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SM Energy
(NYSE:SM)
SM Energy (SM) vs. SPDR S&P 500 ETF (SPY)
SM Energy Business Overview & Revenue Model
SM Energy Earnings Call Summary
SM Energy Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.15B | 2.67B | 2.36B | 3.35B | 2.60B |
| Gross Profit | 1.00B | 1.23B | 1.11B | 2.12B | 1.32B |
| EBITDA | 2.21B | 1.92B | 1.70B | 2.12B | 980.91M |
| Net Income | 648.00M | 770.29M | 817.88M | 1.11B | 36.23M |
Balance Sheet | |||||
| Total Assets | 9.25B | 8.58B | 6.38B | 5.72B | 5.23B |
| Cash, Cash Equivalents and Short-Term Investments | 368.00M | 0.00 | 616.16M | 445.00M | 332.72M |
| Total Debt | 2.30B | 2.84B | 1.58B | 1.57B | 2.08B |
| Total Liabilities | 4.44B | 4.34B | 2.76B | 2.63B | 3.17B |
| Stockholders Equity | 4.81B | 4.24B | 3.62B | 3.09B | 2.06B |
Cash Flow | |||||
| Free Cash Flow | 573.00M | -1.63B | 475.05M | 806.47M | 481.61M |
| Operating Cash Flow | 2.01B | 1.78B | 1.57B | 1.69B | 1.16B |
| Investing Cash Flow | -1.47B | -3.41B | -1.10B | -880.26M | -667.24M |
| Financing Cash Flow | -175.00M | 1.01B | -304.54M | -693.86M | -159.83M |
SM Energy Technical Analysis
SM Energy Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.21B | 11.82 | 26.57% | 9.94% | -0.75% | -29.40% | |
72 Outperform | $5.51B | 4.10 | 14.33% | 4.38% | 34.93% | -11.85% | |
70 Outperform | $2.68B | 70.74 | 1.74% | 8.18% | 1.51% | -78.38% | |
68 Neutral | $3.87B | 10.27 | 22.73% | ― | 38.16% | -115.65% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $3.82B | 21.55 | 3.21% | 5.78% | 32.31% | -122.30% |
SM Energy Corporate Events
On February 25, 2026, SM Energy reported record full-year 2025 net production of 75.5 MMBoe and record operating cash flow of $2.01 billion, which helped lift adjusted EBITDAX 13% despite lower benchmark oil prices. The company generated $620 million in adjusted free cash flow, reduced net debt by $437 million to a 1.05x leverage ratio and returned $104 million to shareholders via dividends and buybacks, while ending the year with 673 MMBoe of proved reserves.
Fourth-quarter 2025 results included net income of $109 million, adjusted EBITDAX of $509 million and $198 million of adjusted free cash flow, supported by operating costs that came in 13% below guidance. Strategically, SM Energy closed its merger with Civitas Resources on January 30, 2026, advanced integration of new assets, and agreed to divest certain South Texas properties for $950 million, substantially achieving its $1.0 billion divestiture target and reinforcing balance sheet strength ahead of an increased fixed dividend of $0.22 per share payable March 23, 2026.
The most recent analyst rating on (SM) stock is a Hold with a $25.00 price target. To see the full list of analyst forecasts on SM Energy stock, see the SM Stock Forecast page.
SM Energy Company has agreed to sell approximately 61,000 net acres, about 260 producing wells and related facilities in its southern Maverick Basin position in Webb County, Texas, to Caturus Energy for $950 million in cash, with the transaction effective February 1, 2026 and expected to close in the second quarter of 2026. The divested South Texas assets are projected to average 37–39 MBoe/d of production and generate about $160 million in 2026 asset-level cash flow, and SM Energy plans to use the proceeds primarily for debt reduction, advancing a strategic goal of more than $1 billion in asset sales to deleverage and strengthen its capital structure.
As of December 31, 2025, the properties being sold held roughly 168 MMBoe of net proved reserves, underscoring the scale of the portfolio shift away from this Maverick Basin position. The move is set to reorient SM Energy’s asset base while bolstering financial flexibility, although completion of the deal remains subject to customary regulatory reviews and closing conditions, including antitrust clearance and required consents.
The most recent analyst rating on (SM) stock is a Hold with a $25.00 price target. To see the full list of analyst forecasts on SM Energy stock, see the SM Stock Forecast page.
On January 30, 2026, SM Energy closed its all‑stock merger with Civitas Resources, following shareholder approval at both companies on January 27, 2026, creating a top‑10 U.S. independent oil‑focused producer with a larger, complementary shale footprint and a premier position in the Permian Basin. In connection with the merger, Civitas shareholders received 1.45 shares of SM Energy common stock for each Civitas share, Civitas equity awards were converted into SM Energy-based instruments, and the board was expanded to 11 directors, with Beth McDonald installed as president and CEO and a balanced representation from both legacy companies. The same day, SM Energy amended its revolving credit agreement, extending the maturity of elected commitments to January 30, 2031, raising aggregate elected commitments from $2.0 billion to $2.5 billion, and increasing the borrowing base from $3.0 billion to $5.0 billion, while also adding former Civitas subsidiaries as guarantors and removing the credit spread adjustment on Term SOFR loans. SM Energy also assumed Civitas’s outstanding senior unsecured notes—totaling several billion dollars across 2026, 2028, 2030, 2031 and 2033 maturities—under supplemental indentures, with the notes now fully and unconditionally guaranteed on a senior unsecured basis by former Civitas subsidiaries and subject to customary covenants and change‑of‑control protections. Collectively, the merger, credit facility expansion and note assumptions materially reshape SM Energy’s capital structure, scale and governance, positioning the company with enhanced borrowing capacity, broader asset backing for its debt and a unified management team as it integrates Civitas and prepares to outline its 2026 operating plan and capital‑return framework.
The most recent analyst rating on (SM) stock is a Hold with a $20.50 price target. To see the full list of analyst forecasts on SM Energy stock, see the SM Stock Forecast page.
On January 27, 2026, SM Energy and Civitas Resources reported that stockholders of both companies overwhelmingly approved all proposals required to complete their previously announced all-stock merger, clearing a major hurdle toward closing the transaction, which is expected to create a larger SM Energy-branded oil and gas producer with expanded scale and a broadened asset base in leading U.S. shale basins. At SM Energy’s special meeting, investors also backed an increase in authorized common shares to 400 million to facilitate the deal, while management from both companies framed the merger as a transformative step that strengthens competitive positioning and is intended to support higher free cash flow, operational synergies and long-term value creation for shareholders, with final voting results to be filed with the U.S. Securities and Exchange Commission.
The most recent analyst rating on (SM) stock is a Buy with a $20.50 price target. To see the full list of analyst forecasts on SM Energy stock, see the SM Stock Forecast page.
On November 2, 2025, SM Energy Company agreed to merge with Civitas Resources through a two-step transaction under which Civitas will first become a wholly owned subsidiary and then be merged into SM Energy, prompting a significant reshaping of the company’s board and leadership in January 2026 to align governance with the combined entity. On January 20, 2026, four directors submitted resignations effective at the closing of the first merger, the board was expanded to 11 members and six new directors, including industry veterans, were appointed along with extensive committee reassignments and dissolution of the Executive Committee; concurrently, effective at the closing of the second merger, Elizabeth A. McDonald was named president and chief executive officer and Blake D. McKenna executive vice president and chief operating officer, with detailed compensation packages, signaling a planned leadership transition and governance overhaul intended to guide the enlarged company post-merger while affirming that the changes do not stem from internal disagreements and involve no related-party conflicts.
The most recent analyst rating on (SM) stock is a Hold with a $23.00 price target. To see the full list of analyst forecasts on SM Energy stock, see the SM Stock Forecast page.
SM Energy Company, which in November 2025 agreed to merge with Civitas Resources through a two-step transaction that will ultimately fold Civitas into SM Energy, has received multiple demand letters from purported stockholders since December 2025 alleging disclosure deficiencies in the joint proxy statement/prospectus related to the deal. While firmly denying any wrongdoing or legal obligation to provide further information, the company is voluntarily supplementing its merger disclosure to avoid potential litigation delays and keep special shareholder meetings for both companies on track for January 27, 2026, providing expanded detail on Evercore’s valuation work, including reserve-based net asset value, discounted cash flow analyses, peer multiple comparisons and analyst price targets for SM Energy and Civitas, which collectively frame how the implied equity values and exchange ratio compare with prevailing market prices.
The most recent analyst rating on (SM) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on SM Energy stock, see the SM Stock Forecast page.
On December 15, 2025, SM Energy announced that Kenneth J. Knott, its long-serving Senior Vice President of Business Development and Land, will step down from his current executive role upon the closing of its pending mergers with Civitas Resources but is expected to remain involved as an advisor to support transition and integration. The company also reported that, in connection with the two-step merger structure under which Civitas will ultimately be combined into SM Energy, the Federal Trade Commission granted early termination of the Hart-Scott-Rodino Act waiting period effective December 18, 2025, clearing a key regulatory hurdle and paving the way for the transaction to close in the first quarter of 2026, subject to remaining customary conditions; the leadership change and regulatory milestone underscore the significance of the Civitas deal for SM Energy’s future corporate structure and integration plans.
The most recent analyst rating on (SM) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on SM Energy stock, see the SM Stock Forecast page.