SM Energy SM Concentration Risk %

Segments

Midland Basin42%-33.3%

DJ Basin23%—

South Texas14%-50.0%

Uinta Basin14%-44.0%

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%

Cash & equivalents$449.0M+831,381%

Total debt$138.0M+111%

Total equity$6.9B+55.9%

Total assets$19.1B+118%

Operating cash flow$640.0M+32.5%

CapEx$12.8M—

Free cash flow$500.6M+43.7%

Market cap$6.51B+117%

P/E49.8×+46.1×

P/S1.7×+0.7×

Gross margin71.3%-4.4pp

Operating margin11.2%-28.2pp

Net margin3.5%-24.1pp

FCF margin50.1%+2.8pp

Return on equity2.3%-17.9pp

Debt / equity0×0.0×

Current ratio0.4×-0.2×