SM Energy Company

EnergyMid CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$8.1B

Current Price$27.54as of Jun 23, 2026

P/E Ratio12.56

P/B Ratio1.69

EV / EBITDA4.75

EV / Sales3.34

Profitability

Operating Margin26.2%

Net Profit Margin20.7%

EBITDA Margin70.4%

Returns

ROE13.5%

ROCE10.2%

ROIC %-

ROA7.0%

Solvency

Current Ratio0.69

Debt / Equity0.56

Debt / Assets0.29

CFO / Net Profit3.10

Price History▲ 7.49% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$3.1B▲ 17.5%

EBITDA$2.2B▲ 15.3%

Net Profit$648M▼ 15.8%

Cash from Ops (CFO)$2.0B▲ 12.8%

Free Cash Flow (FCF)$539M▼ 133.0%

Revenue CAGR 3Y-2.1%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-16.5%

Net Profit CAGR 5Y-

Historical Growth

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	-	-

Financial Statements

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
Operating 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
Selling General And Administration	-	114.56	121	138	161
Total Expenses	-	1,392.41	1,445	1,645	2,316
Operating Income	-	1,953.49	919	1,026	822
Total Operating Income As Reported	-	1,579.48	987	1,076	1,000
EBITDA	-	2,119.90	1,696	1,916	2,210
Normalized EBITDA	-	2,561.51	1,628	1,866	2,032
EBIT	-	1,516.12	1,006	1,107	1,003
Interest Income	-	5.77	20	32	3
Interest Expense	-	120.35	92	141	173
Net Interest Income	-	-114.57	-72	-109	-170
Other Non Operating Income Expenses	-2.18	-1.53	-1	-1	-
Other Income Expense	-	-443.15	67	49	178
Interest Income Non Operating	-	5.77	20	32	3
Interest Expense Non Operating	-	120.35	92	141	173
Net Non Operating Interest Income Expense	-	-114.57	-72	-109	-170
Pretax Income	-	1,395.77	914	966	830
Tax Provision	-	283.82	96	196	182
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-89.65	7.14	10.15	39.16
Net Income Continuous Operations	-	1,111.95	818	770	648
Net Income From Continuing And Discontinued Operation	-	1,111.95	818	770	648
Net Income From Continuing Operation Net Minority Interest	-	1,111.95	818	770	648
Net Income	-	1,111.95	818	770	648
Net Income Common Stockholders	-	1,111.95	818	770	648
Net Income Including Noncontrolling Interests	-	1,111.95	818	770	648
Normalized Income	-	1,463.92	757.14	730.15	509.16
Diluted NI Availto Com Stockholders	-	1,111.95	818	770	648
Basic Average Shares	-	122.35	118.68	114.76	115
Diluted Average Shares	-	124.08	119.24	115.53	115
Reconciled Depreciation	-	603.78	690	809	1,207
Reconciled Cost Of Revenue	-	1,224.69	1,254	1,446	2,092
Total Unusual Items	-	-441.62	68	50	178
Total Unusual Items Excluding Goodwill	-	-441.62	68	50	178
Special Income Charges	-37.14	-67.60	0	-0.48	-
Other Special Charges	2.14	67.60	-	0.48	-
Write Off	35	7.47	0	-	-
Impairment Of Capital Assets	35	7.47	-	-	-
Gain On Sale Of Security	-	-374.01	68	50	178
General And Administrative Expense	-	114.56	121	138	161
Other Gand A	-	114.56	121	138	161
Other Operating Expenses	-	53.16	70	61	63

Peer Comparison

Energy sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
SM Energy Companythis co.	SM	$8.1B	12.56↓ discount	1.69	13.5%	4.75
Kinetik Holdings Inc.	KNTK	$7.7B	14.55	-13.54	-93.0%	9.72
Noble Corporation plc	NE	$7.4B	34.37	1.64	4.8%	8.84
Kodiak Gas Services, Inc.	KGS	$6.9B	85.36	5.72	6.7%	16.12
Archrock, Inc.	AROC	$6.1B	18.91

Learn while you research

Hand-picked academy chapters to deepen your understanding of SM Energy Company and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Business Cycles & Stocks

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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

Metric

2021

2022

2023

2024

2025

Total Revenue

3,345.91

2,364

2,671

3,138

Operating 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

Selling General And Administration

114.56

121

138

161

Total Expenses

1,392.41

1,445

1,645

2,316

Operating Income

1,953.49

919

1,026

822

Total Operating Income As Reported

1,579.48

987

1,076

1,000

EBITDA

2,119.90

1,696

1,916

2,210

Normalized EBITDA

2,561.51

1,628

1,866

2,032

EBIT

1,516.12

1,006

1,107

1,003

Interest Income

5.77

Interest Expense

120.35

141

173

Net Interest Income

-114.57

-72

-109

-170

Other Non Operating Income Expenses

-2.18

-1.53

-1

Other Income Expense

-443.15

178

Interest Income Non Operating

5.77

Interest Expense Non Operating

120.35

141

173

Net Non Operating Interest Income Expense

-114.57

-72

-109

-170

Pretax Income

1,395.77

914

966

830

Tax Provision

283.82

196

182

Tax Rate For Calcs

Tax Effect Of Unusual Items

-89.65

7.14

10.15

39.16

Net Income Continuous Operations

1,111.95

818

770

648

Net Income From Continuing And Discontinued Operation

1,111.95

818

770

648

Net Income From Continuing Operation Net Minority Interest

1,111.95

818

770

648

Net Income

1,111.95

818

770

648

Net Income Common Stockholders

1,111.95

818

770

648

Net Income Including Noncontrolling Interests

1,111.95

818

770

648

Normalized Income

1,463.92

757.14

730.15

509.16

Diluted NI Availto Com Stockholders

1,111.95

818

770

648

Basic Average Shares

122.35

118.68

114.76

115

Diluted Average Shares

124.08

119.24

115.53

115

Reconciled Depreciation

603.78

690

809

1,207

Reconciled Cost Of Revenue

1,224.69

1,254

1,446

2,092

Total Unusual Items

-441.62

178

Total Unusual Items Excluding Goodwill

-441.62

178

Special Income Charges

-37.14

-67.60

-0.48

Other Special Charges

2.14

67.60

0.48

Write Off

7.47

Impairment Of Capital Assets

7.47

Gain On Sale Of Security

-374.01

178

General And Administrative Expense

114.56

121

138

161

Other Gand A

114.56

121

138

161

Other Operating Expenses

53.16

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

SM Energy Companythis co.

$8.1B

12.56↓ discount

1.69

13.5%

4.75

Kinetik Holdings Inc.

KNTK

$7.7B

14.55

-13.54

-93.0%

9.72

Noble Corporation plc

$7.4B

34.37

1.64

4.8%

8.84

Kodiak Gas Services, Inc.

KGS

$6.9B

85.36

5.72

6.7%

16.12

Archrock, Inc.

AROC

$6.1B

18.91

SM Energy Company

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

SM Energy Company

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on