SM Energy Co (SM) stock
SMNYSECrude Petroleum & Natural GasFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 4, 2026Score 12/3017% below fair value
$32.73−0.04 (-0.12%)
Close on Nov 13, 2026Market cap $7.78BP/E 7.9Yield 2.44%
SM Energy operating margin
Operating margin is operating income as a percentage of revenue.
SM Energy's operating margin for the twelve months ending Sep 30, 2026 was 23.6%. For fiscal 2025 it was 31.7%, against 40.0% the year before. The highest annual figure on record is 47.0% in fiscal 2022.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 31.7% | −8.3 |
| FY2024 | Dec 31, 2024 | 40.0% | −1.6 |
| FY2023 | Dec 31, 2023 | 41.6% | −5.5 |
| FY2022 | Dec 31, 2022 | 47.0% | +39.1 |
| FY2021 | Dec 31, 2021 | 8.0% | +102.8 |
| FY2020 | Dec 31, 2020 | -94.9% | −90.5 |
| FY2019 | Dec 31, 2019 | -4.4% | −44.9 |
| FY2018 | Dec 31, 2018 | 40.5% | +55.0 |
| FY2017 | Dec 31, 2017 | -14.5% | +72.3 |
| FY2016 | Dec 31, 2016 | -86.8% | −49.7 |
| FY2015 | Dec 31, 2015 | -37.2% | −83.4 |
| FY2014 | Dec 31, 2014 | 46.2% | +30.2 |
| FY2013 | Dec 31, 2013 | 16.1% | +17.4 |
| FY2012 | Dec 31, 2012 | -1.3% | −25.3 |
| FY2011 | Dec 31, 2011 | 24.0% | −7.0 |
| FY2010 | Dec 31, 2010 | 31.0% | +46.7 |
| FY2009 | Dec 31, 2009 | -15.7% | −28.9 |
| FY2008 | Dec 31, 2008 | 13.2% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 10.9% | −19.4 |
| Q2 FY2026 | Jun 30, 2026 | 59.8% | +22.6 |
| Q1 FY2026 | Mar 31, 2026 | -20.1% | −52.8 |
| Q4 FY2025 | Dec 31, 2025 | 25.8% | −7.9 |
| Q3 FY2025 | Sep 30, 2025 | 30.3% | −21.1 |
| Q2 FY2025 | Jun 30, 2025 | 37.2% | −6.8 |
| Q1 FY2025 | Mar 31, 2025 | 32.7% | +0.8 |
| Q4 FY2024 | Dec 31, 2024 | 33.7% | −17.2 |
| Q3 FY2024 | Sep 30, 2024 | 51.4% | +20.9 |
| Q2 FY2024 | Jun 30, 2024 | 44.0% | +6.0 |
| Q1 FY2024 | Mar 31, 2024 | 31.9% | −15.6 |
| Q4 FY2023 | Dec 31, 2023 | 50.9% | −0.1 |
| Q3 FY2023 | Sep 30, 2023 | 30.5% | −44.0 |
| Q2 FY2023 | Jun 30, 2023 | 38.0% | −13.7 |
| Q1 FY2023 | Mar 31, 2023 | 47.4% | +35.6 |
| Q4 FY2022 | Dec 31, 2022 | 51.0% | −4.4 |
| Q3 FY2022 | Sep 30, 2022 | 74.5% | +57.9 |
| Q2 FY2022 | Jun 30, 2022 | 51.7% | +83.7 |
| Q1 FY2022 | Mar 31, 2022 | 11.8% | +59.4 |
| Q4 FY2021 | Dec 31, 2021 | 55.5% | +109.2 |
| Q3 FY2021 | Sep 30, 2021 | 16.6% | +53.3 |
| Q2 FY2021 | Jun 30, 2021 | -32.0% | +152.3 |
| Q1 FY2021 | Mar 31, 2021 | -47.5% | +87.7 |
| Q4 FY2020 | Dec 31, 2020 | -53.7% | −34.2 |
| Q3 FY2020 | Sep 30, 2020 | -36.7% | −62.2 |
| Q2 FY2020 | Jun 30, 2020 | -184.3% | −209.9 |
| Q1 FY2020 | Mar 31, 2020 | -135.2% | −80.9 |
| Q4 FY2019 | Dec 31, 2019 | -19.5% | −128.6 |
| Q3 FY2019 | Sep 30, 2019 | 25.5% | +49.1 |
| Q2 FY2019 | Jun 30, 2019 | 25.6% | +12.9 |
| Q1 FY2019 | Mar 31, 2019 | -54.4% | −114.0 |
| Q4 FY2018 | Dec 31, 2018 | 109.0% | +137.6 |
| Q3 FY2018 | Sep 30, 2018 | -23.7% | +5.2 |
| Q2 FY2018 | Jun 30, 2018 | 12.6% | +134.7 |
| Q1 FY2018 | Mar 31, 2018 | 59.7% | +15.1 |
| Q4 FY2017 | Dec 31, 2017 | -28.6% | +45.7 |
| Q3 FY2017 | Sep 30, 2017 | -28.8% | – |
| Q2 FY2017 | Jun 30, 2017 | -122.0% | – |
| Q1 FY2017 | Mar 31, 2017 | 44.6% | – |
| Q4 FY2016 | Dec 31, 2016 | -74.3% | – |
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