NYSE : SM
SM Energy Company — Financial statements
Energy · Oil & Gas Exploration & Production · United States
Last price 40.38 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 9.60B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
SM Energy Company (SM) reported revenue of 4.96B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 4.87B | 3.01B | 2.56B | 2.26B | 3.18B | 2.48B |
| Other Revenue | 88.00M | 16.00M | 19.00M | 10.00M | 12.74M | 24.98M |
| Revenue | 4.96B | 3.03B | 2.57B | 2.27B | 3.20B | 2.50B |
| Cost of Revenue | 672.00M | 292.00M | 167.00M | 459.00M | 416.61M | 364.92M |
| Gross Profit | 4.29B | 2.73B | 2.41B | 1.81B | 2.78B | 2.14B |
| Selling, General & Admin | 609.00M | 592.00M | 457.00M | 121.00M | 114.56M | 111.94M |
| Other Operating Expenses | 399.00M | -121.00M | 1.00M | -47.00M | 426.67M | 967.13M |
| Operating Expenses | 2.75B | 1.74B | 1.33B | 823.00M | 1.20B | 1.93B |
| Operating Income | 1.54B | 1.00B | 1.08B | 987.00M | 1.58B | 209.12M |
| Interest Expense | -310.00M | -173.00M | -141.00M | -92.00M | -120.35M | -160.35M |
| Interest & Investment Income | 11.00M | 3.00M | 32.00M | 20.00M | 5.77M | 1.72M |
| Other Non Operating Income (Expenses) | -4.00M | -1.00M | -1.00M | -1.53M | -2.18M | |
| EBT Excluding Unusual Items | 1.23B | 830.00M | 966.00M | 914.00M | 1.46B | 48.31M |
| Merger & Restructuring Charges | -172.00M | |||||
| Gain (Loss) on Sale of Assets | 262.00M | |||||
| Other Unusual Items | -67.61M | -2.14M | ||||
| Pretax Income | 1.32B | 830.00M | 966.00M | 914.00M | 1.40B | 46.17M |
| Income Tax Expense | 324.00M | 182.00M | 196.00M | 96.00M | 283.82M | 9.94M |
| Net Income | 1.00B | 648.00M | 770.00M | 818.00M | 1.11B | 36.23M |
| Net Income to Common | 1.00B | 648.00M | 770.00M | 818.00M | 1.11B | 36.23M |
| Shares Outstanding (Basic) | 167.00M | 115.00M | 115.00M | 119.00M | 122.35M | 119.04M |
| Shares Outstanding (Diluted) | 167.50M | 115.00M | 116.00M | 119.00M | 124.08M | 123.69M |
| EPS (Basic) | 5.99 | 5.63 | 6.70 | 6.87 | 9.09 | 0.30 |
| EPS (Diluted) | 5.97 | 5.63 | 6.67 | 6.86 | 8.96 | 0.29 |
| Free Cash Flow | 743.00M | 539.00M | -1.63B | 475.00M | 806.47M | 481.61M |
| Free Cash Flow Per Share | 4.44 | 4.69 | -14.07 | 3.99 | 6.50 | 3.89 |
| Dividend Per Share | 0.82 | 0.80 | 0.76 | 0.63 | 0.31 | 0.02 |
| Gross Margin | 86.46% | 90.35% | 93.51% | 79.77% | 86.97% | 85.41% |
| Operating Margin | 30.98% | 33.04% | 41.80% | 43.50% | 49.42% | 8.36% |
| Profit Margin | 20.15% | 21.41% | 29.92% | 36.05% | 34.79% | 1.45% |
| Free Cash Flow Margin | 14.97% | 17.81% | -63.40% | 20.93% | 25.23% | 19.25% |
| EBITDA | 3.21B | 2.21B | 1.89B | 1.68B | 2.18B | 1.02B |
| EBITDA Margin | 64.59% | 72.91% | 73.23% | 73.91% | 68.31% | 40.71% |
| D&A For EBITDA | 1.67B | 1.21B | 809.00M | 690.00M | 603.78M | 809.39M |
| EBIT | 1.54B | 1.00B | 1.08B | 987.00M | 1.58B | 209.12M |
| EBIT Margin | 30.98% | 33.04% | 41.80% | 43.50% | 49.42% | 8.36% |
| Effective Tax Rate | 24.47% | 21.93% | 20.29% | 10.50% | 20.33% | 21.53% |
| Revenue as Reported | 5.50B | 3.15B | 2.69B | 2.37B | 3.36B | 2.62B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 620.00M | 368.00M | 616.16M | 445.00M | 332.72M | |
| Cash & Short-Term Investments | 620.00M | 368.00M | 616.16M | 445.00M | 332.72M | |
| Accounts Receivable | 989.00M | 193.00M | 247.00M | 175.33M | 184.46M | 215.63M |
| Other Receivables | 138.00M | 114.00M | 55.83M | 48.84M | 31.57M | |
| Receivables | 989.00M | 331.00M | 361.00M | 231.16M | 233.30M | 247.20M |
| Prepaid Expenses | 146.00M | 29.00M | 25.00M | 12.67M | 10.23M | 9.18M |
| Other Current Assets | 145.00M | 83.00M | 49.00M | 56.44M | 48.68M | 24.09M |
| Total Current Assets | 1.90B | 811.00M | 435.00M | 916.44M | 737.20M | 613.19M |
| Property, Plant & Equipment | 16.55B | 8.41B | 8.11B | 5.41B | 4.91B | 4.60B |
| Long-Term Deferred Charges | 21.00M | 15.00M | 19.00M | 8.50M | 10.80M | 2.70M |
| Other Long-Term Assets | 389.00M | 15.00M | 17.00M | 46.36M | 58.89M | 23.07M |
| Total Assets | 18.86B | 9.25B | 8.58B | 6.38B | 5.72B | 5.23B |
| Accounts Payable | 2.35B | 77.00M | 83.00M | 107.31M | 43.90M | 25.07M |
| Accrued Expenses | 563.00M | 613.00M | 465.57M | 423.17M | 452.99M | |
| Current Portion of Long-Term Debt | 416.00M | 419.00M | ||||
| Current Portion of Leases | 122.00M | 58.00M | 22.00M | 15.43M | 10.11M | 6.51M |
| Other Current Liabilities | 200.00M | 52.00M | 72.00M | 45.50M | 121.40M | 404.75M |
| Total Current Liabilities | 3.09B | 1.17B | 790.00M | 633.81M | 598.58M | 889.33M |
| Long-Term Debt | 6.62B | 2.30B | 2.78B | 1.58B | 1.57B | 2.08B |
| Long-Term Leases | 275.00M | 80.00M | 43.00M | 24.35M | 23.62M | 19.44M |
| Pension & Post-Retirement Benefits | 8.00M | 13.00M | 21.58M | 28.75M | 39.82M | |
| Long-Term Deferred Tax Liabilities | 630.00M | 724.00M | 545.00M | 369.90M | 280.81M | 9.77M |
| Other Long-Term Liabilities | 431.00M | 166.00M | 172.00M | 139.16M | 126.61M | 131.33M |
| Total Liabilities | 11.04B | 4.44B | 4.34B | 2.76B | 2.63B | 3.17B |
| Common Stock | 2.00M | 1.00M | 1.00M | 1.16M | 1.22M | 1.22M |
| Additional Paid-In Capital | 3.89B | 1.52B | 1.50B | 1.57B | 1.78B | 1.84B |
| Retained Earnings | 3.92B | 3.29B | 2.73B | 2.05B | 1.31B | 234.53M |
| Comprehensive Income & Other | 2.00M | 1.00M | -1.00M | -2.61M | -4.02M | -12.85M |
| Shareholders' Equity | 7.81B | 4.81B | 4.24B | 3.62B | 3.09B | 2.06B |
| Total Liabilities & Equity | 18.86B | 9.25B | 8.58B | 6.38B | 5.72B | 5.23B |
| Total Debt | 7.43B | 2.85B | 2.84B | 1.62B | 1.61B | 2.11B |
| Net Cash (Debt) | -6.81B | -2.48B | -2.84B | -998.95M | -1.16B | -1.77B |
| Net Cash Per Share | -40.67 | -21.61 | -24.50 | -8.39 | -9.36 | -14.35 |
| Filing Date Shares Outstanding | 237.85M | 238.36M | 114.46M | 115.75M | 121.93M | 121.86M |
| Total Common Shares Outstanding | 237.49M | 114.63M | 114.46M | 115.75M | 121.93M | 121.86M |
| Working Capital | -1.19B | -358.00M | -355.00M | 282.63M | 138.62M | -276.14M |
| Book Value Per Share | 32.90 | 41.96 | 37.02 | 31.24 | 25.30 | 16.93 |
| Tangible Book Value | 7.81B | 4.81B | 4.24B | 3.62B | 3.09B | 2.06B |
| Tangible Book Value Per Share | 32.90 | 41.96 | 37.02 | 31.24 | 25.30 | 16.93 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.00B | 648.00M | 770.00M | 818.00M | 1.11B | 36.23M |
| Depreciation & Amortization | 1.67B | 1.21B | 809.00M | 690.00M | 603.78M | 809.39M |
| Other Amortization | 10.00M | 10.00M | 7.00M | 5.00M | 10.28M | 17.27M |
| Loss (Gain) From Sale of Assets | -262.00M | |||||
| Stock-Based Compensation | 52.00M | 29.00M | 25.00M | 20.00M | 18.77M | 18.82M |
| Other Operating Activities | 405.00M | 103.00M | 162.00M | 45.00M | 13.68M | 160.65M |
| Change in Accounts Receivable | 30.00M | 30.00M | -86.00M | -10.00M | 38.55M | -101.05M |
| Change in Accounts Payable | -17.00M | -17.00M | 109.00M | 8.00M | -109.56M | 218.24M |
| Change in Other Net Operating Assets | -186.00M | 1.00M | -13.00M | -2.00M | -1.05M | 220.00K |
| Operating Cash Flow | 2.70B | 2.01B | 1.78B | 1.57B | 1.69B | 1.16B |
| Capital Expenditures | -1.96B | -1.47B | -3.42B | -1.10B | -879.94M | -678.16M |
| Sale of Property, Plant & Equipment | 897.00M | |||||
| Other Investing Activities | -5.00M | 4.00M | 8.00M | -322.00K | 10.93M | |
| Investing Cash Flow | -1.11B | -1.47B | -3.41B | -1.10B | -880.26M | -667.24M |
| Long-Term Debt Issued | 1.57B | 2.50B | 2.23B | |||
| Long-Term Debt Repaid | -1.64B | -1.30B | -584.95M | -2.38B | ||
| Net Debt Issued (Repaid) | -759.00M | -68.00M | 1.20B | -584.95M | -151.00M | |
| Issuance of Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.04M | 2.64M |
| Repurchase of Common Stock | -99.00M | -13.00M | -86.00M | -228.00M | -57.21M | |
| Common Dividends Paid | -181.00M | -92.00M | -85.00M | -72.00M | -19.64M | -2.39M |
| Other Financing Activities | -32.00M | -5.00M | -21.00M | -8.00M | -35.11M | -9.07M |
| Financing Cash Flow | -1.07B | -175.00M | 1.01B | -305.00M | -693.86M | -159.83M |
| Miscellaneous Cash Flow Adjustments | 1.00M | |||||
| Net Cash Flow | 518.00M | 368.00M | -616.00M | 171.00M | 112.28M | 332.71M |
| Free Cash Flow | 743.00M | 539.00M | -1.63B | 475.00M | 806.47M | 481.61M |
| Free Cash Flow Margin | 14.97% | 17.81% | -63.40% | 20.93% | 25.23% | 19.25% |
| Free Cash Flow Per Share | 4.44 | 4.69 | -14.07 | 3.99 | 6.50 | 3.89 |
| Levered Free Cash Flow | 1.47B | 206.88M | -1.97B | 197.22M | 358.78M | 431.72M |
| Unlevered Free Cash Flow | 1.66B | 305.00M | -1.89B | 249.72M | 423.71M | 514.66M |
| Cash Interest Paid | 266.00M | 166.00M | 88.00M | 87.00M | 134.24M | 136.61M |
| Cash Income Tax Paid | 31.00M | 4.00M | 27.00M | 9.00M | 10.58M | 864.00K |
| Change in Working Capital | -173.00M | 14.00M | 10.00M | -4.00M | -72.06M | 117.41M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.60B | 2.14B | 4.43B | 4.50B | 4.28B | 3.58B |
| Enterprise Value | 16.42B | 4.73B | 5.42B | 5.69B | 5.36B | 5.64B |
| Last Close Price | 40.38 | 18.31 | 36.41 | 35.75 | 31.60 | 26.65 |
| PE Ratio | 6.77 | 3.31 | 5.76 | 5.51 | 3.85 | 98.84 |
| Forward PE | 4.74 | 5.99 | 5.13 | 5.94 | 4.33 | 6.82 |
| PS Ratio | 1.94 | 0.71 | 1.72 | 1.99 | 1.34 | 1.43 |
| PB Ratio | 1.23 | 0.45 | 1.05 | 1.25 | 1.39 | 1.74 |
| P/TBV Ratio | 1.23 | 0.45 | 1.05 | 1.25 | 1.39 | 1.74 |
| P/FCF Ratio | 12.93 | 3.97 | 9.48 | 5.30 | 7.44 | |
| P/OCF Ratio | 3.56 | 1.06 | 2.49 | 2.86 | 2.54 | 3.09 |
| PEG Ratio | 0.59 | 0.55 | 0.64 | 0.74 | 0.16 | 0.27 |
| EV/Sales Ratio | 3.31 | 1.56 | 2.11 | 2.51 | 1.68 | 2.25 |
| EV/EBITDA Ratio | 5.12 | 2.14 | 2.88 | 3.39 | 2.45 | 5.54 |
| EV/EBIT Ratio | 10.68 | 4.72 | 5.04 | 5.77 | 3.39 | 26.96 |
| EV/FCF Ratio | 22.10 | 8.77 | 11.98 | 6.64 | 11.71 | |
| Debt / Equity Ratio | 0.95 | 0.59 | 0.67 | 0.45 | 0.52 | 1.02 |
| Debt / EBITDA Ratio | 2.03 | 1.06 | 1.19 | 0.82 | 0.68 | 2.06 |
| Debt / FCF Ratio | 10.00 | 5.29 | 3.40 | 1.99 | 4.38 | |
| Net Debt / Equity Ratio | 0.87 | 0.52 | 0.67 | 0.28 | 0.38 | 0.86 |
| Net Debt / EBITDA Ratio | 2.13 | 1.13 | 1.51 | 0.60 | 0.53 | 1.74 |
| Net Debt / FCF Ratio | 9.17 | 4.61 | -1.74 | 2.10 | 1.44 | 3.68 |
| Asset Turnover | 0.36 | 0.34 | 0.34 | 0.38 | 0.58 | 0.49 |
| Quick Ratio | 0.52 | 0.60 | 0.46 | 1.34 | 1.13 | 0.65 |
| Current Ratio | 0.61 | 0.69 | 0.55 | 1.45 | 1.23 | 0.69 |
| Return on Equity (ROE) | 16.12% | 14.32% | 19.61% | 24.41% | 43.19% | 1.78% |
| Return on Assets (ROA) | 6.90% | 7.01% | 8.99% | 10.20% | 18.03% | 2.56% |
| Return on Invested Capital (ROIC) | 7.84% | 10.86% | 14.67% | 19.94% | 31.13% | 4.06% |
| Return on Capital Employed (ROCE) | 9.70% | 12.40% | 13.80% | 17.20% | 30.90% | 4.80% |
| Earnings Yield | 14.77% | 30.25% | 17.36% | 18.16% | 26.00% | 1.01% |
| FCF Yield | 7.74% | 25.16% | -36.80% | 10.55% | 18.86% | 13.45% |
| Dividend Yield | 2.18% | 4.28% | 1.96% | 1.62% | 0.88% | 0.07% |
| Payout Ratio | 14.75% | 14.20% | 11.04% | 8.80% | 1.77% | 6.60% |
| Buyback Yield / Dilution | -45.08% | 0.86% | 2.52% | 4.10% | -0.32% | -8.76% |
| Total Shareholder Return | -42.90% | 5.14% | 4.48% | 5.72% | 0.56% | -8.69% |