SM NYSE Oil & Gas Exploration & Production Financials FY2016βFY2025
SM Energy had $3.2B of revenue in fiscal 2025, up 17.3% on the year before. Over five years, revenue changed +22.9% a year on average.
Hi! I read SM Energyβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+17.3%
Yes. Sales grew 17.3% last year.
Does it make a profit?
20.6%
Yes. It keeps 20.6% of every sale as profit.
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· SM Energy had $3.2B of revenue in fiscal 2025, up 17.3% on the year before. Over five years, revenue changed +22.9% a year on average. Its operating margin was 31.7%, down 8.3Β pts: of every 100 in sales, about 32 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· SM Energy made $648M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· SM Energy returned $105M to shareholders in fiscal 2025. The diluted share count fell 0.9%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $1.6M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.6M
3 insiders
Of sales under plans
0%
$0.0M
Can it carry its debts, and how well does it use its money?
KIRA Β· SM Energy owes $2.3B more than it holds in cash.
Cash, debt and the ratios that show how comfortably SM Energy can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | 1.0x | 0.5x | 0.4x | 0.6x | 0.6x |
| Interest coverage | 1.3x | 13.1x | 10.7x | 7.6x | 5.8x |
| Current ratio | 0.7x | 1.2x | 1.5x | 0.6x | 0.7x |
| Quick ratio | 0.7x | 1.2x | 1.5x | 0.6x | 0.7x |
| 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 (β = net cash) | $1.7B | $1.1B | $959M | $2.7B | $2.3B |
KIRA Β· Its return on capital was 11.1%: every 100 invested in the business earned about 11 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· SM Energy passes 6 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 6 / 8 | 5 / 8 | 6 / 8 |
| Accruals ratio | β12.5% | β13.6% | β15.3% |
| Altman Z'' | 3.75 | 2.64 | 2.77 |
What does the share cost, and how does it compare?
KIRA Β· At $40.15 a share, the company is worth $9.6B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$2.3B and divides by 115.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today β Β· peers 17.3x Β· sector 17.2x.
KIRA Β· SM Energy grew sales faster than 2 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| SM Energy SM | $9.6B | 17.3% | 31.7% | β | 11.1% | β | 6 | |
| Range Resources RRC | $12.7B | 28.9% | β | 18.9% | 13.7% | 14.8x | 8 | Compare β |
| Crescent Energy CRGY | β | 22.1% | 6.4% | β | 2.3% | β | β | Compare β |
| Murphy Oil MUR | $6.5B | β10.2% | 11.1% | 8.4% | 3.7% | 21.9x | 5 | Compare β |
| California Resources CRC | $4.9B | 14.7% | 16.3% | 14.8% | 9.5% | β | 4 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β | β | β | β | β | β |
| Operating income | β$1.1B | β$164M | $836M | β$70.0M | β$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 | β$1.2B | β$344M | $652M | β$231M | β$957M | $46.2M | $1.4B | $914M | $966M | $830M |
| Income tax | β$444M | β$183M | $143M | β$44.0M | β$192M | $9.9M | $284M | $96.0M | $196M | $182M |
| Net income | β$758M | β$161M | $508M | β$187M | β$765M | $36.2M | $1.1B | $818M | $770M | $648M |
| Diluted EPS | β$9.90 | β$1.44 | $4.48 | β$1.66 | β$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% | β | β | β | β | β | β |
| Operating margin | β86.8% | β14.5% | 40.5% | β4.4% | β94.9% | 8.0% | 47.0% | 41.6% | 40.0% | 31.7% |
| Net margin | β62.2% | β14.2% | 24.6% | β11.8% | β67.9% | 1.4% | 33.1% | 34.5% | 28.6% | 20.6% |
| Returns | ||||||||||
| Return on capital | β37.4% | β5.4% | 25.0% | β1.9% | β23.7% | 4.1% | 31.4% | 20.1% | 14.9% | 11.1% |
| Return on capital employed | β18.7% | β2.8% | 14.5% | β1.2% | β20.9% | 4.8% | 33.4% | 18.2% | 15.9% | 12.6% |
| Return on equity | β34.8% | β6.6% | 19.1% | β6.6% | β32.1% | 1.8% | 43.2% | 24.4% | 19.6% | 14.3% |
| Return on assets | β12.6% | β2.6% | 8.1% | β3.0% | β13.6% | 0.7% | 20.3% | 13.5% | 10.3% | 7.3% |
| Growth | ||||||||||
| Revenue growth | β21.8% | β7.2% | 83.0% | β23.1% | β29.1% | 132.8% | 28.1% | β29.3% | 13.3% | 17.3% |
| Net income growth | β | β | β | β136.8% | β | β | 2,969.2% | β26.4% | β5.9% | β15.8% |
| EPS growth | β | β | β | β137.1% | β | β | 2,989.7% | β23.4% | β2.8% | β15.4% |
| Share count change | 13.1% | 45.5% | 1.9% | β0.8% | 1.1% | 8.8% | 0.3% | β4.1% | β2.5% | β0.9% |
| 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 | β6.7x | β0.9x | 5.2x | β0.4x | β6.5x | 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'' | β0.2 | 0.8 | 2.3 | 1.0 | β1.1 | 0.8 | 4.0 | 3.8 | 2.6 | 2.8 |
| Accruals ratio | β21.8% | β10.8% | β3.4% | β16.0% | β27.6% | β22.0% | β10.5% | β12.5% | β13.6% | β15.3% |
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 β not investment advice. Check the original filings before relying on any figure.
