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SM Energy Company USD

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

At a glance: strengths & risks
✓Revenue growing (+215% y/y, Q2 2026)✓Profit growing (+431% y/y, Q2 2026)✓Margins improving (74%→84%, Q2 2026)✓Net cash balance sheet✓Commodity price +44% vs 1-yr · +6% vs 3-yr✓Cheaper than own history (EV/EBITDA 2.8 vs avg 4.0)✗Only 9 years of reserves

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_SM

Price chart

41.29 USDDay 5.79%

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
41.29 USD · 5.79%
Market cap
9.8 bn USD

Growth

Δ revenue y/y
215.3%
Δ EBITDA y/y
255.2%

Multiples

P/E (LTM)
9.8x
3y avg: 10.0x
P/B (FY)
2.3x
P/E (ann.)
2.3x
EV/EBITDA (LTM)
2.8x
3y avg: 4.0x
EV/EBITDA (ann.)
1.1x

Cash return

Dividend yield
2.6%
FCF yield (LTM)
34.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-5.4%
↓ details

Liquidity

Daily turnover (listing)
199.2 mln USD

Shares: sec_companyfacts/893538

Financial results

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
2026-06-30Q2 2026 (3M)OK2500.0
y/y 215.3%
1496.0
y/y 407.3%
592.0
y/y 102.1%
2088.0
y/y 255.2%
1071.0
y/y 431.1%
1103.0-754.018858.0
y/y 109.7%
7813.0
y/y 70.2%
58.4%-620.0Link
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%
640.0-604.019144.0
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%
451.9-228.89253.0
y/y 7.9%
4810.0
y/y 13.5%
13.6%-230.0Link
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%
505.0-404.39089.5
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%
571.1-410.18993.2
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%
483.0-428.98787.7
y/y 37.3%
4404.0
y/y 19.1%
16.8%37.4Link
2024-12-31Q4 2024 (3M)OK852.0
y/y 39.9%
287.3
y/y -7.3%
260.2
y/y 38.0%
547.5
y/y 9.8%
188.0
y/y -24.0%
578.4-2457.08577.0
y/y 34.4%
4237.0
y/y 17.2%
18.6%134.0Link
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 15.2%
279.4
y/y 33.4%
179.7
y/y 13.8%
459.0
y/y 25.0%
210.3
y/y 40.3%
476.4-322.76657.0
y/y 11.1%
3843.9
y/y 16.5%
22.3%1089.0Link
2024-03-31Q1 2024 (3M)OK559.9
y/y -2.4%
178.4
y/y -34.4%
166.2
y/y 7.8%
344.6
y/y -19.1%
131.2
y/y -33.9%
276.0-332.46398.5
y/y 9.0%
3698.3
y/y 14.5%
14.3%1069.9Link
2023-12-31Q4 2023 (3M)OK608.8
y/y —
310.0
y/y —
188.6
y/y —
498.6
y/y —
247.2
y/y —
476.1-332.36380.0
y/y —
3616.0
y/y —
23.3%-576.4Link
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 —
383.0-216.76078.6
y/y —
3404.3
y/y —
8.8%1172.6Link
2023-06-30Q2 2023 (3M)OK550.8
y/y —
209.4
y/y —
157.8
y/y —
367.2
y/y —
149.9
y/y —
383.3-309.35992.6
y/y —
3298.5
y/y —
18.4%-378.2Link
2023-03-31Q1 2023 (3M)OK573.5
y/y —
272.0
y/y —
154.2
y/y —
426.2
y/y —
198.6
y/y —
331.6-240.75870.2
y/y —
3229.8
y/y —
—-477.9Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)0
− Cash & equivalents620
Net debt-620

Net debt / LTM EBITDA: -0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2 000-1 00001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-2 00002 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 2.32x of reported net profit; after capex, 0.58x.
year202320242025
cash flow / profit1.92x2.32x3.10x
accruals, % of assets-11.8%-11.8%-14.7%
Last twelve months (to 2026-06-30): 2.70x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · EBIT covers interest 5.8x · capex 2.2x of depreciation · share count -1.7% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

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

Oil and Gas E and P

Proved reserves
673 mln boe
2025
Reserve life (R/P)
8.9 yrs
reserves ÷ annual output
Annual production
75.50 mln boe
2025

Production, mln boe

64.20201555.30201644.50201743.90201848.30201946.40202051.40202153202255.50202362.40202475.502025

Proved reserves

YearReserves, mln boe
2025673
2024678.30
2023604.90
2022537.40
2021492
2020404.60
2019462
2018503.40
2017468.10

Production

YearProduction, mln boeper day, mln boe
202673.40 * (6M)
+99.5%		0.40
202575.50
+21.0%		0.21
202462.40
+12.4%		0.17
202355.50
+4.7%		0.15
202253
+3.1%		0.15
202151.40
+10.8%		0.14
202046.40
−3.9%		0.13
201948.30
+10.0%		0.13
201843.90
−1.3%		0.12

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 104spot vs LTM +43%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -5.4% ▲ +1.9 pp 1d

Main driver: WTI Crude Oil +44% vs LTM; revenue ×1.24 vs costs ×1.05; EBITDA 3 295→3 926; at 3.1× EV/EBITDA → -5%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+60%103.6471.9676.46+44%+6%
Henry Hub Gas (rev)+30%2.893.383.12-15%-8%
Propane (Texas, USD/gallon) (rev)+10%0.830.690.77+20%+11%
WTI Crude Oil (cost)-3%103.6471.9676.46+44%+6%
Henry Hub Gas (cost)-1%2.893.383.12-15%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue5 495
LTM EBITDA3 295
LTM cash costs (revenue − EBITDA)2 200
2 · Revenue projection
Revenue multiplier — spot×1.241 (+24%)
= Spot revenue6 817
Revenue multiplier — 3y price×1.025 (+2%)
= 3-year-price revenue5 632
3 · Costs projection
Cost multiplier — spot×1.050 (+5%)
= Spot cash costs2 310
Cost multiplier — 3y price×1.039 (+4%)
= 3-year-price cash costs2 287
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4 507
= 3-year-price EBITDA3 345
Conservative EBITDA = min(spot, avg)3 926
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)3.1x
Target EV = EV/EBITDA × conservative EBITDA12 336
Net debt6 416
Target market cap = EV − net debt5 920
Current market cap3 938

Upside = target market cap ÷ current − 1 = -5.4%

Life of mine: 9 yrs — before haircut +50.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q2158155+1.4%4440+10.9%
2024 Q3161148+9.0%4531+47.3%
2024 Q4192163+18.1%5044+13.8%
2025 Q1152 014190+79970.5%42 70167+63164.6%
2025 Q216737 906-99.6%469 872-99.5%
2025 Q316335 605-99.5%457 591-99.4%
2025 Q419936 871-99.5%548 834-99.4%
2026 Q1159 40539 480+303.8%45 49311 322+301.8%

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——

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)

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 — LTM vs projected

Projected EV/EBITDA 0.1x · target 75th pct (3y) 13.6x · LTM avg 4.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
APA CorporationUS16.73.4x
Chord Energy CorporationUS8.63.5x
Matador Resources CompanyUS7.93.7x
Ovintiv Inc.US18.65.1x
Permian Resources CorporationUS18.45.2x
EQT CorporationUS33.35.8x
Devon Energy CorporationUS39.96.1x
EOG Resources, Inc.US81.56.2x
Antero Resources CorporationUS12.07.2x
Range Resources CorporationUS9.97.4x
Canadian Natural Resources LimitedUS108.07.4x
Diamondback Energy, Inc.US59.411.1x
Group median5.9x
Group average6.0x
This companyUS9.82.8x

Group median 5.9x; this company 2.8x — a 53% discount.

Group average 6.0x; against the average this company is at a 54% discount.

At the adjusted group median the market cap would be +114% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-040.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of SM Energy Company — from primary filings.

Frequently asked questions

What is SM Energy Company's P/E ratio?
SM Energy Company trades at a P/E of 9.8x (price to trailing 12-month earnings).
What is SM Energy Company's EV/EBITDA?
SM Energy Company trades at 2.8x EV/EBITDA.
What is SM Energy Company's P/B ratio?
SM Energy Company trades at a P/B of 2.3x.
What is SM Energy Company's dividend yield?
SM Energy Company's trailing 12-month dividend yield is 2.6%.
What is SM Energy Company's return on equity (ROE)?
SM Energy Company's ROE is 58.4%.
What is SM Energy Company's market capitalization?
SM Energy Company's market cap is 9.8 bn USD.

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