SM Energy Co (SM)

Return on equity (ROE)

		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
Net income (ttm)	US$ in thousands	817,880	829,232	1,088,129	1,261,740	1,111,952	1,278,389	882,742	336,262	36,229	-553,846	-737,731	-603,988	-764,614	-701,494	-560,968	-421,328	-187,001	224,786	46,629	13,438
Total stockholders’ equity	US$ in thousands	3,615,850	3,404,290	3,298,470	3,229,800	3,085,460	2,867,660	2,444,900	2,115,110	2,063,130	1,636,900	1,552,510	1,769,670	2,016,160	2,185,110	2,280,830	2,341,720	2,748,990	2,843,750	2,801,840	2,743,220
ROE		22.62%	24.36%	32.99%	39.07%	36.04%	44.58%	36.11%	15.90%	1.76%	-33.84%	-47.52%	-34.13%	-37.92%	-32.10%	-24.59%	-17.99%	-6.80%	7.90%	1.66%	0.49%

December 31, 2023 calculation

ROE = Net income (ttm) ÷ Total stockholders’ equity
= $817,880K ÷ $3,615,850K
= 22.62%

The return on equity (ROE) of SM Energy Co has shown fluctuation over the past eight quarters. From Q1 2022 to Q1 2023, the ROE has ranged from a low of 15.90% to a peak of 39.07%, with the highest level achieved in Q1 2023. The trend indicates that the company has been able to generate respectable returns for its shareholders over this period. However, it is worth noting that there was a significant drop in ROE from Q1 2023 to Q2 2023, followed by a rebound in Q3 2023. Overall, SM Energy Co's ROE performance displays variability, and further analysis is needed to understand the factors driving these fluctuations.