SM Energy

SM Energy Company

$36.67-2.06%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Energy
Industry: Oil & Gas E&P
Country: United States
Market cap: 8.7B USD
Enterprise value: 15.4B USD
Full-time employees: 1,241

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.75 vs a peer median of 0.57), though less than the overall market, less short-term liquidity (current ratio 0.62 vs a peer median of 1.37) and more debt relative to equity (0.95× vs a peer median of 0.47×)higher risk: bigger price swings (beta 0.75 vs peers 0.57), less liquidity (current ratio 0.62 vs peers 1.37) and more debt vs equity (0.95× vs peers 0.47×)

Ranks #65 of 363 energy companies (top 18%)

See how it ranks against its peers

Worth knowing

Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue −6.1%, operating profit −37%.Since 2022: revenue −6.1%, operating profit −37%.
Since 2022, SM Energy's revenue changed −6.1% while operating profit fell 37%: costs rose faster than sales.
Share count shrinking. Shares outstanding down 6.0% from December 2022 to December 2025.
SM Energy had 6.0% fewer shares at December 2025 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Wide margins. Operating margin 30% (12 months to Jun 2026) vs a peer median of 12%.Operating margin 30% vs peers 12%.
SM Energy keeps 30% of revenue as operating profit, more than 82% of peers (median 12%).
Fast revenue growth. Revenue grew 75% in the 12 months to June 2026 vs the 12 months before, faster than 95% of peers.
Revenue grew 75% in the 12 months to June 2026 vs the 12 months before, faster than 95% of its peers.

StockQuotient Score

67/ 100

Oct 5 67 → Nov 4 67

Valuation

Is the price right?

79/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ Earnings yield
▲ EBITDA yield
▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield11.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 1.78Sector median: 0.0522 · MAD: 0.0351

EBITDA yield20.8%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 1.69Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield8.5%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score 0.48Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield89.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

94/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 45.1%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-40.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.21Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth27.8%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.62Sector median: -0.0135 · MAD: 0.0807

Revenue growth75.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.67Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

76/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 18.4 points to 29.6%

Why

Stronger than most peers on:

▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin29.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.91Sector median: 0.1169 · MAD: 0.0936

Return on assets5.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.29Sector median: 0.0444 · MAD: 0.0302

Return on invested capital17.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.32Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin86.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity12.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.75

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.77Sector median: 0.5680 · MAD: 0.2415

Current ratio0.62×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.49Sector median: 1.3710 · MAD: 0.5060

Debt / equity0.95×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -1.53Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about SM Energy

Is SM Energy getting weaker?: Its latest SEC filing (Aug 6, 2026) got stronger: operating margin rose 18.4 points to 29.6%. Its overall score is unchanged at 67/100 since Oct 28, 2026.
How is SM Energy valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 79/100 against 404 energy peers. Earnings yield 11.5% vs a peer median of 5.2% (stronger than 82% of peers).Earnings yield 11.5% vs peers 5.2% (stronger than 82% of peers).
Is SM Energy growing?: Yes, faster than most of its peers. Growth scores 94/100 against 404 energy peers. 3-year revenue growth 27.8% vs a peer median of -1.3% (stronger than 95% of peers).3-year revenue growth 27.8% vs peers -1.3% (stronger than 95% of peers). Earnings per share growth -40.5% vs a peer median of 1.1% (weaker than 74% of peers).Earnings per share growth -40.5% vs peers 1.1% (weaker than 74% of peers).
How profitable is SM Energy?: More profitable than most of its peers. Profitability scores 76/100 against 404 energy peers. Operating margin 29.6% vs a peer median of 11.7% (stronger than 82% of peers).Operating margin 29.6% vs peers 11.7% (stronger than 82% of peers).
How risky is SM Energy?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Current ratio 0.62× vs a peer median of 1.37× (weaker than 91% of peers).Current ratio 0.62× vs peers 1.37× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 18.4 points to 29.6%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.8B USD	5.5B USD	+45.1%
Net income (12 months)	131.0M USD	1.0B USD	+663.4%
Operating margin	11.2%	29.6%	+18.4 pts
Cash	449.0M USD	620.0M USD	+38.1%
Shares outstanding	239.7M	237.9M	−0.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Oil & Gas E&P · 29 companies

Valuations in Oil & Gas E&P are within their usual range since Feb 2018.

57% of months since Feb 2018 were valued lower than now.
25% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +29% and earnings −8% (medians): prices rose faster than earnings.
Median price-to-sales is −28% vs the whole market, against a usual −22%.

Feb 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	8.0%	47.0%	41.6%	40.0%	31.7%	▼ 8.3 pts
Net margin	1.4%	33.1%	34.5%	28.6%	20.5%	▼ 8.1 pts
Return on assets (ROA)	0.7%	19.5%	12.8%	9.0%	7.0%	▼ 2.0 pts
Return on equity (ROE)	1.8%	36.0%	22.6%	18.2%	13.5%	▼ 4.7 pts
Current ratio	0.69×	1.23×	1.45×	0.55×	0.69×	▲ 26%
Debt to equity	1.01×	—	—	—	—	—
Interest coverage	1.30×	13.12×	10.73×	7.63×	5.78×	▼ 24%

SM price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.75 vs a peer median of 0.57), though less than the overall market, less short-term liquidity (current ratio 0.62 vs a peer median of 1.37) and more debt relative to equity (0.95× vs a peer median of 0.47×)higher risk: bigger price swings (beta 0.75 vs peers 0.57), less liquidity (current ratio 0.62 vs peers 1.37) and more debt vs equity (0.95× vs peers 0.47×)

Ranks #65 of 363 energy companies (top 18%)

See how it ranks against its peers

Worth knowing

Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue −6.1%, operating profit −37%.Since 2022: revenue −6.1%, operating profit −37%.

Since 2022, SM Energy's revenue changed −6.1% while operating profit fell 37%: costs rose faster than sales.

Share count shrinking. Shares outstanding down 6.0% from December 2022 to December 2025.

SM Energy had 6.0% fewer shares at December 2025 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Wide margins. Operating margin 30% (12 months to Jun 2026) vs a peer median of 12%.Operating margin 30% vs peers 12%.

SM Energy keeps 30% of revenue as operating profit, more than 82% of peers (median 12%).

Fast revenue growth. Revenue grew 75% in the 12 months to June 2026 vs the 12 months before, faster than 95% of peers.

Revenue grew 75% in the 12 months to June 2026 vs the 12 months before, faster than 95% of its peers.

Questions investors ask about SM Energy

Is SM Energy getting weaker?

Its latest SEC filing (Aug 6, 2026) got stronger: operating margin rose 18.4 points to 29.6%. Its overall score is unchanged at 67/100 since Oct 28, 2026.

How is SM Energy valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 79/100 against 404 energy peers. Earnings yield 11.5% vs a peer median of 5.2% (stronger than 82% of peers).Earnings yield 11.5% vs peers 5.2% (stronger than 82% of peers).

Is SM Energy growing?

Yes, faster than most of its peers. Growth scores 94/100 against 404 energy peers. 3-year revenue growth 27.8% vs a peer median of -1.3% (stronger than 95% of peers).3-year revenue growth 27.8% vs peers -1.3% (stronger than 95% of peers). Earnings per share growth -40.5% vs a peer median of 1.1% (weaker than 74% of peers).Earnings per share growth -40.5% vs peers 1.1% (weaker than 74% of peers).

How profitable is SM Energy?

More profitable than most of its peers. Profitability scores 76/100 against 404 energy peers. Operating margin 29.6% vs a peer median of 11.7% (stronger than 82% of peers).Operating margin 29.6% vs peers 11.7% (stronger than 82% of peers).

How risky is SM Energy?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Current ratio 0.62× vs a peer median of 1.37× (weaker than 91% of peers).Current ratio 0.62× vs peers 1.37× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.8B USD

5.5B USD

+45.1%

Net income (12 months)

131.0M USD

1.0B USD

+663.4%

Operating margin

11.2%

29.6%

+18.4 pts

Cash

449.0M USD

620.0M USD

+38.1%

Shares outstanding

239.7M

237.9M

−0.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

8.0%

47.0%

41.6%

40.0%

31.7%

▼ 8.3 pts

Net margin

1.4%

33.1%

34.5%

28.6%

20.5%

▼ 8.1 pts

Return on assets (ROA)

0.7%

19.5%

12.8%

9.0%

7.0%

▼ 2.0 pts

Return on equity (ROE)

1.8%

36.0%

22.6%

18.2%

13.5%

▼ 4.7 pts

Current ratio

0.69×

1.23×

1.45×

0.55×

0.69×

▲ 26%

Debt to equity

1.01×

—

Interest coverage

1.30×

13.12×

10.73×

7.63×

5.78×

▼ 24%