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SM

SM Energy Company

SM

SM Energy Company • NYSE
$19.05 ▲ 1.71% (+0.32)
Market Cap $2.18 B
52w High $45.42
52w Low $17.58
Dividend Yield 0.80%
P/E 3.01
Volume 905.08K
Outstanding Shares 114.58M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $811.591M ▲ $565.109M ▲ $155.088M ▼ 19.109% ▼ $1.35 ▼ $572.602M ▼
Q2-2025 $785.076M ▼ $-26.83M ▼ $201.665M ▲ 25.687% ▲ $1.76 ▲ $588.053M ▲
Q1-2025 $844.544M ▲ $331.42M ▲ $182.269M ▼ 21.582% ▼ $1.59 ▼ $546.274M ▼
Q4-2024 $835.858M ▲ $73.772M ▲ $188.278M ▼ 22.525% ▼ $1.64 ▼ $548.243M ▼
Q3-2024 $643.613M $-39.894M $240.523M 37.371% $2.1 $551.274M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $162.251M ▲ $9.089B ▲ $4.376B ▼ $4.713B ▲
Q2-2025 $101.877M ▲ $8.993B ▲ $4.403B ▲ $4.59B ▲
Q1-2025 $54K ▲ $8.788B ▲ $4.384B ▲ $4.404B ▲
Q4-2024 $0 ▼ $8.577B ▲ $4.339B ▲ $4.237B ▲
Q3-2024 $1.735B $8.028B $3.966B $4.062B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $155.088M ▼ $504.96M ▼ $0 ▲ $0 ▲ $0 ▼ $504.96M ▼
Q2-2025 $201.665M ▲ $571.143M ▲ $-410.202M ▲ $-59.118M ▼ $101.823M ▲ $571.143M ▲
Q1-2025 $182.269M ▼ $482.985M ▼ $-428.76M ▲ $-54.171M ▼ $54K ▲ $69.117M ▲
Q4-2024 $188.278M ▼ $577.869M ▲ $-2.449B ▼ $34.077M ▼ $-1.837B ▼ $-1.878B ▼
Q3-2024 $240.523M $452.263M $-302.945M $1.098B $1.247B $149.32M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
EP Segment
EP Segment
 $0 ▲$0 ▲$790.00M ▲$810.00M ▲
Natural Gas Revenue
Natural Gas Revenue
 $90.00M ▲$120.00M ▲$0 ▼$0 ▲
Oil and Condensate Revenue
Oil and Condensate Revenue
 $70.00M ▲$60.00M ▼$0 ▼$0 ▲
Oil Revenue
Oil Revenue
 $680.00M ▲$660.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement SM’s profits have been strong in recent years, but also show how tied the business is to oil and gas prices. Revenue and profit jumped after 2020, peaked around 2022, and have eased a bit since, but earnings are still healthy. Margins are solid, meaning the company is keeping a good share of each dollar of sales as profit. The big loss in 2020 stands out as a reminder of how painful down cycles can be. Overall, recent performance suggests a well-run operator benefiting from a favorable price environment, but with some normalization from peak levels.

Balance Sheet

Balance Sheet The balance sheet looks sturdier than a few years ago. Total assets and shareholder equity have grown, which points to a larger, better-capitalized business. Debt has come down meaningfully from earlier years, though it ticked up most recently, and cash on hand has moved down as the company spends more on projects. In simple terms, SM is stronger than it was coming out of 2020, but the latest increase in investment and debt means the company needs those new projects to perform well to keep leverage in check.

Cash Flow

Cash Flow Cash generated from day-to-day operations is solid and relatively steady, which is a key strength. The standout change is on the investment side: capital spending recently surged, turning free cash flow from comfortably positive into a significant outflow. That suggests a deliberate shift toward growth and development of the asset base rather than near-term cash harvesting. This can pay off if the new wells and projects deliver, but it also raises execution risk and reduces near-term flexibility, especially if commodity prices weaken.

Competitive Edge

Competitive Edge SM operates in highly competitive shale basins but holds attractive positions in core areas like the Midland and Uinta. The planned merger with Civitas would significantly increase scale, spread fixed costs over a larger production base, and potentially unlock sizable cost savings. Its focus on technical excellence and efficient operations supports a cost-competitive position. At the same time, SM remains a price-taker in a volatile commodity market, and the success of the merger will depend on smooth integration, disciplined capital allocation, and maintaining cost advantages versus other large independents.

Innovation and R&D

Innovation and R&D The company leans heavily on in-house geoscience and data analytics rather than traditional lab-style R&D. It invests in advanced subsurface modeling, real-time data use, and AI tools to design and operate wells more efficiently. This technical focus appears to support better drilling performance, lower costs, and safer operations. SM is also pushing operational innovation in emissions reduction, leak detection, and fuel efficiency, which can help with regulatory and reputational risks. The key question is whether it can continue to translate these technical strengths into consistently better well results and lower long-term costs than peers.

Summary

SM today looks like a technically capable shale operator that has moved from a stressed position in 2020 to a period of solid profitability and balance sheet repair, and is now shifting into a more aggressive reinvestment and consolidation phase. Earnings and cash generation are healthy, but clearly cyclical. The balance sheet is stronger but being asked to support higher spending and a transformational merger. The main opportunities are scale, efficiency gains, and deeper use of technology and analytics; the main risks are commodity price swings, integration of the Civitas deal, high capital intensity, and the need to keep leverage and environmental impacts under control. Overall, the story is one of a more resilient, but still cyclical, energy producer betting on technology and scale to drive its next leg of growth.

NEWS

November 17, 2025 · 4:15 PM UTC

SM ENERGY ANNOUNCES ADDITIONAL DETAILS ON PLANNED MERGER WITH CIVITAS AND PARTICIPATION IN UPCOMING INVESTOR CONFERENCES

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November 6, 2025 · 4:15 PM UTC

Civitas Resources Reports Strong Third Quarter 2025 Financial and Operating Results

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November 4, 2025 · 6:00 PM UTC

$HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of SM Energy Company (NYSE: SM)

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November 3, 2025 · 7:36 PM UTC

Civitas Resources Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Civitas Resources, Inc. - CIVI

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November 3, 2025 · 1:32 PM UTC

CIVI Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Proposed Sale of Civitas Resources to SM Energy

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