What is SM Energy's invested capital?

SM Energy (SM) reported invested capital of $4.58B in Q4 2025.

How has SM Energy's invested capital changed year-over-year?

SM Energy's invested capital increased by 6.5% year-over-year, from $4.3B to $4.58B.

What is the long-term trend for SM Energy's invested capital?

Over 5 years (2020 to 2025), SM Energy's invested capital has grown at a 12.9% compound annual growth rate (CAGR), from $2.5B to $4.58B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

SM Energy SM Invested capital

Discontinued — last reported Q4 '25

Invested capital at other companies

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7.2%-1.0pp

Boyd GamingBYD

10.9%-2.4pp

Granite ConstructionGVA

12.2%+0.9pp

Conagra BrandsCAG

13.6%+4.8pp

SSR MiningSSRM

18.7%—

MSA

Mine Safety Appliances CompanyMSA

17.4%-1.9pp

Other financials

Income statement

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Revenue$1.5B+75.0%

Gross profit$1.1B+69.5%

Operating income-$298.0M-208%

Net income-$335.0M-284%

EPS (diluted)-$1.68-206%

Balance sheet

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Cash & equivalents$449.0M+831,381%

Total debt$138.0M+111%

Total equity$6.9B+55.9%

Total assets$19.1B+118%

Cash flow

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Operating cash flow$640.0M+32.5%

CapEx$12.8M—

Free cash flow$500.6M+43.7%

Valuation

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Market cap$6.51B+117%

P/E49.8×+46.1×

P/S1.7×+0.7×

Profitability

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Gross margin71.3%-4.4pp

Operating margin11.2%-28.2pp

Net margin3.5%-24.1pp

FCF margin50.1%+2.8pp

Returns & leverage

See full

Return on equity2.3%-17.9pp

Debt / equity0×0.0×

Current ratio0.4×-0.2×

Where this comes from

Calculated from SM Energy’s reported figures.

$138.0Mtotal debt+$4.8Btotal stockholders equity−$368.0Mcash and equivalents=$4.58B

The official record: SM Energy’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is SM Energy's invested capital?: SM Energy (SM) reported invested capital of $4.58B in Q4 2025.
How has SM Energy's invested capital changed year-over-year?: SM Energy's invested capital increased by 6.5% year-over-year, from $4.3B to $4.58B.
What is the long-term trend for SM Energy's invested capital?: Over 5 years (2020 to 2025), SM Energy's invested capital has grown at a 12.9% compound annual growth rate (CAGR), from $2.5B to $4.58B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).