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SM Energy SM Operating margin

Operating margin at other companies

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35.5%-8.2pp
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3.6%-18.0pp
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Antero ResourcesAR
22.9%+17.9pp
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EQT CorporationEQT
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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
Net margin3.5%-24.1pp
FCF margin50.1%+2.8pp

Returns & leverage

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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.

operating income/total revenue=11.2%

Based on trailing twelve months.

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 operating margin?
SM Energy (SM) reported operating margin of 11.2% in Q1 2026.
How has SM Energy's operating margin changed year-over-year?
SM Energy's operating margin decreased by 71.5% year-over-year, from 39.4% to 11.2%.
What is the long-term trend for SM Energy's operating margin?
Over 5 years (2020 to 2025), SM Energy's operating margin has grown at a -19.7% compound annual growth rate (CAGR), from -94.9% to 31.7%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.