📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Peer Medians

About

SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids in the United States. The company holds working interests in oil and gas producing wells in the Midland Basin, South Texas, Uinta Basin, and DJ Basin. The company was formerly known as St. Mary Land & Exploration Company and changed its name to SM Energy Company in May 2010. SM Energy Company was founded in 1908 and is headquartered in Denver, Colorado.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 3 quarters analysed

Q2 2025

Confident Specific

Management used specific metrics like 60% growth in reserves and production, flat share count, and leverage reduction. Language such as 'intentional, strategic, compelling' and 'exceptional outcome' shows confidence, with detailed discussion on Uinta well performance and cost reductions.

Q4 2025

Confident Specific

Management uses phrases like 'exciting day', 'pivotal year', 'improved on every part of our investment thesis', and provides specific figures on synergies ($185 million actioned out of $200-$300 million target) and capital allocation (45% to Permian, 11 rigs).

Q1 2026 latest

Confident Specific

Management repeatedly used phrases like "ahead of plan", "nearly 2x original target", "raised full-year production", "tracking ahead", and "strong and sustainable free cash flow growth trajectory", all supported with specific figures and milestones.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management delivered on all three priorities (integrate, execute, bolster) ahead of schedule: synergies nearly doubled, production beat guidance with lower capex, and debt reduction accelerated. The raised full-year production outlook and maintained capex show confidence in organic execution. The balance sheet is improving faster than planned, enabling earlier share buybacks. Free cash flow is expected to ramp in the second half, further supporting deleveraging and returns. Key items to watch next quarter: continued synergy capture, actual buyback volume, and any updates on further asset sales or 2027 plans as the macro backdrop evolves.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →

📊 MIXED SM Energy delivers Q1 results above guidance, raises full-year production outlook.

Revenue & Profitability

Adjusted net income was $309 million ($1.55 per diluted share). Adjusted EBITDAX was $970 million. On a GAAP basis, the company reported a net loss due to a non-cash mark-to-market adjustment on the hedge book. Adjusted free cash flow was $20 million after $180 million of one-time integration costs.

Outlook

Management sees commodity price tailwinds but remains disciplined, not increasing activity based on short-term disruptions. They highlight uncertainty in the market regarding the Strait of Hormuz and infrastructure impacts, and plan to monitor conditions before setting 2027 plans.

Growth Drivers

Growth is driven by merger synergies, operational improvements (e.g., simul-frac, longer laterals), and strong well performance. The company raised full-year production midpoint from 410 to 420,000 BOE per day and expects second half run rate of approximately 430,000 BOE per day and 238,000 barrels of oil per day.

Balance Sheet & CapEx

First quarter capital spending was $672 million, below guidance. Full-year capital expenditure guidance remains unchanged at $2.65 billion to $2.85 billion. The company is maintaining capital while raising production, indicating improved efficiency across basins.

Margins

Lease operating expense and transportation came in below guidance. Completion efficiency improved across basins: 4% in Permian, 6% in South Texas, and 25% improvement from simul-frac in the DJ Basin. The Uinta basin achieved a cash production margin of nearly $40 per barrel, the highest in the portfolio.

Key Risks

Risks include potential disruptions in the Strait of Hormuz and infrastructure constraints affecting the commodity market. Leverage and free cash flow are sensitive to oil prices. One-time integration costs ($180 million in Q1) are largely behind. Cash taxes could increase if oil prices remain high.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Strong free cash flow and rapid synergy capture marked the first full quarter post-merger, with $467 million in adjusted free cash flow, $137 million returned to shareholders, and leverage nearing target levels. Operational efficiencies and asset high-grading are driving improved returns.

Q1 2026 Q1 2026 2026-05-07

Q1 results exceeded expectations with higher production, lower capital, and accelerated synergy capture post-merger. Leverage improved ahead of schedule, enabling share buybacks in Q2, while full-year production guidance was raised and CapEx held steady.

Q4 2025 Q4 2025 2026-02-26

Record 2025 results included higher cash flow, reduced debt, and expanded scale via the Civitas merger. 2026 guidance targets lower CapEx, increased capital efficiency, and a higher dividend, with most free cash flow allocated to debt reduction and buybacks.

Q2 2025 Q2 2025 (Q&A) 2025-08-01

Net proved reserves and production grew over 60% since 2020, with strong Uinta Basin performance and improved capital efficiency. Leverage is near target, capital guidance increased for non-op projects, and oil production guidance was raised.

Q1 2025 Q1 2025 (Q&A) 2025-05-02

Integration of new assets is exceeding expectations, with a 30% oil production increase and 20% total production growth targeted for 2025. Free cash flow supports debt reduction, and operational plans remain robust at $55 oil, with flexibility to adjust if prices change.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.