Free cash flow has become increasingly erratic, shifting from a $25.5 million surplus in 2023Q4 to a $3.8 million deficit in 2026Q1 as capital expenditure requirements escalate.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 99.57M | 100.14M | 73.93M | 115.58M | 164.7M | 110.26M | 36.16M | 121.32M | 145.51M | 181.18M | -46.48M | 373.54M | 621.11M | 868.63M | 783.16M | 475.49M | 390.13M | 311.56M | 579.19M | 357.45M | 67.35M | 63.64M |
| Operating CF Margin % | - | 64.05% | 59.01% | 77.76% | 64.78% | 65.29% | 31.45% | 45.47% | 41.65% | 50.71% | -6.05% | 48.59% | 39.85% | 43.8% | 28.68% | 33.6% | 41.87% | 52.71% | 49.01% | 52.76% | 17.35% | 22.12% |
| Operating CF Growth % | 140.54% | 35.45% | -36.03% | -29.82% | 49.37% | 204.91% | -70.19% | -16.62% | -19.68% | 489.78% | -112.44% | -39.86% | -28.49% | 10.91% | 64.71% | 21.88% | 25.22% | -46.21% | 62.03% | 430.75% | 5.82% | - |
| Net Income | 75.82M | 70.2M | 62.99M | 60.86M | 242.17M | 116.74M | -277.35M | -449.31M | -9.07M | 47.06M | -4.32B | -4.32B | 351.9M | -514.48M | 246.57M | 162.39M | 195.01M | -1.77B | -1.44B | 50.22M | 15.62M | 18.12M |
| Depreciation & Amortization | 32.38M | 42.87M | 32.48M | 22.18M | 17.88M | 15.45M | 58.88M | 159.26M | 139.26M | 131.89M | 367.3M | 367.3M | 493.93M | 629.87M | 628.83M | 380.24M | 326.11M | 235.36M | 361.37M | 243.11M | 55.63M | 24.21M |
| Stock-Based Compensation | 2.11M | 2.74M | 2.35M | 1.95M | 1.53M | 1.39M | 3.01M | 4.25M | 23.38M | 15.75M | 18.38M | 18.38M | 19.99M | 85.27M | 42.8M | 38.68M | 37.68M | 22.79M | 18.78M | 7.2M | 0 | 0 |
| Deferred Taxes | 0 | -5.54M | -22.23M | 0 | -64.53M | -15.45M | 0 | 0 | 19.71M | -19.66M | 3.42B | 3.84B | -141.23M | 3.84M | -100.29M | -6.99M | -447.5M | 1.93B | -47.53M | 28.92M | 348K | 9.46M |
| Other Non-Cash Items | 5.89M | -2.16M | 1.32M | 17.14M | -4.3M | -5.44M | 246.8M | 397.36M | -36.47M | 7.7M | 346.01M | 341.89M | 31.25M | 600.45M | 131.35M | -39.05M | 298.86M | 214K | 1.65B | -33.81M | 13.5M | 1.93M |
| Working Capital Changes | -16.64M | -7.98M | -2.97M | 13.46M | -28.06M | -2.43M | 4.83M | 9.76M | 8.71M | -1.56M | 127.55M | 127.55M | -134.72M | 63.68M | -166.1M | -59.8M | -20.03M | -106.02M | 38.88M | 61.81M | -15.91M | 7.8M |
| Change in Receivables | 0 | -3.46M | -842K | 12.13M | -13.21M | 841K | 5.87M | 15.83M | 16.56M | 115K | 201.91M | 201.91M | -63.49M | 90.05M | -141.53M | -61.65M | -11.48M | 8.76M | 3.73M | -19.06M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.4M | 0 | 0 | 2.79M | 318K | 13.86M | 13.86M | 12.71M | -15.52M | 3.11M | -2.96M | -238K | 61K | 307K | -1.73M | -938K | -46K |
| Change in Payables | 0 | -1.42M | 2.81M | 0 | -5.25M | -2.24M | 0 | 0 | -4.26M | -2.2M | -86.47M | -86.47M | -66.49M | 117M | 121.89M | 51.52M | 42.12M | -108.73M | 41.16M | 75.3M | 0 | 0 |
| Cash from Investing | -78.27M | -64.01M | -154.7M | -36.16M | -45.12M | 22.97M | 25.09M | -189.85M | -183.45M | -245.72M | -207.53M | -1.04B | -857.24M | 1.07B | -2.56B | -918.86M | -962.75M | -1.25B | -1.91B | -1.39B | -1.34B | -158.77M |
| Capital Expenditures | -19.35M | 0 | -1K | -37.64M | -45.56M | -11.64M | -12.46M | -191.68M | -187.05M | -219.25M | -879.2M | -879.2M | -1.55B | -1.5B | -2.15B | -1.78B | -1.04B | -715.21M | -2.06B | -1.28B | -306.54M | -134.6M |
| CapEx % of Revenue | 11.83% | 43.29% | 0% | 25.32% | 17.92% | 6.89% | 10.84% | 71.83% | 53.53% | 61.36% | 114.37% | 114.37% | 99.65% | 75.46% | 78.59% | 125.65% | 112.09% | 121.01% | 174.17% | 189.07% | 78.96% | 46.78% |
| Acquisitions | 0 | 0 | 0 | 0 | 448K | 38.16M | 0 | 0 | 28.36M | 21.83M | 31.93M | 56.5M | 0 | 0 | 0 | 0 | -138.43M | -795.07M | 0 | -116.65M | -1.05B | -21.25M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -58.92M | -64.01M | -154.69M | 1.47M | 0 | -3.54M | 37.56M | 1.83M | 3.59M | -26.48M | 671.68M | -160.44M | 696.09M | 2.57B | -409.57M | 859.4M | 220.05M | 263.22M | 158.78M | 11.92M | -2.07M | -3.72M |
| Cash from Financing | -18.31M | -23.3M | -73.67M | -82.94M | -1.64M | -21.98M | -38.96M | 54.85M | -43.72M | -8.22M | -7.51M | 920.44M | -397.28M | -1.43B | 1.87B | 645.19M | 570.63M | 942.73M | 1.27B | 1.05B | 1.27B | 126.41M |
| Debt Issued (Net) | -765K | -738K | -708K | -588K | -541K | -21.02M | -38.73M | 56.13M | -36.3M | 0 | -7.03M | 1.13B | 0 | -1.18B | 1.48B | -147.96M | 328M | 202.63M | 1.29B | -678K | 743.04M | -53.83M |
| Equity Issued (Net) | -1.36M | -6.4M | -233K | -929K | 83K | -899K | -64K | -367K | 0 | 0 | -154K | -3.54M | -98.41M | -32.98M | 711.72M | 903.5M | 283.54M | 762.29M | -3.55M | 1.11B | 539.76M | 173.12M |
| Dividends Paid | -15.64M | -15.86M | -72.34M | -81.52M | 0 | 0 | 0 | 0 | 0 | 0 | -11.26M | -11.26M | -55.52M | -55.52M | -55.52M | -56.74M | -28.52M | -26K | -17.55M | -33.32M | 0 | -1K |
| Share Repurchases | -1.36M | -6.4M | -233K | -929K | 0 | -899K | -64K | -367K | -7.42M | -6.73M | -154K | -3.54M | -120.53M | -32.98M | -14.72M | -13.8M | -7.17M | -5.75M | -3.55M | -1.66M | -500K | 0 |
| Other Financing | -549K | -290K | -393K | 94K | -1.18M | -52K | -160K | -911K | -7.42M | -8.22M | -330K | -190.3M | -243.35M | -168.09M | -264.8M | -53.61M | -12.38M | -22.2M | -903K | -26.68M | -16.37M | 7.12M |
| Net Change in Cash | 2.99M | 12.83M | -154.43M | -3.52M | 117.94M | 111.26M | 22.3M | -13.68M | -81.66M | -72.76M | -261.52M | 254.34M | -633.41M | 504.9M | 102.08M | 201.82M | -2M | 7.22M | -62.5M | 24.19M | -6.78M | 32.76M |
| Free Cash Flow | 21.03M | 32.45M | 47.53M | 77.94M | 119.13M | 98.62M | 23.7M | -70.35M | -41.53M | -38.07M | -925.68M | -505.66M | -932.22M | -628.1M | -1.36B | -1.3B | -654.24M | -403.65M | -1.48B | -923.4M | -239.19M | -70.95M |
| FCF Margin % | 12.86% | 20.76% | 37.93% | 52.44% | 46.85% | 58.39% | 20.61% | -26.37% | -11.89% | -10.65% | -120.42% | -65.78% | -59.81% | -31.67% | -49.92% | -92.06% | -70.22% | -68.29% | -125.17% | -136.3% | -61.61% | -24.66% |
| FCF Growth % | -52.71% | -31.72% | -39.02% | -34.57% | 20.8% | 316.13% | 133.69% | -69.39% | -9.11% | 95.89% | -83.06% | 45.76% | -48.42% | 53.92% | -4.64% | -99.13% | -62.08% | 72.71% | -60.19% | -286.05% | -237.12% | - |
| FCF per Share | 0.57 | 0.88 | 1.28 | 2.10 | 3.21 | 2.65 | 0.66 | -1.99 | -1.18 | -1.17 | -1.77 | -0.97 | -1.87 | -1.31 | -2.99 | -3.20 | -2.07 | -2.31 | -9.51 | -8.39 | -3.20 | -1.25 |
| FCF Conversion (FCF/Net Income) | 0.28x | 1.43x | 1.17x | 1.90x | 0.68x | 0.94x | -0.13x | -0.27x | -16.03x | 3.85x | 0.01x | -0.10x | 2.45x | -1.57x | 5.53x | 4.40x | 2.05x | -0.18x | -0.40x | 7.12x | 4.31x | 3.51x |
| Interest Paid | 162K | 0 | 131K | 104K | 0 | 177K | 1.26M | 2.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 224.13M | 211.38M | 171.99M | 131.18M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08M | 1.51M | 2.91M | 2.19M | 0 | 0 | 0 |
Asset Depletion and Concentration
According to quarterly financial data, SandRidge Energy's operating cash flow consistently exceeds net income, with an OCF/NI ratio frequently above 1.0, suggesting that reported earnings are heavily influenced by non-cash charges like depletion and deferred tax adjustments rather than pure operational cash generation.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are conservative relative to its actual cash-generating capacity. Investors should interpret this as a sign that the business is effectively a cash-harvesting vehicle where non-cash accounting items mask the underlying volatility of the production base.
As reported in recent financial statements, SandRidge's free cash flow trajectory has become increasingly erratic, shifting from a peak of $25.5 million in 2023Q4 to a negative $3.8 million in 2026Q1, reflecting the impact of rising capital intensity on a mature asset base.
The recent swing into negative free cash flow suggests that the capital required to maintain production levels is beginning to outpace the cash generated by legacy wells. This trend warrants close monitoring, as it may signal the end of the company's ability to self-fund operations without eroding its cash reserves.
Based on the provided figures, SandRidge's capital expenditure as a percentage of revenue surged from 2.0% in 2023Q4 to 47.2% in 2026Q1, indicating a significant shift toward higher reinvestment requirements to combat the natural decline rates of its mature Mississippian Lime production assets.
This sharp increase in capital intensity suggests that the company is forced to spend aggressively just to keep production from falling off a cliff. The transition from low-cost maintenance to high-cost intervention may permanently compress the company's free cash flow margins moving forward.
Data from recent filings shows that working capital changes have frequently acted as a cash drain, including a $14.7 million outflow in 2026Q1, which highlights the operational friction inherent in managing high-volume water disposal and complex logistics in the Mid-Continent region.
The inconsistency in working capital movements suggests that the company's cash flow is sensitive to the timing of payments and operational bottlenecks. Investors should be wary of these fluctuations, as they can obscure the true underlying cash-generating efficiency of the core oil and gas production business.
Quick answers to the most common questions about buying SD stock.
SandRidge Energy, Inc. (SD) generated $100.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SandRidge Energy, Inc. (SD) generated $32.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
SandRidge Energy, Inc. (SD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, SandRidge Energy, Inc. (SD) returned $15.9M to shareholders via cash dividends and spent $6.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.