SM Energy Co
SM · Crude Petroleum & Natural Gas · 239.7M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $208M (gross $228M, SBC $20M)
Reference price $33.98 · est. market cap ~$8.1B — last insider sale, 2026-05-21 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B77Above-average Midland/Uinta oil & gas producer with strong margins and cash generation but commodity-cyclical and tightening liquidity.
Strengths
- Top-quartile profitability: net margin 20.5% (81st pct), operating margin 31.7% (84th), OCF margin 64% (87th)
- Healthy returns and coverage: ROA 7% (80th), interest coverage 5.8x (88th), large reserve base (673 MMBOE)
Risks
- Sub-1.0 current/quick ratio (0.69, ~41st pct) and reserve life shortening to 8.9 years
- Earnings and PV-10 swing directly with oil/gas prices (oil to $65/bbl from $75); no moat
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
31.7%
Net margin
20.5%
Return on equity
13.5%
Return on assets
7.0%
Revenue growth (QoQ)
109.8%
Net-income growth
-15.8%
Interest coverage
5.8×
Current ratio
0.7×
Tangible book value
$4.8B
Cash & investments
$368M
Stock comp / revenue
0.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Venkatraman Ashwin | Grant | 6.2K | — |
| 2026-06-22 | Helms Lloyd W Jr | Grant | 9.0K | — |
| 2026-06-22 | BROOKMAN BARTON R JR | Grant | 9.0K | — |
| 2026-06-22 | Clark Morris R | Grant | 6.2K | — |
| 2026-06-22 | Quintana Julio M | Grant | 10K | — |
| 2026-06-22 | ROBESON ROSE M | Grant | 6.2K | — |
| 2026-06-22 | PERU RAMIRO G | Grant | 6.2K | — |
| 2026-06-22 | Willard Howard A. | Grant | 9.0K | — |
| 2026-06-22 | Fox Carrie M | Grant | 9.0K | — |
| 2026-06-22 | van Kempen Wouter T. | Grant | 6.2K | — |
| 2026-05-21 | PERU RAMIRO G | Sell | 25K | $33.98 |
| 2026-03-12 | PURSELL A WADE | Gift | 7.5K | — |
| 2026-02-05 | van Kempen Wouter T. | Tax withheld | 75K | $18.87 |
| 2026-01-23 | Lebeck James Barker | Option exercise | 15K | — |
| 2026-01-23 | Lebeck James Barker | Tax withheld | 6.8K | $18.75 |
| 2025-12-31 | PURSELL A WADE | Other | 184 | $15.96 |
| 2025-09-09 | McDonald Elizabeth Anne | Tax withheld | 4.2K | $26.71 |
| 2025-09-09 | McDonald Elizabeth Anne | Option exercise | 9.7K | — |
| 2025-07-24 | Lytle Patrick A | Option exercise | 1.3K | — |
| 2025-07-24 | Lytle Patrick A | Tax withheld | 557 | $24.71 |
| 2025-07-24 | PURSELL A WADE | Option exercise | 11K | — |
| 2025-07-24 | PURSELL A WADE | Tax withheld | 5.0K | $24.71 |
| 2025-07-24 | Vogel Herbert S | Option exercise | 29K | — |
| 2025-07-24 | Vogel Herbert S | Tax withheld | 13K | $24.71 |
| 2025-07-24 | Knott Kenneth J. | Option exercise | 3.5K | — |
| 2025-07-24 | Knott Kenneth J. | Tax withheld | 843 | $24.71 |
| 2025-07-01 | Vogel Herbert S | Option exercise | 17K | — |
| 2025-07-01 | Lebeck James Barker | Tax withheld | 2.3K | $24.71 |
| 2025-07-01 | Lebeck James Barker | Option exercise | 6.1K | — |
| 2025-07-01 | Lebeck James Barker | Tax withheld | 2.7K | $24.71 |
| 2025-07-01 | Bennett Alan D | Option exercise | 742 | — |
| 2025-07-01 | Bennett Alan D | Tax withheld | 214 | $24.71 |
| 2025-07-01 | Bennett Alan D | Option exercise | 948 | — |
| 2025-07-01 | Bennett Alan D | Tax withheld | 273 | $24.71 |
| 2025-07-01 | Bennett Alan D | Option exercise | 629 | — |
| 2025-07-01 | Bennett Alan D | Tax withheld | 181 | $24.71 |
| 2025-07-01 | Vogel Herbert S | Option exercise | 18K | — |
| 2025-07-01 | Vogel Herbert S | Tax withheld | 7.7K | $24.71 |
| 2025-07-01 | Vogel Herbert S | Option exercise | 21K | — |
| 2025-07-01 | Vogel Herbert S | Tax withheld | 9.2K | $24.71 |
| 2025-07-01 | Vogel Herbert S | Tax withheld | 7.3K | $24.71 |
| 2025-07-01 | Jenkins Richard A. | Grant | 1.4K | — |
| 2025-07-01 | Jenkins Richard A. | Disposition | 336 | $24.71 |
| 2025-07-01 | Jenkins Richard A. | Grant | 1.6K | — |
| 2025-07-01 | Jenkins Richard A. | Disposition | 385 | $24.71 |
| 2025-07-01 | Jenkins Richard A. | Grant | 1.9K | — |
| 2025-07-01 | Jenkins Richard A. | Disposition | 465 | $24.71 |
| 2025-07-01 | Lytle Patrick A | Option exercise | 1.2K | — |
| 2025-07-01 | Lytle Patrick A | Tax withheld | 511 | $24.71 |
| 2025-07-01 | Lytle Patrick A | Option exercise | 2.4K | — |
| 2025-07-01 | Lytle Patrick A | Tax withheld | 990 | $24.71 |
| 2025-07-01 | Lytle Patrick A | Option exercise | 1.8K | — |
| 2025-07-01 | Lytle Patrick A | Tax withheld | 757 | $24.71 |
| 2025-07-01 | Knott Kenneth J. | Option exercise | 3.2K | — |
| 2025-07-01 | Knott Kenneth J. | Tax withheld | 775 | $24.71 |
| 2025-07-01 | Knott Kenneth J. | Option exercise | 4.0K | — |
| 2025-07-01 | Knott Kenneth J. | Tax withheld | 963 | $24.71 |
| 2025-07-01 | Knott Kenneth J. | Option exercise | 3.1K | — |
| 2025-07-01 | Knott Kenneth J. | Tax withheld | 744 | $24.71 |
| 2025-07-01 | PURSELL A WADE | Option exercise | 11K | — |
| 2025-07-01 | PURSELL A WADE | Tax withheld | 3.0K | $24.71 |
| 2025-07-01 | PURSELL A WADE | Option exercise | 12K | — |
| 2025-07-01 | PURSELL A WADE | Tax withheld | 5.0K | $24.71 |
| 2025-07-01 | PURSELL A WADE | Option exercise | 9.5K | — |
| 2025-07-01 | PURSELL A WADE | Tax withheld | 4.2K | $24.71 |
| 2025-07-01 | Lebeck James Barker | Option exercise | 5.3K | — |
| 2025-06-30 | Knott Kenneth J. | Other | 575 | $21.34 |
| 2025-06-30 | PURSELL A WADE | Other | 136 | $21.34 |
| 2025-06-30 | Jenkins Richard A. | Other | 575 | $21.34 |
| 2025-06-30 | Lytle Patrick A | Other | 644 | $21.34 |
| 2025-06-30 | Vogel Herbert S | Other | 618 | $21.34 |
| 2025-06-17 | Jenkins Richard A. | Sell | 7.7K | $28.49 |
| 2025-06-13 | PURSELL A WADE | Gift | 5.0K | — |
| 2025-06-10 | PERU RAMIRO G | Grant | 8.0K | — |
| 2025-06-10 | BROOKMAN BARTON R JR | Grant | 12K | — |
| 2025-06-10 | Venkatraman Ashwin | Grant | 8.0K | — |
| 2025-06-10 | ROBESON ROSE M | Grant | 8.0K | — |
| 2025-06-10 | Quintana Julio M | Grant | 14K | — |
| 2025-06-10 | SULLIVAN WILLIAM D | Grant | 12K | — |
| 2025-06-10 | Powers Anita M. | Grant | 12K | — |
| 2025-06-10 | Bailo Carla Jean | Grant | 8.0K | — |
| 2025-05-06 | Vogel Herbert S | Buy | 1.0K | $21.32 |
| 2025-03-04 | PERU RAMIRO G | Buy | 5.0K | $28.72 |
| 2025-03-03 | Vogel Herbert S | Buy | 500 | $29.67 |
| 2025-02-26 | BROOKMAN BARTON R JR | Buy | 7.0K | $32.36 |
| 2025-02-25 | Vogel Herbert S | Buy | 500 | $33.66 |
| 2025-02-24 | Vogel Herbert S | Buy | 500 | $33.98 |
| 2024-12-31 | Vogel Herbert S | Other | 232 | $32.70 |
| 2024-12-31 | Knott Kenneth J. | Other | 256 | $32.70 |
| 2024-12-31 | Lytle Patrick A | Other | 224 | $32.70 |
| 2024-12-31 | PURSELL A WADE | Other | 86 | $32.70 |
| 2024-12-31 | Lebeck James Barker | Other | 276 | $32.70 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-01 | 2026-06-01 | 0000893538-26-000071 ↗ |
| 8-K | 2026-05-22 | 2026-05-21 | 0000893538-26-000069 ↗ |
| 8-K | 2026-05-12 | 2026-05-11 | 0000893538-26-000064 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0000893538-26-000061 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0000893538-26-000059 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000893538-26-000055 ↗ |
| 8-K | 2026-04-17 | 2026-04-17 | 0000893538-26-000052 ↗ |
| 8-K | 2026-04-02 | 2026-04-02 | 0000893538-26-000044 ↗ |
| 8-K | 2026-03-18 | 2026-03-18 | 0000893538-26-000037 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001104659-26-025261 ↗ |
| 8-K | 2026-03-05 | 2026-03-04 | 0001104659-26-023652 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001104659-26-023191 ↗ |