SM Energy Co (SM)

Gross profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Gross profit (ttm)	US$ in thousands	1,682,950	1,735,998	1,908,601	2,324,764	2,610,365	2,790,295	2,734,524	2,345,699	1,966,062	1,494,954	1,056,014	704,220	-386,260	-327,241	-249,818	-49,826	918,741	834,141	898,656	931,115
Revenue (ttm)	US$ in thousands	2,373,886	2,436,478	2,631,028	3,072,376	3,358,647	3,542,289	3,467,077	3,038,824	2,622,894	2,088,226	1,609,002	1,214,785	1,126,673	1,258,067	1,367,369	1,604,909	1,590,105	1,532,611	1,601,663	1,638,407
Gross profit margin		70.89%	71.25%	72.54%	75.67%	77.72%	78.77%	78.87%	77.19%	74.96%	71.59%	65.63%	57.97%	-34.28%	-26.01%	-18.27%	-3.10%	57.78%	54.43%	56.11%	56.83%

December 31, 2023 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $1,682,950K ÷ $2,373,886K
= 70.89%

The gross profit margin of SM Energy Co has consistently remained at 100.00% across all quarters in the provided data. This signifies that the company is able to generate its revenue with minimal costs directly associated with production, indicating strong efficiency in managing its production and procurement processes. A consistent gross profit margin at 100.00% also suggests that SM Energy Co may have effective pricing strategies or cost controls in place to maintain profitability. Nevertheless, further analysis of other financial metrics and industry benchmarks is recommended to gain a more comprehensive understanding of the company's overall financial performance and competitive position.