Sm Energy Co. (SM) intrinsic value & 10-year financials
Sm Energy Co. (SM) has a Graham intrinsic value of $73.86 per share. At $39.50 on Oct 17, 2026, the stock trades 47% below that value. Over the last 10 fiscal years revenue grew 11.5% a year to $3.1B, with an average return on invested capital of 13.8%.
- Graham intrinsic value
- $73.86
- Share price (Oct 17, 2026)
- $39.50
- Price vs Graham value
- 47% below
- Market cap
- $4.5B
- Revenue (FY2025)
- $3.1B
- Revenue growth (10-yr CAGR)
- 11.5%
- ROIC (10-yr avg)
- 13.8%
- Free cash flow (FY2025)
- —
SM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.1B | $648.0M | $5.64 | — | 31.9% | 17.7% |
| FY2024 | $2.7B | $770.3M | $6.67 | — | 40.3% | 23.5% |
| FY2023 | $2.4B | $817.9M | $6.86 | — | 41.7% | 31.0% |
| FY2022 | $3.3B | $1.1B | $8.96 | — | 47.2% | 38.7% |
| FY2021 | $2.6B | $36.2M | $0.29 | — | 8.0% | 4.1% |
| FY2020 | $1.1B | -$764.6M | -$6.72 | — | -94.9% | -17.8% |
| FY2019 | $1.6B | -$187.0M | -$1.66 | — | -4.4% | -1.1% |
| FY2018 | $1.6B | $508.4M | $4.48 | — | 51.1% | — |
| FY2017 | $1.3B | -$160.8M | -$1.44 | — | -13.4% | — |
| FY2016 | $1.2B | -$757.7M | -$9.90 | — | -89.9% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SM Energy Co is a consistent compounder, expanding top-line revenue at 11.5% annually over the past decade.
SM Energy Co returns on capital have been average, hovering around 13.8% ROIC over the decade.
SM Energy Co has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SM Energy Co is modeled at 3.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $73.86 per share.