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SM Energy Company USD

Update

US independent E&P across multiple onshore basins with operated and non-operated wells.

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_SM

Price chart

27.14 USDDay -3.28%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
27.14 USD · -3.28%
Market cap
6.5 bn USD

Growth

Δ revenue y/y
75.0%
Δ EBITDA y/y
-75.5%

Multiples

P/E (LTM)
49.7x
3y avg: 10.1x
P/B (FY)
1.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
7.8x
3y avg: 4.0x
EV/EBITDA (ann.)
26.2x

Cash return

Dividend yield
3.8%
FCF yield (LTM)
-112.6%

Liquidity

Daily turnover (US listing)
111 mln USD

Shares: sec_filing_text/893538:2026-04-08

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 6 / Err: 5 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-09-30 Q3⚠Warn 1
2023-12-31 FY✗Errors 2Warn 1
2024-03-31 Q1⚠Warn 1
2024-06-30 Q2⚠Warn 1
2024-09-30 Q3⚠Warn 1
2024-12-31 FY✗Errors 1Warn 2
2025-03-31 Q1✗Errors 1Warn 2
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3⚠Warn 1
2025-12-31 FY✗Errors 1Warn 2
2026-03-31 Q1✗Errors 4Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK1479.0
y/y 75.0%
-298.0
y/y -208.0%
432.0
y/y 60.0%
134.0
y/y -75.5%
-335.0
y/y -284.1%
640.0-628.019144.0
y/y 117.9%
6868.0
y/y 55.9%
-22.9%7527.0Link
2025-12-31Q4 2025 (3M)OK704.5
y/y -17.3%
182.6
y/y -36.4%
318.6
y/y 22.4%
501.2
y/y -8.4%
109.2
y/y -41.9%
451.9-224.29253.0
y/y 7.9%
4810.0
y/y 13.5%
13.6%-310.0Link
2025-09-30Q3 2025 (3M)OK811.6
y/y 26.1%
246.5
y/y -25.5%
325.4
y/y 60.3%
571.9
y/y 7.1%
155.1
y/y -35.5%
505.0-404.89089.5
y/y 13.2%
4713.1
y/y 16.0%
4.4%2550.5Link
2025-06-30Q2 2025 (3M)OK792.9
y/y 25.0%
294.9
y/y 5.6%
293.0
y/y 63.1%
587.9
y/y 28.1%
201.7
y/y -4.1%
571.1-410.08993.2
y/y 35.1%
4590.1
y/y 19.4%
17.9%2609.3Link
2025-03-31Q1 2025 (3M)OK845.0
y/y 50.9%
276.0
y/y 54.7%
270.0
y/y 62.5%
546.0
y/y 58.5%
182.0
y/y 38.7%
483.0-429.08787.7
y/y 37.3%
4404.0
y/y 19.1%
16.8%37.4Link
2024-12-31Q4 2024 (3M)OK852.0
y/y —
287.3
y/y —
260.2
y/y —
547.5
y/y —
188.0
y/y —
578.4-2449.18577.0
y/y 34.4%
4237.0
y/y 17.2%
18.6%91.0Link
2024-09-30Q3 2024 (3M)OK643.6
y/y 0.4%
331.0
y/y 69.2%
202.9
y/y 7.2%
533.9
y/y 38.7%
240.5
y/y 8.2%
452.3-302.98027.8
y/y 32.1%
4061.5
y/y 19.3%
8.1%971.4Link
2024-06-30Q2 2024 (3M)OK634.6
y/y —
279.4
y/y —
179.7
y/y —
459.0
y/y —
210.3
y/y —
476.4-322.76657.0
y/y —
3843.9
y/y —
22.3%1089.0Link
2024-03-31Q1 2024 (3M)OK559.9
y/y —
178.4
y/y —
166.2
y/y —
344.6
y/y —
131.2
y/y —
276.0-332.36398.5
y/y —
3698.3
y/y —
14.3%1069.9Link
2023-12-31FY 2023 (12M)OK2374.0
y/y —
987.0
y/y —
690.0
y/y —
1677.0
y/y —
818.0
y/y —
476.1-1099.06380.0
y/y —
3616.0
y/y —
23.3%-600.7Link
2023-09-30Q3 2023 (3M)OK640.9
y/y —
195.6
y/y —
189.4
y/y —
385.0
y/y —
222.3
y/y —
383.0-237.26078.6
y/y —
3404.3
y/y —
—1172.6Link
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
678.30 mln boe
2024
Reserve life (R/P)
12.0 yrs
reserves ÷ annual output
Annual production
56.50 mln boe
2025

Production, mln boe

64.20201555.30201644.50201743.90201848.30201946.40202051.40202153202255.50202362.40202456.502025

Proved reserves

YearReserves, mln boe
2024678.30
2023604.90
2022537.40
2021492
2020404.60
2019462
2018503.40
2017468.10
2016395.80

Production

YearProduction, mln boeper day
202556.50
−9.5%		154 795
202462.40
+12.4%		170 959
202355.50
+4.7%		152 055
202253
+3.1%		145 205
202151.40
+10.8%		140 822
202046.40
−3.9%		127 123
201948.30
+10.0%		132 329
201843.90
−1.3%		120 274
201744.50
−19.5%		121 918

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%100%2023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-2 000-1 500-1 000-50002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-2 00002 0004 0006 0008 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +17% vs +13% the year before — a +3.9 pp move. 3-year CAGR —.
revenue growth by year: 2024 +13% · 2025 +17%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 5.9x · 3-year average 3.2x

EV/EBITDA3-year 75th pct

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +16.3%

206.8192.1177.4162.7148.0202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +16.0% · Reserves life (R/P): 8.9 yr

673.0629.8586.5543.2500.0202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31206.8673——
2024-12-31148520——
2023-12-31153500——

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix derived from FY2025 10-K production volumes × realized sales prices (see Production & realized prices table below).
Spot 12M revenue
4 431 USDm
+12.8% vs LTM
Spot 12M EBITDA
2 146 USDm
+16.6% vs LTM
EV / Spot EBITDA
6.5x
current EV 14 034m ÷ spot EBITDA 2 146m
Upside to fair mcap
-44.9%
fair mcap 7 907 USDm
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)3 929 USDm
LTM EBITDA (last 4 quarters)1 840 USDm
Baseline cash costs (revenue − EBITDA)2 089 USDm
Revenue mix: oil / gas / NGL / other81.6% / 11.3% / 7.2% / 0.0%
· Crude oil2 560 USDm (81.6% of implied)
· Natural gas354 USDm (11.3% of implied)
· NGLs224 USDm (7.2% of implied)
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 84.65 · LTM avg 73.23 · 3y avg — → spot move +15.6%
Gas — spot & 3y avg vs LTMspot 3.21 · LTM avg 3.40 · 3y avg — → spot move -5.5%
NGL — spot & 3y avg vs LTMspot 5 480.00 · LTM avg 4 998.37 · 3y avg — → spot move +9.6%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.094
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)2 285 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue4 431 USDm
= Spot EBITDA2 146 USDm
= EBITDA at 3y avg commodity prices1 638 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)14 034 USDm
EV ÷ Spot EBITDA6.5x
6 · Fair value & upside
Conservative used EBITDA × 3y average EV/EBITDA → fair market cap.
EBITDA at 3y avg commodity prices1 638 USDm
= Conservative used EBITDA1 892 USDm
3y average EV/EBITDA (fair multiple)4.0x
= Fair enterprise value7 597 USDm
Net debt (balance sheet)-310 USDm
= Fair market cap7 907 USDm
Current market cap (implied)14 344 USDm
= Upside to fair mcap-44.9%

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

2025-12-31 · FY

Production & proved reserves

FY2025 net production and year-end 2025 proved reserves per SM Energy Form 10-K / supplemental disclosures.

Line itemAmount
Crude oil equivalent (net, Mboe/d)206.8
Proved reserves (net, MMboe)673

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1 'Areas of Operation' net production; realized sales prices before net derivative settlements (sm-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil40.3 MMBbls63.52 USD/bbl2,559.981.6%
Natural gas150,500 MMcf2.35 USD/Mcf353.711.3%
NGLs10.1 MMBbls22.22 USD/bbl224.47.2%
Total (implied product revenue)3,138100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)3,154USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)473USD mln
General & administrative161USD mln
Exploration expense57USD mln
Interest expense173USD mln
Income tax expense (benefit)182USD mln
Total costs and expenses (consolidated)2,154USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 net production and proved reserves — SM Energy Form 10-K (rounded).

Line itemAmount
Crude oil equivalent (net, Mboe/d)148
Proved reserves (net, MMboe)520

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,690USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)499USD mln
General & administrative138USD mln
Exploration expense64USD mln
Interest expense141USD mln
Income tax expense (benefit)196USD mln
Total costs and expenses (consolidated)1,615USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 — Form 10-K 2023 (rounded).

Line itemAmount
Crude oil equivalent (net, Mboe/d)153
Proved reserves (net, MMboe)500

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,374USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)279USD mln
General & administrative121USD mln
Exploration expense59USD mln
Interest expense92USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)96USD mln
Total costs and expenses (consolidated)1,387USD mln

Primary SEC filing for this FY (HTML)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-080.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2026-03-090.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2025-12-260.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2025-10-170.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2025-07-180.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2025-04-170.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2025-01-240.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2024-10-250.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2024-07-190.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2024-04-180.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2024-01-180.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2023-10-230.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-07-200.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-04-200.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-01-190.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-10-240.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-04-210.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)
2021-10-220.01 USDEx-dividend: 0.01 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://ir.sm-energy.com/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)