SM Energy (SM) Return on Invested Capital [ROIC] (2010 - 2026)
SM Energy's Return on Invested Capital [ROIC] came in at 7.84% for Q2 2026, down 5.26 percentage points from 13.09% a year earlier but up 5.37 percentage points from the prior quarter.
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Analysis
SM Energy (SM) Return on Invested Capital [ROIC] (2010 - 2026) Analysis & Trends
For FY2025, SM Energy's Return on Invested Capital [ROIC] was 10.49%, down 3.65 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 +28.48 percentage points (FY2020 to FY2025).
- Going back by year, Return on Invested Capital [ROIC] was 14.13% in FY2024 (-3.80 pp), 17.94% in FY2023 (-10.65 pp), 28.59% in FY2022 (+24.63 pp) and 3.96% in FY2021 (+21.95 pp).
- The five-year range for quarterly Return on Invested Capital [ROIC] is -11.14% (Q3 2021) to 34.33% (Q3 2022).
- Year-over-year, Return on Invested Capital [ROIC] has declined for 13 consecutive quarters, with an average year-over-year change of -4.48 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 45.47 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 2.46% (Q1 2026), 9.88% (Q4 2025) and 11.40% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 674.90 Bn | 638.12 Bn | - | 11.12% |
| 2 | Shell | 547.48 Bn | 458.03 Bn | 30.13 Bn | 17.88% |
| 3 | Chevron | 408.53 Bn | 386.32 Bn | 33.45 Bn | -30.32% |
| 4 | TotalEnergies SE | 186.30 Bn | 69.43 Bn | - | - |
| 5 | Eni Spa | 172.32 Bn | 121.84 Bn | - | 6.94% |
| 6 | Conocophillips | 152.28 Bn | 124.99 Bn | 12.81 Bn | 22.50% |
| 7 | Equinor Asa | 106.44 Bn | 52.50 Bn | - | - |
| 8 | Phillips 66 | 105.58 Bn | 94.57 Bn | 8.38 Bn | -181.46% |
| 9 | Canadian Natural Resources | 100.85 Bn | 97.81 Bn | - | 44.95% |
| 10 | SM Energy | 8.37 Bn | 6.77 Bn | 1.94 Bn | 7.84% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 7.84% |
| Mar 31, 2026 | 2.46% |
| Dec 31, 2025 | 9.88% |
| Sep 30, 2025 | 11.40% |
| Jun 30, 2025 | 13.09% |
| Mar 31, 2025 | 13.24% |
| Dec 31, 2024 | 12.51% |
| 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% |
| Sep 30, 2021 | -11.14% |
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();