SM Energy Co (SM)

Crude Petroleum & Natural Gas

Latest Price

$41.29

TTM P/E

8.14

Normalized P/E

5.85

Div Yield

2.52%

Book Value

35.68

P/B Ratio

1.16

Valuation metrics

EPS: $5.64

Book value / share: $41.96

Formula: √(22.5 × EPS × BVPS)

Graham Number

$72.97

+77% upside

Norm. op. income: $987M (median of 7yr)

Tax rate: 20%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$53.64

+30% upside

Base FCF: $1.3B (median of recent 5yr)

Growth: 10%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$271.63

+558% upside

EPS: $5.64

Target P/E: 6×

Formula: EPS × P/E

P/E Fair Value

$33.84

18% downside

98.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	39.28M	$1.02B	16.54%	+849.0K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	15.43M	$402.0M	6.50%	+190.9K	2026-06-30
CANADA PENSION PLAN INVESTMENT BOARD	14.49M	$378.0M	6.10%	--	2026-06-30
ARISTEIA CAPITAL, L.L.C.	13.00M	$339.0M	5.47%	+2.16M	2026-06-30
STATE STREET CORP	11.71M	$305.0M	4.93%	-790.1K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	10.66M	$278.0M	4.49%	+119.6K	2026-06-30
AMERICAN CENTURY COMPANIES INC	8.94M	$233.0M	3.76%	+12.1K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	8.17M	$213.0M	3.44%	-1.82M	2026-06-30
DONALD SMITH & CO., INC.	7.65M	$199.0M	3.22%	+438.7K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	6.27M	$163.0M	2.64%	+571.3K	2026-06-30