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Sm Energy Financials

SM
Trailing 12 months to June 30, 2026
Revenue $5.5B +75.4% YoY
Net Income $1.0B +23.1% YoY
EPS (Diluted) $5.64 FY2025 annual
Free Cash Flow Not reported for the trailing 12 months
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Sm Energy (SM) reported $5.5B in revenue over the twelve months to Jun 30, 2026, up 75.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SM FY2025

SM Energy converts accounting earnings into cash, but asset growth coincides with margin compression and a thin short-term balance sheet.

The cash–earnings gap widened in FY2025: $2.0B of operating cash flow versus $648M of net income indicates that reported earnings include substantial non-cash or timing effects, so net income alone understates cash produced. That cash generation coexists with a thin liquidity cushion, reflected in a current ratio of 0.7x, meaning current assets were below current liabilities.

Revenue expansion did not produce operating leverage: revenue rose 17.3% in FY2025 while operating margin fell, showing that incremental sales were less profitable. Net margin fell to 20.6%, reinforcing that the pressure reached the bottom line rather than stopping above it.

The investment burden changed materially: investing cash flow was -$3.4B in FY2024 versus -$1.5B in FY2025, shifting from larger than operating cash flow to smaller. This improved cash funding of investment, although the current ratio remained below 1.0x, indicating limited short-term balance-sheet flexibility.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 50 / 100
Financial Health Score 50/100
Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Sm Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
82
Growth
78
Leverage
49
Liquidity
15
Cash Flow
0

Not available for Sm Energy, and counted as zero in the overall score.

Returns
76
Altman Z-Score Grey Zone
2.33

Sm Energy scores 2.33, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($8.7B) relative to total liabilities ($4.4B). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
5/7

Sm Energy passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
3.10x

For every $1 of reported earnings, Sm Energy generates $3.10 in operating cash flow ($2.0B OCF vs $648.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
5.78x

Sm Energy earns $5.78 in operating income for every $1 of interest expense ($1.0B vs $173.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.2B
YoY+17.2%
5Y CAGR+22.9%
10Y CAGR+7.3%

Sm Energy generated $3.2B in revenue in fiscal year 2025. This represents an increase of 17.2% from the prior year.

Net Income
$648.0M
YoY-15.8%

Sm Energy reported $648.0M in net income in fiscal year 2025. This represents a decrease of 15.8% from the prior year.

EPS (Diluted)
$5.64

Sm Energy earned $5.64 per diluted share (EPS) in fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt
$368.0M
5Y CAGR+718.8%
10Y CAGR+169.8%

Sm Energy held $368.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share
$0.80

Sm Energy paid $0.80 per share in dividends in fiscal year 2025.

Shares Outstanding
238M

Sm Energy had 238M shares outstanding in fiscal year 2025.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin
31.7%
YoY-8.3pp
5Y CAGR+126.6pp
10Y CAGR+68.9pp

Sm Energy's operating margin was 31.7% in fiscal year 2025, reflecting core business profitability. This is down 8.3 percentage points from the prior year.

Net Margin
20.5%
YoY-8.1pp
5Y CAGR+88.4pp
10Y CAGR+49.3pp

Sm Energy's net profit margin was 20.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.1 percentage points from the prior year.

Return on Equity
13.5%
YoY-4.7pp
5Y CAGR+51.4pp
10Y CAGR+37.6pp

Sm Energy's ROE was 13.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.7 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$13.0M
YoY-84.9%

Sm Energy spent $13.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 84.9% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

SM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SM quarterly income statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue$2.5B+69.0%$1.5B+110.0%$704.4M-13.2%$811.6M+2.3%$793.0M-6.2%$845.0M-0.8%$852.0M+32.4%$643.6M
Cost of Revenue$556.0M+29.9%$428.0M+106.8%$207.0M-9.6%$229.0M+2.2%$224.0M-0.4%$225.0M+4.8%$214.6M+44.6%$148.4M
SG&A Expenses$79.0M-54.6%$174.0M+327.7%$40.7M+3.5%$39.3M-6.4%$42.0M+7.7%$39.0M-6.2%$41.6M+18.3%$35.1M
Operating Income$1.5B+602.0%-$298.0M-263.3%$182.5M-26.0%$246.5M-16.4%$295.0M+6.9%$276.0M-3.9%$287.3M-13.2%$331.0M
Interest Expense$111.0M-1.8%$113.0M+162.4%$43.1M+0.3%$42.9M-0.1%$43.0M-2.3%$44.0M-5.7%$46.6M-8.0%$50.7M
Income Tax$318.0M+524.0%-$75.0M-335.9%$31.8M-35.4%$49.2M-3.5%$51.0M+2.0%$50.0M-6.0%$53.2M-6.8%$57.1M
Net Income$1.1B+419.7%-$335.0M-407.6%$108.9M-29.8%$155.1M-23.2%$202.0M+11.0%$182.0M-3.2%$188.0M-21.8%$240.5M
EPS (Diluted)$4.46+365.5%-$1.68$0.95$1.35-23.3%$1.76+10.7%$1.59-3.0%$1.64-21.5%$2.09

Not reported in any period shown, so not listed: Gross Profit, R&D Expenses.

SM Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SM quarterly balance sheet
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Total Assets$18.9B-1.5%$19.1B+106.9%$9.3B+1.8%$9.1B+1.1%$9.0B+2.3%$8.8B+2.5%$8.6B+6.8%$8.0B
Current Assets$1.9B+13.7%$1.7B+106.0%$811.0M+28.1%$633.0M+10.1%$575.1M+21.9%$471.8M+8.5%$435.0M-78.7%$2.0B
Cash & Equivalents$620.0M+38.1%$449.0M+22.0%$368.0M+126.8%$162.3M+59.3%$101.9M+188561.1%$54K$0-100.0%$1.7B
Accounts Receivable$989.0M+8.1%$915.0M+176.4%$331.0M-10.0%$367.7M+0.9%$364.3M-4.9%$383.0M+6.1%$361.0M+59.3%$226.6M
Total Liabilities$11.0B-10.0%$12.3B+176.3%$4.4B+1.5%$4.4B-0.6%$4.4B+0.4%$4.4B+1.0%$4.3B+9.4%$4.0B
Current Liabilities$3.1B-27.8%$4.3B+266.1%$1.2B+3.0%$1.1B+35.5%$837.9M+1.9%$822.7M+4.1%$790.0M+35.9%$581.1M
Total Equity$7.8B+13.8%$6.9B+42.8%$4.8B+2.1%$4.7B+2.7%$4.6B+4.2%$4.4B+3.9%$4.2B+4.3%$4.1B
Retained Earnings$3.9B+35.1%$2.9B-11.8%$3.3B+2.7%$3.2B+4.3%$3.1B+6.2%$2.9B+5.8%$2.7B+6.4%$2.6B

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

SM Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SM quarterly cash flow statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Cash Flow$1.1B+72.3%$640.0M+41.6%$451.9M-10.5%$505.1M-11.5%$571.0M+18.2%$483.0M-16.5%$578.4M+27.9%$452.3M
Investing Cash Flow$143.0M+122.8%-$628.0M-180.1%-$224.2M+44.6%-$404.8M+1.3%-$410.0M+4.4%-$429.0M+82.5%-$2.4B-708.4%-$302.9M
Financing Cash Flow-$1.1B-1658.0%$69.0M+414.5%-$21.9M+45.2%-$40.1M+32.1%-$59.0M-9.3%-$54.0M-260.8%$33.6M-96.9%$1.1B
Dividends Paid$53.0M-35.4%$82.0M+253.1%$23.2M+2.0%$22.8M-1.0%$23.0M0.0%$23.0M+0.6%$22.9M+11.0%$20.6M
Share BuybacksN/AN/A$224K-98.1%$11.8M+1077.6%$1.0M$0-100.0%$2.0M$0

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

SM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

SM quarterly financial ratios
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Margin59.8%+80.0pp-20.2%-46.1pp25.9%-4.5pp30.4%-6.8pp37.2%+4.5pp32.7%-1.1pp33.7%-17.7pp51.4%
Net Margin42.8%+65.5pp-22.7%-38.1pp15.5%-3.7pp19.1%-6.4pp25.5%+3.9pp21.5%-0.5pp22.1%-15.3pp37.4%
Return on Equity13.7%+18.6pp-4.9%-7.1pp2.3%-1.0pp3.3%-1.1pp4.4%+0.3pp4.1%-0.3pp4.4%-1.5pp5.9%
Return on Assets5.7%+7.4pp-1.8%-2.9pp1.2%-0.5pp1.7%-0.5pp2.3%+0.2pp2.1%-0.1pp2.2%-0.8pp3.0%
Current Ratio0.62+0.2x0.39-0.3x0.69+0.1x0.56-0.1x0.69+0.1x0.570.0x0.55-3.0x3.52
Debt-to-Equity1.41-0.4x1.79+0.9x0.920.0x0.930.0x0.960.0x1.000.0x1.020.0x0.98

Not reported in any period shown, so not listed: Gross Margin, FCF Margin.

Note: The current ratio is below 1.0 (0.69), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Sm Energy's annual revenue?

Sm Energy (SM) reported $3.2B in total revenue for fiscal year 2025. This represents a 17.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sm Energy's revenue growing?

Sm Energy (SM) revenue grew by 17.2% year-over-year, from $2.7B to $3.2B in fiscal year 2025.

Is Sm Energy profitable?

Yes, Sm Energy (SM) reported a net income of $648.0M in fiscal year 2025, with a net profit margin of 20.5%.

Sm Energy (SM) reported diluted earnings per share of $5.64 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Sm Energy (SM) had an operating margin of 31.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Sm Energy (SM) had a net profit margin of 20.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Sm Energy (SM) paid $0.80 per share in dividends during fiscal year 2025.

Sm Energy (SM) has a return on equity of 13.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Sm Energy (SM) generated $2.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Sm Energy (SM) had $9.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Sm Energy (SM) spent $13.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Sm Energy (SM) had 238M shares outstanding as of fiscal year 2025.

Sm Energy (SM) had a current ratio of 0.69 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Sm Energy (SM) had a debt-to-equity ratio of 0.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Sm Energy (SM) had a return on assets of 7.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Sm Energy (SM) has an Altman Z-Score of 2.33, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Sm Energy (SM) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Sm Energy (SM) has an earnings quality ratio of 3.10x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Sm Energy (SM) has an interest coverage ratio of 5.78x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Sm Energy (SM) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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