SM Energy (SM) Return on Invested Capital [ROIC] (2009 - 2026)
SM Energy's Return on Invested Capital [ROIC] came in at 6.72% for Q3 2026, down 3.17 percentage points from 9.90% a year earlier but up 1.23 percentage points from the prior quarter.
Powered by 
Analysis
SM Energy (SM) Return on Invested Capital [ROIC] (2009 - 2026) Analysis & Trends
For FY2025, SM Energy's Return on Invested Capital [ROIC] was 7.82%, down 3.68 percentage points from FY2024.
- Return on Invested Capital [ROIC] has declined in each of the last three years, though with a five-year change of +25.42 percentage points (FY2020 to FY2025).
- Going back by year, Return on Invested Capital [ROIC] was 11.50% in FY2024 (-6.44 pp), 17.94% in FY2023 (-10.65 pp), 28.59% in FY2022 (+24.67 pp) and 3.92% in FY2021 (+21.51 pp).
- The five-year range for quarterly Return on Invested Capital [ROIC] is 1.79% (Q1 2026) to 34.33% (Q3 2022).
- Year-over-year, Return on Invested Capital [ROIC] has declined for 14 consecutive quarters, with an average year-over-year change of -5.29 percentage points over the last eight quarters.
- The fastest year-over-year change in Return on Invested Capital [ROIC] over five years came in Q3 2022 (a gain of 45.39 percentage points), and the weakest in Q3 2023 (a drop of 16.18 percentage points).
- Business Quant data shows SM's Return on Invested Capital [ROIC] at 5.49% (Q2 2026), 1.79% (Q1 2026) and 7.65% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 696.20 Bn | 661.07 Bn | 47.44 Bn | 13.86% |
| 2 | Shell | 563.81 Bn | 425.16 Bn | - | - |
| 3 | Chevron | 432.14 Bn | 404.83 Bn | 31.26 Bn | 12.13% |
| 4 | TotalEnergies SE | 200.31 Bn | 75.66 Bn | 31.61 Bn | - |
| 5 | Eni Spa | 181.16 Bn | 124.34 Bn | - | 9.03% |
| 6 | Conocophillips | 168.32 Bn | 137.35 Bn | 12.63 Bn | 25.32% |
| 7 | Equinor Asa | 107.41 Bn | 20.34 Bn | 4.49 Bn | 57.33% |
| 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 | 25.31% |
| 10 | SM Energy | 7.71 Bn | 5.83 Bn | 1.60 Bn | 6.72% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 6.72% |
| Jun 30, 2026 | 5.49% |
| Mar 31, 2026 | 1.79% |
| Dec 31, 2025 | 7.65% |
| Sep 30, 2025 | 9.90% |
| Jun 30, 2025 | 13.06% |
| Mar 31, 2025 | 11.03% |
| Dec 31, 2024 | 10.40% |
| Sep 30, 2024 | 14.71% |
| Jun 30, 2024 | 16.32% |
| Mar 31, 2024 | 15.57% |
| Dec 31, 2023 | 17.37% |
| Sep 30, 2023 | 18.15% |
| Jun 30, 2023 | 23.75% |
| Mar 31, 2023 | 29.39% |
| Dec 31, 2022 | 27.67% |
| Sep 30, 2022 | 34.33% |
| Jun 30, 2022 | 26.66% |
| Mar 31, 2022 | 11.86% |
| Dec 31, 2021 | 4.18% |
API Access
SM Energy Return on Invested Capital [ROIC] 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-invested-capital-%5Broic%5D&ticker=SM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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-invested-capital-%5Broic%5D&ticker=SM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();