SM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $35.24

Market Cap (MRQ) $8.37B

P/E (TTM) 7.0

EPS (TTM) $5.07

Revenue (TTM) $5.50B

Div Yield 1.1%

ROE (TTM) 16.1%

52W Range $17–$42

SM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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Stock splits 2

Ex-date	Split	Type
April 1, 2005	2-for-1	Forward
Sept. 6, 2000	2-for-1	Forward

About SM Energy Company Common Stock Company overview from Wikipedia

05 · wikidata

SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.

The company's assets are in the Eagle Ford Group/South Texas (51% of reserves and 48% of 2024 production), the Permian Basin/Midland Basin (34% of reserves and 47% of 2024 production), and the Uinta Basin (15% of reserves and 5% of 2024 production).

As of December 31, 2024, the company had 678.3 million barrels of oil equivalent (4.150×109 GJ) of estimated proved reserves, of which 44% was petroleum, 18% was natural gas liquids, and 38% was natural gas.

## History

The company was founded in 1908 as the St. Mary Parish Land Company and was incorporated in 1915. In 1992, the company went public via an initial public offering. In May 2010, the company changed its name from St. Mary Land & Exploration Company to SM Energy.

=== Acquisitions and divestitures ===

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$3.15B

2016-12-31 → 2025-12-31

EPS$5.64

2016-12-31 → 2025-12-31

Net margin18.2%

2016-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	SM	5Y avg	Peer Median	Verdict
P/E (TTM)	7.05Y avg ≈24.1	≈24.1	9.3	Undervalued
P/S (TTM)	1.55Y avg ≈1.4	≈1.4	1.7	Undervalued
P/B (MRQ)	1.15Y avg ≈1.2	≈1.2	1.0	Undervalued
Price / Cash Flow	4.25Y avg ≈2.4	≈2.4	2.6	Undervalued
Price / Tangible Book	1.85Y avg ≈1.2	≈1.2	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	SM	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	29.6%5Y avg ≈33.7%	≈33.7%	49.3%	Top tier
EBITDA Margin	31.7%5Y avg ≈33.7%	≈33.7%	38.6%	Top tier
Pretax Margin (TTM)	24.1%5Y avg ≈28.8%	≈28.8%	43.9%	Top tier
Net Profit Margin (TTM)	18.2%5Y avg ≈23.6%	≈23.6%	24.2%	Top tier
ROA (TTM)	7.2%5Y avg ≈10.4%	≈10.4%	7.0%	In line
ROE (TTM)	16.1%5Y avg ≈19.0%	≈19.0%	14.0%	In line
ROIC	16.2%5Y avg ≈21.9%	≈21.9%	16.2%	In line

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	SM	5Y avg	Peer Median	Verdict
Current Ratio (MRQ)	0.65Y avg ≈0.9	≈0.9	0.8	Low liquidity
Quick Ratio	0.65Y avg ≈0.8	≈0.8	0.6	In line
Interest Coverage	5.85Y avg ≈7.7	≈7.7	·	·

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	SM	5Y avg	Peer Median	Verdict
Revenue YoY	17.2%5Y avg ≈32.4%	≈32.4%	·	·
Revenue CAGR 3Y	-2.1%5Y avg ≈9.0%	≈9.0%	·	·
Revenue CAGR 5Y	22.9%	·	·	·
EPS YoY	-15.4%5Y avg ≈737.0%	≈737.0%	·	·
Net Income YoY	-15.8%5Y avg ≈730.3%	≈730.3%	·	·
EPS CAGR 3Y	-14.3%	·	·	·
Net Income CAGR 3Y	-16.5%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	SM	5Y avg	Peer Median	Verdict
EPS (Diluted)	$5.645Y avg ≈$5.68	≈$5.68	·	·
Revenue / Share	$27.435Y avg ≈$23.78	≈$23.78	·	·
Cash Flow / Share	$17.495Y avg ≈$13.82	≈$13.82	·	·
Cash / Share	$3.215Y avg ≈$2.98	≈$2.98	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	SM	5Y avg	Peer Median	Verdict
Asset Turnover	0.45Y avg ≈0.4	≈0.4	0.4	Weak
Receivables Turnover	9.15Y avg ≈11.0	≈11.0	10.1	Weak
Revenue / Employee	≈$2.5M	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13

Dividend Yield1.1%

Payout Ratio14.2%

Annualized Payout≈$0.88Paid quarterly

Growth Streak≈4Consecutive years of dividend growth

Ex-date	Amount	Currency	Yield
Sep 4, 2026	$0.22	USD	≈2.9%
Jun 8, 2026	$0.22	USD	≈2.6%
Mar 9, 2026	$0.22	USD	≈3.2%
Dec 26, 2025	$0.20	USD	≈4.3%
Oct 17, 2025	$0.20	USD	≈3.8%
Jul 18, 2025	$0.20	USD	≈3.1%
Apr 17, 2025	$0.20	USD	≈3.4%
Jan 24, 2025	$0.20	USD	≈1.9%
Oct 25, 2024	$0.20	USD	≈1.7%
Jul 19, 2024	$0.18	USD	≈1.5%
Apr 18, 2024	$0.18	USD	≈1.4%
Jan 18, 2024	$0.18	USD	≈1.8%
Oct 23, 2023	$0.15	USD	≈1.4%
Jul 20, 2023	$0.15	USD	≈1.7%
Apr 20, 2023	$0.15	USD	≈1.6%
Jan 19, 2023	$0.15	USD	≈0.93%
Oct 24, 2022	$0.15	USD	≈0.37%
Apr 21, 2022	$0.01	USD	≈0.05%
Oct 22, 2021	$0.01	USD	≈0.06%
Apr 22, 2021	$0.01	USD	≈0.13%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Beat Rate 62.5%

Avg Surprise 13.2%

Next Report Nov 02, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Jul 29, 2026	$2.19	$1.89	15.6%
March 31, 2026		$1.55	$1.18	31.7%
Dec. 31, 2025		$0.83	$0.87	-4.7%
Sept. 30, 2025		$1.33	$1.33	0.32%
June 30, 2025		$1.50	$1.25	20.2%
March 31, 2025		$1.76	$1.66	6.0%
Sept. 30, 2000		$0.30	$0.30	1.1%
June 30, 2000		$0.25	$0.19	34.8%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 15

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$3.15B	$2.69B	$2.37B	$3.36B	$2.62B	$1.13B	$1.59B	$2.07B	$1.13B	$1.22B	$1.56B	$2.52B
Cost of Revenue	·	·	·	·	·	·	$501M	$487M	$508M	$598M	·	·
SG&A Expense	$161M	$138M	$121M	$115M	$112M	$99M	$133M	$117M	$117M	$125M	$158M	$167M
Operating Expenses	$2.15B	$1.61B	$1.39B	$1.78B	$2.41B	$2.20B	$1.66B	$1.23B	$1.29B	$2.27B	$2.14B	$1.36B
Operating Income	$1.00B	$1.08B	$987M	$1.58B	$209M	$-1.07B	$-70M	$836M	$-164M	$-1.06B	$-579M	$1.17B
Interest Expense	$173M	$141M	$92M	$120M	$160M	$164M	$159M	$161M	$179M	$159M	$128M	$99M
Other Non-op	$0	$-1M	$-1M	$-2M	$-2M	$-4M	$-2M	$3M	$-800.0K	$-2M	$649.0K	$-3M
Pretax Income	$830M	$966M	$914M	$1.40B	$46M	$-957M	$-231M	$652M	$-344M	$-1.20B	$-723M	$1.06B
Income Tax	$182M	$196M	$96M	$284M	$10M	$-192M	$-44M	$143M	$-183M	$-444M	$-275M	$399M
Net Income	$648M	$770M	$818M	$1.11B	$36M	$-765M	$-187M	$508M	$-161M	$-758M	$-448M	$666M
EPS (Basic)	$5.65	$6.71	$6.89	$9.09	$0.30	$-6.72	$-1.66	$4.54	$-1.44	$-9.90	$-6.61	$9.91
EPS (Diluted)	$5.64	$6.67	$6.86	$8.96	$0.29	$-6.72	$-1.66	$4.48	$-1.44	$-9.90	$-6.61	$9.79
Shares (Basic)	115,000,000	115,000,000	119,000,000	122,351,000	119,043,000	113,730,000	112,544,000	111,912,000	111,428,000	76,568,000	67,723,000	67,230,000
Shares (Diluted)	115,000,000	116,000,000	119,000,000	124,084,000	123,690,000	113,730,000	112,544,000	113,502,000	111,428,000	76,568,000	67,723,000	68,044,000
EBITDA	$1.00B	$1.08B	$987M	$1.58B	$209M	$-1.07B	$-70M	$836M	$-168M	$-1.06B	$-579M	$1.17B

Balance Sheet 21

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$368M	$0	$616M	$445M	$333M	$10.0K	$10.0K	$78M	$314M	$9M	$18.0K	$120.0K
Receivables	$331M	$361M	$231M	$233M	$247M	$162M	$185M	$168M	$160M	$152M	$134M	$323M
Prepaid Expense	$29M	$25M	$13M	$10M	$9M	$10M	$13M	$9M	$11M	$9M	$17M	$20M
Current Assets	$811M	$435M	$916M	$737M	$613M	$204M	$253M	$429M	$549M	$225M	$519M	$745M
PP&E (Net)	$8.20B	$7.99B	$5.38B	$4.88B	$4.58B	$4.70B	$5.95B	$5.83B	$5.55B	$6.08B	$4.95B	$5.50B
Other Non-current Assets	$234M	$145M	$78M	$72M	$45M	$48M	$65M	$34M	$33M	$20M	$32M	$45M
Total Assets	$9.25B	$8.58B	$6.38B	$5.72B	$5.23B	$4.98B	$6.29B	$6.35B	$6.18B	$6.39B	$5.62B	$6.48B
Accounts Payable	$690M	$83M	$107M	$44M	$25M	$63M	$52M	$56M	$78M	$300M	$303M	$641M
Accrued Liabilities	$167M	$200M	$146M	$126M	$71M	$65M	$97M	$140M	$126M	·	·	·
Current Liabilities	$1.17B	$790M	$634M	$599M	$889M	$584M	$472M	$466M	$559M	$415M	$303M	$785M
Capital Leases	$80M	$43M	$24M	$24M	$19M	$12M	$23M	·	·	·	·	·
Deferred Tax	$724M	$545M	$370M	$281M	$10M	$0	$189M	$223M	$80M	$316M	$758M	$892M
Other Non-current Liabilities	$102M	$75M	$65M	$70M	$68M	$57M	$61M	$43M	$48M	$47M	$53M	$40M
Long-term Debt	·	·	·	·	$2.08B	$2.21B	$2.61B	·	·	·	·	·
Common Stock	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$681.0K	$675.0K
Retained Earnings	$3.29B	$2.73B	$2.05B	$1.31B	$235M	$201M	$968M	$1.17B	$666M	$794M	$1.56B	$2.01B
Treasury Stock	·	·	·	·	·	·	·	·	·	·	·	$0
AOCI	$1M	$-1M	$-3M	$-4M	$-13M	$-14M	$-11M	$-12M	$-14M	$-15M	$-13M	$-11M
Stockholders' Equity	$4.81B	$4.24B	$3.62B	$3.08B	$2.06B	$2.02B	$2.75B	$2.92B	$2.39B	$2.50B	$1.85B	$2.29B
Liabilities + Equity	$9.25B	$8.58B	$6.38B	$5.72B	$5.23B	$4.98B	$6.29B	$6.35B	$6.18B	$6.39B	$5.62B	$6.48B
Shares Outstanding	114,630,905	114,461,934	115,745,393	121,931,676	121,862,248	114,742,304	112,987,952	112,241,966	111,687,016	111,257,500	68,075,700	67,463,060

Cash Flow 13

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Stock-based Comp	$29M	$25M	$20M	$19M	$19M	$15M	$24M	$24M	$23M	$27M	$27M	$33M
Deferred Tax	$178M	$175M	$88M	$269M	$10M	$-193M	$-42M	$142M	$-192M	$-449M	$-277M	$398M
Operating Cash Flow	$2.01B	$1.78B	$1.57B	$1.69B	$1.16B	$791M	$824M	$721M	$515M	$553M	$991M	$1.46B
Investing Cash Flow	$-1.47B	$-3.41B	$-1.10B	$-880M	$-667M	$-556M	$-1.01B	$-588M	$-202M	$-1.87B	$-1.14B	$-2.48B
Debt Issued	·	·	·	·	·	·	·	·	·	·	·	$590M
Net Debt Issued	·	·	·	·	·	·	·	·	·	·	·	$590M
Stock Issued	$3M	$3M	$3M	$3M	$3M	$1M	$3M	$3M	$3M	$938M	$5M	$5M
Stock Repurchased	$13M	$86M	$228M	$57M	$0	$0	·	·	·	·	·	·
Net Stock Activity	$-10M	$-83M	$-225M	$-54M	$3M	$1M	$3M	$3M	$3M	$938M	$5M	$5M
Dividends Paid	$92M	$85M	$72M	$20M	$2M	$2M	$11M	$11M	$11M	$8M	$7M	$7M
Financing Cash Flow	$-175M	$1.01B	$-305M	$-694M	$-160M	$-235M	$112M	$-369M	$-12M	$1.33B	$154M	$740M
Net Change in Cash	$368M	$-616M	$171M	$112M	$333M	$0	$-78M	$-236M	$302M	$12M	$-102.0K	$-282M
Taxes Paid	$4M	$27M	$9M	$-11M	$-864.0K	$7M	$6M	$-3M	$-6M	$-5M	$2M	$2M

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	31.7%	40.0%	41.6%	47.0%	8.0%	-94.9%	-4.4%	40.5%	-14.9%	-87.0%	-37.2%	46.2%
Net Margin	20.5%	28.6%	34.4%	33.1%	1.4%	-67.9%	-11.8%	24.6%	-14.2%	-62.2%	-28.8%	26.4%
Pretax Margin	26.3%	35.9%	38.5%	41.6%	1.8%	-84.9%	-14.5%	31.5%	-30.4%	-98.7%	-46.4%	42.2%
EBITDA Margin	31.7%	40.0%	41.6%	47.0%	8.0%	-94.9%	-4.4%	40.5%	-14.9%	-87.0%	-37.2%	46.2%
ROA	7.3%	10.3%	13.5%	20.3%	0.71%	-13.6%	-3.0%	·	-2.6%	-12.6%	-7.4%	11.9%
ROE	13.8%	18.6%	23.3%	37.4%	2.0%	-36.4%	-6.7%	·	-6.6%	-34.8%	-21.6%	34.2%
ROIC	16.2%	20.2%	24.4%	40.8%	8.0%	-42.4%	-2.1%	·	-3.3%	-26.7%	-19.4%	31.9%

Liquidity & Solvency 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	0.7	0.6	1.4	1.2	0.7	0.3	0.5	·	1.0	0.5	1.7	0.9
Quick Ratio	0.6	0.5	1.3	1.1	0.7	0.3	0.4	·	0.8	0.4	0.4	0.4
Interest Coverage	5.8	7.6	10.8	13.1	1.3	-6.5	-0.4	5.2	-0.9	-6.7	-4.5	11.8

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		0.4	0.4	0.4	0.6	0.5	0.2	0.3	·	0.2	0.2	0.3	0.4
Receivables Turnover		9.1	9.1	10.2	14.0	12.8	6.5	9.0	·	7.2	8.5	6.8	7.9

Per Share 6

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$41.96	$37.02	$31.24	$25.30	$16.93	$17.57	$24.33	·	$21.44	$22.44	$27.21	$33.89
Revenue / Share	$27.43	$23.29	$19.91	$27.07	$21.21	$9.91	$14.13	$18.21	$10.14	$15.90	$22.99	$37.07
Cash Flow / Share	$17.49	$15.43	$13.20	$13.59	$9.38	$6.95	$7.32	$6.35	$4.63	$7.22	$14.45	$21.41
Cash / Share	$3.21	$0.00	$5.32	$3.65	$2.73	$0.00	$0.00	·	$2.81	$0.08	$0.00	$0.00
Dividend / Share	$0.80	$0.76	$0.63	$0.31	$0.02	$0.02	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10
EPS (TTM)	$5.64	$6.67	$6.86	$8.96	$0.29	$-6.72	$-1.66	$4.48	$-1.44	$-9.90	$-6.61	$9.79

Growth Rates 8

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	17.2%	13.3%	-29.3%	28.1%	132.8%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-2.1%	0.85%	28.2%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	22.9%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	-15.4%	-2.8%	-23.4%	2989.7%	·	·	·	·	·	·	·	·
EPS CAGR 3Y	-14.3%	184.4%	·	·	·	·	·	·	·	·	·	·
Net Income YoY	-15.8%	-5.9%	-26.4%	2969.2%	·	·	·	·	·	·	·	·
Net Income CAGR 3Y	-16.5%	177.0%	·	·	·	·	·	·	·	·	·	·
Dividends Paid CAGR 5Y	109.6%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 12

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$3.15B	$2.69B	$2.37B	$3.36B	$2.62B	$1.13B	$1.59B	$2.07B	$1.13B	$1.22B	$1.56B	$2.52B
Net Income TTM	$648M	$770M	$818M	$1.11B	$36M	$-765M	$-187M	$508M	$-161M	$-758M	$-448M	$666M
Market Cap	$2.14B	$4.44B	$4.48B	$4.25B	$3.59B	$702M	$1.27B	·	$2.47B	$3.84B	$1.34B	$2.60B
P/E	3.3	5.8	5.6	3.9	101.7	-0.9	-6.8	3.5	-15.3	-3.5	-3.0	3.9
P/S	0.7	1.6	1.9	1.3	1.4	0.6	0.8	·	2.2	3.2	0.9	1.0
P/B	0.4	1.0	1.2	1.4	1.7	0.3	0.5	·	1.0	1.5	0.7	1.1
P / Tangible Book	0.4	1.0	1.2	1.4	1.7	0.3	·	·	·	·	·	·
P / Cash Flow	1.1	2.5	2.8	2.5	3.1	0.9	1.5	·	4.8	6.9	1.4	1.8
Dividend Yield	4.3%	1.9%	1.6%	0.46%	0.07%	0.32%	0.89%	·	0.45%	0.20%	0.51%	0.26%
Earnings Yield	30.2%	17.2%	17.7%	25.7%	0.98%	-109.8%	-14.8%	28.9%	-6.5%	-28.7%	-33.6%	25.4%
Payout Ratio	14.2%	11.0%	8.8%	1.8%	6.6%	-0.30%	-6.0%	2.2%	-6.9%	-1.0%	-1.5%	1.0%
Annual Payout	$92M	$85M	$72M	$20M	$2M	$2M	$11M	$11M	$11M	$8M	$7M	$7M

Income Statement 14

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$2.50B	$1.48B	$705M	$812M	$793M	$845M	$852M	$644M	$635M	$560M	$609M	$641M	$551M	$574M	$671M	$835M
SG&A Expense	$79M	$174M	$40M	$39M	$42M	$39M	$42M	$35M	$31M	$30M	$37M	$29M	$28M	$28M	$33M	$28M
Operating Expenses	$1.00B	$1.78B	$523M	$565M	$498M	$568M	$566M	$313M	$355M	$381M	$299M	$445M	$341M	$301M	$329M	$213M
Operating Income	$1.50B	$-298M	$182M	$246M	$295M	$276M	$287M	$331M	$279M	$178M	$310M	$196M	$209M	$272M	$343M	$622M
Interest Expense	$111M	$113M	$43M	$43M	$43M	$44M	$47M	$51M	$22M	$22M	$24M	$23M	$22M	$22M	$23M	$23M
Other Non-op	$4M	$1M	$134.0K	$-80.0K	$0	$0	$-316.0K	$-637.0K	$-23.0K	$-24.0K	$-304.0K	$-233.0K	$-231.0K	$-232.0K	$-539.0K	$-383.0K
Pretax Income	$1.39B	$-410M	$141M	$204M	$253M	$232M	$241M	$298M	$264M	$163M	$292M	$176M	$192M	$254M	$323M	$601M
Income Tax	$318M	$-75M	$32M	$49M	$51M	$50M	$53M	$57M	$54M	$32M	$44M	$-46M	$42M	$56M	$65M	$119M
Net Income	$1.07B	$-335M	$109M	$155M	$202M	$182M	$188M	$241M	$210M	$131M	$247M	$222M	$150M	$199M	$258M	$481M
EPS (Basic)	$4.48	$-1.68	$0.95	$1.35	$1.76	$1.59	$1.65	$2.10	$1.83	$1.13	$2.11	$1.89	$1.26	$1.63	$2.13	$3.91
EPS (Diluted)	$4.46	$-1.68	$0.94	$1.35	$1.76	$1.59	$1.63	$2.09	$1.82	$1.13	$2.11	$1.88	$1.25	$1.62	$2.10	$3.87
Shares (Basic)	239,000,000	199,000,000	·	114,826,000	115,000,000	115,000,000	·	114,405,000	114,634,000	115,642,000	·	117,823,000	119,408,000	121,671,000	·	123,195,000
Shares (Diluted)	240,000,000	199,000,000	·	115,226,000	115,000,000	115,000,000	·	114,993,000	115,715,000	116,456,000	·	118,328,000	120,074,000	122,294,000	·	124,279,000
EBITDA	$1.50B	$-298M	·	·	$295M	$276M	·	$331M	$279M	$178M	·	$196M	$209M	·	·	$622M

Balance Sheet 19

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$620M	$449M	$368M	$162M	$102M	$54.0K	$0	$1.74B	$488M	$506M	·	$402M	$378M	$478M	·	$498M
Receivables	$989M	$915M	$331M	$368M	$364M	$383M	$361M	$227M	$239M	$242M	·	$265M	$218M	$188M	·	$258M
Prepaid Expense	$146M	$106M	$29M	$34M	$30M	$28M	$25M	$10M	$20M	$11M	·	$11M	$9M	$10M	·	$9M
Current Assets	$1.90B	$1.67B	$811M	$633M	$575M	$472M	$435M	$2.04B	$774M	$793M	·	$703M	$679M	$756M	·	$808M
PP&E (Net)	$16.55B	$17.10B	$8.20B	$8.26B	$8.26B	$8.16B	$7.99B	$5.75B	$5.66B	$5.51B	·	$5.29B	$5.23B	$5.03B	·	$4.75B
Other Non-current Assets	$354M	$345M	$234M	$187M	$153M	$151M	$145M	$115M	$111M	$85M	·	$78M	$70M	$69M	·	$61M
Total Assets	$18.86B	$19.14B	$9.25B	$9.09B	$8.99B	$8.79B	$8.58B	$8.03B	$6.66B	$6.40B	·	$6.08B	$5.99B	$5.87B	·	$5.65B
Accounts Payable	$2.37B	$2.22B	$77M	$674M	$794M	$765M	$83M	$561M	$564M	$496M	·	$540M	$530M	$522M	·	$632M
Accrued Liabilities	·	·	$167M	·	·	·	$200M	·	·	·	·	·	·	·	·	·
Current Liabilities	$3.09B	$4.28B	$1.17B	$1.14B	$838M	$823M	$790M	$581M	$602M	$536M	·	$599M	$564M	$563M	·	$814M
Capital Leases	·	·	$80M	·	·	·	$43M	·	·	·	·	·	·	·	·	·
Deferred Tax	$630M	$315M	$724M	$690M	$590M	$570M	$545M	$467M	$441M	$397M	·	$324M	$375M	$331M	·	$212M
Other Non-current Liabilities	$275M	$461M	$102M	$102M	$102M	$79M	$75M	$85M	$66M	$65M	·	$56M	$61M	$60M	·	$74M
Common Stock	$2M	$2M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	·	$1M	$1M	$1M	·	$1M
Retained Earnings	$3.92B	$2.90B	$3.29B	$3.21B	$3.07B	$2.89B	$2.73B	$2.57B	$2.35B	$2.16B	·	$1.83B	$1.62B	$1.49B	·	$1.07B
AOCI	$2M	$1M	$1M	$-1M	$-1M	$-1M	$-1M	$-2M	$-3M	$-3M	·	$-4M	$-4M	$-4M	·	$-12M
Stockholders' Equity	$7.81B	$6.87B	$4.81B	$4.71B	$4.59B	$4.40B	$4.24B	$4.06B	$3.84B	$3.70B	$3.62B	$3.40B	$3.30B	$3.23B	$3.09B	$2.87B
Liabilities + Equity	$18.86B	$19.14B	$9.25B	$9.09B	$8.99B	$8.79B	$8.58B	$8.03B	$6.66B	$6.40B	·	$6.08B	$5.99B	$5.87B	·	$5.65B
Shares Outstanding	237,494,374	239,696,577	114,630,905	114,554,192	114,634,725	114,462,218	114,461,934	114,418,413	114,068,885	115,036,144	115,745,393	116,313,887	118,112,105	120,517,918	121,931,676	122,796,046

Cash Flow 12

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Stock-based Comp	$11M	$25M	$8M	$8M	$6M	$7M	$8M	$7M	$6M	$5M	$5M	$6M	$4M	$4M	$5M	$5M
Deferred Tax	$316M	$-85M	$33M	$76M	$43M	$26M	$58M	$46M	$44M	$27M	$45M	$-51M	$44M	$50M	$66M	$110M
Restructuring	$25M	$97M	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$1.10B	$640M	$452M	$505M	$571M	$483M	$578M	$452M	$476M	$276M	$476M	$383M	$383M	$332M	$288M	$513M
Investing Cash Flow	$143M	$-628M	$-224M	$-405M	$-410M	$-429M	$-2.45B	$-303M	$-323M	$-332M	$-224M	$-237M	$-398M	$-240M	$-288M	$-227M
Stock Issued	·	·	$1M	$0	·	·	$1M	$0	·	·	$1M	$0	·	·	$1M	$0
Stock Repurchased	·	·	$224.0K	$12M	$648.0K	$0	$2M	$0	$51M	$33M	$23M	$96M	$69M	$40M	$37M	$20M
Net Stock Activity	·	·	·	·	·	$0	·	·	·	$-33M	·	·	·	·	·	·
Dividends Paid	$53M	$82M	$23M	$23M	$23M	$23M	$23M	$21M	$21M	$21M	$18M	$18M	$18M	$18M	$18M	$0
Financing Cash Flow	$-1.07B	$69M	$-22M	$-40M	$-59M	$-54M	$34M	$1.10B	$-70M	$-54M	$-40M	$-122M	$-85M	$-58M	$-54M	$-55M
Net Change in Cash	$171M	$81M	$206M	$60M	$102M	$0	$-1.84B	$1.25B	$84M	$-110M	$214M	$24M	$-100M	$33M	$-53M	$231M
Taxes Paid	·	·	$10M	$-1M	$-5M	$84.0K	$35M	$-194.0K	$-11M	$3M	$15M	$-39.0K	$-6M	$-50.0K	$-70.0K	$-4.0K

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	59.8%	-20.2%	·	·	37.2%	32.7%	·	51.4%	44.0%	31.9%	·	30.5%	38.0%	·	·	74.5%
Net Margin	42.8%	-22.7%	·	·	25.4%	21.6%	·	37.4%	33.1%	23.4%	·	34.7%	27.2%	·	·	57.6%
Pretax Margin	55.6%	-27.7%	·	·	31.8%	27.5%	·	46.2%	41.6%	29.2%	·	27.5%	34.9%	·	·	71.9%
EBITDA Margin	59.8%	-20.2%	·	·	37.2%	32.7%	·	51.4%	44.0%	31.9%	·	30.5%	38.0%	·	·	74.5%
ROA	7.7%	-2.4%	·	·	2.6%	2.4%	·	3.4%	3.3%	2.1%	·	3.8%	2.6%	·	·	9.0%
ROE	17.3%	-5.9%	·	·	4.8%	4.5%	·	6.4%	5.9%	3.8%	·	7.1%	5.2%	·	·	21.4%
ROIC	14.8%	-3.5%	·	·	5.1%	4.9%	·	6.6%	5.8%	3.9%	·	7.2%	5.0%	6.6%	·	17.4%

Liquidity & Solvency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	0.6	0.4	·	·	0.7	0.6	·	3.5	1.3	1.5	·	1.2	1.2	·	·	1.0
Quick Ratio	0.5	0.3	·	·	0.6	0.5	·	3.4	1.2	1.4	·	1.1	1.1	·	·	0.9
Interest Coverage	13.5	-2.6	·	·	6.9	6.2	·	6.5	12.8	8.2	·	8.5	9.5	·	·	27.3

Efficiency 2

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.2	0.1	·	·	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	·	·	0.2
Receivables Turnover		3.7	2.3	·	·	2.6	2.7	·	2.6	2.8	2.6	·	2.5	2.0	·	·	3.2

Per Share 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$32.90	$28.65	·	·	$40.04	$38.47	·	$35.50	$33.70	$32.15	·	$29.27	$27.93	·	·	$23.35
Revenue / Share	$10.42	$7.43	·	·	$6.91	$7.35	·	$5.60	$5.48	$4.81	·	$5.42	$4.59	·	·	$6.72
Cash Flow / Share	·	$3.22	·	·	·	$4.20	·	·	·	$2.37	·	·	·	·	·	·
Cash / Share	$2.61	$1.87	·	·	$0.89	$0.00	·	$15.17	$4.28	$4.40	·	$3.46	$3.20	·	·	$4.06
Dividend / Share	$0.22	$0.22	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.18	$0.18	$0.18	$0.15	$0.15	$0.15	$0.15	$0.15
Dividend Paid / Share	$0.22	$0.42	·	·	·	·	·	·	·	·	·	·	·	·	·	·
EPS (TTM)	$5.07	$2.37	·	$6.79	$7.07	$7.13	·	$7.15	$6.94	$6.37	·	$6.85	$8.84	$10.19	·	$10.53

Valuation (TTM) 12

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$5.50B	$3.79B	·	$3.09B	$3.13B	$2.98B	·	$2.45B	$2.44B	$2.36B	·	$2.44B	$2.63B	$3.07B	·	$3.54B
Net Income TTM	$1.00B	$131M	·	$780M	$813M	$821M	·	$829M	$811M	$751M	·	$829M	$1.09B	$1.26B	·	$1.28B
Market Cap	$6.20B	$7.47B	·	·	$2.83B	$3.43B	·	$4.57B	$4.93B	$5.73B	·	$4.61B	$3.74B	·	·	$4.62B
P/E	5.1	13.2	·	3.7	3.5	4.2	·	5.6	6.2	7.8	·	5.8	3.6	2.8	·	3.6
P/S	1.1	2.0	·	·	0.9	1.2	·	1.9	2.0	2.4	·	1.9	1.4	·	·	1.3
P/B	0.8	1.1	·	·	0.6	0.8	·	1.1	1.3	1.6	·	1.4	1.1	·	·	1.6
P / Tangible Book	0.8	1.1	·	0.6	0.6	0.8	·	1.1	1.3	1.6	·	1.4	1.1	1.1	·	1.6
P / Cash Flow	·	11.7	·	·	·	7.1	·	·	·	20.8	·	·	·	·	·	·
Dividend Yield	2.9%	2.0%	·	·	3.1%	2.5%	·	1.8%	1.6%	1.3%	·	1.6%	1.5%	·	·	0.05%
Earnings Yield	19.4%	7.6%	·	27.2%	28.6%	23.8%	·	17.9%	16.1%	12.8%	·	17.3%	28.0%	36.2%	·	28.0%
Payout Ratio	·	-24.5%	·	·	·	12.6%	·	·	·	15.9%	·	·	·	·	·	·
Annual Payout	$181M	$151M	·	·	$89M	$87M	·	$80M	$77M	$75M	·	$73M	$55M	$38M	·	$2M

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$3.15B	$2.69B	$2.37B	$3.36B	$2.62B
Operating Margin %	31.7%	40.0%	41.6%	47.0%	8.0%
Net Income	$648M	$770M	$818M	$1.11B	$36M
Diluted EPS	$5.64	$6.67	$6.86	$8.96	$0.29

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	0.7	0.6	1.4	1.2	0.7
Quick Ratio	0.6	0.5	1.3	1.1	0.7

Institutional owners (13F) 545 filers · $6.3B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 545

Value held $6.3B

New positions 78

Exited positions 81

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
78 (-156 vs prior Q)	81 (+32 vs prior Q)	203 (-17 vs prior Q)	157 (+101 vs prior Q)	+4.5M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
BlackRock, Inc.	$1,025,229,347	39,280,818	16.15%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$402,603,540	15,425,423	6.34%	Shares
CANADA PENSION PLAN INVESTMENT BOARD	$378,287,945	14,493,791	5.96%	Shares
ARISTEIA CAPITAL, L.L.C.	$339,316,939	13,000,649	5.35%	Shares
STATE STREET CORP	$305,527,838	11,705,860	4.81%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$278,156,966	10,657,355	4.38%	Shares
VANGUARD GROUP INC	$252,826,956	13,520,158	3.98%	Shares
AMERICAN CENTURY COMPANIES INC	$233,221,326	8,935,683	3.67%	Shares
DIMENSIONAL FUND ADVISORS LP	$213,353,172	8,174,503	3.36%	Shares
DONALD SMITH & CO., INC.	$199,602,203	7,647,594	3.15%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$163,680,226	6,269,841	2.58%	Shares
MILLENNIUM MANAGEMENT LLC	$117,279,645	4,493,473	1.85%	Shares
FMR LLC	$99,133,498	3,798,218	1.56%	Shares
MACKENZIE FINANCIAL CORP	$95,894,897	3,674,134	1.51%	Shares
JPMORGAN CHASE & CO	$92,687,878	3,534,729	1.46%	Shares
MORGAN STANLEY	$76,830,403	2,943,691	1.21%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$75,509,988	2,893,103	1.19%	Shares
NORTHERN TRUST CORP	$72,734,776	2,786,773	1.15%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$70,890,000	2,716,076	1.12%	Shares
Invesco Ltd.	$63,462,699	2,431,521	1.00%	Shares
Nuveen, LLC	$60,560,239	2,320,316	0.95%	Shares
FULLER & THALER ASSET MANAGEMENT, INC.	$59,514,816	2,280,261	0.94%	Shares
Webs Creek Capital Management LP	$53,257,807	2,040,529	0.84%	Shares
GOLDMAN SACHS GROUP INC	$50,038,823	1,917,196	0.79%	Shares
Qube Research & Technologies Ltd	$44,154,518	1,691,744	0.70%	Shares
Bank of New York Mellon Corp	$43,259,127	1,657,438	0.68%	Shares
VANGUARD FIDUCIARY TRUST CO	$40,027,430	1,533,618	0.63%	Shares
FEARNLEY ASSET MANAGEMENT AS	$39,059,616	1,496,537	0.62%	Shares
Encompass Capital Advisors LLC	$37,794,392	1,448,061	0.60%	Shares
BANK OF AMERICA CORP /DE/	$34,197,359	1,310,244	0.54%	Shares
Gotham Asset Management, LLC	$30,976,863	1,186,853	0.49%	Shares
PRINCIPAL FINANCIAL GROUP INC	$28,757,946	1,101,837	0.45%	Shares
VICTORY CAPITAL MANAGEMENT INC	$28,592,211	1,095,487	0.45%	Shares
TUDOR INVESTMENT CORP ET AL	$28,331,628	1,085,503	0.45%	Shares
AQR CAPITAL MANAGEMENT LLC	$26,103,161	1,000,121	0.41%	Shares
Fisher Asset Management, LLC	$25,756,854	986,852	0.41%	Shares
Boston Partners	$25,025,575	937,303	0.39%	Shares
FIRST TRUST ADVISORS LP	$23,963,334	918,135	0.38%	Shares
AMERIPRISE FINANCIAL INC	$23,506,327	900,635	0.37%	Shares
CITADEL ADVISORS LLC	$22,518,036	862,760	0.35%	Call option
UBS Group AG	$22,042,155	844,527	0.35%	Shares
Balyasny Asset Management L.P.	$21,911,968	839,539	0.35%	Shares
Public Sector Pension Investment Board	$20,422,571	782,474	0.32%	Shares
AEGIS FINANCIAL CORP	$20,328,011	778,851	0.32%	Shares
KENNEDY CAPITAL MANAGEMENT LLC	$17,796,990	681,877	0.28%	Shares
Corigliano Investment Advisers, LLC	$17,460,800	560,000	0.28%	Shares
CAPITAL FUND MANAGEMENT S.A.	$17,393,379	666,413	0.27%	Shares
LAZARD ASSET MANAGEMENT LLC	$17,298,193	662,766	0.27%	Shares
RHUMBLINE ADVISERS	$17,105,186	655,372	0.27%	Shares
Sagefield Capital LP	$17,026,675	652,363	0.27%	Shares

Show all 545 institutional owners →

Activists & 5%+ owners 3 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
EnCap Energy Capital Fund IX, L.P., EnCap Partners GP, LLC ×2 filings	Aug. 7, 2020	·	Initial filing	Passive investment	SEC
Undisclosed reporting person, Undisclosed reporting person	Feb. 25, 2004	·	Initial filing	·	SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person	April 2, 2003	·	Initial filing	·	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 57 insiders · 32 officers · 26 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Elizabeth Anne Mcdonald	President & CEO	July 24, 2026 A	21,401	0	$0
Herbert S Vogel	President & CEO	July 25, 2025 A	536,077	0	$0
Javan D Ottoson	President & CEO	July 1, 2020 M	376,560	0	$0
Anthony James Best	Chief Executive Officer	Aug. 11, 2014 A	205,161	0	$0
Mark A Hellerstein	CEO & President	June 2, 2008 G	72,555	0	$0
Wade A Pursell	EVP & CFO	Aug. 21, 2026 G	426,531	0	$0
Blake Douglas Mckenna	EVP and COO	July 24, 2026 A	2,964	0	$0
Douglas W York	Executive VP & COO	Feb. 28, 2006 A	12,496	0	$0
James Barker Lebeck	EVP, GC & Corp Secretary	Aug. 21, 2026 S	14,705	1	$-647,850
Alan D Bennett	Vice President - Controller	July 24, 2026 A	3,686	0	$0
Richard A. Jenkins	Senior Vice President - Utah	July 25, 2025 A	27,925	0	$0
Patrick A Lytle	Senior VP - Finance	July 25, 2025 A	12,796	0	$0
Kenneth J. Knott	SVP - Bus Dev & Land	July 25, 2025 A	134,235	0	$0
Mary Ellen Lutey	SVP - Expl., Development & EHS	Aug. 20, 2024 G	123,831	0	$0
Julie Gray	Vice President Marketing	July 26, 2024 A	34,869	0	$0
David W Copeland	EVP & General Counsel	Sept. 9, 2022 S	228,543	0	$0
David J. Whitcomb	VP - Marketing	Sept. 1, 2022 F	60,861	0	$0
Lehman E Newton III	SVP - Operations	Sept. 1, 2022 F	158,551	0	$0
Mark T Solomon	VP, Controller & Asst. Sec.	July 30, 2018 A	18,854	0	$0
Mark D Mueller	Sr. VP & Regional Manager	Aug. 29, 2016 A	54,261	0	$0
Gregory T Leyendecker	Sr. VP & Regional Manager	July 1, 2015 M	49,413	0	$0
Dennis A. Zubieta	VP-Engineering, Eval & A&D	Aug. 11, 2014 A	47,811	0	$0
Paul M Veatch	Sr. VP & Regional Manager	Aug. 1, 2012 M	22,936	0	$0
Stephen C Pugh	Sr. VP & Regional Manager	Aug. 1, 2011 M	10,936	0	$0
John R Monark	VP - Human Resources	Dec. 31, 2010 J	2,758	0	$0
Milam Randolph Pharo	Sr. VP & General Counsel	Dec. 15, 2010 M	35,166	0	$0
Jerold M Hertzler	VP- Business Development	June 30, 2008 J	10,686	0	$0
Garry A Wilkening	VP-HR & Administration	June 30, 2008 J	3,393	0	$0
William D Hart	VP-General Manager-ArkLaTex	July 2, 2007 M	13,878	0	$0
Jerry R Schuyler	Sr. VP & Regional Manager	Feb. 28, 2007 A	1,718	0	$0
Robert T Hanley	Vice President	April 19, 2006 M	130,019	0	$0
Kevin E Wilson	Senior Vice President	Feb. 28, 2006 A	2,292	0	$0
Ashwin Venkatraman	Director	Sept. 10, 2026 S	12,525	1	$-139,722
Carrie M Fox	Director	June 22, 2026 A	98,046	0	$0
Morris R Clark	Director	June 22, 2026 A	68,978	0	$0
Lloyd W Helms Jr	Director	June 22, 2026 A	26,564	0	$0
Wouter T. Van Kempen	Director	June 22, 2026 A	141,551	0	$0
Howard A. Willard	Director	June 22, 2026 A	81,986	0	$0
Julio M Quintana	Director	June 22, 2026 A	120,191	0	$0
Rose M Robeson	Director	June 22, 2026 A	47,529	0	$0
Barton R Brookman JR	Director	June 22, 2026 A	35,771	0	$0
Ramiro G Peru	Director	June 22, 2026 A	72,130	1	$-834,311
Carla Jean Bailo	Director	June 10, 2025 A	106,830	0	$0
Anita M. Powers	Director	June 10, 2025 A	33,890	0	$0
William D Sullivan	Director	June 10, 2025 A	105,088	0	$0
Stephen R Brand	Director	June 21, 2024 A	103,341	0	$0
Loren M Leiker	Director	June 9, 2020 A	105,261	0	$0
Larry W Bickle	Director	June 9, 2020 A	206,067	0	$0
William J Gardiner	Director	May 20, 2015 A	61,097	0	$0
John M Seidl	Director	March 2, 2015 S	3,010	0	$0
Barbara M Baumann	Director	Aug. 2, 2013 M	39,674	0	$0
Thomas E Congdon	Director	May 18, 2006 A	33,113	0	$0
Ronald D Boone	Director	Dec. 31, 2004 A	100	0	$0
Arend J Sandbulte	Director	March 22, 2004 M	22,766	0	$0
David Honeyfield	·	March 17, 2008 F	13,303	0	$0
Robert L Nance	·	Dec. 31, 2007 J	735,620	0	$0
FLYING J OIL & GAS INC	·	Feb. 9, 2004 J	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 86 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
PSCE · Invesco Exchange-Traded Fund Trust …	7.35%	218,732 SH	Oct. 2, 2026	Daily
EPHE · iShares Trust	4.58%	766,666 SH	Sept. 11, 2026	Daily
PXE · Invesco Exchange-Traded Fund Trust	2.61%	105,086 SH	Oct. 2, 2026	Daily
PXI · Invesco Exchange-Traded Fund Trust	2.04%	32,979 SH	Oct. 2, 2026	Daily
CAFG · Pacer Funds Trust	1.83%	16,980 NS	July 31, 2026	N-PORT
BSJS · Invesco Exchange-Traded Self-Indexe…	1.68%	12,246,000	Oct. 2, 2026	Daily
GUSH · Direxion Shares ETF Trust	1.59%	121,337 NS	July 31, 2026	N-PORT
RNIN · EA Series Trust	1.35%	75,519 NS	July 31, 2026	N-PORT
IEO · iShares Trust	1.27%	252,060 SH	Sept. 11, 2026	Daily
RZV · Invesco Exchange-Traded Fund Trust	1.26%	99,848 SH	Oct. 2, 2026	Daily
VRAI · ETFis Series Trust I	1.25%	7,163 NS	July 31, 2026	N-PORT
GURU · Global X Funds	1.07%	20,116 NS	July 31, 2026	N-PORT
CVY · Invesco Exchange-Traded Fund Trust	1.06%	35,191 SH	Oct. 2, 2026	Daily
FNK · First Trust Exchange-Traded AlphaDE…	0.89%	62,071 NS	July 31, 2026	N-PORT
VIOV · VANGUARD ADMIRAL FUNDS	0.64%	483,294 SH	Aug. 19, 2026	Daily
CCNR · Financial Investors Trust	0.59%	78,105 NS	July 31, 2026	N-PORT
QVMS · Invesco Exchange-Traded Fund Trust …	0.50%	33,651 SH	Oct. 2, 2026	Daily
FNX · First Trust Exchange-Traded AlphaDE…	0.47%	197,321 NS	July 31, 2026	N-PORT
VTWV · VANGUARD SCOTTSDALE FUNDS	0.39%	201,612 SH	Aug. 19, 2026	Daily
EELV · Invesco Exchange-Traded Fund Trust …	0.38%	186,611 SH	Oct. 2, 2026	Daily
FENY · FIDELITY COVINGTON TRUST	0.35%	214,642 NS	July 31, 2026	N-PORT
RWJ · Invesco Exchange-Traded Fund Trust …	0.33%	183,563 SH	Oct. 2, 2026	Daily
VIOO · VANGUARD ADMIRAL FUNDS	0.32%	796,444 SH	Aug. 19, 2026	Daily
DFSV · Dimensional ETF Trust	0.31%	791,753 NS	July 31, 2026	N-PORT
BKSE · BNY Mellon ETF Trust	0.31%	8,239 NS	July 31, 2026	N-PORT
IWM · iShares Trust	0.31%	6,241,652 SH	Sept. 11, 2026	Daily
BBSC · J.P. Morgan Exchange-Traded Fund Tr…	0.30%	64,875 NS	July 31, 2026	N-PORT
VDE · VANGUARD WORLD FUND	0.30%	1,245,084 SH	Aug. 19, 2026	Daily
FAB · First Trust Exchange-Traded AlphaDE…	0.27%	13,725 NS	July 31, 2026	N-PORT
OMFS · Invesco Exchange-Traded Self-Indexe…	0.26%	19,950 SH	Oct. 2, 2026	Daily
RSSL · Global X Funds	0.26%	116,809 NS	July 31, 2026	N-PORT
EBIT · Harbor ETF Trust	0.23%	864 NS	July 31, 2026	N-PORT
DFAT · Dimensional ETF Trust	0.22%	962,079 NS	July 31, 2026	N-PORT
IGE · iShares Trust	0.21%	44,498 SH	Sept. 11, 2026	Daily
EVLU · iShares Trust	0.21%	4,970 SH	Sept. 11, 2026	Daily
JPSE · J.P. Morgan Exchange-Traded Fund Tr…	0.19%	35,253 NS	July 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.19%	1,403,991 SH	Aug. 19, 2026	Daily
ESML · iShares Trust	0.14%	104,695 SH	Sept. 11, 2026	Daily
VBR · VANGUARD INDEX FUNDS	0.13%	3,491,000 SH	Aug. 19, 2026	Daily
VFMF · VANGUARD WELLINGTON FUND	0.12%	31,048 SH	Aug. 19, 2026	Daily
DFAS · Dimensional ETF Trust	0.11%	510,120 NS	July 31, 2026	N-PORT
VFVA · VANGUARD WELLINGTON FUND	0.09%	27,926 SH	Aug. 19, 2026	Daily
WSML · iShares Trust	0.09%	15,137 SH	Sept. 11, 2026	Daily
TILT · FlexShares Trust	0.07%	48,190 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.07%	2,612,093 SH	Aug. 19, 2026	Daily
VB · VANGUARD INDEX FUNDS	0.07%	5,500,292 SH	Aug. 19, 2026	Daily
PRF · Invesco Exchange-Traded Fund Trust	0.05%	142,905 SH	Oct. 2, 2026	Daily
DXUV · Dimensional ETF Trust	0.05%	8,479 NS	July 31, 2026	N-PORT
IUS · Invesco Exchange-Traded Self-Indexe…	0.04%	11,224 SH	Oct. 2, 2026	Daily
LDEM · iShares Trust	0.04%	1,550 SH	Sept. 11, 2026	Daily
IWO · iShares Trust	0.03%	122,306 SH	Sept. 11, 2026	Daily
EMXF · iShares Trust	0.03%	6,290 SH	Sept. 11, 2026	Daily
VYM · VANGUARD WHITEHALL FUNDS	0.03%	950,685 SH	Aug. 19, 2026	Daily
EEMA · iShares, Inc.	0.02%	24,314 SH	Sept. 11, 2026	Daily
DIVB · iShares Trust	0.02%	11,832 SH	Sept. 11, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.02%	14,010 SH	Aug. 19, 2026	Daily
EMXC · iShares, Inc.	0.02%	583,145 SH	Sept. 11, 2026	Daily
NEAR · iShares U.S. ETF Trust	0.02%	806,000 SH	Sept. 11, 2026	Daily
EEM · iShares, Inc.	0.02%	573,112 SH	Sept. 11, 2026	Daily
AAXJ · iShares Trust	0.01%	69,700 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.01%	72,024 SH	Sept. 11, 2026	Daily
IEMG · iShares, Inc.	0.01%	2,509,562 SH	Sept. 11, 2026	Daily
ITOT · iShares Trust	0.01%	299,227 SH	Sept. 11, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.01%	7,606,400 SH	Aug. 19, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.01%	195,684 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.01%	20,029 SH	Aug. 19, 2026	Daily
DCOR · Dimensional ETF Trust	0.01%	6,958 NS	July 31, 2026	N-PORT
IXUS · iShares Trust	0.01%	368,745 SH	Sept. 11, 2026	Daily
DFUS · Dimensional ETF Trust	0.00%	31,624 NS	July 31, 2026	N-PORT
ACWX · iShares Trust	0.00%	67,965 SH	Sept. 11, 2026	Daily
DFAU · Dimensional ETF Trust	0.00%	15,805 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	58,994 NS	July 31, 2026	N-PORT
DFUV · Dimensional ETF Trust	0.00%	10,157 NS	July 31, 2026	N-PORT
ACWI · iShares Trust	0.00%	70,920 SH	Aug. 28, 2026	Daily
FTLS · First Trust Exchange-Traded Fund III	-0.12%	-94,836 NS	July 31, 2026	N-PORT
VGHY · VANGUARD FIXED INCOME SECURITIES FU…	·	·	July 15, 2026	Daily
VCRB · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VPLS · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VSDB · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VGMS · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
IJR · iShares Trust	·	13,894,590 SH	Sept. 10, 2026	Daily
IJS · iShares Trust	·	2,031,659 SH	Sept. 8, 2026	Daily
IWN · iShares Trust	·	2,168,133 SH	Sept. 11, 2026	Daily
ISCB · iShares Trust	·	10,743 SH	Sept. 11, 2026	Daily
ISCV · iShares Trust	·	52,890 SH	Sept. 11, 2026	Daily
SMLF · iShares Trust	·	81,833 SH	Sept. 11, 2026	Daily

SM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 23 analysts BUY

Median target $43.00 +22.0%

5 21.7% Strong Buy

13 56.5% Buy

5 21.7% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

17 analysts · 2026-09-30

Mean target $43.18 +22.5%

Now Current price $35.24

Low$32.00 Mean$43.18 High$58.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
SM	$2.14B	3.3	17.2%	20.5%	13.8%	·
APA	$8.63B	6.1	·	·	25.2%	·
VNOM	·	-80.5	62.0%	-4.9%	-2.2%	·
VNOM	·	-80.5	62.0%	-4.9%	-2.2%	·
AR	$10.63B	17.0	22.0%	12.8%	9.3%	·
RRC	$8.30B	12.9	28.9%	21.1%	15.6%	·
CHRD	$5.26B	125.3	-7.1%	0.91%	0.55%	·
MTDR	$5.27B	7.0	5.5%	20.5%	14.1%	·
MGY	·	75.5	-0.31%	24.8%	16.3%	·
MUR	$4.46B	43.4	-10.2%	3.8%	2.0%	·
CNX	$5.24B	9.2	76.8%	28.3%	15.0%	·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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SM SM Energy Company Common Stock

SM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

SM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

About SM Energy Company Common Stock Company overview from Wikipedia

10-Year Performance Revenue, net income, margins and EPS trends

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Financial Health Debt, liquidity, solvency — balance sheet strength

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Institutional owners (13F) 545 filers · $6.3B total · As of Sept. 30, 2026

Activists & 5%+ owners 3 positions

Company insiders 57 insiders · 32 officers · 26 directors

ETF ownership Held by 86 ETFs

SM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

12-Month Price Target

Peer comparison (GICS sub-industry) Key metrics vs sector peers

My Metrics Your personal watchlist — selected rows from Full Fundamentals