Revenue growth remains highly volatile, swinging from a 29.8% contraction in 2024Q1 to a 40.7% expansion in 2025Q1, while gross margins fluctuate significantly between 30.6% and 67.2% due to operational sensitivity.
| 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 |
|---|
| Sales/Revenue | 163.53M | 156.36M | 125.29M | 148.64M | 254.26M | 168.88M | 114.98M | 266.85M | 349.39M | 357.3M | 768.71M | 768.71M | 1.56B | 1.98B | 2.73B | 1.42B | 931.74M | 591.04M | 1.18B | 677.45M | 388.24M | 287.69M |
| Revenue Growth % | 18.83% | 24.8% | -15.71% | -41.54% | 50.55% | 46.88% | -56.91% | -23.63% | -2.21% | -53.52% | 0% | -50.68% | -21.41% | -27.37% | 92.97% | 51.89% | 57.64% | -49.99% | 74.45% | 74.49% | 34.95% | - |
| Cost of Goods Sold | 79.09M | 88.91M | 79.27M | 74.91M | 75.05M | 61.36M | 111.15M | 268.89M | 251.44M | 248.26M | 695.91M | 742.65M | 977.81M | 1.31B | 2.06B | 500.61M | 379.55M | 251.98M | 215.78M | 244.66M | 138.24M | 71.47M |
| COGS % of Revenue | - | 56.86% | 63.27% | 50.39% | 29.52% | 36.33% | 96.67% | 100.77% | 71.96% | 69.48% | 90.53% | 96.61% | 62.73% | 66.18% | 75.34% | 35.37% | 40.74% | 42.63% | 18.26% | 36.11% | 35.61% | 24.84% |
| Gross Profit | 84.44M | 67.45M | 46.02M | 73.73M | 179.21M | 107.52M | 3.83M | -2.04M | 97.96M | 109.04M | 72.8M | 26.06M | 580.95M | 670.69M | 673.55M | 914.61M | 552.19M | 339.06M | 966.03M | 432.8M | 250M | 216.22M |
| Gross Margin % | 51.64% | 43.14% | 36.73% | 49.61% | 70.48% | 63.67% | 3.33% | -0.77% | 28.04% | 30.52% | 9.47% | 3.39% | 37.27% | 33.82% | 24.66% | 64.63% | 59.26% | 57.37% | 81.74% | 63.89% | 64.39% | 75.16% |
| Gross Profit Growth % | - | 46.57% | -37.59% | -58.86% | 66.67% | 2710.25% | 287.09% | -102.09% | -10.16% | 49.79% | 179.34% | -95.51% | -13.38% | -0.42% | -26.36% | 65.63% | 62.86% | -64.9% | 123.21% | 73.12% | 15.63% | - |
| Operating Expenses | 15.68M | 13.2M | 12.79M | 9.56M | 3.76M | -6.57M | 277.33M | 444.72M | 54.35M | 76.5M | 190.42M | 154.64M | 131.96M | 367.2M | 270.68M | 484.81M | 558.97M | 236.94M | 436.68M | 245.94M | 213.02M | 182.16M |
| OpEx % of Revenue | - | 8.44% | 10.21% | 6.43% | 1.48% | -3.89% | 241.21% | 166.66% | 15.56% | 21.41% | 24.77% | 20.12% | 8.47% | 18.51% | 9.91% | 34.26% | 59.99% | 40.09% | 36.95% | 36.3% | 54.87% | 63.32% |
| Selling, General & Admin | 12.34M | 13.2M | 11.7M | 10.73M | 9.45M | 9.68M | 15.33M | 32.06M | 55.35M | 76.02M | 137.72M | 132.72M | 113.99M | 207.92M | 241.68M | 148.64M | 179.56M | 100.26M | 109.37M | 61.78M | 170.71M | 153.28M |
| SG&A % of Revenue | - | 8.44% | 9.33% | 7.22% | 3.72% | 5.73% | 13.33% | 12.01% | 15.84% | 21.28% | 17.92% | 17.26% | 7.31% | 10.48% | 8.85% | 10.5% | 19.27% | 16.96% | 9.25% | 9.12% | 43.97% | 53.28% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 10K | 0 | 1.1M | -1.18M | -5.69M | -16.24M | 262.01M | 412.66M | 2.87M | 0 | 2.04M | 2.04M | 3.49M | 12.45M | 4.74M | 380.24M | 326.11M | 105.78M | 140.65M | 184.16M | 42.31M | 28.89M |
| Operating Income | 68.77M | 54.25M | 33.23M | 64.18M | 175.45M | 114.09M | -273.51M | -446.77M | -10.38M | 39.63M | -4.64B | -4.64B | 590.22M | -169M | 325.2M | 429.01M | -6.79M | -1.61B | -1.34B | 186.86M | 36.98M | 34.05M |
| Operating Margin % | 42.05% | 34.69% | 26.52% | 43.18% | 69.01% | 67.55% | -237.88% | -167.43% | -2.97% | 11.09% | -603.96% | -603.96% | 37.87% | -8.52% | 11.91% | 30.31% | -0.73% | -271.56% | -113.23% | 27.58% | 9.53% | 11.84% |
| Operating Income Growth % | - | 63.27% | -48.23% | -63.42% | 53.79% | 141.71% | 38.78% | -4206.19% | -126.18% | 100.85% | 0% | -886.6% | 449.24% | -151.97% | -24.2% | 6422.03% | 99.58% | -19.94% | -816.13% | 405.28% | 8.6% | - |
| EBITDA | 113.06M | 97.12M | 65.7M | 86.35M | 193.34M | 129.53M | -215.42M | -288.21M | 128.89M | 171.52M | -4.49B | -4.28B | 1.08B | 460.87M | 954.03M | 809.26M | 319.32M | -1.37B | -976.78M | 429.97M | 92.61M | 58.26M |
| EBITDA Margin % | 69.14% | 62.11% | 52.44% | 58.1% | 76.04% | 76.7% | -187.36% | -108.01% | 36.89% | 48% | -584.15% | -556.18% | 69.55% | 23.24% | 34.93% | 57.18% | 34.27% | -231.74% | -82.65% | 63.47% | 23.85% | 20.25% |
| EBITDA Growth % | 53.32% | 47.81% | -23.91% | -55.33% | 49.26% | 160.13% | 25.25% | -323.61% | -24.85% | 103.82% | -5.03% | -494.35% | 135.24% | -51.69% | 17.89% | 153.43% | 123.31% | -40.22% | -327.18% | 364.29% | 58.96% | - |
| D&A (Non-Cash Add-back) | 44.3M | 42.87M | 32.48M | 22.18M | 17.88M | 15.45M | 58.09M | 158.56M | 139.26M | 131.89M | 152.28M | 367.3M | 493.93M | 629.87M | 628.83M | 380.24M | 326.11M | 235.36M | 361.37M | 243.11M | 55.63M | 24.21M |
| EBIT | 75.83M | 54.25M | 40.88M | 74.92M | 169.86M | 98.23M | -276.25M | -446.33M | -6.42M | 43.1M | -4.03B | -4.02B | 584.36M | -238.57M | 421.98M | 390.98M | -33.93M | -1.6B | -1.33B | 186.86M | 36.98M | 34.05M |
| Net Interest Income | 925K | 3.69M | 7.74M | 10.55M | 1.81M | -230K | -1.73M | -2.97M | -2.79M | -3.87M | -303.94M | -303.94M | -244.11M | -270.22M | -302.16M | -234.16M | -230.9M | -185.32M | -143.46M | -111.76M | -15.79M | -5.07M |
| Interest Income | 1.84M | 4.15M | 7.88M | 10.66M | 2.03M | 3K | 19K | 91K | 361K | 1.02M | 1.08M | 1.08M | 0 | 0 | 1.19M | 240K | 296K | 375K | 3.57M | 5.42M | 1.11M | 206K |
| Interest Expense | 916K | 462K | 131K | 104K | 216K | 233K | 1.75M | 3.06M | 3.15M | 4.89M | 290M | 305.02M | 244.11M | 270.23M | 303.35M | 237.57M | 247.74M | 185.69M | 147.03M | 117.19M | 16.9M | 5.28M |
| Other Income/Expense | 1.52M | 10.42M | 7.53M | 10.64M | 2.19M | 2.65M | -4.49M | -2.54M | 1.23M | -1.32M | 321.75M | 321.75M | -240.62M | -339.79M | -178.99M | -272.44M | -244.88M | -177.02M | -140.61M | -107.11M | -15.12M | -6.19M |
| Pretax Income | 70.29M | 64.67M | 40.75M | 74.82M | 177.64M | 116.74M | -278M | -449.31M | -9.15M | 38.31M | -4.32B | -4.32B | 349.61M | -508.8M | 146.21M | 156.57M | -251.67M | -1.78B | -1.48B | 79.75M | 21.86M | 27.86M |
| Pretax Margin % | 42.98% | 41.36% | 32.53% | 50.33% | 69.87% | 69.12% | -241.79% | -168.38% | -2.62% | 10.72% | -562.1% | -562.1% | 22.43% | -25.65% | 5.35% | 11.06% | -27.01% | -301.51% | -125.2% | 11.77% | 5.63% | 9.68% |
| Income Tax | -5.54M | -5.54M | -22.23M | 13.96M | -64.53M | 0 | -646K | 0 | -71K | -8.75M | 123K | 123K | -2.29M | 5.68M | -100.36M | -5.82M | -446.68M | -8.72M | -38.33M | 29.52M | 6.24M | 9.97M |
| Effective Tax Rate % | -7.87% | -8.56% | -54.55% | 18.66% | -36.33% | 0% | 0.23% | 0% | 0.78% | -22.84% | -0% | -0% | -0.66% | -1.12% | -68.64% | -3.72% | 177.49% | 0.49% | 2.59% | 37.02% | 28.53% | 35.78% |
| Net Income | 75.82M | 70.2M | 62.99M | 60.86M | 242.17M | 116.74M | -277.35M | -449.31M | -9.07M | 47.06M | -3.7B | -3.7B | 253.28M | -553.89M | 141.57M | 108.06M | 190.56M | -1.78B | -1.44B | 50.22M | 15.62M | 18.12M |
| Net Margin % | 46.37% | 44.9% | 50.27% | 40.94% | 95.25% | 69.12% | -241.23% | -168.38% | -2.6% | 13.17% | -481.01% | -481.01% | 16.25% | -27.93% | 5.18% | 7.64% | 20.45% | -300.42% | -121.95% | 7.41% | 4.02% | 6.3% |
| Net Income Growth % | 16.81% | 11.46% | 3.5% | -74.87% | 107.45% | 142.09% | 38.27% | -4851.02% | -119.28% | 101.27% | 0% | -1559.84% | 145.73% | -491.24% | 31.01% | -43.29% | 110.73% | -23.2% | -2969.88% | 221.5% | -13.8% | - |
| Net Income (Continuing) | 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 | 17.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 229K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 510.18M | 1.27B | 1.35B | 1.49B | 922.94M | 11.29M | 10.05M | 30K | 4.67M | 5.09M | 8.18M |
| EPS (Diluted) | 2.05 | 1.90 | 1.69 | 1.64 | 6.52 | 3.13 | -7.77 | -12.78 | -0.26 | 1.44 | -7.08 | -7.08 | 0.51 | -1.15 | 0.31 | 0.27 | 0.60 | -10.15 | -9.26 | 0.46 | 0.21 | 0.32 |
| EPS Growth % | 17.14% | 12.43% | 3.05% | -74.85% | 108.31% | 140.28% | 39.2% | -4815.38% | -118.06% | 120.34% | 0% | -1488.24% | 144.35% | -470.97% | 14.81% | -55% | 105.91% | -9.61% | -2113.04% | 119.05% | -34.38% | - |
| EPS (Basic) | - | 1.91 | 1.70 | 1.65 | 6.59 | 3.21 | -7.77 | -12.78 | -0.26 | 1.45 | -7.08 | -7.09 | 0.53 | -1.15 | 0.31 | 0.27 | 0.65 | -10.15 | -9.26 | 0.46 | 0.21 | 0.32 |
| Diluted Shares Outstanding | 36.99M | 36.91M | 37.19M | 37.13M | 37.15M | 37.27M | 35.69M | 35.43M | 35.06M | 32.66M | 521.94M | 521.94M | 499.74M | 481.15M | 456.01M | 406.64M | 315.35M | 175M | 155.62M | 110.04M | 74.66M | 56.74M |
| Basic Shares Outstanding | 36.77M | 36.77M | 37.11M | 36.94M | 36.74M | 36.39M | 35.69M | 35.43M | 34.9M | 32.44M | 521.94M | 521.72M | 479.64M | 479.85M | 453.6M | 398.85M | 291.87M | 175M | 155.62M | 108.83M | 73.73M | 56.56M |
| Dividend Payout Ratio | - | 22.6% | 114.84% | 12.68% | - | - | - | - | - | - | - | - | - | - | 39.22% | - | - | - | - | - | - | 0.01% |
Asset Depletion and Concentration
According to quarterly financial data, SandRidge Energy's revenue growth has exhibited significant volatility, swinging from a 29.8% contraction in 2024Q1 to a 40.7% expansion in 2025Q1, reflecting the company's high sensitivity to commodity price fluctuations rather than consistent organic production volume growth across its legacy assets.
The top-line performance appears heavily tethered to regional Mid-Continent pricing differentials, which can obscure the underlying production decline of the company's mature well base. Investors should monitor whether the recent revenue recovery is sustainable or merely a function of temporary price spikes in the energy complex.
As reported in recent income statements, gross margins have fluctuated between 30.6% and 67.2%, suggesting that SandRidge's profitability is highly susceptible to the variable costs of water-handling and disposal inherent in the Mississippian Lime formation, which often dictates the efficiency of each barrel produced.
The wide variance in gross margins indicates that the company lacks the pricing power to offset rising operational expenses during periods of commodity price weakness. This volatility warrants further investigation into whether management can optimize water-handling infrastructure to stabilize margins against future regulatory or utility cost pressures.
Based on the provided financial figures, the company's net income frequently diverges from operating income, with net margins reaching as high as 84.8% in 2024Q3, which likely reflects significant non-cash tax benefits and valuation adjustments rather than core operational performance or sustainable earnings power.
The reliance on deferred tax asset reversals to bolster the bottom line suggests that reported net income may not be a reliable proxy for cash-generating capability. Analysts should prioritize Adjusted EBITDA to strip out these accounting artifacts and better assess the underlying health of the business.
Data from recent filings indicates that SandRidge has maintained tight control over SG&A expenses, which have remained consistently low relative to revenue, suggesting a management focus on preserving cash flow in a business model that is increasingly characterized by a harvest-mode operational strategy.
While the expense discipline is evident, the lack of significant R&D investment may indicate a strategic choice to avoid exploration risk in favor of managing legacy assets. This approach appears to prioritize short-term cash preservation over the long-term replacement of reserves, which could limit future growth prospects.
As indicated by the company's mature asset base and lack of new drilling activity, the primary risk is that SandRidge is effectively in a state of managed liquidation, where the market may be overvaluing the cash pile while underestimating the eventual cost of asset retirement obligations.
Short-sellers might argue that the company's valuation is disconnected from the reality of a depleting reserve life, especially if the current cash balance is not deployed into accretive acquisitions. Investors should monitor whether the company's capital allocation strategy shifts toward value-destructive growth or remains focused on returning capital.
Quick answers to the most common questions about buying SD stock.
For fiscal year 2025, SandRidge Energy, Inc. (SD) reported total revenue of $156.4M. This represents a 45.7% decline compared to $287.7M in 2005.
SandRidge Energy, Inc. (SD) is profitable, generating $70.2M in net income for the fiscal year ending 2025 with a net profit margin of 44.9%.
SandRidge Energy, Inc. (SD) reported an operating income of $54.2M, resulting in an operating profit margin of 34.7%. This margin reflects the operational efficiency of the business before interest and taxes.
SandRidge Energy, Inc. (SD) generated $67.4M in gross profit for the year, representing a gross profit margin of 43.1%. This demonstrates the company's core pricing power and production efficiency.