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SM Energy Company USD

At a glance: strengths & risks
✓Revenue growing (+17%)✓Net cash balance sheet✗Profit falling (-16%)✗Only 9 years of reserves✗Pricier than own history (EV/EBITDA 5.4 vs avg 4.0)

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_SM

Price chart

29.02 USDDay -6.54%

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
29.02 USD · -6.54%
Market cap
7.0 bn USD

Growth

Δ revenue y/y
171.9%
Δ EBITDA y/y
154.5%

Multiples

P/E (LTM)
7.0x
3y avg: 10.1x
P/B (FY)
1.6x
P/E (ann.)
1.6x
EV/EBITDA (LTM)
5.4x
3y avg: 4.0x
EV/EBITDA (ann.)
2.4x

Cash return

Dividend yield
2.9%
FCF yield (LTM)
47.9%

Liquidity

Daily turnover (listing)
142.1 mln USD

Shares: sec_filing_text/893538:2026-04-08

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)PARTIAL2156.0
y/y 171.9%
1496.0
y/y 407.3%
—
y/y —
1496.0
y/y 154.5%
1071.0
y/y 431.1%
1103.0——
y/y —
—
y/y —
—≈ 7527.0Link
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 —
547.5
y/y -32.5%
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 —
459.0
y/y 119.2%
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 —
344.6
y/y 26.7%
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 —
—
y/y —
810.6
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 —
—
y/y —
209.4
y/y —
149.9
y/y —
383.3-309.35992.6
y/y —
3298.5
y/y —
18.4%—Link
2023-03-31Q1 2023 (3M)OK573.5
y/y —
272.0
y/y —
—
y/y —
272.0
y/y —
198.6
y/y —
331.6-240.75870.2
y/y —
3229.8
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Long-term debt (incl. LT leases)7 976
− Cash & equivalents449
Net debt7 527

Net debt / LTM EBITDA: 2.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

FCF ($ mln)

-2 000-1 500-1 000-50005002024 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

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
202633.40 * (3M)
+87.6%		0.37
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 76spot vs LTM +5%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -210.6%

Main driver: WTI Crude Oil +5% vs LTM; revenue ×0.96 vs costs ×1.04; EBITDA 1 795→1 586; at 2.0× EV/EBITDA → -211%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+60%75.7472.3176.29+5%+5%
Henry Hub Gas (rev)+30%2.683.373.11-21%-8%
Propane (Texas, USD/gallon) (rev)+10%0.680.690.77-2%+11%
WTI Crude Oil (cost)-3%75.7472.3176.29+5%+5%
Henry Hub Gas (cost)-1%2.683.373.11-21%-8%

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

1 · Reported baseline (LTM)
LTM revenue3 788
LTM EBITDA1 795
LTM cash costs (revenue − EBITDA)1 993
2 · Revenue projection
Revenue multiplier — spot×0.965 (-4%)
= Spot revenue3 654
Revenue multiplier — 3y price×1.021 (+2%)
= 3-year-price revenue3 866
3 · Costs projection
Cost multiplier — spot×1.038 (+4%)
= Spot cash costs2 068
Cost multiplier — 3y price×1.039 (+4%)
= 3-year-price cash costs2 071
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 586
= 3-year-price EBITDA1 795
Conservative EBITDA = min(spot, avg)1 586
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.0x
Target EV = EV/EBITDA × conservative EBITDA3 171
Net debt7 527
Target market cap = EV − net debt-4 356
Current market cap3 938

Upside = target market cap ÷ current − 1 = -210.6%

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 Q2157 712155 467+1.4%43 83138 478+13.9%
2024 Q3161 023147 728+9.0%45 10729 570+52.5%
2024 Q4192 322162 853+18.1%46 26543 281+6.9%
2025 Q1152 014189 850-19.9%42 70166 424-35.7%
2025 Q2167 185164 791+1.5%48 42040 787+18.7%
2025 Q3163 084156 986+3.9%43 97031 833+38.1%
2025 Q4199 450163 066+22.3%53 36436 996+44.2%
2026 Q1159 405176 438-9.7%44 41549 819-10.8%

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 0.0x · target 75th pct (3y) 0.0x · LTM avg 4.0x

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

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)

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

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

Frequently asked questions

What is SM Energy Company's P/E ratio?
SM Energy Company trades at a P/E of 7.0x (price to trailing 12-month earnings).
What is SM Energy Company's EV/EBITDA?
SM Energy Company trades at 5.4x EV/EBITDA.
What is SM Energy Company's P/B ratio?
SM Energy Company trades at a P/B of 1.6x.
What is SM Energy Company's dividend yield?
SM Energy Company's trailing 12-month dividend yield is 2.9%.
What is SM Energy Company's return on equity (ROE)?
SM Energy Company's ROE is -22.9%.
What is SM Energy Company's market capitalization?
SM Energy Company's market cap is 7.0 bn USD.

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