.8% 14.5% −1.2% −20.9% 4.8% 33.4% 18.2% 15.9% 12.6%
Return on equity −34.8% −6.6% 19.1% −6.6% −32.1% 1.8% 43.2% 24.4% 19.6% 14.3%
Return on assets −12.6% −2.6% 8.1% −3.0% −13.6% 0.7% 20.3% 13.5% 10.3% 7.3%
Growth
Revenue growth −21.8% −7.2% 83.0% −23.1% −29.1% 132.8% 28.1% −29.3% 13.3% 17.3%
Net income growth — — — −136.8% — — 2,969.2% −26.4% −5.9% −15.8%
EPS growth — — — −137.1% — — 2,989.7% −23.4% −2.8% −15.4%
Share count change 13.1% 45.5% 1.9% −0.8% 1.1% 8.8% 0.3% −4.1% −2.5% −0.9%
Financial health
Debt / equity 0.1x 0.1x 0.1x 0.1x 1.1x 1.0x 0.5x 0.4x 0.6x 0.6x
Interest coverage −6.7x −0.9x 5.2x −0.4x −6.5x 1.3x 13.1x 10.7x 7.6x 5.8x
Current ratio 0.5x 1.0x 0.9x 0.5x 0.4x 0.7x 1.2x 1.5x 0.6x 0.7x
Quick ratio 0.5x 1.0x 0.9x 0.5x 0.4x 0.7x 1.2x 1.5x 0.6x 0.7x
Capital allocation
Stock comp / revenue 2.2% 2.0% 1.2% 1.5% 1.3% 0.7% 0.6% 0.8% 0.9% 0.9%
Quality scores
Piotroski F-score 2.0 5.0 6.0 3.0 2.0 6.0 7.0 6.0 5.0 6.0
Altman Z'' −0.2 0.8 2.3 1.0 −1.1 0.8 4.0 3.8 2.6 2.8
Accruals ratio −21.8% −10.8% −3.4% −16.0% −27.6% −22.0% −10.5% −12.5% −13.6% −15.3%

Source: SEC EDGAR XBRL filings (CIK 0000893538). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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