SM Energy (SM) Return on Capital Employed [ROCE] (2009 - 2026)
SM Energy's Return on Capital Employed [ROCE] was 10.28% in Q3 2026, down 3.69 percentage points from 13.97% a year earlier but up 0.06 percentage points from the prior quarter.
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Analysis
SM Energy (SM) Return on Capital Employed [ROCE] (2009 - 2026) Analysis & Trends
For FY2025, Return on Capital Employed [ROCE] at SM Energy came in at 12.91%, down 3.18 percentage points from FY2024.
- Return on Capital Employed [ROCE] has now declined for three consecutive years, though with a five-year change of +34.07 percentage points (FY2020 to FY2025).
- In earlier years, Return on Capital Employed [ROCE] was 16.09% in FY2024 (-2.14 pp), 18.23% in FY2023 (-14.16 pp), 32.39% in FY2022 (+27.43 pp) and 4.96% in FY2021 (+26.13 pp).
- Quarterly Return on Capital Employed [ROCE] has moved between 4.28% (Q1 2026) and 36.55% (Q3 2022) over five years.
- Compared with a year earlier, Return on Capital Employed [ROCE] has declined for 14 straight quarters, with an average year-over-year change of -3.52 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Capital Employed [ROCE] over five years was Q3 2022 (a gain of 47.62 percentage points); the worst was Q1 2024 (a drop of 18.19 percentage points).
- Per Business Quant data, SM's Return on Capital Employed [ROCE] in the three quarters before Q3 2026 was 10.22% (Q2 2026), 4.28% (Q1 2026) and 12.48% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 696.20 Bn | 661.07 Bn | 47.44 Bn | 14.97% |
| 2 | Shell | 563.81 Bn | 425.16 Bn | - | 15.97% |
| 3 | Chevron | 432.14 Bn | 404.83 Bn | 31.26 Bn | 13.86% |
| 4 | TotalEnergies SE | 200.31 Bn | 75.66 Bn | 31.61 Bn | - |
| 5 | Eni Spa | 181.16 Bn | 124.34 Bn | - | 7.67% |
| 6 | Conocophillips | 168.32 Bn | 137.35 Bn | 12.63 Bn | 30.91% |
| 7 | Equinor Asa | 107.41 Bn | 20.34 Bn | 4.49 Bn | - |
| 8 | Canadian Natural Resources | 103.54 Bn | 97.44 Bn | 9.35 Bn | - |
| 9 | Phillips 66 | 103.32 Bn | 88.28 Bn | 10.69 Bn | 26.83% |
| 10 | SM Energy | 7.71 Bn | 5.83 Bn | 1.60 Bn | 10.28% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 10.28% |
| Jun 30, 2026 | 10.22% |
| Mar 31, 2026 | 4.28% |
| Dec 31, 2025 | 12.48% |
| Sep 30, 2025 | 13.97% |
| Jun 30, 2025 | 14.77% |
| Mar 31, 2025 | 14.93% |
| Dec 31, 2024 | 14.32% |
| Sep 30, 2024 | 16.25% |
| Jun 30, 2024 | 16.26% |
| Mar 31, 2024 | 15.26% |
| Dec 31, 2023 | 17.64% |
| Sep 30, 2023 | 18.76% |
| Jun 30, 2023 | 26.95% |
| Mar 31, 2023 | 33.46% |
| Dec 31, 2022 | 31.06% |
| Sep 30, 2022 | 36.55% |
| Jun 30, 2022 | 27.91% |
| Mar 31, 2022 | 12.26% |
| Dec 31, 2021 | 4.91% |
API Access
SM Energy Return on Capital Employed [ROCE] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-capital-employed-%5Broce%5D&ticker=SM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "ticker": "SM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-capital-employed-%5Broce%5D&ticker=SM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();