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SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids in the United States. The company holds working interests in oil and gas producing wells in the Midland Basin, South Texas, Uinta Basin, and DJ Basin. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.1B | $2.2B | $648M | $539M | 13.5% | 17.5% | -15.8% |
| 2024 | $2.7B | $1.9B | $770M | $-1.6B | 18.2% | 13.0% | -5.9% |
| 2023 | $2.4B | $1.7B | $818M | $475M | 22.6% | -29.3% | -26.4% |
| 2022 | $3.3B | $2.1B | $1.1B | $806M | 36.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,345.91 | 2,364 | 2,671 | 3,138 |
| Cost Of Revenue | - | 1,224.69 | 1,254 | 1,446 | 2,092 |
| Gross Profit | - | 2,121.21 | 1,110 | 1,225 | 1,046 |
| Operating Expense | - | 167.72 | 191 | 199 | 224 |
| Operating Income | - | 1,953.49 | 919 | 1,026 | 822 |
| EBITDA | - | 2,119.90 | 1,696 | 1,916 | 2,210 |
| EBIT | - | 1,516.12 | 1,006 | 1,107 | 1,003 |
| Pretax Income | - | 1,395.77 | 914 | 966 | 830 |
| Tax Provision | - | 283.82 | 96 | 196 | 182 |
| Net Income | - | 1,111.95 | 818 | 770 | 648 |
| Net Income Common Stockholders | - | 1,111.95 | 818 | 770 | 648 |
| Total Expenses | - | 1,392.41 | 1,445 | 1,645 | 2,316 |
| Interest Expense | - | 120.35 | 92 | 141 | 173 |
| Interest Income | - | 5.77 | 20 | 32 | 3 |
| Selling General And Administration | - | 114.56 | 121 | 138 | 161 |
| Normalized EBITDA | - | 2,561.51 | 1,628 | 1,866 | 2,032 |
| Normalized Income | - | 1,463.92 | 757.14 | 730.15 | 509.16 |
| Market Cap | 6,899.77 | 6,899.77 | 6,899.77 | 6,899.77 | 6,899.77 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| SM Energy Companythis co. | SM | $3.3B | 10.65↓ discount | 1.43 | 13.5% | 4.18 |
| Magnolia Oil & Gas Corporation | MGY | $5.5B | 17.19 | 2.88 | 16.8% | 6.54 |
| Comstock Resources, Inc. | CRK | $5.0B | 11.84 | 1.88 | 15.9% | 5.73 |
| Tidewater Inc. | TDW | $4.4B | 13.11 | 3.21 | 24.5% | 10.26 |
| International Seaways, Inc. | INSW | $3.9B |
| - |
| - |
| - |
| - |
| - |
| 12.71 |
| 1.95 |
| 15.3% |
| 8.52 |
| Cactus, Inc. | WHD | $3.9B | 23.74 | 3.21 | 13.5% | 11.78 |
| Par Pacific Holdings, Inc. | PARR | $3.3B | 8.60 | 2.10 | 24.4% | 6.02 |
| CVR Energy, Inc. | CVI | $3.1B | 117.36 | 4.34 | 3.7% | 7.51 |
| Crescent Energy Company | CRGY | $3.1B | 31.41 | 0.81 | 2.6% | 5.92 |
| Peer Median | - | 15.15 | 2.49 | 15.6% | 7.03 | |