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US shale oil and gas producer with acreage in the Midland (Permian) and South Texas basins.
US shale oil and gas producer with acreage in the Midland (Permian) and South Texas basins.
Sells crude oil, gas and gas liquids produced from its wells at market prices, and fixes part of future prices with hedges (contracts that lock in prices), so revenue follows commodity prices and the pace of drilling. Its annual drilling budget is the main lever.
Moat: none (cost advantage). A smaller, single-region shale operator without a structural cost or scale edge over larger peers.
Headquarters: Denver, Colorado, US · Founded: 1908 · Employees: 1,241
Size SM Energy (SM) is a United States Energy company (Integrated Oil) with a market value of $7.12B, the 952nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $29.92 on 6 Nov 2026.
Performance Over six months the shares gained 1.6%, against -5.9% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 99.7% over the last twelve months (peer median +12.2%); the operating margin is 38.2% (peer median 30.6%).
Valuation It trades at 3.5× forward earnings against a peer median of 9.7× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -36 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.0 points above its cost of capital (7.2% WACC).
Credit SM Energy has 4 bonds outstanding ($3.56B), rated BB by the agencies and trading like BB- at a weighted spread of 254 bp.
Short interest Short interest is 6.1% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.59B | $3.15B | $2.69B | $2.37B | $3.36B |
| Revenue growth | — | +17% | +13% | -29% | — |
| Gross profit | $2.81B | $1.01B | $1.18B | $1.06B | $2.07B |
| EBITDA | $4.45B | $2.03B | $1.84B | $1.61B | $2.56B |
| Net income | $938M | $648M | $770M | $818M | $1.11B |
| Free cash flow | $1.07B | $539M | -$1.63B | $475M | $806M |
| Capital expenditure | $2.25B | $1.47B | $3.41B | $1.10B | $880M |
| Total debt | $6.61B | $2.85B | $2.84B | $1.62B | $1.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SM Energy SM | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% |
| Permian Resources PR | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% |
| Matador Resources MTDR | $6.24B | -9% | +13% | 39% | 5.0× | n/a |
| Devon Energy DVN | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% |
| Diamondback Energy FANG | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.3% | -6.0% | lowest of 21 |
| 6-month return | +1.6% | -5.9% | 6th highest of 21 |
| Distance from 52-week high | -28.0% | -20.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +99.7% | +12.2% | highest of 21 |
| Operating margin | 38.2% | 30.6% | 8th highest of 21 |
| Forward P/E | 3.5× | 9.7× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -13.6% | -8.9% | 5th least demanding of 19 |
| Growth delivered (Del g) | +22.9% | +15.6% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | -36.4 pp | -25.6 pp | 7th least demanding of 19 |
| ROIC minus cost of capital | +7.0 pp | +7.7 pp | 11th highest of 21 |
| EV / EBITDA | 3.0× | 4.3× | 3rd cheapest of 18 |
| Net debt / EBITDA | 1.4× | 0.8× | 6th most indebted of 18 |
| Bond spread | 254 bp | 113 bp | 2nd widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
| Ithaca Energy ITH.L | United Kingdom | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% | +1.4% |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
SM Energy has 4 bonds outstanding with $3.56B face value. The agencies rate it BB; its bonds trade like BB-. Weighted yield 6.97%, a spread of 254 bp over government bonds.