F
SM Energy Company — Earnings Quality Grade F
SM · Energy
Major red flags
Revenue
$3.1B
2025
Net Income
$648M
2025
Gross Margin
33.3%
Free Cash Flow
$539M
01
Screening Summary
11
Passed
2
Watch
1
Failed
—
M-Score
管理层信号
最近 SEC 8-K 文件中未发现 CEO、CFO、董事会或审计负责人变动信号。
02
Financial Trends
Revenue & Net Income ($B)
Margins (%)
03
18-Point Screening
01
Revenue Quality
—
A1DSO Change
Insufficient data
—
A2AR vs Revenue Growth
Insufficient data
✓
A3Revenue vs CFFO
Revenue 17.5%, CFFO 12.8%. Cash follows revenue
02
Expense Quality
✓
B1Inventory vs COGS
No material inventory
✓
B2CapEx vs Revenue
CapEx growth -56.9% vs revenue 17.5%. Normal
✓
B3SG&A Ratio
SG&A/Gross Profit = 15.4%, excellent (<30%)
!
B4Gross Margin
Gross margin swung -12.5pp (45.9% → 33.3%)
03
Cash Flow Quality
✓
C1CFFO vs Net Income
CFFO/NI = 3.10. Profits backed by cash
✓
C2Free Cash Flow
FCF $0.5B, FCF/NI = 0.83
✓
C3Accruals Ratio
Accruals ratio = -14.7%. Low accruals
✗
C4Cash vs Debt
Cash $0.4B covers only 14% of debt $2.7B
04
Balance Sheet Health
✓
D1Goodwill + Intangibles
No goodwill. Clean balance sheet
✓
D2Leverage
Debt/EBITDA = 1.2x. Healthy
!
D3Soft Asset Growth
Other assets grew 61.4% vs revenue 17.5%
—
D4Asset Impairment
No write-off data
05
Acquisition Risk
✓
E1Serial Acquirer FCF
FCF after acquisitions positive
✓
E2Goodwill Surge
No goodwill
06
Manipulation Score
—
F1Beneish M-Score
Insufficient data
05
Altman Z-Score
2.77
Safe Zone0 Distress1.102.605.0+ Safe
-0.0387
Liquidity
0.3557
Cumulative profit
0.1084
Operating efficiency
1.0826
Leverage
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25