SM Energy Company (SM) 10-Year Financial Performance & Capital Metrics

SM •

EnergyOil & Gas E&PU.S. shale oil focused producers

AboutSM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the state of Texas. As of February 24, 2022, it had 492.0 million barrels of oil equivalent of estimated proved reserves. It also has working interests in 825 gross productive oil wells and 483 gross productive gas wells in the Midland Basin and South Texas. The company was formerly known as St. Mary Land & Exploration Company and changed its name to SM Energy Company in May 2010. SM Energy Company was founded in 1908 and is headquartered in Denver, Colorado.Show more

Revenue $3.15B +18.1%
EBITDA $1.22B -35.1%
Net Income $648M -15.9%
EPS (Diluted) 5.64 -15.4%
Gross Margin -
EBITDA Margin 38.78% -45.0%
Operating Margin 0.51% -98.7%
Net Margin 20.55% -28.8%
ROE 14.32% -27.0%
ROIC 0.17% -98.7%
Debt/Equity 0.48 -28.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 18.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.9%
✓Good 3Y average ROE of 19.5%
✓Healthy dividend yield of 3.5%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.62%

5Y22.87%

3Y-1.95%

TTM18.07%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-16.47%

TTM-15.88%

EPS CAGR

10Y-

5Y-

3Y-14.3%

TTM-15.44%

ROCE

10Y Avg4.33%

5Y Avg14.49%

3Y Avg11.42%

Latest0.2%

Peer Comparison

U.S. shale oil focused producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHRDChord Energy Corporation	6.15B	108.37	146.45	-7.12%	9.07%	5.48%	11.26%	0.19
FANGDiamondback Energy, Inc.	49.54B	174.08	30.38	36.31%	11.11%	3.87%	10.57%	0.34
MGYMagnolia Oil & Gas Corporation	153.01M	27.82	14.34	7.25%	24.79%	5.49%	100%	0.21
PRPermian Resources Corporation	1.54B	18.29	14.29	-100%	24%	8.11%	100%	0.01
EOGEOG Resources, Inc.	67.33B	124.08	13.62	-3.47%	22.07%	16.69%	5.84%	0.28
OVVOvintiv Inc.	12.81B	50.59	10.58	-4.55%	14.13%	11.09%	11.74%	0.67
DVNDevon Energy Corporation	27B	43.53	10.36	10.41%	15.91%	17.01%	11.55%	0.57
MTDRMatador Resources Company	6.46B	51.40	8.44	6.25%	20.55%	12.66%	37.51%	0.35

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.18B	1.26B	1.64B	1.59B	1.13B	2.6B	3.35B	2.36B	2.67B	3.15B
Revenue Growth %	-22.03%	6.78%	30.13%	-3.32%	-28.98%	130.68%	28.79%	-29.35%	13%	18.07%
Cost of Goods Sold+	1.39B	1.06B	1.15B	1.32B	1.18B	1.28B	1.22B	1.25B	1.45B	0
COGS % of Revenue	117.62%	84.49%	70.28%	83.53%	104.44%	49.26%	36.6%	53.05%	54.14%	-
Gross Profit+	-207.93M	195.46M	487.48M	261.24M	-50.02M	1.32B	2.12B	1.11B	1.23B	0
Gross Margin %	-17.62%	15.51%	29.72%	16.47%	-4.44%	50.74%	63.4%	46.95%	45.86%	-
Gross Profit Growth %	-59.08%	194%	149.4%	-46.41%	-119.15%	2735.38%	60.93%	-47.68%	10.37%	-100%
Operating Expenses+	849.11M	359.18M	-348.86M	331.21M	1.02B	1.11B	541.73M	122.96M	149.31M	2.15B
OpEx % of Revenue	71.94%	28.5%	-21.27%	20.89%	90.48%	42.69%	16.19%	5.2%	5.59%	68.29%
Selling, General & Admin	124.83M	117.28M	116.5M	132.8M	99.16M	111.94M	114.56M	121.06M	138.34M	161M
SG&A % of Revenue	10.58%	9.31%	7.1%	8.37%	8.8%	4.31%	3.42%	5.12%	5.18%	5.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	724.28M	241.9M	-465.37M	198.41M	919.77M	997.04M	427.18M	1.9M	10.97M	1.99B
Operating Income+	-1.06B	-163.72M	836.34M	-69.97M	-1.07B	209.12M	1.58B	986.91M	1.08B	16M
Operating Margin %	-89.55%	-12.99%	50.99%	-4.41%	-94.92%	8.05%	47.21%	41.75%	40.27%	0.51%
Operating Income Growth %	-82.63%	84.51%	610.83%	-108.37%	-1427.77%	119.56%	655.29%	-37.52%	9%	-98.51%
EBITDA+	-266.3M	393.31M	1.5B	753.83M	-283.96M	983.51M	2.18B	1.68B	1.89B	1.22B
EBITDA Margin %	-22.56%	31.21%	91.56%	47.54%	-25.21%	37.86%	65.25%	70.96%	70.57%	38.78%
EBITDA Growth %	-177.81%	247.7%	281.79%	-49.8%	-137.67%	446.35%	121.99%	-23.17%	12.38%	-35.12%
D&A (Non-Cash Add-back)	790.75M	557.04M	665.31M	823.8M	784.99M	774.39M	603.78M	690.48M	809.3M	1.21B
EBIT	-1.04B	-164.56M	812.68M	-71.94M	-792.81M	206.52M	1.52B	1.01B	1.11B	0
Net Interest Income+	-158.69M	-179.26M	-160.91M	-159.1M	-163.89M	-158.64M	-114.57M	-71.78M	-108.76M	0
Interest Income	0	0	0	0	0	1.72M	5.77M	19.85M	31.9M	3M
Interest Expense	158.69M	179.26M	160.91M	159.1M	163.89M	160.35M	120.35M	91.63M	140.66M	-173M
Other Income/Expense	-144.87M	-180.09M	-184.56M	-161.08M	112.25M	-162.96M	-183.71M	-72.7M	-109.47M	814M
Pretax Income+	-1.2B	-343.81M	651.78M	-231.04M	-956.71M	46.17M	1.4B	914.2M	966.22M	830M
Pretax Margin %	-101.82%	-27.28%	39.74%	-14.57%	-84.95%	1.78%	41.72%	38.67%	36.17%	26.32%
Income Tax+	-444.17M	-182.97M	143.37M	-44.04M	-192.09M	9.94M	283.82M	96.32M	195.93M	-182M
Effective Tax Rate %	63.04%	46.78%	78%	80.94%	79.92%	78.47%	79.67%	89.46%	79.72%	78.07%
Net Income+	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M	648M
Net Margin %	-64.2%	-12.76%	31%	-11.79%	-67.89%	1.39%	33.23%	34.6%	28.84%	20.55%
Net Income Growth %	-69.25%	78.77%	416.09%	-136.78%	-308.88%	104.74%	2969.23%	-26.45%	-5.82%	-15.88%
Net Income (Continuing)	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M	648M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-9.90	-1.44	4.48	-1.66	-6.72	0.29	8.96	6.86	6.67	5.64
EPS Growth %	-49.77%	85.45%	411.11%	-137.05%	-304.82%	104.32%	2989.66%	-23.44%	-2.77%	-15.44%
EPS (Basic)	-9.90	-1.44	4.54	-1.66	-6.72	0.30	9.09	6.89	6.71	5.65
Diluted Shares Outstanding	76.57M	111.43M	113.5M	112.54M	113.73M	123.69M	124.08M	119.24M	115.53M	115M
Basic Shares Outstanding	76.54M	111.43M	111.91M	112.54M	113.73M	119.04M	122.35M	118.68M	114.76M	115M
Dividend Payout Ratio	-	-	2.2%	-	-	6.61%	1.77%	8.76%	11.04%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	224.64M	549.12M	429.26M	252.63M	203.67M	613.19M	737.2M	916.44M	434.7M	811M
Cash & Short-Term Investments	9.37M	313.94M	77.97M	10K	10K	332.72M	445M	616.16M	0	368M
Cash Only	9.37M	313.94M	77.97M	10K	10K	332.72M	445M	616.16M	0	368M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	151.95M	160.15M	167.54M	184.73M	162.46M	247.2M	233.3M	231.16M	360.98M	331M
Days Sales Outstanding	46.99	46.38	37.28	42.52	52.65	34.73	25.45	35.69	49.32	38.31
Inventory	54.52M	64.27M	175.13M	55.18M	31.2M	0	0	0	0	0
Days Inventory Outstanding	14.33	22.03	55.46	15.21	9.68	-	-	-	-	-
Other Current Assets	61.03M	64.36M	184.6M	62.05M	41.2M	24.09M	58.91M	69.11M	73.72M	112M
Total Non-Current Assets+	6.17B	5.63B	5.92B	6.04B	4.77B	4.62B	4.98B	5.46B	8.14B	240M
Property, Plant & Equipment	5.71B	5.44B	5.83B	5.95B	4.7B	4.58B	4.88B	5.38B	7.99B	65M
Fixed Asset Turnover	0.21x	0.23x	0.28x	0.27x	0.24x	0.57x	0.69x	0.44x	0.33x	48.52x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	70.58M	40.36M	58.5M	20.62M	23.15M	239K	24.46M	0	3.97M	0
Other Non-Current Assets	144.46M	104.58M	-125.56M	-103.44M	70.9M	35.02M	-184.75M	87.13M	145.27M	175M
Total Assets+	6.39B	6.18B	6.35B	6.29B	4.98B	5.23B	5.72B	6.38B	8.58B	9.25B
Asset Turnover	0.18x	0.20x	0.26x	0.25x	0.23x	0.50x	0.59x	0.37x	0.31x	0.34x
Asset Growth %	13.73%	-3.39%	2.85%	-0.95%	-20.91%	5.18%	9.21%	11.62%	34.43%	7.89%
Total Current Liabilities+	415.17M	559.21M	466.05M	472.04M	583.74M	889.33M	598.58M	633.81M	789.95M	1.17B
Accounts Payable	0	77.57M	56.05M	52.09M	63.01M	25.07M	43.9M	107.31M	82.5M	0
Days Payables Outstanding	-	26.59	17.75	14.36	19.55	7.15	13.08	31.24	20.82	-
Short-Term Debt	0	0	0	0	0	0	0	0	22.42M	0
Deferred Revenue (Current)	0	0	0	-19.19M	-11.88M	-6.51M	280.81M	0	0	0
Other Current Liabilities	228.95M	197.06M	84.47M	83.74M	234.18M	404.75M	121.4M	285.01M	333.2M	1.17B
Current Ratio	0.54x	0.98x	0.92x	0.54x	0.35x	0.69x	1.23x	1.45x	0.55x	0.69x
Quick Ratio	0.41x	0.87x	0.55x	0.42x	0.30x	0.69x	1.23x	1.45x	0.55x	0.69x
Cash Conversion Cycle	-	41.82	74.99	43.37	42.78	-	-	-	-	-
Total Non-Current Liabilities+	3.48B	3.22B	2.97B	3.07B	2.38B	2.28B	2.03B	2.13B	3.55B	3.27B
Long-Term Debt	2.9B	2.91B	2.6B	2.73B	2.21B	2.08B	1.57B	1.58B	2.78B	2.3B
Capital Lease Obligations	0	0	0	23.14M	11.9M	19.44M	23.62M	24.35M	42.9M	0
Deferred Tax Liabilities	315.67M	79.99M	223.28M	189.39M	93.87M	9.77M	280.81M	369.9M	545.29M	724M
Other Non-Current Liabilities	583.63M	314.19M	370.15M	125.87M	150.31M	171.15M	155.35M	160.73M	184.5M	254M
Total Liabilities	3.9B	3.78B	3.43B	3.54B	2.96B	3.17B	2.63B	2.76B	4.34B	4.44B
Total Debt+	2.9B	2.91B	2.6B	2.73B	2.21B	2.08B	1.57B	1.58B	2.84B	2.3B
Net Debt	2.89B	2.59B	2.52B	2.73B	2.21B	1.75B	1.13B	959.17M	2.84B	1.93B
Debt / Equity	1.16x	1.21x	0.89x	0.99x	1.10x	1.01x	0.51x	0.44x	0.67x	0.48x
Debt / EBITDA	-	7.40x	1.73x	3.63x	-	2.12x	0.72x	0.94x	1.51x	1.88x
Net Debt / EBITDA	-	6.60x	1.68x	3.63x	-	1.78x	0.52x	0.57x	1.51x	1.58x
Interest Coverage	-6.66x	-0.91x	5.20x	-0.44x	-6.52x	1.30x	13.12x	10.77x	7.65x	-
Total Equity+	2.5B	2.39B	2.92B	2.75B	2.02B	2.06B	3.09B	3.62B	4.24B	4.81B
Equity Growth %	34.81%	-4.11%	21.95%	-5.87%	-26.66%	2.33%	49.55%	17.19%	17.19%	13.52%
Book Value per Share	32.61	21.49	25.73	24.43	17.73	16.68	24.87	30.32	36.68	41.83
Total Shareholders' Equity	2.5B	2.39B	2.92B	2.75B	2.02B	2.06B	3.09B	3.62B	4.24B	4.81B
Common Stock	1.11M	1.12M	1.12M	1.13M	1.15M	1.22M	1.22M	1.16M	1.15M	1M
Retained Earnings	794.02M	665.66M	1.17B	967.59M	200.7M	234.53M	1.31B	2.05B	2.74B	3.29B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-14.56M	-13.79M	-12.38M	-11.32M	-13.6M	-12.85M	-4.02M	-2.61M	-1.16M	1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	552.8M	515.39M	720.63M	823.57M	790.94M	1.16B	1.69B	1.57B	1.78B	2.01B
Operating CF Margin %	46.83%	40.89%	43.94%	51.94%	70.23%	44.64%	50.4%	66.6%	66.73%	63.76%
Operating CF Growth %	-43.5%	-6.77%	39.82%	14.28%	-3.96%	46.63%	45.41%	-6.64%	13.22%	12.82%
Net Income	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M	648M
Depreciation & Amortization	790.75M	557.04M	665.31M	954.32M	1.36B	1.71B	603.78K	690.48M	809.3M	1.21B
Stock-Based Compensation	26.9M	22.7M	23.91M	24.32M	15M	18.82M	18.77M	20.25M	25.02M	29M
Deferred Taxes	-448.64M	-192.07M	141.71M	-41.84M	-192.54M	9.56M	269.06M	88.26M	174.99M	178M
Other Non-Cash Items	969.5M	218.95M	-632.38M	56.92M	362.26M	-735.44M	358.08M	-37.92M	-8.3M	-51M
Working Capital Changes	-27.95M	69.61M	13.67M	16.85M	11.59M	117.41M	-72.06M	-4.55M	11.21M	0
Change in Receivables	-10.56M	14M	-30.15M	-39.56M	29.1M	-101.05M	38.55M	-10.19M	-85.53M	30M
Change in Inventory	43.02M	20.73M	-23.82M	-50.28M	23.38M	-218.24M	0	0	0	0
Change in Payables	-53.21M	44.98M	23.82M	50.28M	-23.38M	218.24M	-109.56K	8.08M	109.27M	-17M
Cash from Investing+	-1.87B	-201.53M	-587.93M	-1.01B	-555.57M	-667.24M	-880.26M	-1.1B	-3.41B	-1.47B
Capital Expenditures	-2.81B	-978.25M	-1.34B	-1.03B	-555.66M	-678.16M	-879.93M	-1.1B	-1.31B	-1.44B
CapEx % of Revenue	238.37%	77.61%	81.48%	64.72%	49.34%	26.1%	26.3%	46.51%	49.06%	45.59%
Acquisitions	946.06M	776.72M	748.51M	13.06M	92K	10.93M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	943.06M	776.72M	748.51M	13.06M	-7.78M	10.93M	-329K	657K	-2.1B	-30M
Cash from Financing+	1.33B	-12.29M	-368.67M	111.77M	-235.38M	-159.83M	-693.86M	-304.54M	1.01B	-175M
Debt Issued (Net)	426.35M	-2.36M	-352.92M	122.5M	-219.5M	-151M	-584.95M	0	1.2B	0
Equity Issued (Net)	0	1000K	1000K	1000K	1000K	0	-1000K	-1000K	-1000K	0
Dividends Paid	-7.75M	-11.14M	-11.19M	-11.25M	-2.28M	-2.39M	-19.64M	-71.61M	-85.02M	-92M
Share Repurchases	0	0	0	0	0	-9.07M	-57.21M	-228.1M	-86.06M	-13M
Other Financing	908.59M	-1.41M	-7.75M	-2.69M	-15.07M	-6.43M	-32.07M	-4.82M	-19.81M	-83M
Net Change in Cash	9.35M	301.57M	-235.98M	-77.95M	0	332.71M	112.28M	171.17M	-616.16M	0
Free Cash Flow+	-2.26B	-462.86M	-615.81M	-202.78M	235.29M	481.61M	806.47M	475.05M	-1.63B	573M
FCF Margin %	-191.54%	-36.72%	-37.55%	-12.79%	20.89%	18.54%	24.1%	20.1%	-61.09%	18.17%
FCF Growth %	-332.1%	79.53%	-33.05%	67.07%	216.03%	104.69%	67.45%	-41.09%	-443.5%	135.11%
FCF per Share	-29.53	-4.15	-5.43	-1.80	2.07	3.89	6.50	3.98	-14.12	4.98
FCF Conversion (FCF/Net Income)	-0.73x	-3.20x	1.42x	-4.40x	-1.03x	32.01x	1.52x	1.92x	2.31x	3.10x
Interest Paid	0	164.1M	150.73M	0	0	136.61M	134.24M	86.95M	88.39M	0
Taxes Paid	0	5.99M	3M	0	0	864K	10.58M	8.97M	26.9M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-34.84%	-6.58%	19.13%	-6.6%	-32.09%	1.78%	43.19%	24.41%	19.62%	14.32%
Return on Invested Capital (ROIC)	-16.25%	-2.37%	12.03%	-0.96%	-16.51%	3.9%	29.53%	16.85%	13.84%	0.17%
Gross Margin	-17.62%	15.51%	29.72%	16.47%	-4.44%	50.74%	63.4%	46.95%	45.86%	-
Net Margin	-64.2%	-12.76%	31%	-11.79%	-67.89%	1.39%	33.23%	34.6%	28.84%	20.55%
Debt / Equity	1.16x	1.21x	0.89x	0.99x	1.10x	1.01x	0.51x	0.44x	0.67x	0.48x
Interest Coverage	-6.66x	-0.91x	5.20x	-0.44x	-6.52x	1.30x	13.12x	10.77x	7.65x	-
FCF Conversion	-0.73x	-3.20x	1.42x	-4.40x	-1.03x	32.01x	1.52x	1.92x	2.31x	3.10x
Revenue Growth	-22.03%	6.78%	30.13%	-3.32%	-28.98%	130.68%	28.79%	-29.35%	13%	18.07%

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SM Energy Company (SM) 10-Year Financial Performance & Capital Metrics

SM •

EnergyOil & Gas E&PU.S. shale oil focused producers

Revenue $3.15B +18.1%
EBITDA $1.22B -35.1%
Net Income $648M -15.9%
EPS (Diluted) 5.64 -15.4%
Gross Margin -
EBITDA Margin 38.78% -45.0%
Operating Margin 0.51% -98.7%
Net Margin 20.55% -28.8%
ROE 14.32% -27.0%
ROIC 0.17% -98.7%
Debt/Equity 0.48 -28.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 18.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.9%
✓Good 3Y average ROE of 19.5%
✓Healthy dividend yield of 3.5%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.62%

5Y22.87%

3Y-1.95%

TTM18.07%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-16.47%

TTM-15.88%

EPS CAGR

10Y-

5Y-

3Y-14.3%

TTM-15.44%

ROCE

10Y Avg4.33%

5Y Avg14.49%

3Y Avg11.42%

Latest0.2%

Peer Comparison

U.S. shale oil focused producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHRDChord Energy Corporation	6.15B	108.37	146.45	-7.12%	9.07%	5.48%	11.26%	0.19
FANGDiamondback Energy, Inc.	49.54B	174.08	30.38	36.31%	11.11%	3.87%	10.57%	0.34
MGYMagnolia Oil & Gas Corporation	153.01M	27.82	14.34	7.25%	24.79%	5.49%	100%	0.21
PRPermian Resources Corporation	1.54B	18.29	14.29	-100%	24%	8.11%	100%	0.01
EOGEOG Resources, Inc.	67.33B	124.08	13.62	-3.47%	22.07%	16.69%	5.84%	0.28
OVVOvintiv Inc.	12.81B	50.59	10.58	-4.55%	14.13%	11.09%	11.74%	0.67
DVNDevon Energy Corporation	27B	43.53	10.36	10.41%	15.91%	17.01%	11.55%	0.57
MTDRMatador Resources Company	6.46B	51.40	8.44	6.25%	20.55%	12.66%	37.51%	0.35

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.18B	1.26B	1.64B	1.59B	1.13B	2.6B	3.35B	2.36B	2.67B	3.15B
Revenue Growth %	-22.03%	6.78%	30.13%	-3.32%	-28.98%	130.68%	28.79%	-29.35%	13%	18.07%
Cost of Goods Sold+	1.39B	1.06B	1.15B	1.32B	1.18B	1.28B	1.22B	1.25B	1.45B	0
COGS % of Revenue	117.62%	84.49%	70.28%	83.53%	104.44%	49.26%	36.6%	53.05%	54.14%	-
Gross Profit+	-207.93M	195.46M	487.48M	261.24M	-50.02M	1.32B	2.12B	1.11B	1.23B	0
Gross Margin %	-17.62%	15.51%	29.72%	16.47%	-4.44%	50.74%	63.4%	46.95%	45.86%	-
Gross Profit Growth %	-59.08%	194%	149.4%	-46.41%	-119.15%	2735.38%	60.93%	-47.68%	10.37%	-100%
Operating Expenses+	849.11M	359.18M	-348.86M	331.21M	1.02B	1.11B	541.73M	122.96M	149.31M	2.15B
OpEx % of Revenue	71.94%	28.5%	-21.27%	20.89%	90.48%	42.69%	16.19%	5.2%	5.59%	68.29%
Selling, General & Admin	124.83M	117.28M	116.5M	132.8M	99.16M	111.94M	114.56M	121.06M	138.34M	161M
SG&A % of Revenue	10.58%	9.31%	7.1%	8.37%	8.8%	4.31%	3.42%	5.12%	5.18%	5.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	724.28M	241.9M	-465.37M	198.41M	919.77M	997.04M	427.18M	1.9M	10.97M	1.99B
Operating Income+	-1.06B	-163.72M	836.34M	-69.97M	-1.07B	209.12M	1.58B	986.91M	1.08B	16M
Operating Margin %	-89.55%	-12.99%	50.99%	-4.41%	-94.92%	8.05%	47.21%	41.75%	40.27%	0.51%
Operating Income Growth %	-82.63%	84.51%	610.83%	-108.37%	-1427.77%	119.56%	655.29%	-37.52%	9%	-98.51%
EBITDA+	-266.3M	393.31M	1.5B	753.83M	-283.96M	983.51M	2.18B	1.68B	1.89B	1.22B
EBITDA Margin %	-22.56%	31.21%	91.56%	47.54%	-25.21%	37.86%	65.25%	70.96%	70.57%	38.78%
EBITDA Growth %	-177.81%	247.7%	281.79%	-49.8%	-137.67%	446.35%	121.99%	-23.17%	12.38%	-35.12%
D&A (Non-Cash Add-back)	790.75M	557.04M	665.31M	823.8M	784.99M	774.39M	603.78M	690.48M	809.3M	1.21B
EBIT	-1.04B	-164.56M	812.68M	-71.94M	-792.81M	206.52M	1.52B	1.01B	1.11B	0
Net Interest Income+	-158.69M	-179.26M	-160.91M	-159.1M	-163.89M	-158.64M	-114.57M	-71.78M	-108.76M	0
Interest Income	0	0	0	0	0	1.72M	5.77M	19.85M	31.9M	3M
Interest Expense	158.69M	179.26M	160.91M	159.1M	163.89M	160.35M	120.35M	91.63M	140.66M	-173M
Other Income/Expense	-144.87M	-180.09M	-184.56M	-161.08M	112.25M	-162.96M	-183.71M	-72.7M	-109.47M	814M
Pretax Income+	-1.2B	-343.81M	651.78M	-231.04M	-956.71M	46.17M	1.4B	914.2M	966.22M	830M
Pretax Margin %	-101.82%	-27.28%	39.74%	-14.57%	-84.95%	1.78%	41.72%	38.67%	36.17%	26.32%
Income Tax+	-444.17M	-182.97M	143.37M	-44.04M	-192.09M	9.94M	283.82M	96.32M	195.93M	-182M
Effective Tax Rate %	63.04%	46.78%	78%	80.94%	79.92%	78.47%	79.67%	89.46%	79.72%	78.07%
Net Income+	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M	648M
Net Margin %	-64.2%	-12.76%	31%	-11.79%	-67.89%	1.39%	33.23%	34.6%	28.84%	20.55%
Net Income Growth %	-69.25%	78.77%	416.09%	-136.78%	-308.88%	104.74%	2969.23%	-26.45%	-5.82%	-15.88%
Net Income (Continuing)	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M	648M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-9.90	-1.44	4.48	-1.66	-6.72	0.29	8.96	6.86	6.67	5.64
EPS Growth %	-49.77%	85.45%	411.11%	-137.05%	-304.82%	104.32%	2989.66%	-23.44%	-2.77%	-15.44%
EPS (Basic)	-9.90	-1.44	4.54	-1.66	-6.72	0.30	9.09	6.89	6.71	5.65
Diluted Shares Outstanding	76.57M	111.43M	113.5M	112.54M	113.73M	123.69M	124.08M	119.24M	115.53M	115M
Basic Shares Outstanding	76.54M	111.43M	111.91M	112.54M	113.73M	119.04M	122.35M	118.68M	114.76M	115M
Dividend Payout Ratio	-	-	2.2%	-	-	6.61%	1.77%	8.76%	11.04%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	224.64M	549.12M	429.26M	252.63M	203.67M	613.19M	737.2M	916.44M	434.7M	811M
Cash & Short-Term Investments	9.37M	313.94M	77.97M	10K	10K	332.72M	445M	616.16M	0	368M
Cash Only	9.37M	313.94M	77.97M	10K	10K	332.72M	445M	616.16M	0	368M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	151.95M	160.15M	167.54M	184.73M	162.46M	247.2M	233.3M	231.16M	360.98M	331M
Days Sales Outstanding	46.99	46.38	37.28	42.52	52.65	34.73	25.45	35.69	49.32	38.31
Inventory	54.52M	64.27M	175.13M	55.18M	31.2M	0	0	0	0	0
Days Inventory Outstanding	14.33	22.03	55.46	15.21	9.68	-	-	-	-	-
Other Current Assets	61.03M	64.36M	184.6M	62.05M	41.2M	24.09M	58.91M	69.11M	73.72M	112M
Total Non-Current Assets+	6.17B	5.63B	5.92B	6.04B	4.77B	4.62B	4.98B	5.46B	8.14B	240M
Property, Plant & Equipment	5.71B	5.44B	5.83B	5.95B	4.7B	4.58B	4.88B	5.38B	7.99B	65M
Fixed Asset Turnover	0.21x	0.23x	0.28x	0.27x	0.24x	0.57x	0.69x	0.44x	0.33x	48.52x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	70.58M	40.36M	58.5M	20.62M	23.15M	239K	24.46M	0	3.97M	0
Other Non-Current Assets	144.46M	104.58M	-125.56M	-103.44M	70.9M	35.02M	-184.75M	87.13M	145.27M	175M
Total Assets+	6.39B	6.18B	6.35B	6.29B	4.98B	5.23B	5.72B	6.38B	8.58B	9.25B
Asset Turnover	0.18x	0.20x	0.26x	0.25x	0.23x	0.50x	0.59x	0.37x	0.31x	0.34x
Asset Growth %	13.73%	-3.39%	2.85%	-0.95%	-20.91%	5.18%	9.21%	11.62%	34.43%	7.89%
Total Current Liabilities+	415.17M	559.21M	466.05M	472.04M	583.74M	889.33M	598.58M	633.81M	789.95M	1.17B
Accounts Payable	0	77.57M	56.05M	52.09M	63.01M	25.07M	43.9M	107.31M	82.5M	0
Days Payables Outstanding	-	26.59	17.75	14.36	19.55	7.15	13.08	31.24	20.82	-
Short-Term Debt	0	0	0	0	0	0	0	0	22.42M	0
Deferred Revenue (Current)	0	0	0	-19.19M	-11.88M	-6.51M	280.81M	0	0	0
Other Current Liabilities	228.95M	197.06M	84.47M	83.74M	234.18M	404.75M	121.4M	285.01M	333.2M	1.17B
Current Ratio	0.54x	0.98x	0.92x	0.54x	0.35x	0.69x	1.23x	1.45x	0.55x	0.69x
Quick Ratio	0.41x	0.87x	0.55x	0.42x	0.30x	0.69x	1.23x	1.45x	0.55x	0.69x
Cash Conversion Cycle	-	41.82	74.99	43.37	42.78	-	-	-	-	-
Total Non-Current Liabilities+	3.48B	3.22B	2.97B	3.07B	2.38B	2.28B	2.03B	2.13B	3.55B	3.27B
Long-Term Debt	2.9B	2.91B	2.6B	2.73B	2.21B	2.08B	1.57B	1.58B	2.78B	2.3B
Capital Lease Obligations	0	0	0	23.14M	11.9M	19.44M	23.62M	24.35M	42.9M	0
Deferred Tax Liabilities	315.67M	79.99M	223.28M	189.39M	93.87M	9.77M	280.81M	369.9M	545.29M	724M
Other Non-Current Liabilities	583.63M	314.19M	370.15M	125.87M	150.31M	171.15M	155.35M	160.73M	184.5M	254M
Total Liabilities	3.9B	3.78B	3.43B	3.54B	2.96B	3.17B	2.63B	2.76B	4.34B	4.44B
Total Debt+	2.9B	2.91B	2.6B	2.73B	2.21B	2.08B	1.57B	1.58B	2.84B	2.3B
Net Debt	2.89B	2.59B	2.52B	2.73B	2.21B	1.75B	1.13B	959.17M	2.84B	1.93B
Debt / Equity	1.16x	1.21x	0.89x	0.99x	1.10x	1.01x	0.51x	0.44x	0.67x	0.48x
Debt / EBITDA	-	7.40x	1.73x	3.63x	-	2.12x	0.72x	0.94x	1.51x	1.88x
Net Debt / EBITDA	-	6.60x	1.68x	3.63x	-	1.78x	0.52x	0.57x	1.51x	1.58x
Interest Coverage	-6.66x	-0.91x	5.20x	-0.44x	-6.52x	1.30x	13.12x	10.77x	7.65x	-
Total Equity+	2.5B	2.39B	2.92B	2.75B	2.02B	2.06B	3.09B	3.62B	4.24B	4.81B
Equity Growth %	34.81%	-4.11%	21.95%	-5.87%	-26.66%	2.33%	49.55%	17.19%	17.19%	13.52%
Book Value per Share	32.61	21.49	25.73	24.43	17.73	16.68	24.87	30.32	36.68	41.83
Total Shareholders' Equity	2.5B	2.39B	2.92B	2.75B	2.02B	2.06B	3.09B	3.62B	4.24B	4.81B
Common Stock	1.11M	1.12M	1.12M	1.13M	1.15M	1.22M	1.22M	1.16M	1.15M	1M
Retained Earnings	794.02M	665.66M	1.17B	967.59M	200.7M	234.53M	1.31B	2.05B	2.74B	3.29B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-14.56M	-13.79M	-12.38M	-11.32M	-13.6M	-12.85M	-4.02M	-2.61M	-1.16M	1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	552.8M	515.39M	720.63M	823.57M	790.94M	1.16B	1.69B	1.57B	1.78B	2.01B
Operating CF Margin %	46.83%	40.89%	43.94%	51.94%	70.23%	44.64%	50.4%	66.6%	66.73%	63.76%
Operating CF Growth %	-43.5%	-6.77%	39.82%	14.28%	-3.96%	46.63%	45.41%	-6.64%	13.22%	12.82%
Net Income	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M	648M
Depreciation & Amortization	790.75M	557.04M	665.31M	954.32M	1.36B	1.71B	603.78K	690.48M	809.3M	1.21B
Stock-Based Compensation	26.9M	22.7M	23.91M	24.32M	15M	18.82M	18.77M	20.25M	25.02M	29M
Deferred Taxes	-448.64M	-192.07M	141.71M	-41.84M	-192.54M	9.56M	269.06M	88.26M	174.99M	178M
Other Non-Cash Items	969.5M	218.95M	-632.38M	56.92M	362.26M	-735.44M	358.08M	-37.92M	-8.3M	-51M
Working Capital Changes	-27.95M	69.61M	13.67M	16.85M	11.59M	117.41M	-72.06M	-4.55M	11.21M	0
Change in Receivables	-10.56M	14M	-30.15M	-39.56M	29.1M	-101.05M	38.55M	-10.19M	-85.53M	30M
Change in Inventory	43.02M	20.73M	-23.82M	-50.28M	23.38M	-218.24M	0	0	0	0
Change in Payables	-53.21M	44.98M	23.82M	50.28M	-23.38M	218.24M	-109.56K	8.08M	109.27M	-17M
Cash from Investing+	-1.87B	-201.53M	-587.93M	-1.01B	-555.57M	-667.24M	-880.26M	-1.1B	-3.41B	-1.47B
Capital Expenditures	-2.81B	-978.25M	-1.34B	-1.03B	-555.66M	-678.16M	-879.93M	-1.1B	-1.31B	-1.44B
CapEx % of Revenue	238.37%	77.61%	81.48%	64.72%	49.34%	26.1%	26.3%	46.51%	49.06%	45.59%
Acquisitions	946.06M	776.72M	748.51M	13.06M	92K	10.93M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	943.06M	776.72M	748.51M	13.06M	-7.78M	10.93M	-329K	657K	-2.1B	-30M
Cash from Financing+	1.33B	-12.29M	-368.67M	111.77M	-235.38M	-159.83M	-693.86M	-304.54M	1.01B	-175M
Debt Issued (Net)	426.35M	-2.36M	-352.92M	122.5M	-219.5M	-151M	-584.95M	0	1.2B	0
Equity Issued (Net)	0	1000K	1000K	1000K	1000K	0	-1000K	-1000K	-1000K	0
Dividends Paid	-7.75M	-11.14M	-11.19M	-11.25M	-2.28M	-2.39M	-19.64M	-71.61M	-85.02M	-92M
Share Repurchases	0	0	0	0	0	-9.07M	-57.21M	-228.1M	-86.06M	-13M
Other Financing	908.59M	-1.41M	-7.75M	-2.69M	-15.07M	-6.43M	-32.07M	-4.82M	-19.81M	-83M
Net Change in Cash	9.35M	301.57M	-235.98M	-77.95M	0	332.71M	112.28M	171.17M	-616.16M	0
Free Cash Flow+	-2.26B	-462.86M	-615.81M	-202.78M	235.29M	481.61M	806.47M	475.05M	-1.63B	573M
FCF Margin %	-191.54%	-36.72%	-37.55%	-12.79%	20.89%	18.54%	24.1%	20.1%	-61.09%	18.17%
FCF Growth %	-332.1%	79.53%	-33.05%	67.07%	216.03%	104.69%	67.45%	-41.09%	-443.5%	135.11%
FCF per Share	-29.53	-4.15	-5.43	-1.80	2.07	3.89	6.50	3.98	-14.12	4.98
FCF Conversion (FCF/Net Income)	-0.73x	-3.20x	1.42x	-4.40x	-1.03x	32.01x	1.52x	1.92x	2.31x	3.10x
Interest Paid	0	164.1M	150.73M	0	0	136.61M	134.24M	86.95M	88.39M	0
Taxes Paid	0	5.99M	3M	0	0	864K	10.58M	8.97M	26.9M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-34.84%	-6.58%	19.13%	-6.6%	-32.09%	1.78%	43.19%	24.41%	19.62%	14.32%
Return on Invested Capital (ROIC)	-16.25%	-2.37%	12.03%	-0.96%	-16.51%	3.9%	29.53%	16.85%	13.84%	0.17%
Gross Margin	-17.62%	15.51%	29.72%	16.47%	-4.44%	50.74%	63.4%	46.95%	45.86%	-
Net Margin	-64.2%	-12.76%	31%	-11.79%	-67.89%	1.39%	33.23%	34.6%	28.84%	20.55%
Debt / Equity	1.16x	1.21x	0.89x	0.99x	1.10x	1.01x	0.51x	0.44x	0.67x	0.48x
Interest Coverage	-6.66x	-0.91x	5.20x	-0.44x	-6.52x	1.30x	13.12x	10.77x	7.65x	-
FCF Conversion	-0.73x	-3.20x	1.42x	-4.40x	-1.03x	32.01x	1.52x	1.92x	2.31x	3.10x
Revenue Growth	-22.03%	6.78%	30.13%	-3.32%	-28.98%	130.68%	28.79%	-29.35%	13%	18.07%

SM Energy Company (SM) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SM vs Peers

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

SM Energy Company (SM) 10-Year Financial Performance & Capital Metrics

Key Insights

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

Balance Sheet

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Key Ratios

Deep Dive Analysis

Valuation Overview

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Dividend History

Earnings History

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Revenue History

Financial Ratios