Recent SM Energy shows a gross margin of 74.3%, an operating margin of 39.8%, an EBITDA margin of 51.9%, and a net margin of 13.7%. Operating margin improved the most, by 9.5 percentage points, while EBITDA margin declined the most, by 16.4 percentage points.
SM margin history
Over the last 3 years, SM Energy's margins averaged 74.82% gross, 37.57% operating, 66.48% EBITDA, and 24.45% net. Currently, operating margin is above its three-year average, while gross, EBITDA, and net margins are below their three-year averages.
SM margin expansion
Gross margin expanded by 1.3 percentage points and operating margin by 9.5 percentage points, while EBITDA margin contracted by 16.4 percentage points and net margin by 8.3 percentage points.
SM Gross margin
Throughout the last 3 years, SM Energy had an average gross margin of 74.82%. Against its three-year average, SM Energy's gross margin is currently 74.3%, 0.5 percentage points below its three-year average. Looking back over the last 3 years, SM Energy's gross margin reached 77.5% at its highest point in Jun 2024 and 71.3% at its lowest in Mar 2026.
SM Operating margin
The average operating margin for SM Energy was 37.57% during the last 3 years. As of the latest period, the current operating margin for SM Energy is 39.8%, 2.2 percentage points above its three-year average. The operating margin for SM Energy moved between 26.4% in Mar 2026 and 45.1% in Sep 2024.
SM EBITDA margin
Over the last 3 years, the average EBITDA margin for SM Energy was 66.48%. The latest EBITDA margin for SM Energy is 51.9%, 14.6 percentage points below its three-year average. SM Energy's EBITDA margin ranged from a low of 47.5% in Mar 2026 to a high of 76.5% in Sep 2024.
SM Net margin
SM Energy recorded an average net margin of 24.45% across the last 3 years. SM Energy currently reports a net margin of 13.7%, 10.8 percentage points below its three-year average. Over the last 3 years, SM Energy's net margin peaked at 34.5% in Dec 2023 and reached a low of 3.5% in Mar 2026.
SM margin group comparison
SM Energy's gross margin of 74.3% is above the Energy sector, the industry and its peers average. In comparison with its Energy sector average of 42.7%, SM Energy's gross margin is 74% higher.
SM margin peer comparison
Frequently asked questions
What is SM Energy's gross margin?
The current gross margin for SM is 74.3% as of Sep 30, 2026.
What is SM Energy's operating margin?
The current operating margin for SM is 39.8% as of Sep 30, 2026.
What is SM Energy's EBITDA margin?
As of Sep 30, 2026, SM has an EBITDA margin of 51.9%.
What is SM Energy's net margin?
The current net margin for SM is 13.7% as of Sep 30, 2026.
What are the average margins of SM?
Looking back over 3 years, SM recorded average margins of 74.8% gross, 37.6% operating, 66.5% EBITDA, and 24.5% net.
What are the highest historical margins of SM?
SM Energy's highest recorded margins during the past 5 years were 83% gross in Jun 2022, 58.5% operating in Sep 2022, 78.4% EBITDA in Jun 2023, and 41.4% net in Jun 2023.
What are the lowest historical margins of SM?
Across the 5-year period, SM posted its lowest margins at 71.3% gross in Mar 2026, 26.4% operating in Mar 2026, 37.4% EBITDA in Dec 2021, and 1.4% net in Dec 2021.