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

SM • • Industrial / General

EnergyOil & Gas E&PUnconventional Shale E&PPermian Basin Shale Leaders

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 $2.67B +12.5%
EBITDA $1.89B +12.4%
Net Income $770M -5.8%
EPS (Diluted) 6.67 -2.8%
Gross Margin 45.86% -2.8%
EBITDA Margin 70.57% -0.1%
Operating Margin 40.27% -3.1%
Net Margin 28.84% -16.3%
ROE 19.62% -19.6%
ROIC 13.84% -17.8%
Debt/Equity 0.67 +54.0%
Interest Coverage 7.65 -29.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 29.1%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.9%
✓Healthy dividend yield of 4.0%
✓Share count reduced 3.1% through buybacks
✓Trading at only 0.5x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 15 (bottom 15%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.58%

5Y10.94%

3Y0.93%

TTM34.04%

Profit (Net Income) CAGR

10Y1.46%

5Y-

3Y177.03%

TTM-12.28%

EPS CAGR

10Y-3.76%

5Y-

3Y184.39%

TTM-11.59%

ROCE

10Y Avg7.28%

5Y Avg17.88%

3Y Avg22.48%

Latest15.9%

Peer Comparison

Permian Basin Shale Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRPermian Resources Corporation	10.67B	14.32	9.88	60.23%	15.65%	7.21%	2.73%	0.41
FANGDiamondback Energy, Inc.	43.21B	150.82	9.71	32.19%	27.42%	9.19%		0.31
EOGEOG Resources, Inc.	58.61B	108.02	9.60	0.85%	24.49%	18.26%	9.85%	0.17
HPKHighPeak Energy, Inc.	592.77M	4.72	7.04	-3.77%	6.03%	3.27%	11.68%	0.66
MTDRMatador Resources Company	5.32B	42.79	5.99	23.47%	20.42%	13.34%	5.27%	0.39
SMSM Energy Company	2.1B	18.34	2.75	12.53%	22.19%	15.43%		0.67
BATLBattalion Oil Corporation	20.41M	1.24	-0.32	-12.17%	-6.61%	-17.9%		0.91
VTLEVital Energy, Inc.	693.32M	17.92	-3.78	26.15%	-69.28%	-74.84%		0.95

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.51B	1.18B	1.26B	1.64B	1.59B	1.13B	2.6B	3.35B	2.37B	2.67B
Revenue Growth %	-0.4%	-0.22%	0.07%	0.3%	-0.03%	-0.29%	1.31%	0.29%	-0.29%	0.13%
Cost of Goods Sold+	1.66B	1.39B	1.06B	1.15B	1.32B	1.18B	1.28B	1.22B	1.25B	1.45B
COGS % of Revenue	1.1%	1.18%	0.84%	0.7%	0.83%	1.04%	0.49%	0.37%	0.53%	0.54%
Gross Profit+	-144.63M	-207.93M	195.46M	487.48M	264.74M	-49.62M	1.32B	2.12B	1.12B	1.23B
Gross Margin %	-0.1%	-0.18%	0.16%	0.3%	0.17%	-0.04%	0.51%	0.63%	0.47%	0.46%
Gross Profit Growth %	-1.14%	-0.44%	1.94%	1.49%	-0.46%	-1.19%	27.56%	0.61%	-0.47%	0.09%
Operating Expenses+	289.32M	202.84M	190.43M	190M	204.19M	164.98M	172.33M	160.25M	122.96M	149.31M
OpEx % of Revenue	0.19%	0.17%	0.15%	0.12%	0.13%	0.15%	0.07%	0.05%	0.05%	0.06%
Selling, General & Admin	157.67M	126.43M	120.58M	116.5M	132.8M	99.16M	111.94M	114.56M	121.06M	138.34M
SG&A % of Revenue	0.1%	0.11%	0.1%	0.07%	0.08%	0.09%	0.04%	0.03%	0.05%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	649K	362K	3.97M	3.09M	71.39M	65.82M	60.39M	45.7M	-20.57M	10.97M
Operating Income+	-578.78M	-1.06B	-168.49M	836.34M	58.58M	-218.55M	1.15B	1.58B	986.91M	1.08B
Operating Margin %	-0.38%	-0.9%	-0.13%	0.51%	0.04%	-0.19%	0.44%	0.47%	0.42%	0.4%
Operating Income Growth %	-1.5%	-0.83%	0.84%	5.96%	-0.93%	-4.73%	6.24%	0.38%	-0.38%	0.09%
EBITDA+	342.23M	-188.22M	400.82M	1.55B	916.22M	625.74M	1.95B	2.19B	1.68B	1.89B
EBITDA Margin %	0.23%	-0.16%	0.32%	0.95%	0.58%	0.56%	0.75%	0.65%	0.71%	0.71%
EBITDA Growth %	-0.82%	-1.55%	3.13%	2.87%	-0.41%	-0.32%	2.12%	0.12%	-0.23%	0.12%
D&A (Non-Cash Add-back)	921.01M	871.1M	569.31M	715.2M	857.64M	844.29M	809.39M	611.25M	690.48M	809.3M
EBIT	-594.71M	-1.04B	-164.56M	812.68M	-71.94M	-792.81M	206.52M	1.52B	1.01B	1.11B
Net Interest Income+	-128.15M	-158.69M	-179.26M	-160.91M	-159.1M	-163.89M	-158.64M	-114.57M	-71.78M	-108.76M
Interest Income	0	0	0	0	0	0	1.72M	5.77M	19.85M	31.9M
Interest Expense	128.15M	158.69M	179.26M	160.91M	159.1M	163.89M	160.35M	120.35M	91.63M	140.66M
Other Income/Expense	-144.08M	-144.87M	-180.09M	-184.56M	-161.08M	112.25M	-162.96M	-183.71M	-72.7M	-109.47M
Pretax Income+	-722.86M	-1.2B	-343.81M	651.78M	-231.04M	-956.71M	46.17M	1.4B	914.2M	966.22M
Pretax Margin %	-0.48%	-1.02%	-0.27%	0.4%	-0.15%	-0.85%	0.02%	0.42%	0.39%	0.36%
Income Tax+	-275.15M	-444.17M	-182.97M	143.37M	-44.04M	-192.09M	9.94M	283.82M	96.32M	195.93M
Effective Tax Rate %	0.62%	0.63%	0.47%	0.78%	0.81%	0.8%	0.78%	0.8%	0.89%	0.8%
Net Income+	-447.71M	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M
Net Margin %	-0.3%	-0.64%	-0.13%	0.31%	-0.12%	-0.68%	0.01%	0.33%	0.34%	0.29%
Net Income Growth %	-1.67%	-0.69%	0.79%	4.16%	-1.37%	-3.09%	1.05%	29.69%	-0.26%	-0.06%
Net Income (Continuing)	-447.71M	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M
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)+	-6.61	-9.90	-1.44	4.48	-1.66	-6.72	0.29	8.96	6.86	6.67
EPS Growth %	-1.68%	-0.5%	0.85%	4.11%	-1.37%	-3.05%	1.04%	29.9%	-0.23%	-0.03%
EPS (Basic)	-6.61	-9.90	-1.44	4.54	-1.66	-6.72	0.30	9.09	6.89	6.71
Diluted Shares Outstanding	67.72M	76.57M	111.43M	113.5M	112.54M	113.73M	123.69M	124.08M	119.24M	115.53M
Basic Shares Outstanding	67.72M	76.54M	111.43M	111.91M	112.54M	113.73M	119.04M	122.35M	118.68M	114.76M
Dividend Payout Ratio	-	-	-	0.02%	-	-	0.07%	0.02%	0.09%	0.11%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	518.99M	224.64M	549.12M	429.26M	252.63M	203.67M	613.19M	737.2M	916.44M	434.7M
Cash & Short-Term Investments	18K	9.37M	313.94M	77.97M	10K	10K	332.72M	445M	616.16M	0
Cash Only	18K	9.37M	313.94M	77.97M	10K	10K	332.72M	445M	616.16M	0
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	134.12M	151.95M	160.15M	167.54M	184.73M	162.46M	247.2M	233.3M	231.16M	360.98M
Days Sales Outstanding	32.34	46.99	46.38	37.28	42.43	52.63	34.73	25.45	35.54	49.32
Inventory	367.71M	54.52M	64.27M	175.13M	55.18M	31.2M	0	0	0	0
Days Inventory Outstanding	80.92	14.33	22.03	55.46	15.21	9.68	-	-	-	-
Other Current Assets	384.85M	61.03M	64.36M	184.6M	62.05M	41.2M	24.09M	58.91M	69.11M	73.72M
Total Non-Current Assets+	5.1B	6.17B	5.63B	5.92B	6.04B	4.77B	4.62B	4.98B	5.46B	8.14B
Property, Plant & Equipment	4.95B	5.71B	5.44B	5.83B	5.95B	4.7B	4.58B	4.88B	5.38B	7.99B
Fixed Asset Turnover	0.31x	0.21x	0.23x	0.28x	0.27x	0.24x	0.57x	0.69x	0.44x	0.33x
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	120.7M	70.58M	40.36M	58.5M	20.62M	23.15M	239K	24.46M	0	3.97M
Other Non-Current Assets	-605.26M	144.46M	104.58M	-125.56M	-103.44M	70.9M	35.02M	-184.75M	87.13M	145.27M
Total Assets+	5.62B	6.39B	6.18B	6.35B	6.29B	4.98B	5.23B	5.72B	6.38B	8.58B
Asset Turnover	0.27x	0.18x	0.20x	0.26x	0.25x	0.23x	0.50x	0.59x	0.37x	0.31x
Asset Growth %	-0.14%	0.14%	-0.03%	0.03%	-0.01%	-0.21%	0.05%	0.09%	0.12%	0.34%
Total Current Liabilities+	302.52M	415.17M	559.21M	466.05M	472.04M	583.74M	889.33M	598.58M	633.81M	789.95M
Accounts Payable	0	0	77.57M	56.05M	52.09M	63.01M	25.07M	43.9M	107.31M	82.5M
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	0	22.42M
Deferred Revenue (Current)	0	0	0	0	-1000K	-1000K	-1000K	1000K	0	0
Other Current Liabilities	141.75M	228.95M	197.06M	84.47M	83.74M	234.18M	404.75M	121.4M	285.01M	333.2M
Current Ratio	1.72x	0.54x	0.98x	0.92x	0.54x	0.35x	0.69x	1.23x	1.45x	0.55x
Quick Ratio	0.50x	0.41x	0.87x	0.55x	0.42x	0.30x	0.69x	1.23x	1.45x	0.55x
Cash Conversion Cycle	-	-	41.82	74.99	43.28	42.76	-	-	-	-
Total Non-Current Liabilities+	3.47B	3.48B	3.22B	2.97B	3.07B	2.38B	2.28B	2.03B	2.13B	3.55B
Long-Term Debt	2.52B	2.9B	2.91B	2.6B	2.73B	2.21B	2.08B	1.57B	1.58B	2.78B
Capital Lease Obligations	0	0	0	0	23.14M	11.9M	19.44M	23.62M	24.35M	42.9M
Deferred Tax Liabilities	758.28M	315.67M	79.99M	223.28M	189.39M	93.87M	9.77M	280.81M	369.9M	545.29M
Other Non-Current Liabilities	190.47M	583.63M	314.19M	370.15M	315.26M	150.31M	180.91M	436.17M	160.73M	184.5M
Total Liabilities	3.77B	3.9B	3.78B	3.43B	3.54B	2.96B	3.17B	2.63B	2.76B	4.34B
Total Debt+	2.52B	2.9B	2.91B	2.6B	2.73B	2.21B	2.08B	1.57B	1.58B	2.84B
Net Debt	2.52B	2.89B	2.59B	2.52B	2.73B	2.21B	1.75B	1.13B	959.17M	2.84B
Debt / Equity	1.36x	1.16x	1.21x	0.89x	0.99x	1.10x	1.01x	0.51x	0.44x	0.67x
Debt / EBITDA	7.36x	-	7.26x	1.67x	2.98x	3.54x	1.06x	0.72x	0.94x	1.51x
Net Debt / EBITDA	7.36x	-	6.47x	1.62x	2.98x	3.54x	0.89x	0.51x	0.57x	1.51x
Interest Coverage	-4.52x	-6.68x	-0.94x	5.20x	0.37x	-1.33x	7.14x	13.12x	10.77x	7.65x
Total Equity+	1.85B	2.5B	2.39B	2.92B	2.75B	2.02B	2.06B	3.09B	3.62B	4.24B
Equity Growth %	-0.19%	0.35%	-0.04%	0.22%	-0.06%	-0.27%	0.02%	0.5%	0.17%	0.17%
Book Value per Share	27.35	32.61	21.49	25.73	24.43	17.73	16.68	24.87	30.32	36.68
Total Shareholders' Equity	1.85B	2.5B	2.39B	2.92B	2.75B	2.02B	2.06B	3.09B	3.62B	4.24B
Common Stock	681K	1.11M	1.12M	1.12M	1.13M	1.15M	1.22M	1.22M	1.16M	1.15M
Retained Earnings	1.56B	794.02M	665.66M	1.17B	967.59M	200.7M	234.53M	1.31B	2.05B	2.74B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13.4M	-14.56M	-13.79M	-12.38M	-11.32M	-13.6M	-12.85M	-4.02M	-2.61M	-1.16M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	978.35M	552.8M	515.39M	720.63M	823.57M	790.94M	1.16B	1.69B	1.57B	1.78B
Operating CF Margin %	0.65%	0.47%	0.41%	0.44%	0.52%	0.7%	0.45%	0.5%	0.66%	0.67%
Operating CF Growth %	-0.33%	-0.43%	-0.07%	0.4%	0.14%	-0.04%	0.47%	0.45%	-0.07%	0.13%
Net Income	-447.71M	-757.74M	-160.84M	508.41M	-187M	-764.61M	36.23M	1.11B	817.88M	770.29M
Depreciation & Amortization	921.01M	790.75M	557.04M	665.31M	954.32M	1.36B	1.71B	603.78K	690.48M	809.3M
Stock-Based Compensation	27.47M	26.9M	22.7M	23.91M	24.32M	15M	18.82M	18.77M	20.25M	25.02M
Deferred Taxes	-276.72M	-448.64M	-192.07M	141.71M	-41.84M	-192.54M	9.56M	269.06M	88.26M	174.99M
Other Non-Cash Items	712.11M	969.5M	218.95M	-632.38M	56.92M	362.26M	-735.44M	358.08M	-37.92M	-8.3M
Working Capital Changes	42.2M	-27.95M	69.61M	13.67M	16.85M	11.59M	117.41M	-72.06M	-4.55M	11.21M
Change in Receivables	140.2M	-10.56M	14M	-30.15M	-39.56M	29.1M	-101.05M	38.55M	-10.19M	-85.53M
Change in Inventory	7.79M	43.02M	20.73M	-23.82M	-50.28M	23.38M	-218.24M	0	0	0
Change in Payables	-86.27M	-53.21M	44.98M	23.82M	50.28M	-23.38M	218.24M	-109.56K	8.08M	109.27M
Cash from Investing+	-1.14B	-1.87B	-201.53M	-587.93M	-1.01B	-555.57M	-667.24M	-880.26M	-1.1B	-3.41B
Capital Expenditures	-1.5B	-2.81B	-978.25M	-1.34B	-1.03B	-555.66M	-678.16M	-879.93M	-1.1B	-1.31B
CapEx % of Revenue	0.99%	2.38%	0.78%	0.81%	0.65%	0.49%	0.26%	0.26%	0.46%	0.49%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	356.95M	943.06M	776.72M	748.51M	13.06M	-7.78M	10.93M	-329K	657K	-2.1B
Cash from Financing+	166.19M	1.33B	-12.29M	-368.67M	111.77M	-235.38M	-159.83M	-693.86M	-304.54M	1.01B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.77M	-7.75M	-11.14M	-11.19M	-11.25M	-2.28M	-2.39M	-19.64M	-71.61M	-85.02M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	8.46M	908.59M	-1.41M	-7.75M	-2.69M	-15.07M	-6.43M	-32.07M	-4.82M	-19.81M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-523.24M	-2.26B	-462.86M	-615.81M	-202.78M	235.29M	481.61M	806.47M	475.05M	-1.63B
FCF Margin %	-0.35%	-1.92%	-0.37%	-0.38%	-0.13%	0.21%	0.19%	0.24%	0.2%	-0.61%
FCF Growth %	0.51%	-3.32%	0.8%	-0.33%	0.67%	2.16%	1.05%	0.67%	-0.41%	-4.43%
FCF per Share	-7.73	-29.53	-4.15	-5.43	-1.80	2.07	3.89	6.50	3.98	-14.12
FCF Conversion (FCF/Net Income)	-2.19x	-0.73x	-3.20x	1.42x	-4.40x	-1.03x	32.01x	1.52x	1.92x	2.31x
Interest Paid	126.99M	0	164.1M	150.73M	0	0	136.61M	134.24M	86.95M	88.39M
Taxes Paid	1.63M	0	5.99M	3M	0	0	864K	10.58M	8.97M	26.9M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-21.63%	-34.84%	-6.58%	19.13%	-6.6%	-32.09%	1.78%	43.19%	24.41%	19.62%
Return on Invested Capital (ROIC)	-9.62%	-16.29%	-2.44%	12.03%	0.8%	-3.38%	21.36%	29.53%	16.85%	13.84%
Gross Margin	-9.55%	-17.62%	15.51%	29.72%	16.66%	-4.4%	50.74%	63.4%	47.17%	45.86%
Net Margin	-29.57%	-64.2%	-12.76%	31%	-11.77%	-67.87%	1.39%	33.23%	34.45%	28.84%
Debt / Equity	1.36x	1.16x	1.21x	0.89x	0.99x	1.10x	1.01x	0.51x	0.44x	0.67x
Interest Coverage	-4.52x	-6.68x	-0.94x	5.20x	0.37x	-1.33x	7.14x	13.12x	10.77x	7.65x
FCF Conversion	-2.19x	-0.73x	-3.20x	1.42x	-4.40x	-1.03x	32.01x	1.52x	1.92x	2.31x
Revenue Growth	-39.96%	-22.03%	6.78%	30.13%	-3.1%	-29.11%	130.6%	28.79%	-29.05%	12.53%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Oil Revenue	1.07B	1.18B	853.57M	1.89B	2.27B	1.81B	2.19B
Oil Revenue Growth	-	11.03%	-27.86%	121.64%	19.99%	-20.10%	20.60%
Natural Gas Revenue	354.45M	262.53M	187.46M	525.48M	790.88M	327.88M	249.07M
Natural Gas Revenue Growth	-	-25.93%	-28.59%	180.32%	50.51%	-58.54%	-24.04%
Oil and Condensate Revenue	216.23M	140.01M	85.16M	180.61M	284.96M	222.23M	234.73M
Oil and Condensate Revenue Growth	-	-35.25%	-39.17%	112.08%	57.78%	-22.01%	5.63%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Midland Basin	-	1.2B	879.58M	2.03B	2.25B	1.52B	1.57B
Midland Basin Growth	-	-	-26.44%	130.61%	10.94%	-32.29%	2.83%
South Texas	-	390.01M	246.61M	569.5M	1.1B	840.24M	900.49M
South Texas Growth	-	-	-36.77%	130.93%	92.36%	-23.30%	7.17%
Uinta Basin	-	-	-	-	-	-	204.03M
Uinta Basin Growth	-	-	-	-	-	-	-
Permian Region	1.06B	-	-	-	-	-	-
Permian Region Growth	-	-	-	-	-	-	-
South Texas & Gulf Coast	514.51M	-	-	-	-	-	-
South Texas & Gulf Coast Growth	-	-	-	-	-	-	-
Rocky Mountain Region	57.24M	-	-	-	-	-	-
Rocky Mountain Region Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

SM Energy Company (SM) has a price-to-earnings (P/E) ratio of 2.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

SM Energy Company (SM) reported $3.28B in revenue for fiscal year 2024. This represents a 104% increase from $1.60B in 2011.

SM Energy Company (SM) grew revenue by 12.5% over the past year. This is steady growth.

Yes, SM Energy Company (SM) is profitable, generating $727.3M in net income for fiscal year 2024 (28.8% net margin).

Dividend & Returns

Yes, SM Energy Company (SM) pays a dividend with a yield of 4.01%. This makes it attractive for income-focused investors.

SM Energy Company (SM) has a return on equity (ROE) of 19.6%. This is reasonable for most industries.

SM Energy Company (SM) had negative free cash flow of $733.2M in fiscal year 2024, likely due to heavy capital investments.

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