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SM Energy Co (SM) stock

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NYSE: SM NYSE Oil & Gas Exploration & Production Next results ~November 3, 2026

B Fundamentals grade

SM Energy Co is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$110

Valuation models combined (2)

Base case. Range ~$64–$160. Weighted average of 2 models (forward price-to-earnings vs peers, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

SM Energy Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds271 adding, 231 cuttingOf 69 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter SM Energy files

Where SM Energy Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.50bn, up 75.4% on a year earlier, faster than the 27.3% growth a quarter earlier. That growth ranks 1 of 25 among the oil & gas exploration & production companies we cover. Free-cash-flow margin rose to 49.1% from -1.1% a year earlier. Operating margin narrowed to 29.6% from 38.0%. The diluted share count is up 44.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 6 financial-health checks. Our valuation models combined value is $99.25 a share, against a share price of $40.13.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

SM Energy Co's trailing-twelve-month revenue grew 75.4% year on year, with a free-cash-flow margin of 49.1%. Where it stands out: revenue growth of 75.4% ranks 2 of 57 oil & gas exploration & production companies we cover. Where it lags: change in share count of 44.9% ranks 46 of 48 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$330 per share in the base case (~$250–$430 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 75.4% (+48.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 75.4% over the last 12 months, against a median of 10.6% for oil & gas exploration & production companies we cover.
  • Growth speeding up. The growth rate is 48.0 points higher than a quarter earlier.
  • High operating margin. 29.6% of revenue is left as operating profit, against a median of 19.9% for oil & gas exploration & production companies we cover.
  • Strong cash generation. 49.1% of revenue turned into free cash flow, against a median of 23.2% for oil & gas exploration & production companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Margins narrowing. Operating margin is down 8.3 points on a year ago.
  • Share dilution. Diluted shares rose 44.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of -1.0 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.6 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 66 days ranks 37 of 42 oil & gas exploration & production companies we cover (median 41 days).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 35.1% ranks 36 of 43 oil & gas exploration & production companies we cover (median 17.6%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$2.19 against an average estimate of $1.95: beat by 12.0%
Revenue
$2.50bn, up 215.3% on a year earlier
Share reaction
-2.6% in the first session after the results on October 14, 2026, against -0.8% for the S&P 500
Next report
November 3, 2026; average EPS estimate $1.98

SM Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-7.3%
  • 1 week-6.7%
  • 1 month+6.2%
  • This year+104.5%
  • 1 year+85.0%
  • 5 years+17.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.5B
Operating margin
29.6%
Net margin
18.2%
EPS (TTM, diluted)
$5.98

Growth

Revenue growth
+75.4%
Change in growth rate
+48.0 pts
Share count change
+44.9%

Cash

Free cash flow (TTM)
$2.7B
FCF margin
49.1%
Stock pay % of revenue
0.9%

Earnings

Last results
October 14, 2026
Next results (est.)
December 23, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement ended
  3. Dividend
  4. Results
  5. Financing
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

SM Energy Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Our value per share comes from a discounted-cash-flow model of SM Energy Co's free cash flow after stock-based pay ( $2.3B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value SM Energy Co as an oil and gas producer, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. — Does not apply: no standardised measure of proved reserves in the company's tagged filings
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$330 ~$250–$430 Left out: out of range vs price (8.85x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$64 ~$52–$100 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$280 ~$190–$420 Left out: out of range vs price (7.45x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$160 ~$130–$200 Included
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$64–$160 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare SM Energy Co with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.16$30.19$19.43$13.68$10.02$5.53$26.65$31.60$35.75$36.41$18.31$37.44
Market value$1.2bn$2.3bn$2.2bn$1.6bn$1.1bn$629m$3.3bn$3.9bn$4.3bn$4.2bn$2.1bn$6.3bn
+ Net debt (− = net cash)$202m$121m−$175m$70m$2.6bn$2.2bn$1.7bn$1.1bn−$616m$69m−$368m−$620m
Enterprise value$1.4bn$2.4bn$2.0bn$1.6bn$3.7bn$2.8bn$5.0bn$5.0bn$3.6bn$4.3bn$1.7bn$5.6bn
Multiples
Price / sales 0.7x1.9x1.9x0.8x0.7x0.6x1.3x1.2x1.8x1.6x0.7x1.1x
Price / earnings ———3.1x——91.0x3.5x5.2x5.5x3.2x6.3x
Price / free cash flow 1.2x—5.1x2.3x1.4x0.8x2.9x2.3x2.9x—1.1x2.3x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

49 /100

Moderate moat

How hard SM Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.3% of total assets over 10 years.

  • Durability 8 / 20

    Operating margin has been a median 23.8%; its worst year was -57.2%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 5 of 7 years, at a median 39.3% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 44.8% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $2.0bn and EPS of $1.98 (range $1.70 to $2.29) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.08 +49% $7.9bn +149%
Next $8.51 +16% $7.9bn +0%

Next year's EPS estimate has moved +16.0% in 90 days, across 12 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.95 $2.19 +12.0%
Mar 2026 $1.13 $1.55 +37.8%
Dec 2025 $0.83 $0.83 +0.2%
Sept 2025 $1.25 $1.33 +6.8%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows SM Energy Co's revenue by +33.9% next year and +8.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+43.2%, weight 69%) and the company's own record (+13.0%, weight 31%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy1161%
Hold633%
Sell16%

Monthly trend

  1. Oct 202629618
  2. Sep 202629517
  3. Aug 202629415
  4. Jul 202628515

Counts of recommendations published by analysts covering SM Energy Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.9%
of tradable shares
Days to cover
3.34
at average volume
Short interest, 1 month
+9%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.9%
of shares
Employees
1,241
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +85.0%

$20.23 on October 31, 2025 to $37.44

ThenNowEffect
Revenue (last 12 months) $3.1bn $5.5bn +75.4%
Net margin 25.9% 18.2% −29.8%
P/E multiple 2.9x 6.3x +117.8%
Share count 115m 167m −31.0%

Biggest factor: p/e multiple.

Last 3 years +0.2%

$37.37 on November 3, 2023 to $37.44

ThenNowEffect
Revenue (last 12 months) $2.6bn $5.5bn +108.9%
Net margin 41.4% 18.2% −56.0%
P/E multiple 4.2x 6.3x +48.8%
Share count 123m 167m −26.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SM+382%+19%+13%+2%−50%+105%
Industry peers (median)+86%+55%−8%+1%−15%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SM75%58%50%50%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SM−43%−44%−27%−30%−59%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 98% from October 10, 2016 to April 1, 2020. Getting back needed a 3830% gain, reached on March 7, 2022, 705 days after the low.

Price behaviour

52-week range
$17.20 – $41.29
From 52-week high
−9.3%
vs 50-day average
+0.9%
vs 200-day average
+24.1%
Volatility (1 year)
52%
Beta vs S&P 500
-1.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±5.5%
After a week
8 up, 4 down
typical move ±6.6%
After a month
9 up, 2 down
typical move ±12.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 14, 2026 −2.6% −0.8% +0.2% —
August 5, 2026 −7.6% −0.4% +4.4% +21.1%
July 16, 2026 +4.6% −1.5% +12.0% +12.8%
May 6, 2026 −6.8% +1.1% −0.1% +3.2%
April 17, 2026 −4.1% +1.0% +2.5% +18.1%
February 25, 2026 −5.9% +0.3% +9.3% +46.7%
November 3, 2025 −10.5% −1.0% −11.8% −3.3%
July 31, 2025 −3.8% −2.0% −5.6% +3.0%
May 1, 2025 +0.1% +2.2% +0.2% +5.0%
February 19, 2025 −3.9% −0.2% −16.2% −19.9%
October 31, 2024 −5.2% −1.5% +1.8% +4.1%
August 7, 2024 +11.2% +1.6% +15.6% +3.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

SM Energy Co in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) SM Energy Co
$2B $3B $4B $5B $6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.4B Revenue (TTM), FY23 Q4: $2.4B Revenue (TTM), FY24 Q1: $2.4B Revenue (TTM), FY24 Q2: $2.4B Revenue (TTM), FY24 Q3: $2.4B Revenue (TTM), FY24 Q4: $2.7B Revenue (TTM), FY25 Q1: $3B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $3.3B Revenue (TTM), FY25 Q4: $3.2B Revenue (TTM), FY26 Q1: $3.8B Revenue (TTM), FY26 Q2: $5.5B $5.5B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.4B
FY23 Q4 $2.4B
FY24 Q1 $2.4B
FY24 Q2 $2.4B
FY24 Q3 $2.4B
FY24 Q4 $2.7B
FY25 Q1 $3B
FY25 Q2 $3.1B
FY25 Q3 $3.3B
FY25 Q4 $3.2B
FY26 Q1 $3.8B
FY26 Q2 $5.5B
Revenue growth, TTM YoY SM Energy Co
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -31.2% Revenue growth, TTM YoY, FY23 Q4: -29.3% Revenue growth, TTM YoY, FY24 Q1: -23.2% Revenue growth, TTM YoY, FY24 Q2: -7.1% Revenue growth, TTM YoY, FY24 Q3: 0.4% Revenue growth, TTM YoY, FY24 Q4: 13.3% Revenue growth, TTM YoY, FY25 Q1: 26.0% Revenue growth, TTM YoY, FY25 Q2: 28.2% Revenue growth, TTM YoY, FY25 Q3: 34.9% Revenue growth, TTM YoY, FY25 Q4: 17.3% Revenue growth, TTM YoY, FY26 Q1: 27.3% Revenue growth, TTM YoY, FY26 Q2: 75.4% 75.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -31.2%
FY23 Q4 -29.3%
FY24 Q1 -23.2%
FY24 Q2 -7.1%
FY24 Q3 0.4%
FY24 Q4 13.3%
FY25 Q1 26.0%
FY25 Q2 28.2%
FY25 Q3 34.9%
FY25 Q4 17.3%
FY26 Q1 27.3%
FY26 Q2 75.4%
Operating margin (TTM) SM Energy Co
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 41.8% Operating margin (TTM), FY23 Q4: 41.6% Operating margin (TTM), FY24 Q1: 37.8% Operating margin (TTM), FY24 Q2: 39.4% Operating margin (TTM), FY24 Q3: 44.9% Operating margin (TTM), FY24 Q4: 40.0% Operating margin (TTM), FY25 Q1: 39.4% Operating margin (TTM), FY25 Q2: 38.0% Operating margin (TTM), FY25 Q3: 33.5% Operating margin (TTM), FY25 Q4: 31.7% Operating margin (TTM), FY26 Q1: 11.2% Operating margin (TTM), FY26 Q2: 29.6% 29.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 41.8%
FY23 Q4 41.6%
FY24 Q1 37.8%
FY24 Q2 39.4%
FY24 Q3 44.9%
FY24 Q4 40.0%
FY25 Q1 39.4%
FY25 Q2 38.0%
FY25 Q3 33.5%
FY25 Q4 31.7%
FY26 Q1 11.2%
FY26 Q2 29.6%
FCF margin (TTM) SM Energy Co
-50% 0% 50% 100% FY18 Q2 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY18 Q2: 30.2% FCF margin (TTM), FY18 Q3: 32.7% FCF margin (TTM), FY18 Q4: 33.3% FCF margin (TTM), FY24 Q2: 65.1% FCF margin (TTM), FY24 Q3: 68.6% FCF margin (TTM), FY24 Q4: -11.9% FCF margin (TTM), FY25 Q1: -4.3% FCF margin (TTM), FY25 Q2: -1.1% FCF margin (TTM), FY25 Q3: 0.4% FCF margin (TTM), FY25 Q4: 62.7% FCF margin (TTM), FY26 Q1: 57.2% FCF margin (TTM), FY26 Q2: 49.1% 49.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY18 Q2 30.2%
FY18 Q3 32.7%
FY18 Q4 33.3%
FY24 Q2 65.1%
FY24 Q3 68.6%
FY24 Q4 -11.9%
FY25 Q1 -4.3%
FY25 Q2 -1.1%
FY25 Q3 0.4%
FY25 Q4 62.7%
FY26 Q1 57.2%
FY26 Q2 49.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar SM Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.2B
  2. Selling, general and admin $161M · 5.1%
  3. Other operating costs $2B · 63.2%
  4. Operating income $1B · 31.7%
  5. Income tax $182M · 5.8%
  6. Interest and other $170M · 5.4%
  7. Net income $648M · 20.5%

Shares of revenue. Source: SM Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 832 1,093 1,603 1,505 2,293 2,522 1,557 1,217 1,129 2,067 1,590 1,127 2,623 3,359 2,374 2,690 3,154 5,496
Gross profit — — — — — — — 620 621 1,580 1,089 — — — — — — —
Operating income −131 339 384 −20 368 1,166 −579 −1,057 −164 836 −70 −1,069 209 1,579 987 1,076 1,000 1,627
Net income −99 197 215 −54 171 666 −448 −758 −161 508 −187 −765 36 1,112 818 770 648 1,000
Diluted EPS −$1.59 $3.04 $3.19 −$0.83 $2.51 $9.79 −$6.61 −$9.90 −$1.44 $4.48 −$1.66 −$6.72 $0.29 $8.96 $6.86 $6.67 $5.64 $5.98
Growth (year on year)
Revenue −36.0% +31.3% +46.7% −6.1% +52.4% +10.0% −38.3% −21.8% −7.2% +83.0% −23.1% −29.1% +132.8% +28.1% −29.3% +13.3% +17.2% +75.4%
Operating income −176.4% — +13.5% −105.2% — +216.6% −149.6% — — — −108.4% — — +655.3% −37.5% +9.0% −7.1% +36.8%
Net income −213.8% — +9.4% −125.2% — +289.7% −167.2% — — — −136.8% — — — −26.4% −5.9% −15.8% +23.1%
Diluted EPS −215.2% — +4.9% −126.0% — +290.0% −167.5% — — — −137.1% — — — −23.4% −2.8% −15.4% −15.0%
Margins
Gross margin — — — — — — — 50.9% 55.0% 76.4% 68.5% — — — — — — —
Operating margin −15.7% 31.0% 24.0% −1.3% 16.1% 46.2% −37.2% −86.8% −14.5% 40.5% −4.4% −94.9% 8.0% 47.0% 41.6% 40.0% 31.7% 29.6%
Net margin −11.9% 18.0% 13.4% −3.6% 7.5% 26.4% −28.8% −62.2% −14.2% 24.6% −11.8% −67.9% 1.4% 33.1% 34.5% 28.6% 20.5% 18.2%
Free-cash-flow margin 52.4% 45.4% 47.4% 60.9% 55.7% 36.2% 63.1% −134.0% 37.7% 33.3% 51.6% 69.5% 44.1% 50.2% 61.7% −11.9% 62.7% 49.1%
Cash flow
Cash from operations 436 497 761 922 1,339 1,457 991 553 515 721 824 791 1,160 1,686 1,574 1,783 2,011 2,700
Capital spending 0 1 0 6 62 545 8 2,184 90 33 3 8 3 0 110 2,104 34 0
Free cash flow 436 496 761 916 1,277 912 983 −1,631 425 687 821 783 1,156 1,686 1,464 −321 1,977 2,700
Stock-based pay 19 27 27 30 32 33 27 27 23 24 24 15 19 19 20 25 29 52
Free cash flow after stock pay 417 470 734 886 1,245 879 955 −1,658 403 663 797 768 1,138 1,668 1,444 −346 1,948 2,648
Balance sheet
Cash 11 5 119 6 282 0 0 9 314 78 0 0 333 445 616 0 368 620
Total debt 267 276 285 1,100 1,600 166 202 131 139 148 2,610 2,214 2,081 1,572 0 69 0 0
Net debt (negative = net cash) 256 271 166 1,094 1,318 166 202 121 −175 70 2,610 2,214 1,748 1,127 −616 69 −368 −620
Diluted shares 62m 65m 68m 65m 68m 68m 68m 77m 111m 114m 113m 114m 124m 124m 119m 116m 115m 167m
Returned to shareholders
Dividends 6 6 6 7 7 7 7 8 11 11 11 2 2 20 72 85 92 181
Buybacks — — — — — — — — — — — 0 0 57 228 86 13 —
Total returned 6 6 6 7 7 7 7 8 11 11 11 2 2 77 300 171 105 181

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $18.9bn
Short-term assets $1.9bnLonger-term assets $17.0bn
What it owes, and who funded it · $10.9bn
Short-term liabilities $3.1bnShareholders' equity $7.8bn
  • Short-term assets cover short-term liabilities $1.9bn of assets due within a year against $3.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $620m of cash against $7.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 90% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 101% to 90% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.7bn of operating cash flow against $7.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.6bn against $310m of interest.

From SM Energy Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$13M
Dividends (TTM)
$181M
Returned to shareholders
5%
of free cash flow
Buybacks, last 3 fiscal years
$327M
Diluted share count
+44.9%
year over year
Total shareholder yield
2.2%
dividends 2.0% + buybacks 0.1% of market value
Dividend payout ratio
18%
of net income paid out
Days sales outstanding
66 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated SM PR CRGY CHRD AR CRC Median
Revenue, last 12 months $5.5bn $5.7bn $4.8bn $6.3bn $6.5bn $4.0bn $1.4bn
Revenue growth, last 12 months 75.4% 12.8% 33.5% 19.2% 28.7% −3.4% 10.6%
Revenue growth, 3-year average 27.8% 31.0% 25.8% 16.3% 5.2% 5.2% 1.4%
Revenue growth, latest quarter 215.3% 55.1% 55.9% 84.0% 28.7% 32.6% 31.5%
Gross margin 66.6% — — 71.3% — — 75.2%
Operating margin 29.6% 35.8% 27.8% 19.0% 27.6% −1.4% 21.1%
Operating margin, 3-year average 35.7% 34.7% 14.3% 18.8% 13.8% 12.6% 16.5%
Net margin 18.2% 21.5% 1.3% 13.4% 21.2% −3.0% 10.1%
Cash from operations / revenue 49.1% 69.6% 43.7% 40.9% 34.6% 22.0% 42.4%
Free-cash-flow margin 49.1% 52.9% 38.8% 16.6% 29.5% 9.7% 19.3%
Free-cash-flow margin, 3-year average 37.7% 52.2% 25.0% 19.2% 24.4% 10.9% 19.1%
Stock pay / revenue 0.9% 1.2% 3.5% 0.5% 0.8% 1.1% 1.5%
Change in share count 44.9% 4.4% — −3.6% −1.4% −5.5% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth 75.4% 10.6% 2 of 57
Change in growth rate Growth +48.0pp +4.9pp 2 of 57
Operating margin Profitability 29.6% 19.9% 12 of 42
Net margin Profitability 18.2% 10.1% 22 of 57
Free-cash-flow margin Cash generation 49.1% 23.2% 7 of 51
Stock pay as % of revenue Cash generation 0.9% 1.2% 19 of 47
Long-term debt as % of assets Balance sheet 35.1% 17.6% 36 of 43
Change in share count Balance sheet 44.9% 0.4% 46 of 48
Days sales outstanding Balance sheet 66 days 41 days 37 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Crude Oil $2.6B 81.6% ▲ 17.1%
Natural Gas Reserves $353M 11.2% ▲ 41.8%
Natural Gas Liquids Reserves $224M 7.1% ▼ 4.7%
Geography
Region Revenue Share YoY
Midl and Basin $1.4B 43.7% ▼ 12.4%
South Texas $891M 28.4% ▼ 1.0%
Uinta Basin $875M 27.9% ▲ 328.9%

From SM Energy Co's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6B
Institutions reporting
492
Shares held vs prior quarter
▲ 1.3%
Positions opened / closed
68 / 80

Top buyers and sellers, Q2 2026: 271 institutions bought and 231 sold ; the biggest buyer was Fuller & Thaler Asset Management, Inc (+2.3M shares) and the biggest seller Wellington Management Group LLP (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1B 39.3M 17.1% ▲ 2.2%
Vanguard Portfolio Management LLC $403M 15.4M 6.7% ▲ 1.3%
Canada Pension Plan Investment Board $378M 14.5M 6.3% 0.0%
Aristeia Capital, L.L.C. $339M 13.0M 5.6% ▲ 19.9%
State Street Corp $306M 11.7M 5.1% ▼ 6.3%
Vanguard Capital Management LLC $278M 10.7M 4.6% ▲ 1.1%
American Century Companies Inc $233M 8.9M 3.9% ▲ 0.1%
Dimensional Fund Advisors LP $213M 8.2M 3.6% ▼ 18.2%
Donald Smith & Co., Inc. $200M 7.6M 3.3% ▲ 6.1%
Geode Capital Management, LLC $164M 6.3M 2.7% ▲ 10.0%
Millennium Management LLC $117M 4.5M 2.0% ▼ 10.7%
FMR LLC $99.1M 3.8M 1.7% ▼ 5.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not SM Energy Co's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.6M 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.6M net selling
Insider Date Trade Shares Price Value
Venkatraman Ashwin Director September 10, 2026 Sell 3,650 $38.28 $139,722
Lebeck James Barker EVP, GC & Corp Secretary August 21, 2026 Sell 17,500 $37.02 $647,850
Peru Ramiro G Director May 21, 2026 Sell 24,553 $33.98 $834,311

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in SM Energy Co disclosed in the last 12 months; 2 earlier trades on record.

  • Chris Jacobs(R-NY 27):Sale (full), $1,001 - $15,000, traded July 18, 2022, filed September 9, 2022
  • Chris Jacobs(R-NY 27):Purchase, $1,001 - $15,000, traded April 11, 2022, filed May 19, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 23, 2026 estimated from the company's past filing pattern, not announced

  • October 14, 2026
  • August 5, 2026
  • July 16, 2026
  • May 6, 2026
  • April 17, 2026
  • February 25, 2026

Recent SEC filings

Data status

When each part of this page on SM Energy Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

SM Energy Co in brief

What does SM Energy Co do?
SM Energy Co is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is SM Energy Co's stock ticker?
SM Energy Co trades under the ticker SM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is SM Energy Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, SM Energy Co reported revenue of $5.5B, 75.4% higher than a year earlier, according to its SEC filings.
What is SM Energy Co's free cash flow?
SM Energy Co's free-cash-flow margin is 49.1% of revenue over the trailing twelve months, ranking 7 of the 51 oil & gas exploration & production companies we cover.
Who are SM Energy Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Canada Pension Plan Investment Board. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is SM Energy Co buying back stock, and does it pay a dividend?
SM Energy Co spent $13M on share repurchases over the trailing twelve months, and its diluted share count still rose 44.9% over the year.
What is SM Energy Co's market cap?
On November 2, 2026, SM Energy Co's market capitalisation was about $6.3B, with a price-to-earnings ratio of 6.3 and net debt of -$620M. Market figures come from third-party market data and may be delayed.
Does SM Energy Co pay a dividend?
Yes: SM Energy Co paid $181M in dividends over the trailing twelve months, a dividend yield of 2.04% and a payout ratio of 18.1%.
How much debt does SM Energy Co have?
SM Energy Co's debt-to-equity ratio is 90.1%, from its latest balance sheet (100.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are SM Energy Co's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to SM Energy Co are Permian Resources Corp, Crescent Energy Co, Chord Energy Corp, Antero Resources Corp and California Resources Corp. The side-by-side comparison below sets their revenue, margins and growth against SM Energy Co's.
Are insiders buying or selling SM Energy Co stock?
Over the last 12 months, SM Energy Co's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is SM Energy Co's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — SM Energy Co announces its own schedule.