SM
SM Energy Company
SM's fundamentals are mixed, but it looks expensive: trading at 8.0x earnings, above its usual 5.4x. Analysts expect strong earnings growth, though they disagree widely on how much.
SM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Unavailable |
SM's revenue, profitability and cash flow are currently healthy. There isn't enough data to rate its balance sheet.
SM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.2x | $13.27 | -60% |
| Forward | 3.8x | $32.77 | — |
| Fair | 5.3x | $21.93 | -33% |
| Expensive | 7.7x | $31.60 | -3.6% |
| Current | 8x | $32.77 | — |
Historical ranges are pointers, not guarantees.
SM's PE is in its expensive range at 8.0x. If earnings grow as analysts expect, today's price would be 3.8x next year's earnings, in its cheap range.
SM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for SM, but weaker profitability. However, they disagree widely on these estimates.
SM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.60 | +109% |
| Q3 2026 | $4.11 | -35% |
| Q2 2026 | $5.07 | -28% |
| Q1 2026 | $2.37 | -67% |
| Q4 2025 | $5.64 | -15% |
| Q3 2025 | $6.33 | -11% |
| Q2 2025 | $7.07 | +1.9% |
| Q1 2025 | $7.13 | +12% |
| Q4 2024 | $6.67 | -2.8% |
SM's earnings per share have fallen from their peak: $4.11 over the past year, against $10.53 in late 2022.
SM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.2B | +167% |
| Q2 2026 | $2.5B | +215% |
| Q1 2026 | $1.5B | +75% |
| Q4 2025 | $704.9M | -17% |
| Q3 2025 | $811.6M | +26% |
| Q2 2025 | $792.9M | +25% |
| Q1 2025 | $844.5M | +51% |
| Q4 2024 | $852.2M | +40% |
SM's revenue is growing: $2.2B last quarter, up 167% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -20 points |
| Q2 2026 | 60% | +23 points |
| Q1 2026 | -20% | -53 points |
| Q4 2025 | 26% | -7.8 points |
| Q3 2025 | 30% | -21 points |
| Q2 2025 | 37% | -6.8 points |
| Q1 2025 | 33% | +0.9 points |
| Q4 2024 | 34% | -17 points |
SM's operating margin was 11% last quarter, down 19 points from the same quarter a year ago.
SM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +122% |
| Q2 2026 | $1.1B | +93% |
| Q1 2026 | $640M | +33% |
| Q4 2025 | $451.9M | -22% |
| Q3 2025 | $505M | +12% |
| Q2 2025 | $571.1M | +20% |
| Q1 2025 | $483M | +75% |
| Q4 2024 | $577.9M | +21% |
SM's free cash flow has been positive every quarter for seven years: $3.3B over the past year, up 55% from the year before.
SM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -1M shares |
| 1 year | +108% | +124M shares |
| 3 years | +99% | +119M shares |
| 5 years | +102% | +121M shares |
| Available history | +112% | +126M shares |
SM has 239M diluted shares, up 108% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $79M |
| Q4 2025 | $224,000 |
| Q3 2025 | $12.1M |
| Q2 2025 | $648,000 |
| Q1 2025 | — |
| Q4 2024 | $2.1M |
| Q3 2024 | — |
| Q2 2024 | $51.2M |
SM Net Leverage
SM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.9 | Neutral |
| Stochastic | 46.7 | Neutral |
SM's weekly RSI is 49 (neutral) and its Stochastic is 47 (neutral).
SM PE vs Energy Sector
| Metric | SM | Sector median | Relative |
|---|---|---|---|
| PE | 8x | 13x | 39% below |
| PE % | 86 | 60 | 26 pts above |
SM is trading at 8.0x earnings, a 39% discount to the Energy sector's median of 13x.
SM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $36.1 | 9.2% below |
| 20 week MA | $34.4 | 4.8% below |
| 50 week MA | $29.0 | 13% above |
| 100 week MA | $28.4 | 15% above |
| 200 week MA | $33.8 | 2.9% below |
SM's trend is mixed: it's above two of its five weekly moving averages, and 2.9% below its 200-week average.
SM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $6.02 | -45% |
| 2021 | $6.02 | $29.0 | +382% |
| 2022 | $29.0 | $35.3 | +22% |
| 2023 | $35.3 | $38.7 | +9.6% |
| 2024 | $38.7 | $37.8 | -2.3% |
| 2025 | $37.8 | $18.5 | -51% |
| 2026 YTD | $18.5 | $32.8 | +77% |
SM's yearly returns have swung widely, from +382% in 2021 to −51% in 2025. It's up 77% so far in 2026.