SM Energy Co
SM—
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SM Energy Co AI Insights
Informational only. Not investment advice.Snapshot
- P/E of 3.3x vs industry median 12.0x - trading at 73% discount despite 22% net margin (vs 8.7% median)[P/E Ratio]
- Capex TTM of 3.7B exceeds revenue of 3.3B - aggressive growth phase burning 1.6B FCF[Capital Expenditure TTM]
- P/B of 0.46x means market values equity at less than half book - deep value or value trap[P/B Ratio]
Watch Triggers
- Capital Expenditure TTM: Drops below 2B (60% of current) — Signals transition from growth to harvest phase, FCF inflection imminent
- Free Cash Flow TTM: Turns positive — Validates thesis that capex cycle converts to cash generation
- Interest Expense TTM: Exceeds 200M (currently 176M) — Rising debt service erodes margin of safety on 2.7B debt load
Bull Case
Extreme valuation discount: P/E 3.3x, P/B 0.46x, EV/EBITDA 2.1x while generating 31% operating margins - priced for permanent decline
P/E RatioP/B RatioOperating Margin TTM
ROIC of 10.2% (2x industry median 5.1%) on 7.4B invested capital demonstrates efficient capital deployment despite growth phase
ROIC TTMInvested Capital
Bear Case
Negative FCF of -1.6B with 2.7B total debt creates refinancing risk if commodity prices fall or capex overruns
Free Cash Flow TTMTotal Debt
Working capital deficit of -502M and current debt of 419M vs 163M cash signals near-term liquidity pressure
Working CapitalCurrent DebtCash and Equivalents
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Heavy capex cycle (113% of revenue) should convert to FCF generation as production ramps
1-3ymed
- PPE of 8.3B vs 4.7B equity shows asset base built
- Operating cash flow of 2.1B proves core business generates cash
- Debt/equity 0.58 leaves capacity for completion
Capex TTM 3.7B vs OCF 2.1BEBITDA margin 69% shows operational leverageNet debt 2.6B manageable at 1.1x EBITDA
Valuation Context
Caveats
Public Strategies Rankings
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SM Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Oil and Gas Extraction
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.56B | — | ||
$5.91B | — | ||
5.4 | — | ||
$3.14B | +17.5% | — | |
$5.64 | -30.0% | — | |
26.2% | -12.2% | — | |
20.7% | -8.2% | — | |
$539.0M | — | ||
14.3% | -5.3% | — | |
Beta 5Y (Monthly) | unknown | — |
SM Dividend History
62 dividends
2026
$0.220003/09/26$0.2200
2025
$1.000012/26/25$0.2000
10/17/25$0.2000
07/18/25$0.2000
04/17/25$0.2000
01/24/25$0.2000
2024
$0.740010/25/24$0.2000
07/19/24$0.1800
04/18/24$0.1800
01/18/24$0.1800
2023
$0.600010/23/23$0.1500
07/20/23$0.1500
04/20/23$0.1500
01/19/23$0.1500
2022
$0.160010/24/22$0.1500
04/21/22$0.0100
2021
$0.020010/22/21$0.0100
04/22/21$0.0100
2020
$0.020010/22/20$0.0100
04/23/20$0.0100
2019
$0.100010/24/19$0.0500
04/25/19$0.0500
2018
$0.100010/25/18$0.0500
04/26/18$0.0500
2017
$0.100010/19/17$0.0500
04/19/17$0.0500
2016
$0.100010/19/16$0.0500
04/20/16$0.0500
2015
$0.100010/21/15$0.0500
04/22/15$0.0500
2014
$0.100010/22/14$0.0500
04/23/14$0.0500
2013
$0.100010/23/13$0.0500
04/24/13$0.0500
2012
$0.100010/24/12$0.0500
04/25/12$0.0500
2011
$0.100010/26/11$0.0500
04/27/11$0.0500
2010
$0.100010/27/10$0.0500
04/28/10$0.0500
2009
$0.100010/28/09$0.0500
04/29/09$0.0500
2008
$0.100010/29/08$0.0500
04/30/08$0.0500
2007
$0.100010/31/07$0.0500
05/02/07$0.0500
2006
$0.100011/01/06$0.0500
05/03/06$0.0500
2005
$0.100011/02/05$0.0500
05/04/05$0.0500
2004
$0.050011/03/04$0.0250
05/05/04$0.0250
2003
$0.050011/05/03$0.0250
05/07/03$0.0250
2002
$0.050011/06/02$0.0250
05/08/02$0.0250
2001
$0.050011/07/01$0.0250
05/09/01$0.0250
2000
$0.087511/02/00$0.0125
08/02/00$0.0250
05/11/00$0.0250
02/09/00$0.0250
SM Stock Splits
2 stock splits
04/01/050.5:1 split
09/06/001:2 split
SM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/26/26 | 12/31/25 | 10-K | |
11/03/25 | 09/30/25 | 10-Q | |
08/01/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
11/01/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
11/03/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
04/29/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
04/30/21 | 03/31/21 | 10-Q | |
02/18/21 | 12/31/20 | 10-K | |
10/30/20 | 09/30/20 | 10-Q | |
07/31/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
11/01/19 | 09/30/19 | 10-Q | |
08/02/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
11/02/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
02/21/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/04/16 | 03/31/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
10/28/15 | 09/30/15 | 10-Q | |
07/29/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/25/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/30/14 | 06/30/14 | 10-Q | |
04/30/14 | 03/31/14 | 10-Q | |
02/19/14 | 12/31/13 | 10-K | |
10/30/13 | 09/30/13 | 10-Q | |
07/31/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/21/13 | 12/31/12 | 10-K | |
11/01/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/03/12 | 03/31/12 | 10-Q | |
02/23/12 | 12/31/11 | 10-K | |
11/02/11 | 09/30/11 | 10-Q | |
08/03/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/03/10 | 09/30/10 | 10-Q | |
08/03/10 | 06/30/10 | 10-Q | |
05/04/10 | 03/31/10 | 10-Q | |
02/24/10 | 12/31/09 | 10-K | |
11/03/09 | 09/30/09 | 10-Q | |
08/04/09 | 06/30/09 | 10-Q | |
05/05/09 | 03/31/09 | 10-Q | |
02/24/09 | 12/31/08 | 10-K | |
11/04/08 | 09/30/08 | 10-Q | |
08/05/08 | 06/30/08 | 4/A | |
05/05/08 | 03/30/08 | Unknown | -- |
02/22/08 | 12/31/07 | 10-K | |
11/02/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/04/07 | 03/31/07 | 8-K | |
02/23/07 | 12/31/06 | 10-K | |
11/03/06 | 09/30/06 | 10-Q | |
08/04/06 | 06/30/06 | 10-Q | |
05/04/06 | 03/30/06 | Unknown | -- |
02/27/06 | 12/31/05 | 10-K | |
11/07/05 | 09/30/05 | 10-Q | |
08/05/05 | 06/30/05 | 8-K | |
05/04/05 | 03/30/05 | Unknown | -- |
02/25/05 | 12/31/04 | 10-K | |
11/04/04 | 09/30/04 | 10-Q | |
06/30/04 | 06/30/04 | Unknown | -- |
04/30/04 | 03/30/04 | Unknown | -- |
02/27/04 | 12/31/03 | 10-K | |
11/06/03 | 09/30/03 | 4 | |
08/13/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/30/03 | Unknown | -- |
03/13/03 | 12/31/02 | 8-K | |
11/13/02 | 09/30/02 | 8-K | |
08/14/02 | 06/30/02 | 8-K | |
05/15/02 | 03/30/02 | Unknown | -- |
03/19/02 | 12/31/01 | 8-K | |
11/13/01 | 09/30/01 | 10-Q | |
08/13/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
03/23/01 | 12/31/00 | 10-K405 | |
11/13/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/30/00 | Unknown | -- |