SM Energy Company (SM) Stock

SM Energy Company (SM) is a Energy stock trading at $37.63 (as of 2026-08-20), with a market capitalization of $9.02B and a trailing P/E of 44.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

SM Energy Company is an independent energy company engaged in acquiring, exploring, developing, and producing oil, natural gas, and natural gas liquids in Texas. It operates primarily through its working interests in productive oil and gas wells, and its proved reserves and operations are reported as of February 24, 2022.

Understand SM Energy Company: how it makes money

SM Energy Company explores for, develops, and produces oil, natural gas, and natural gas liquids in Texas, earning money by selling those produced commodities (and some other revenue).

For an upstream producer like SM Energy, profit is structurally driven by how much revenue you realize per unit of production (oil, gas, and NGL, with results that can be before or after hedges) minus the per-unit lease operating expense, multiplied by average net daily production and the mix of oil versus total production.

Business quality (Weak): SM Energy is a Texas-focused upstream operator with a disclosed reserve base, productive well footprint, and trackable operating KPIs such as average net daily production and realized prices, but the latest reported period shows a negative operating margin, and the provided segment and several realized-price and expense KPI values are not specified here.

Valuation: At 11× earnings, SM trades 35% below the Petroleum & Natural Gas average (17×). Note: one-time items can distort reported P/E.

Bull case

  • Production scale and oil-heavy mix: The company reported an Average Net Daily Production of 197,300 (unit shown as count) and an Oil Percentage of Net Production of 52% in the provided KPI set.
  • Operational execution measures are tracked: The provided KPIs include Permian Net Wells Turned In Line (25) and multiple completion efficiency improvement metrics (for example, Permian Completion Efficiency Improvement of 4%, DJ Completion Efficiency Improvement of 25%, and South Texas Completion Efficiency Improvement of 6%).
  • Meaningful reserve base and producing well count: As of February 24, 2022, SM Energy reported 492.0 million barrels of oil equivalent of estimated proved reserves, and it also reported working interests in 825 gross productive oil wells and 483 gross productive gas wells in the Midland Basin and South Texas.

Bear case

  • Latest quarter profitability is negative: For the period 2026-03-31, SM Energy shows an operating margin of -20.1%.
  • Business results depend on commodity pricing and realized-price mechanics: The company’s operating KPIs include average realized price measures both before and after the effect of hedges, indicating results can be sensitive to realized commodity prices and hedging impacts.
  • Operations are concentrated in specific Texas basins: The business description highlights production activities in the Midland Basin and South Texas, which can concentrate exposure to regional operating and resource factors.
Valuation — source: SEC EDGAR (first-party)
Price$37.63
Market Cap$9.02B
P/E Ratio44.2
EV / EBITDA16.5
Price / Book1.31
Price / Sales2.30
DCF Value (model)$53.97
DCF Upside vs Price43.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$3.15B
Net Margin20.5%
Revenue Growth (YoY)17.2%
EPS Growth (YoY)-15.8%
Financial Health — source: SEC EDGAR
Altman Z-Score2.36 (grey)
Valuation vs Sector & Industry
Stock P/E44.2
Sector P/E (Energy)16.8
Industry P/E (Petroleum & Natural Gas)16.7
vs Sector163.6%
vs Industry165.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($1.20B)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorEnergy
IndustryPetroleum & Natural Gas
CEOElizabeth Anne McDonald
Employees663
CountryUS
IPO Date1992-12-16

Related Companies (Business model: Exploration & Production (Upstream Oil & Gas); 8 closest by market cap; US-domiciled)

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  • Range Resources Corporation (RRC)
  • Chord Energy Corporation (CHRD)
  • Viper Energy, Inc. (VNOM)
  • Matador Resources Company (MTDR)
  • Magnolia Oil & Gas Corporation (MGY)
  • CNX Resources Corporation (CNX)
  • Hess Midstream LP (HESM)
SM earnings history · SM institutional & insider holders · SM KPIs & operating metrics · SM financials · SM investor presentations & press releases · SM SEC filings · SM peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.