SM Energy (SM) Financials

$23.26 -0.48 (-2.00%)

As of 11:23 AM Eastern

Annual Income Statements for SM Energy

This table shows SM Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	770	818	1,112	36	-765	-187	508	-161	-758	-448
Consolidated Net Income / (Loss)	770	818	1,112	36	-765	-187	508	-161	-758	-448
Net Income / (Loss) Continuing Operations	770	818	1,112	36	-765	-187	508	-161	-758	-448
Total Pre-Tax Income	966	914	1,396	46	-957	-231	652	-344	-1,202	-723
Total Operating Income	1,076	987	1,579	209	-1,069	-70	836	-164	-1,057	-579
Total Gross Profit	2,053	1,810	2,738	2,117	735	1,089	2,067	621	620	833
Total Revenue	2,690	2,374	3,359	2,623	1,127	1,590	2,067	1,129	1,217	1,557
Operating Revenue	2,671	2,364	3,346	2,598	1,126	1,586	2,063	1,123	1,216	1,543
Other Revenue	19	10.00	13	25	0.49	4.36	3.80	6.62	1.95	14
Total Cost of Revenue	637	564	621	505	391	501	0.00	508	598	724
Operating Cost of Revenue	637	564	621	505	391	501	-	508	598	724
Total Operating Expenses	978	823	1,158	1,908	1,804	1,159	1,231	785	1,677	1,412
Selling, General & Admin Expense	138	121	115	112	99	133	117	117	125	158
Exploration Expense	64	59	55	39	41	52	55	55	65	121
Depreciation Expense	809	690	604	774	785	824	665	557	791	921
Other Operating Expenses / (Income)	-34	-48	385	948	-137	117	-144	40	261	-384
Total Other Income / (Expense), net	-109	-73	-184	-163	112	-161	-185	-180	-145	-144
Interest Expense	141	92	188	162	-116	159	188	179	143	145
Interest & Investment Income	32	20	5.77	1.72	-	-	-	-	-	-
Other Income / (Expense), net	-0.23	-0.93	-1.53	-2.18	-3.94	-1.97	3.09	-0.80	-1.91	0.65
Income Tax Expense	196	96	284	9.94	-192	-44	143	-183	-444	-275
Basic Earnings per Share	$6.71	$6.89	$9.09	$0.30	($6.72)	($1.66)	$4.54	($1.44)	($9.90)	($6.61)
Weighted Average Basic Shares Outstanding	114.76M	118.68M	122.35M	119.04M	113.73M	112.54M	111.91M	111.43M	76.57M	67.72M
Diluted Earnings per Share	$6.67	$6.86	$8.96	$0.29	($6.72)	($1.66)	$4.48	($1.44)	($9.90)	($6.61)
Weighted Average Diluted Shares Outstanding	115.53M	119.24M	124.08M	123.69M	113.73M	112.54M	113.50M	111.43M	76.57M	67.72M
Weighted Average Basic & Diluted Shares Outstanding	114.46M	115.75M	121.93M	121.86M	114.74M	112.99M	112M	111.70M	76.50M	67.70M
Cash Dividends to Common per Share	$0.76	$0.63	$0.31	$0.02	$0.02	$0.10	$0.10	$0.10	$0.10	$0.10

This table shows SM Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	182	188	241	210	131	247	222	150	199	258	481
Consolidated Net Income / (Loss)	182	188	241	210	131	247	222	150	199	258	481
Net Income / (Loss) Continuing Operations	182	188	241	210	131	247	222	150	199	258	481
Total Pre-Tax Income	232	241	298	264	163	292	176	192	254	323	601
Total Operating Income	276	287	331	279	178	310	196	209	272	343	622
Total Gross Profit	619	638	495	498	422	471	503	405	431	210	675
Total Revenue	845	852	644	635	560	609	641	551	574	671	835
Operating Revenue	840	836	642	633	560	607	640	547	571	669	828
Other Revenue	4.92	16	1.23	1.10	0.27	1.87	1.20	4.20	2.73	2.07	7.89
Total Cost of Revenue	225	215	148	137	137	137	138	146	142	461	160
Operating Cost of Revenue	225	215	148	137	137	137	138	146	142	-	160
Total Operating Expenses	343	351	164	219	244	161	307	196	159	-132	53
Selling, General & Admin Expense	39	42	35	31	30	37	29	28	28	33	28
Exploration Expense	12	16	12	17	19	16	10	15	18	11	14
Depreciation Expense	270	261	203	180	166	189	189	158	154	144	146
Other Operating Expenses / (Income)	22	32	-86	-9.30	29	-80	78	-4.48	-41	-9.29	-135
Total Other Income / (Expense), net	-44	-46	-33	-15	-15	-18	-19	-17	-18	-19	-22
Interest Expense	44	47	51	22	22	24	23	22	22	23	23
Interest & Investment Income	0.11	0.78	18	6.33	6.77	6.05	4.11	4.99	4.70	-	1.55
Other Income / (Expense), net	-0.03	0.45	-0.64	-0.02	-0.02	-0.23	-0.23	-0.23	-0.23	-0.54	-0.38
Income Tax Expense	50	53	57	54	32	45	-46	42	56	65	119
Basic Earnings per Share	$1.59	$1.65	$2.10	$1.83	$1.13	$2.11	$1.89	$1.26	$1.63	$2.13	$3.91
Weighted Average Basic Shares Outstanding	114.52M	114.76M	114.41M	114.63M	115.64M	118.68M	117.82M	119.41M	121.67M	122.35M	123.20M
Diluted Earnings per Share	$1.59	$1.63	$2.09	$1.82	$1.13	$2.11	$1.88	$1.25	$1.62	$2.10	$3.87
Weighted Average Diluted Shares Outstanding	114.95M	115.53M	114.99M	115.72M	116.46M	119.24M	118.33M	120.07M	122.29M	124.08M	124.28M
Weighted Average Basic & Diluted Shares Outstanding	114.46M	114.46M	114.42M	114.42M	115.04M	115.75M	116.31M	118.67M	120.52M	121.93M	122.80M
Cash Dividends to Common per Share	$0.20	-	$0.20	$0.18	$0.18	-	$0.15	$0.15	$0.15	-	$0.15

This table details how cash moves in and out of SM Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-616	171	112	333	0.00	-78	-236	302	12	-0.10
Net Cash From Operating Activities	1,783	1,574	1,686	1,160	791	824	721	515	553	991
Net Cash From Continuing Operating Activities	1,792	1,574	1,686	1,160	791	824	721	515	553	991
Net Income / (Loss) Continuing Operations	770	818	1,112	36	-765	-187	508	-161	-758	-448
Consolidated Net Income / (Loss)	770	818	1,112	36	-765	-187	508	-161	-758	-448
Depreciation Expense	809	690	604	774	785	824	665	557	791	921
Amortization Expense	7.46	5.49	10	17	18	15	15	16	9.94	7.71
Non-Cash Adjustments To Reconcile Net Income	18	-23	-237	205	934	196	-624	225	979	725
Changes in Operating Assets and Liabilities, net	186	84	197	127	-181	-25	155	-122	-469	-215
Net Cash From Investing Activities	-3,407	-1,099	-880	-667	-556	-1,013	-588	-202	-1,868	-1,145
Net Cash From Continuing Investing Activities	-3,407	-1,099	-880	-667	-556	-1,013	-588	-202	-1,868	-1,145
Purchase of Property, Plant & Equipment	-1,311	-989	-880	-675	-548	-1,024	-1,303	-888	-630	-1,494
Acquisitions	-2,104	-110	-0.01	-3.32	-	-2.58	-33	-90	-2,184	-7.98
Other Investing Activities, net	7.14	0.66	-0.32	11	-7.78	-	-	-	-	-0.99
Net Cash From Financing Activities	1,008	-305	-694	-160	-235	112	-369	-12	1,327	154
Net Cash From Continuing Financing Activities	1,008	-305	-694	-160	-235	112	-369	-12	1,327	154
Repayment of Debt	-1,312	0.00	-595	-2,376	-1,680	-1,469	-853	-410	-1,018	-2,199
Repurchase of Common Equity	-86	-228	-57	0.00	0.00	-	-	-	-	-
Payment of Dividends	-85	-72	-20	-2.39	-2.28	-11	-11	-11	-7.75	-6.77
Issuance of Debt	2,495	0.00	0.00	2,225	1,447	1,589	492	406	1,439	2,363
Issuance of Common Equity	3.20	3.06	3.04	2.64	1.46	3.21	3.19	2.62	938	4.84
Other Financing Activities, net	-6.84	-7.88	-25	-9.07	-1.56	-	-	-	-24	-8.68
Cash Interest Paid	88	87	134	137	140	142	151	164	130	127
Cash Income Taxes Paid	-27	-8.98	-11	-0.86	6.66	6.11	-3.00	-5.99	-4.69	1.63

This table details how cash moves in and out of SM Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	0.05	-1,837	1,247	84	-110	214	24	-100	33	-53	231
Net Cash From Operating Activities	483	578	452	476	276	477	383	383	332	288	513
Net Cash From Continuing Operating Activities	483	578	461	476	276	477	383	383	332	288	513
Net Income / (Loss) Continuing Operations	182	188	241	210	131	247	222	150	199	258	481
Consolidated Net Income / (Loss)	182	188	241	210	131	247	222	150	199	258	481
Depreciation Expense	270	261	203	180	166	189	189	158	154	144	146
Amortization Expense	2.55	2.53	2.18	1.37	1.37	1.37	1.37	1.37	1.37	1.37	1.30
Non-Cash Adjustments To Reconcile Net Income	34	41	-62	-8.67	48	-59	74	8.12	-46	-122	-322
Changes in Operating Assets and Liabilities, net	-5.31	85	78	94	-70	98	-104	66	24	7.23	207
Net Cash From Investing Activities	-429	-2,449	-303	-323	-332	-223	-237	-398	-240	-288	-227
Net Cash From Continuing Investing Activities	-429	-2,449	-303	-323	-332	-223	-237	-398	-240	-288	-227
Purchase of Property, Plant & Equipment	-414	-353	-302	-323	-332	-223	-217	-309	-241	-288	-226
Acquisitions	-15	-2,103	-0.84	-	-	-0.61	-20	-	-	-	-0.01
Other Investing Activities, net	0.00	7.06	-	0.00	0.08	-	-	0.35	0.31	0.27	-0.59
Net Cash From Financing Activities	-54	34	1,098	-70	-54	-39	-122	-85	-58	-54	-55
Net Cash From Continuing Financing Activities	-54	34	1,098	-70	-54	-39	-122	-85	-58	-54	-55
Repayment of Debt	-888	-961	-	-	-	-	-	-	-	25	-35
Repurchase of Common Equity	0.00	-2.07	-	-51	-33	-23	-96	-69	-40	-37	-20
Payment of Dividends	-23	-23	-21	-21	-21	-17	-18	-18	-18	-18	-
Issuance of Debt	857	1,018	-	-	-	-	-	-	-	-	-
Cash Interest Paid	82	5.26	42	8.57	33	9.43	35	8.80	34	8.57	35
Cash Income Taxes Paid	0.08	-19	-0.19	-11	3.29	-2.80	-0.04	-6.09	-0.05	-0.07	-0.00

This table presents SM Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	8,577	6,380	5,716	5,234	4,976	6,292	6,353	6,177	6,394	5,622
Total Current Assets	435	916	737	613	204	253	429	549	225	519
Cash & Equivalents	0.00	616	445	333	0.01	0.01	78	314	9.37	0.02
Accounts Receivable	361	231	233	247	162	185	168	160	152	134
Prepaid Expenses	25	13	10	9.18	10	13	8.63	11	8.80	17
Other Current Assets	49	56	49	24	31	55	175	64	55	368
Plant, Property, & Equipment, net	7,993	5,376	4,883	4,576	4,702	5,954	5,831	5,555	6,081	4,950
Plant, Property & Equipment, gross	15,596	12,207	11,071	10,211	9,589	10,132	9,249	8,726	8,918	8,431
Accumulated Depreciation	7,603	6,830	6,188	5,635	4,887	4,178	3,418	3,172	2,837	3,482
Total Noncurrent Assets	149	87	96	45	71	86	92	73	88	152
Other Noncurrent Operating Assets	149	87	96	45	71	86	92	73	88	152
Total Liabilities & Shareholders' Equity	8,577	6,380	5,716	5,234	4,976	6,292	6,353	6,177	6,394	5,622
Total Liabilities	4,339	2,764	2,631	3,171	2,960	3,543	3,433	3,782	3,896	3,769
Total Current Liabilities	790	634	599	889	584	472	466	559	415	303
Accounts Payable	760	612	532	563	372	402	403	387	300	303
Other Current Liabilities	29	22	66	326	212	70	63	173	115	0.01
Total Noncurrent Liabilities	3,549	2,130	2,032	2,282	2,377	3,071	2,966	3,223	3,481	3,466
Long-Term Debt	2,777	1,575	1,572	2,081	2,214	2,733	2,596	2,909	2,898	2,518
Asset Retirement Reserve & Litigation Obligation	145	119	108	97	83	84	92	103	96	137
Noncurrent Deferred & Payable Income Tax Liabilities	545	370	281	9.77	0.00	189	223	80	316	758
Other Noncurrent Operating Liabilities	82	66	71	93	79	65	55	120	146	53
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,237	3,616	3,085	2,063	2,016	2,749	2,920	2,395	2,497	1,852
Total Preferred & Common Equity	4,237	3,616	3,085	2,063	2,016	2,749	2,920	2,395	2,497	1,852
Total Common Equity	4,237	3,616	3,085	2,063	2,016	2,749	2,920	2,395	2,497	1,852
Common Stock	1,503	1,566	1,781	1,841	1,829	1,793	1,767	1,743	1,718	306
Retained Earnings	2,735	2,052	1,309	235	201	968	1,166	666	794	1,560
Accumulated Other Comprehensive Income / (Loss)	-1.16	-2.61	-4.02	-13	-14	-11	-12	-14	-15	-13

This table presents SM Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	8,788	8,028	6,657	6,398	6,079	5,993	5,870	5,652
Total Current Assets	472	2,044	774	793	703	679	756	808
Cash & Equivalents	0.05	1,735	488	506	402	378	478	498
Accounts Receivable	383	227	239	242	265	218	188	258
Prepaid Expenses	28	10	20	11	11	8.82	9.54	9.13
Other Current Assets	61	72	27	34	26	74	81	42
Plant, Property, & Equipment, net	8,162	5,754	5,662	5,514	5,292	5,231	5,030	4,747
Plant, Property & Equipment, gross	16,031	13,125	12,833	12,508	11,973	11,725	11,369	10,802
Accumulated Depreciation	7,869	7,371	7,171	6,994	6,680	6,494	6,339	6,055
Total Noncurrent Assets	154	229	221	92	84	82	84	97
Other Noncurrent Operating Assets	154	229	221	92	84	82	84	97
Total Liabilities & Shareholders' Equity	8,788	8,028	6,657	6,398	6,079	5,993	5,870	5,652
Total Liabilities	4,384	3,966	2,813	2,700	2,674	2,694	2,640	2,784
Total Current Liabilities	823	581	602	536	599	564	563	814
Accounts Payable	765	561	564	496	540	530	522	632
Other Current Liabilities	58	20	38	40	59	34	41	182
Total Noncurrent Liabilities	3,561	3,385	2,211	2,164	2,075	2,130	2,077	1,970
Long-Term Debt	2,747	2,707	1,577	1,576	1,575	1,574	1,573	1,571
Asset Retirement Reserve & Litigation Obligation	148	125	124	124	115	114	110	98
Noncurrent Deferred & Payable Income Tax Liabilities	570	467	441	397	324	375	331	212
Other Noncurrent Operating Liabilities	97	86	69	67	61	67	63	88
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,404	4,062	3,844	3,698	3,404	3,298	3,230	2,868
Total Preferred & Common Equity	4,404	4,062	3,844	3,698	3,404	3,298	3,230	2,868
Total Common Equity	4,404	4,062	3,844	3,698	3,404	3,298	3,230	2,868
Common Stock	1,510	1,494	1,494	1,538	1,582	1,681	1,745	1,812
Retained Earnings	2,895	2,570	2,353	2,163	1,826	1,621	1,489	1,068
Accumulated Other Comprehensive Income / (Loss)	-1.15	-2.48	-2.59	-2.60	-3.98	-4.00	-4.01	-12

This table displays calculated financial ratios and metrics derived from SM Energy's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.33%	-29.32%	28.05%	132.80%	-29.14%	-23.07%	83.03%	-7.23%	-21.81%	-38.27%
EBITDA Growth	12.50%	-23.27%	119.51%	469.58%	-135.21%	-49.52%	271.83%	258.28%	-173.67%	-81.90%
EBIT Growth	9.08%	-37.52%	662.50%	119.29%	-1,391.33%	-108.57%	610.22%	84.46%	-83.17%	-149.70%
NOPAT Growth	-2.87%	-29.83%	666.76%	121.93%	-1,427.77%	-107.51%	669.23%	84.51%	-82.63%	-155.55%
Net Income Growth	-5.82%	-26.45%	2,969.23%	104.74%	-308.88%	-136.78%	416.09%	78.77%	-69.25%	-167.22%
EPS Growth	-2.77%	-23.44%	2,989.66%	104.32%	-304.82%	-137.05%	411.11%	85.45%	-49.77%	-167.52%
Operating Cash Flow Growth	13.22%	-6.64%	45.41%	46.63%	-3.96%	14.28%	39.82%	-6.77%	-44.21%	-31.98%
Free Cash Flow Firm Growth	-403.78%	-39.27%	47.04%	15.89%	646.38%	-142.93%	-27.58%	116.63%	-1,036.06%	85.24%
Invested Capital Growth	53.31%	8.60%	10.52%	-9.90%	-22.83%	0.79%	8.76%	-7.59%	23.82%	-5.38%
Revenue Q/Q Growth	9.95%	-2.57%	-5.18%	25.60%	-10.44%	3.70%	12.12%	-15.79%	3.49%	-13.75%
EBITDA Q/Q Growth	2.73%	0.78%	-7.98%	192.60%	-84.49%	-38.08%	61.72%	54.30%	37.57%	-74.83%
EBIT Q/Q Growth	-2.03%	-3.19%	-7.68%	147.03%	-8.58%	-116.10%	170.95%	52.86%	17.30%	-219.14%
NOPAT Q/Q Growth	-4.29%	-1.25%	-13.30%	153.61%	-8.50%	-114.12%	42.72%	53.01%	17.45%	-228.42%
Net Income Q/Q Growth	-7.10%	-1.37%	-13.02%	106.54%	-9.00%	-183.19%	194.87%	52.06%	15.53%	-299.63%
EPS Q/Q Growth	-6.71%	0.15%	-14.91%	106.03%	-8.56%	-184.26%	194.74%	52.16%	24.54%	-299.70%
Operating Cash Flow Q/Q Growth	6.03%	13.57%	-7.73%	17.50%	1.92%	8.22%	5.05%	1.37%	-45.78%	29.06%
Free Cash Flow Firm Q/Q Growth	-459.45%	101.89%	-28.29%	6.53%	43.02%	57.61%	-32.46%	121.76%	-2,821.97%	66.15%
Invested Capital Q/Q Growth	39.36%	-0.04%	6.90%	3.44%	-6.78%	-1.75%	8.44%	2.56%	43.97%	-7.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.32%	76.26%	81.51%	80.73%	65.28%	68.51%	100.00%	55.03%	50.92%	53.52%
EBITDA Margin	70.34%	70.85%	65.26%	38.07%	-23.98%	48.26%	73.53%	36.20%	-21.21%	22.52%
Operating Margin	39.98%	41.57%	47.03%	7.97%	-94.88%	-4.40%	40.46%	-14.50%	-86.82%	-37.17%
EBIT Margin	39.98%	41.53%	46.98%	7.89%	-95.23%	-4.52%	40.61%	-14.57%	-86.98%	-37.13%
Profit (Net Income) Margin	28.63%	34.45%	33.11%	1.38%	-67.86%	-11.76%	24.60%	-14.24%	-62.24%	-28.76%
Tax Burden Percent	79.72%	89.46%	79.67%	78.47%	79.92%	80.94%	78.00%	46.78%	63.04%	61.94%
Interest Burden Percent	89.84%	92.72%	88.45%	22.31%	89.17%	321.15%	77.65%	208.98%	113.50%	125.03%
Effective Tax Rate	20.28%	10.54%	20.33%	21.53%	0.00%	0.00%	22.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	14.80%	20.09%	31.36%	4.08%	-15.41%	-0.90%	12.50%	-2.20%	-15.13%	-9.01%
ROIC Less NNEP Spread (ROIC-NNEP)	10.13%	13.86%	21.18%	-2.37%	-16.07%	-6.15%	6.88%	-3.88%	-15.78%	-10.77%
Return on Net Nonoperating Assets (RNNOA)	4.82%	4.32%	11.83%	-2.31%	-16.68%	-5.70%	6.63%	-4.37%	-19.71%	-12.62%
Return on Equity (ROE)	19.62%	24.41%	43.19%	1.78%	-32.09%	-6.60%	19.13%	-6.58%	-34.84%	-21.63%
Cash Return on Invested Capital (CROIC)	-27.29%	11.85%	21.37%	14.50%	10.36%	-1.69%	4.11%	5.69%	-36.41%	-3.49%
Operating Return on Assets (OROA)	14.38%	16.30%	28.82%	4.05%	-19.04%	-1.14%	13.40%	-2.62%	-17.63%	-9.55%
Return on Assets (ROA)	10.30%	13.52%	20.31%	0.71%	-13.57%	-2.96%	8.12%	-2.56%	-12.61%	-7.40%
Return on Common Equity (ROCE)	19.62%	24.41%	43.19%	1.78%	-32.09%	-6.60%	19.13%	-6.58%	-34.84%	-21.63%
Return on Equity Simple (ROE_SIMPLE)	18.18%	22.62%	36.04%	1.76%	-37.92%	-6.80%	17.41%	-6.72%	-30.34%	-24.17%
Net Operating Profit after Tax (NOPAT)	858	883	1,258	164	-748	-49	652	-115	-740	-405
NOPAT Margin	31.88%	37.19%	37.46%	6.26%	-66.41%	-3.08%	31.56%	-10.15%	-60.78%	-26.02%
Net Nonoperating Expense Percent (NNEP)	4.67%	6.24%	10.18%	6.45%	0.66%	5.26%	5.62%	1.68%	0.66%	1.75%
Return On Investment Capital (ROIC_SIMPLE)	12.23%	17.01%	27.02%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	23.68%	23.74%	18.49%	19.27%	34.72%	31.49%	0.00%	44.97%	49.08%	46.48%
SG&A Expenses to Revenue	5.14%	5.10%	3.41%	4.27%	8.80%	8.35%	5.64%	10.38%	10.25%	10.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.34%	34.69%	34.49%	72.76%	160.15%	72.91%	59.54%	69.52%	137.74%	90.70%
Earnings before Interest and Taxes (EBIT)	1,075	986	1,578	207	-1,073	-72	839	-165	-1,059	-578
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,892	1,682	2,192	999	-270	767	1,520	409	-258	351
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.04	1.22	1.33	1.68	0.34	0.44	0.56	0.97	1.12	0.67
Price to Tangible Book Value (P/TBV)	1.04	1.22	1.33	1.68	0.34	0.44	0.56	0.97	1.12	0.67
Price to Revenue (P/Rev)	1.64	1.86	1.22	1.32	0.60	0.76	0.79	2.05	2.30	0.80
Price to Earnings (P/E)	5.73	5.39	3.70	95.57	0.00	0.00	3.23	0.00	0.00	0.00
Dividend Yield	1.92%	1.58%	0.48%	0.07%	0.34%	0.93%	0.68%	0.48%	0.31%	0.54%
Earnings Yield	17.45%	18.57%	27.05%	1.05%	0.00%	0.00%	30.99%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.03	1.17	1.24	1.37	0.68	0.72	0.76	0.98	1.05	0.86
Enterprise Value to Revenue (EV/Rev)	2.67	2.26	1.56	1.99	2.57	2.48	2.01	4.35	4.68	2.42
Enterprise Value to EBITDA (EV/EBITDA)	3.80	3.19	2.39	5.22	0.00	5.14	2.74	12.02	0.00	10.74
Enterprise Value to EBIT (EV/EBIT)	6.69	5.44	3.32	25.18	0.00	0.00	4.95	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	8.38	6.08	4.16	31.75	0.00	0.00	6.38	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	4.03	3.41	3.11	4.49	3.66	4.79	5.77	9.54	10.30	3.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	10.30	6.11	8.94	5.75	0.00	19.39	16.59	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.44	0.51	1.01	1.10	0.99	0.89	1.21	1.16	1.36
Long-Term Debt to Equity	0.66	0.44	0.51	1.01	1.10	0.99	0.89	1.21	1.16	1.36
Financial Leverage	0.48	0.31	0.56	0.97	1.04	0.93	0.96	1.13	1.25	1.17
Leverage Ratio	1.90	1.81	2.13	2.50	2.36	2.23	2.36	2.57	2.76	2.92
Compound Leverage Factor	1.71	1.67	1.88	0.56	2.11	7.16	1.83	5.37	3.14	3.66
Debt to Total Capital	39.59%	30.35%	33.76%	50.22%	52.34%	49.85%	47.06%	54.85%	53.71%	57.61%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	39.59%	30.35%	33.76%	50.22%	52.34%	49.85%	47.06%	54.85%	53.71%	57.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	60.41%	69.65%	66.24%	49.78%	47.66%	50.15%	52.94%	45.15%	46.29%	42.39%
Debt to EBITDA	1.47	0.94	0.72	2.08	-8.20	3.56	1.71	7.12	-11.22	7.18
Net Debt to EBITDA	1.47	0.57	0.51	1.75	-8.20	3.56	1.66	6.35	-11.18	7.18
Long-Term Debt to EBITDA	1.47	0.94	0.72	2.08	-8.20	3.56	1.71	7.12	-11.22	7.18
Debt to NOPAT	3.24	1.78	1.25	12.68	-2.96	-55.80	3.98	-25.38	-3.92	-6.21
Net Debt to NOPAT	3.24	1.09	0.90	10.65	-2.96	-55.80	3.86	-22.64	-3.90	-6.21
Long-Term Debt to NOPAT	3.24	1.78	1.25	12.68	-2.96	-55.80	3.98	-25.38	-3.92	-6.21
Altman Z-Score	1.73	2.34	2.79	1.29	-0.38	0.59	1.30	0.61	0.21	0.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	1.45	1.23	0.69	0.35	0.54	0.92	0.98	0.54	1.72
Quick Ratio	0.46	1.34	1.13	0.65	0.28	0.39	0.53	0.85	0.39	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,581	521	857	583	503	-92	214	296	-1,781	-157
Operating Cash Flow to CapEx	136.00%	159.12%	191.65%	171.86%	144.39%	80.44%	55.30%	58.02%	87.76%	66.34%
Free Cash Flow to Firm to Interest Expense	-11.20	5.68	4.56	3.59	0.00	-0.58	1.14	1.65	-12.46	-1.08
Operating Cash Flow to Interest Expense	12.63	17.18	8.97	7.14	0.00	5.18	3.84	2.87	3.87	6.85
Operating Cash Flow Less CapEx to Interest Expense	3.34	6.38	4.29	2.98	0.00	-1.26	-3.10	-2.08	-0.54	-3.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.39	0.61	0.51	0.20	0.25	0.33	0.18	0.20	0.26
Accounts Receivable Turnover	9.09	10.22	13.98	12.81	6.49	9.03	12.62	7.24	8.51	6.82
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.40	0.46	0.71	0.57	0.21	0.27	0.36	0.19	0.22	0.30
Accounts Payable Turnover	0.93	0.99	1.13	1.08	1.01	1.24	0.00	1.48	1.98	1.53
Days Sales Outstanding (DSO)	40.17	35.71	26.11	28.50	56.24	40.43	28.93	50.43	42.88	53.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	393.12	370.44	322.02	337.61	360.92	293.48	0.00	246.61	183.92	237.88
Cash Conversion Cycle (CCC)	-352.95	-334.73	-295.91	-309.11	-304.68	-253.05	28.93	-196.18	-141.04	-184.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,014	4,575	4,213	3,812	4,230	5,482	5,439	5,001	5,412	4,371
Invested Capital Turnover	0.46	0.54	0.84	0.65	0.23	0.29	0.40	0.22	0.25	0.35
Increase / (Decrease) in Invested Capital	2,439	362	401	-419	-1,251	43	438	-411	1,041	-248
Enterprise Value (EV)	7,190	5,364	5,238	5,211	2,892	3,943	4,159	4,914	5,693	3,766
Market Capitalization	4,413	4,405	4,111	3,462	677	1,210	1,640	2,320	2,805	1,248
Book Value per Share	$37.03	$31.09	$25.13	$16.98	$17.60	$24.36	$26.04	$21.45	$28.75	$27.25
Tangible Book Value per Share	$37.03	$31.09	$25.13	$16.98	$17.60	$24.36	$26.04	$21.45	$28.75	$27.25
Total Capital	7,014	5,191	4,658	4,144	4,230	5,482	5,517	5,303	5,395	4,370
Total Debt	2,777	1,575	1,572	2,081	2,214	2,733	2,596	2,909	2,898	2,518
Total Long-Term Debt	2,777	1,575	1,572	2,081	2,214	2,733	2,596	2,909	2,898	2,518
Net Debt	2,777	959	1,127	1,748	2,214	2,733	2,518	2,595	2,888	2,518
Capital Expenditures (CapEx)	1,311	989	880	675	548	1,024	1,303	888	630	1,494
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-355	-334	-306	-609	-380	-219	-115	-324	-200	216
Debt-free Net Working Capital (DFNWC)	-355	283	139	-276	-380	-219	-37	-10	-191	216
Net Working Capital (NWC)	-355	283	139	-276	-380	-219	-37	-10	-191	216
Net Nonoperating Expense (NNE)	87	65	146	128	16	138	144	46	18	43
Net Nonoperating Obligations (NNO)	2,777	959	1,127	1,748	2,214	2,733	2,518	2,606	2,914	2,518
Total Depreciation and Amortization (D&A)	817	696	614	792	803	839	681	573	801	929
Debt-free, Cash-free Net Working Capital to Revenue	-13.21%	-14.05%	-9.12%	-23.21%	-33.73%	-13.80%	-5.55%	-28.69%	-16.42%	13.90%
Debt-free Net Working Capital to Revenue	-13.21%	11.91%	4.13%	-10.53%	-33.73%	-13.80%	-1.78%	-0.89%	-15.65%	13.90%
Net Working Capital to Revenue	-13.21%	11.91%	4.13%	-10.53%	-33.73%	-13.80%	-1.78%	-0.89%	-15.65%	13.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.71	$6.89	$9.09	$0.30	($6.72)	($1.66)	$4.54	($1.44)	($9.90)	($6.61)
Adjusted Weighted Average Basic Shares Outstanding	114.76M	118.68M	122.35M	119.04M	113.73M	112.54M	111.91M	111.43M	76.57M	67.72M
Adjusted Diluted Earnings per Share	$6.67	$6.86	$8.96	$0.29	($6.72)	($1.66)	$4.48	($1.44)	($9.90)	($6.61)
Adjusted Weighted Average Diluted Shares Outstanding	115.53M	119.24M	124.08M	123.69M	113.73M	112.54M	113.50M	111.43M	76.57M	67.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114.46M	115.75M	121.93M	121.86M	114.74M	112.99M	112.24M	111.69M	111.26M	68.08M
Normalized Net Operating Profit after Tax (NOPAT)	858	883	1,258	192	-37	-25	691	-103	-435	13
Normalized NOPAT Margin	31.88%	37.19%	37.46%	7.30%	-3.29%	-1.59%	33.44%	-9.15%	-35.77%	0.81%
Pre Tax Income Margin	35.92%	38.51%	41.56%	1.76%	-84.91%	-14.53%	31.53%	-30.44%	-98.72%	-46.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.62	10.76	8.40	1.27	0.00	-0.45	4.47	-0.92	-7.41	-3.99
NOPAT to Interest Expense	6.08	9.64	6.69	1.01	0.00	-0.31	3.48	-0.64	-5.18	-2.80
EBIT Less CapEx to Interest Expense	-1.67	-0.04	3.71	-2.88	0.00	-6.89	-2.47	-5.87	-11.81	-14.31
NOPAT Less CapEx to Interest Expense	-3.21	-1.16	2.01	-3.14	0.00	-6.74	-3.47	-5.59	-9.58	-13.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	11.04%	8.76%	1.77%	6.61%	-0.30%	-6.02%	2.20%	-6.93%	-1.02%	-1.51%
Augmented Payout Ratio	22.21%	36.65%	6.91%	6.61%	-0.30%	-6.02%	2.20%	-6.93%	-1.02%	-1.51%

This table displays calculated financial ratios and metrics derived from SM Energy's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	50.85%	40.00%	0.42%	15.22%	-2.38%	-9.32%	-23.29%	-44.49%	-33.30%	-21.48%	9.89%
EBITDA Growth	58.62%	10.06%	38.68%	24.99%	-19.06%	2.68%	-49.80%	-45.14%	61.58%	-28.08%	130.94%
EBIT Growth	54.88%	-7.19%	69.08%	33.59%	-34.38%	-9.48%	-68.59%	-59.23%	169.09%	-27.72%	391.97%
NOPAT Growth	51.42%	-14.72%	8.45%	36.22%	-32.57%	-4.19%	-50.54%	-59.58%	164.10%	-40.90%	294.73%
Net Income Growth	38.93%	-23.81%	8.18%	40.31%	-33.92%	-4.39%	-53.80%	-53.67%	307.17%	-39.17%	462.24%
EPS Growth	40.71%	-22.75%	11.17%	45.60%	-30.25%	0.48%	-51.42%	-51.92%	315.38%	-42.78%	460.87%
Operating Cash Flow Growth	74.99%	21.27%	18.09%	24.30%	-16.78%	65.24%	-25.40%	-29.36%	-3.06%	-32.88%	56.46%
Free Cash Flow Firm Growth	-622.24%	-2,117.08%	51.59%	62.84%	31.34%	21.44%	-260.56%	-245.31%	-200.34%	-114.41%	-75.23%
Invested Capital Growth	49.97%	53.31%	9.96%	9.77%	10.25%	8.60%	16.14%	19.89%	17.67%	10.52%	6.95%
Revenue Q/Q Growth	-0.90%	32.41%	1.43%	13.34%	-8.03%	-5.02%	16.37%	-3.97%	-14.57%	-19.65%	-15.79%
EBITDA Q/Q Growth	-0.32%	2.81%	16.30%	33.08%	-30.84%	29.55%	4.82%	-13.82%	-12.26%	-36.66%	14.56%
EBIT Q/Q Growth	-3.88%	-12.99%	18.24%	56.62%	-42.40%	58.51%	-6.58%	-23.07%	-20.55%	-44.99%	21.25%
NOPAT Q/Q Growth	-3.01%	-16.32%	20.12%	55.31%	-45.38%	6.43%	50.87%	-23.12%	-22.38%	-45.06%	23.29%
Net Income Q/Q Growth	-3.19%	-21.72%	14.38%	60.29%	-46.91%	11.14%	48.35%	-24.52%	-23.18%	-46.29%	48.77%
EPS Q/Q Growth	-2.45%	-22.01%	14.84%	61.06%	-46.45%	12.23%	50.40%	-22.84%	-22.86%	-45.74%	48.85%
Operating Cash Flow Q/Q Growth	-16.42%	27.77%	-5.06%	72.60%	-42.08%	24.42%	-0.07%	15.56%	15.00%	-43.83%	-5.38%
Free Cash Flow Firm Q/Q Growth	2.24%	-1,074.33%	12.80%	27.85%	-200.10%	74.36%	33.07%	-33.30%	-243.37%	-152.41%	-39.42%
Invested Capital Q/Q Growth	1.95%	39.36%	2.03%	3.46%	4.22%	-0.04%	1.84%	3.91%	2.66%	6.90%	5.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.35%	74.82%	76.95%	78.47%	75.46%	77.44%	78.43%	73.57%	75.18%	31.34%	80.85%
EBITDA Margin	64.97%	64.59%	83.19%	72.55%	61.79%	82.16%	60.24%	66.88%	74.52%	72.56%	92.05%
Operating Margin	32.71%	33.67%	51.42%	44.03%	31.86%	50.91%	30.52%	38.01%	47.44%	51.04%	74.48%
EBIT Margin	32.71%	33.73%	51.32%	44.02%	31.86%	50.87%	30.48%	37.97%	47.40%	50.96%	74.44%
Profit (Net Income) Margin	21.58%	22.09%	37.37%	33.14%	23.43%	40.59%	34.69%	27.21%	34.62%	38.50%	57.60%
Tax Burden Percent	78.56%	77.99%	80.81%	79.69%	80.36%	84.68%	126.07%	78.07%	78.15%	79.94%	80.12%
Interest Burden Percent	83.98%	84.00%	90.11%	94.46%	91.53%	94.23%	90.27%	91.80%	93.47%	94.51%	96.58%
Effective Tax Rate	21.44%	22.01%	19.19%	20.31%	19.64%	15.32%	-26.07%	21.93%	21.85%	20.06%	19.88%
Return on Invested Capital (ROIC)	12.83%	12.19%	21.16%	18.19%	13.29%	23.29%	22.01%	18.95%	28.47%	34.16%	55.45%
ROIC Less NNEP Spread (ROIC-NNEP)	11.01%	10.29%	18.65%	17.11%	12.17%	21.82%	19.85%	17.86%	27.41%	33.08%	54.34%
Return on Net Nonoperating Assets (RNNOA)	5.19%	4.90%	5.36%	5.47%	3.80%	6.79%	7.11%	7.77%	13.62%	18.48%	37.64%
Return on Equity (ROE)	18.02%	17.09%	26.51%	23.67%	17.10%	30.09%	29.12%	26.72%	42.09%	52.63%	93.09%
Cash Return on Invested Capital (CROIC)	-24.35%	-27.29%	9.16%	9.20%	8.16%	11.85%	6.05%	9.78%	18.52%	21.37%	31.35%
Operating Return on Assets (OROA)	12.82%	12.13%	17.80%	17.01%	12.26%	19.97%	12.66%	17.63%	25.85%	31.26%	49.22%
Return on Assets (ROA)	8.46%	7.95%	12.96%	12.81%	9.02%	15.93%	14.41%	12.64%	18.88%	23.62%	38.09%
Return on Common Equity (ROCE)	18.02%	17.09%	26.51%	23.67%	17.10%	30.09%	29.12%	26.72%	42.09%	52.63%	93.09%
Return on Equity Simple (ROE_SIMPLE)	18.65%	0.00%	20.41%	21.10%	20.29%	0.00%	24.36%	32.99%	39.07%	0.00%	44.58%
Net Operating Profit after Tax (NOPAT)	217	224	267	223	143	262	247	163	213	274	499
NOPAT Margin	25.70%	26.26%	41.55%	35.09%	25.61%	43.11%	38.48%	29.68%	37.07%	40.80%	59.68%
Net Nonoperating Expense Percent (NNEP)	1.82%	1.90%	2.51%	1.08%	1.12%	1.47%	2.16%	1.09%	1.06%	1.07%	1.11%
Return On Investment Capital (ROIC_SIMPLE)	3.04%	3.19%	-	-	-	5.06%	-	-	-	5.88%	-
Cost of Revenue to Revenue	26.65%	25.18%	23.05%	21.53%	24.54%	22.56%	21.57%	26.43%	24.82%	68.66%	19.15%
SG&A Expenses to Revenue	4.66%	4.92%	5.46%	4.90%	5.39%	6.02%	4.56%	4.99%	4.82%	4.89%	3.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	40.64%	41.15%	25.52%	34.44%	43.60%	26.53%	47.91%	35.55%	27.74%	-19.71%	6.37%
Earnings before Interest and Taxes (EBIT)	276	287	330	279	178	310	195	209	272	342	622
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	549	550	535	460	346	500	386	368	427	487	769
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.77	1.04	1.12	1.29	1.56	1.22	1.35	1.13	1.04	1.33	1.56
Price to Tangible Book Value (P/TBV)	0.77	1.04	1.12	1.29	1.56	1.22	1.35	1.13	1.04	1.33	1.56
Price to Revenue (P/Rev)	1.14	1.64	1.86	2.03	2.44	1.86	1.89	1.42	1.09	1.22	1.26
Price to Earnings (P/E)	4.14	5.73	5.49	6.11	7.67	5.39	5.56	3.43	2.65	3.70	3.49
Dividend Yield	2.56%	1.92%	1.73%	1.53%	1.27%	1.58%	1.54%	1.45%	1.13%	0.48%	0.06%
Earnings Yield	24.18%	17.45%	18.22%	16.37%	13.04%	18.57%	17.99%	29.13%	37.70%	27.05%	28.67%
Enterprise Value to Invested Capital (EV/IC)	0.86	1.03	1.10	1.23	1.43	1.17	1.26	1.10	1.03	1.24	1.40
Enterprise Value to Revenue (EV/Rev)	2.07	2.67	2.26	2.47	2.89	2.26	2.37	1.87	1.45	1.56	1.56
Enterprise Value to EBITDA (EV/EBITDA)	2.93	3.80	3.00	3.57	4.26	3.19	3.46	2.40	1.89	2.39	2.32
Enterprise Value to EBIT (EV/EBIT)	5.24	6.69	5.03	6.28	7.65	5.44	5.68	3.41	2.54	3.32	3.24
Enterprise Value to NOPAT (EV/NOPAT)	6.60	8.38	6.16	6.93	8.38	6.08	6.47	4.29	3.20	4.16	3.81
Enterprise Value to Operating Cash Flow (EV/OCF)	3.09	4.03	3.29	3.75	4.49	3.41	4.17	3.25	2.65	3.11	3.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	12.55	13.94	18.40	10.30	22.42	12.23	6.00	6.11	4.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.66	0.67	0.41	0.43	0.44	0.46	0.48	0.49	0.51	0.55
Long-Term Debt to Equity	0.62	0.66	0.67	0.41	0.43	0.44	0.46	0.48	0.49	0.51	0.55
Financial Leverage	0.47	0.48	0.29	0.32	0.31	0.31	0.36	0.44	0.50	0.56	0.69
Leverage Ratio	1.87	1.90	1.89	1.77	1.77	1.81	1.87	1.97	2.11	2.13	2.38
Compound Leverage Factor	1.57	1.60	1.70	1.67	1.62	1.70	1.69	1.81	1.97	2.01	2.30
Debt to Total Capital	38.42%	39.59%	39.99%	29.09%	29.88%	30.35%	31.62%	32.30%	32.75%	33.76%	35.40%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.42%	39.59%	39.99%	29.09%	29.88%	30.35%	31.62%	32.30%	32.75%	33.76%	35.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.58%	60.41%	60.01%	70.91%	70.12%	69.65%	68.38%	67.70%	67.25%	66.24%	64.60%
Debt to EBITDA	1.31	1.47	1.47	0.93	0.98	0.94	0.94	0.77	0.67	0.72	0.66
Net Debt to EBITDA	1.31	1.47	0.53	0.64	0.67	0.57	0.70	0.58	0.47	0.51	0.45
Long-Term Debt to EBITDA	1.31	1.47	1.47	0.93	0.98	0.94	0.94	0.77	0.67	0.72	0.66
Debt to NOPAT	2.95	3.24	3.02	1.81	1.94	1.78	1.76	1.37	1.13	1.25	1.08
Net Debt to NOPAT	2.95	3.24	1.08	1.25	1.31	1.09	1.31	1.04	0.79	0.90	0.74
Long-Term Debt to NOPAT	2.95	3.24	3.02	1.81	1.94	1.78	1.76	1.37	1.13	1.25	1.08
Altman Z-Score	1.32	1.43	1.80	2.09	2.26	1.99	1.98	1.79	1.83	2.07	2.21
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.57	0.55	3.52	1.29	1.48	1.45	1.17	1.20	1.34	1.23	0.99
Quick Ratio	0.47	0.46	3.38	1.21	1.40	1.34	1.11	1.06	1.18	1.13	0.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,166	-2,215	-189	-216	-300	-100	-390	-582	-437	-127	243
Operating Cash Flow to CapEx	116.70%	163.48%	149.70%	147.63%	83.04%	214.02%	176.73%	123.90%	137.77%	100.10%	227.05%
Free Cash Flow to Firm to Interest Expense	-48.80	-47.35	-3.72	-9.92	-13.71	-4.18	-16.86	-26.28	-19.44	-5.53	10.63
Operating Cash Flow to Interest Expense	10.88	12.35	8.92	21.85	12.62	19.92	16.58	17.30	14.77	12.53	22.49
Operating Cash Flow Less CapEx to Interest Expense	1.56	4.80	2.96	7.05	-2.58	10.61	7.20	3.34	4.05	0.01	12.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.36	0.35	0.39	0.38	0.39	0.42	0.46	0.55	0.61	0.66
Accounts Receivable Turnover	9.52	9.09	9.96	10.70	10.99	10.22	9.33	9.54	12.07	13.98	13.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.44	0.40	0.44	0.45	0.45	0.46	0.49	0.53	0.64	0.71	0.75
Accounts Payable Turnover	1.15	0.93	1.02	1.00	1.10	0.99	1.51	1.63	1.47	1.13	0.73
Days Sales Outstanding (DSO)	38.32	40.17	36.63	34.12	33.21	35.71	39.14	38.27	30.23	26.11	27.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	317.60	393.12	359.08	363.34	332.82	370.44	241.19	223.63	247.91	322.02	499.97
Cash Conversion Cycle (CCC)	-279.28	-352.95	-322.45	-329.23	-299.60	-334.73	-202.05	-185.36	-217.69	-295.91	-472.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,151	7,014	5,033	4,933	4,768	4,575	4,577	4,494	4,325	4,213	3,941
Invested Capital Turnover	0.50	0.46	0.51	0.52	0.52	0.54	0.57	0.64	0.77	0.84	0.93
Increase / (Decrease) in Invested Capital	2,383	2,439	456	439	443	362	636	746	649	401	256
Enterprise Value (EV)	6,144	7,190	5,523	6,043	6,825	5,364	5,781	4,931	4,442	5,238	5,532
Market Capitalization	3,397	4,413	4,552	4,954	5,755	4,405	4,609	3,735	3,347	4,111	4,459
Book Value per Share	$38.47	$37.03	$35.50	$33.42	$31.98	$31.09	$28.69	$27.37	$26.49	$25.13	$23.39
Tangible Book Value per Share	$38.47	$37.03	$35.50	$33.42	$31.98	$31.09	$28.69	$27.37	$26.49	$25.13	$23.39
Total Capital	7,151	7,014	6,768	5,421	5,274	5,191	4,979	4,872	4,803	4,658	4,439
Total Debt	2,747	2,777	2,707	1,577	1,576	1,575	1,575	1,574	1,573	1,572	1,571
Total Long-Term Debt	2,747	2,777	2,707	1,577	1,576	1,575	1,575	1,574	1,573	1,572	1,571
Net Debt	2,747	2,777	971	1,089	1,070	959	1,173	1,196	1,095	1,127	1,073
Capital Expenditures (CapEx)	414	353	302	323	332	223	217	309	241	288	226
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-351	-355	-272	-315	-249	-334	-299	-263	-285	-306	-505
Debt-free Net Working Capital (DFNWC)	-351	-355	1,463	172	257	283	103	115	193	139	-6.24
Net Working Capital (NWC)	-351	-355	1,463	172	257	283	103	115	193	139	-6.24
Net Nonoperating Expense (NNE)	35	36	27	12	12	15	24	14	14	15	17
Net Nonoperating Obligations (NNO)	2,747	2,777	971	1,089	1,070	959	1,173	1,196	1,095	1,127	1,073
Total Depreciation and Amortization (D&A)	272	263	205	181	168	190	191	159	156	145	147
Debt-free, Cash-free Net Working Capital to Revenue	-11.80%	-13.21%	-11.12%	-12.91%	-10.56%	-14.05%	-12.25%	-10.01%	-9.27%	-9.12%	-14.25%
Debt-free Net Working Capital to Revenue	-11.80%	-13.21%	59.81%	7.06%	10.89%	11.91%	4.25%	4.37%	6.29%	4.13%	-0.18%
Net Working Capital to Revenue	-11.80%	-13.21%	59.81%	7.06%	10.89%	11.91%	4.25%	4.37%	6.29%	4.13%	-0.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.59	$1.65	$2.10	$1.83	$1.13	$2.11	$1.89	$1.26	$1.63	$2.13	$3.91
Adjusted Weighted Average Basic Shares Outstanding	114.52M	114.76M	114.41M	114.63M	115.64M	118.68M	117.82M	119.41M	121.67M	122.35M	123.20M
Adjusted Diluted Earnings per Share	$1.59	$1.63	$2.09	$1.82	$1.13	$2.11	$1.88	$1.25	$1.62	$2.10	$3.87
Adjusted Weighted Average Diluted Shares Outstanding	114.95M	115.53M	114.99M	115.72M	116.46M	119.24M	118.33M	120.07M	122.29M	124.08M	124.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114.46M	114.46M	114.42M	114.42M	115.04M	115.75M	116.31M	118.67M	120.52M	121.93M	122.80M
Normalized Net Operating Profit after Tax (NOPAT)	217	224	267	223	143	262	137	163	213	274	499
Normalized NOPAT Margin	25.70%	26.26%	41.55%	35.09%	25.61%	43.11%	21.36%	29.68%	37.07%	40.80%	59.68%
Pre Tax Income Margin	27.47%	28.33%	46.25%	41.59%	29.16%	47.94%	27.52%	34.86%	44.30%	48.16%	71.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.23	6.14	6.52	12.81	8.15	12.95	8.46	9.44	12.10	14.86	27.25
NOPAT to Interest Expense	4.89	4.78	5.28	10.21	6.55	10.97	10.67	7.38	9.47	11.90	21.84
EBIT Less CapEx to Interest Expense	-3.10	-1.41	0.56	-1.99	-7.04	3.64	-0.92	-4.52	1.38	2.35	17.34
NOPAT Less CapEx to Interest Expense	-4.44	-2.77	-0.68	-4.59	-8.64	1.66	1.29	-6.59	-1.25	-0.62	11.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	10.60%	11.04%	9.60%	9.47%	9.88%	8.76%	8.75%	5.03%	3.01%	1.77%	0.19%
Augmented Payout Ratio	17.09%	22.21%	22.49%	34.53%	39.30%	36.65%	37.96%	20.30%	10.72%	6.91%	1.77%

Frequently Asked Questions About SM Energy's Financials

When does SM Energy's financial year end?

According to the most recent income statement we have on file, SM Energy's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has SM Energy's net income changed over the last 9 years?

SM Energy's net income appears to be on an upward trend, with a most recent value of $770.29 million in 2024, falling from -$447.71 million in 2015. The previous period was $817.88 million in 2023. See where experts think SM Energy is headed by visiting SM Energy's forecast page.

What is SM Energy's operating income?

SM Energy's total operating income in 2024 was $1.08 billion, based on the following breakdown:

Total Gross Profit: $2.05 billion
Total Operating Expenses: $977.59 million

How has SM Energy revenue changed over the last 9 years?

Over the last 9 years, SM Energy's total revenue changed from $1.56 billion in 2015 to $2.69 billion in 2024, a change of 72.8%.

How much debt does SM Energy have?

SM Energy's total liabilities were at $4.34 billion at the end of 2024, a 57.0% increase from 2023, and a 15.1% increase since 2015.

How much cash does SM Energy have?

In the past 9 years, SM Energy's cash and equivalents has ranged from $0.00 in 2024 to $616.16 million in 2023, and is currently $0.00 as of their latest financial filing in 2024.

How has SM Energy's book value per share changed over the last 9 years?

Over the last 9 years, SM Energy's book value per share changed from 27.25 in 2015 to 37.03 in 2024, a change of 35.9%.

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This page (NYSE:SM) was last updated on 5/21/2025 by MarketBeat.com Staff

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SM Energy (SM) Financials

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SM Energy (SM) Financials

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