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SM Energy Co · Tenets
How SM measures up against value, income, timing, and long-hold tenets. Every criterion shows the live number and the pass rule. Always free.
The tenets below and the 0-100 Tenet Score on this report are two separate computations: each tenet runs its own criteria and its own pass rule, while the score is a percentile composite reported as one of four verdict words (Strong, Solid, Mixed or Weak).
2 / 17 qualify todayas of 2026-10-02 · computed nightly from our fundamentals DB; point-in-time auditable.
QUALIFIES
2
meet every gate today
BORDERLINE
10
within one input of the gate
FAILS
4
miss at least one gate
UNKNOWN
1
insufficient data to judge
passesfailsborderlineunknown
Value — six classic philosophies
Buffett Qualitydurable moat
✓ QualifiesPassesROE ≥ 15%(TTM through Jun 30, 2026)16.1% · ≥ 15.0%
PassesGross margin ≥ 40%(fiscal 2025: held in its sector pending the TTM check)71.9% · ≥ 40.0%
PassesNet margin ≥ 15%(TTM through Jun 30, 2026)18.2% · ≥ 15.0%
FailsDebt/equity ≤ 0.5(quarter ending Jun 30, 2026)0.90 · ≤ 0.50
PassesGrowing FCF (multi-yr)(fiscal 2020 to 2025)18.7% per year · > 0
Decided by the pass rule for Buffett Quality.The badge above reads a pass with 1 of the checks below marked as failing. The pass rule for Buffett Quality is what decides that verdict, and it is not restated here.Buffett Quality under The screens ›
Piotroski F-Scorefinancial strength
~ 7 / 9PassesReturn on assets positive(fiscal 2025)7.0% · > 0
PassesOperating cash flow positive(fiscal 2025)$2.0B · > 0
FailsReturn on assets improving(fiscal 2025)9.0% → 7.0%
PassesEarnings backed by cash (CFO > net income)(fiscal 2025)$2.0B vs $648.0M
PassesLeverage falling (long-term debt / assets)(fiscal 2025)32.4% → 24.8%
PassesCurrent ratio improving(fiscal 2025)0.55 → 0.69
PassesNo share dilution (≤ +2%)(fiscal 2025)−0.9%
FailsGross margin expanding(fiscal 2025)76.3% → 71.9%
PassesAsset turnover improving(fiscal 2025)0.31 → 0.34
Decided by the pass rule for Piotroski F-Score.The pass rule for Piotroski F-Score is what decides that verdict, and it is not restated here. These checks score 7 of 9.Piotroski F-Score under The screens ›
Munger Compoundershigh-ROIC quality
✕ FailsFailsROIC ≥ 15%(TTM through Jun 30, 2026)8.3% · ≥ 15.0%
PassesNet debt/EBITDA ≤ 3×(fiscal 2025: held in its sector pending the TTM check)1.1× · ≤ 3.0×
FailsAltman Z ≥ 3 (safe zone)(TTM through Jun 30, 2026)1.24 · ≥ 3.00
Decided by the pass rule for Munger Compounders.The pass rule for Munger Compounders is what decides that verdict, and it is not restated here.Munger Compounders under The screens ›
Magic FormulaROC + earnings yield (threshold check; full rank needs universe)
~ BorderlinePassesEBIT > 0(fiscal 2025: held in its sector pending the TTM check)$1.0B · > 0
PassesEarnings yield EBIT/EV ≥ 6%(fiscal 2025: held in its sector pending the TTM check)9.4% · ≥ 6.0%
FailsReturn on capital ≥ 25%(fiscal 2025: held in its sector pending the TTM check)12.7% · ≥ 25.0%
Decided by the pass rule for Magic Formula.The pass rule for Magic Formula is what decides that verdict, and it is not published separately on the methodology page.About this screen ›
Graham Defensivemargin of safety
~ BorderlinePassesSize: market cap ≥ $2B$8.3B · ≥ $2.0B
FailsCurrent ratio ≥ 2(quarter ending Jun 30, 2026)0.62 · ≥ 2.00
FailsPositive EPS 10y6y
PassesPays a dividend$0.80 · > 0
Unknown — no dataEPS growth ≥ 3%/yr— · ≥ 3.0%
PassesP/E ≤ 15(latest fiscal year: the share count moved too much across the four quarters)6.22 · ≤ 15.00
PassesP/E × P/B ≤ 22.56.64 · ≤ 22.50
Decided by the pass rule for Graham Defensive.The pass rule for Graham Defensive is what decides that verdict, and it is not restated here. 1 of 7 carry no data.Graham Defensive under The screens ›
Lynch GARPgrowth at reasonable price (historical-CAGR basis)
— UnknownUnknown — no dataPEG < 1 (hist. growth)— · < 1.00
Unknown — no dataEPS growth 10–30%— · 10.0%–30.0%
Verdict Unknown for this set.Verdict Unknown for this set. None of the 2 checks below carry data.Lynch GARP under The screens ›
Income — dividend safety
Income & Dividend Safetycoverage over headline yield
~ BorderlinePassesPays a dividend$0.80 · > 0
PassesYield in a healthy band (not a yield trap)2.3% · 1.0%–8.0%
PassesCovered by free cash flow6.23 · ≥ 1.20
PassesEarnings payout not stretched14.2% · ≤ 75.0%
PassesBalance sheet can sustain the payout1.1× · ≤ 4.0×
FailsAnnual dividend raised 10+ years running (Aristocrat ≥25, King ≥50)0.00 · ≥ 10.00
PassesNo dividend cut in the last 5 yearsLast cut 2020
Passes5-year dividend growth ≥ 5%/yr82.1% · ≥ 5.0%
Decided by the pass rule for Income & Dividend Safety.The pass rule for Income & Dividend Safety is what decides that verdict, and it is not published separately on the methodology page.
Dividend Growthraises you can count on
~ BorderlinePassesPays a dividend$0.80 · > 0
FailsAnnual dividend raised 10+ years running (Aristocrat ≥25, King ≥50)0.00 · ≥ 10.00
PassesNo dividend cut in the last 5 yearsLast cut 2020
Passes5-year dividend growth ≥ 5%/yr82.1% · ≥ 5.0%
PassesCovered by free cash flow6.23 · ≥ 1.20
PassesPayout not stretched14.2% · ≤ 75.0%
Decided by the pass rule for Dividend Growth.The pass rule for Dividend Growth is what decides that verdict, and it is not restated here.Dividend Growth under The screens ›
Long Hold — quality compounders
Quality Compounderhigh returns, reinvested, few new shares
~ BorderlineFailsReturn on invested capital ≥ 15% in 4+ of the last 5 years2 of 4 on file
PassesRevenue compounding ≥ 8%/yr over 5 years22.9% per year · ≥ 8.0%
PassesNot diluting: diluted share count flat-to-down (≤ +1%/yr)0.4% · ≤ 1.0%
PassesFree cash flow margin ≥ 12%18.2% · ≥ 12.0%
PassesEarnings backed by cash (operating cash flow ≥ net income)2.70 · ≥ 1.00
Reading: does not hold. Not a gate checkDisciplined buybacks: actively reducing the share count (bonus)reading, not a gate check0.4%
Decided by the pass rule for Quality Compounder.The pass rule for Quality Compounder is what decides that verdict, and it is not restated here. Lines marked as readings are published beside the checks and are not gate checks.Quality Compounder under The screens ›
Timing — dip & swing receipts
Drawdown Contexta dip, not a collapse
~ BorderlinePassesOff its 52-week high by 8–35% (a dip, not a collapse)15.6% · 8.0%–35.0%
FailsDip within its own normal pullback band0.21
PassesNot past where its dips have historically recovered from0.49
PassesA dip in an uptrend (above a rising 200-day)28.28
FailsHigher-low structure still intactstructure intact · no higher low
PassesClear of the earnings blackout (more than 5 days out)32.00 · > 5.00
Decided by the pass rule for Drawdown Context.The pass rule for Drawdown Context is what decides that verdict, and it is not published separately on the methodology page.
Reversal Evidencedaily close onlysigns the pullback is turning
✕ FailsFailsA bullish MACD cross within 10 sessions12.00 · ≤ 10.00
FailsReclaimed a rising 50-day EMA34.61
FailsPrinted a higher lowno
FailsA volume thrust on the turn (≥ 1.2× normal)0.91 · ≥ 1.20
FailsReversal signals fired: 3 of 4 (MACD·MA·HL·Vol)0.00 · ≥ 3.00
Decided by the pass rule for Reversal Evidence.The pass rule for Reversal Evidence is what decides that verdict, and it is not published separately on the methodology page.
Not-a-Value-Trap Gatecheap for a good reason, not a broken one
✕ FailsFailsIn the cheap half of its own 5-year valuation range(through fiscal 2025)0.5×
FailsEarnings estimates not being cut−0.02
FailsReturns on capital not deteriorating0.10
Decided by the pass rule for Not-a-Value-Trap Gate.The pass rule for Not-a-Value-Trap Gate is what decides that verdict, and it is not published separately on the methodology page.
Quality Floorpasses the quality/value gate on this dip
~ BorderlinePassesOperating profit is positive(fiscal 2025: held in its sector pending the TTM check)$1.0B · > 0
FailsReturn on invested capital ≥ 10%(TTM through Jun 30, 2026)8.3% · ≥ 10.0%
FailsA solvent balance sheet (Altman Z ≥ 1.8, net debt/EBITDA ≤ 4)(TTM through Jun 30, 2026)1.2×
PassesQuality score ≥ 5060.20 · ≥ 50.00
PassesRevenue growing over 5 years(fiscal 2020 to 2025)22.9% per year · > 0
Decided by the pass rule for Quality Floor.The pass rule for Quality Floor is what decides that verdict, and it is not published separately on the methodology page.
Qualified Dipa pullback with receipts, not a falling knife
~ BorderlineA research signal from published criteria, not a recommendation.
FailsDrawdown context15.6% off its 52-week high
FailsReversal evidence0 of 4 signals fired
FailsTrap gate0 of 3 held
FailsQuality floor3 of 5 held
Invalidation level (structure break): below this the dip's structure has broken$28.70
Decided by the pass rule for Qualified Dip.The pass rule for Qualified Dip is what decides that verdict, and it is not restated here.Qualified Dip under The screens ›
Trend Alignmentprice in a confirmed uptrend
✓ QualifiesPassesTrading above its 50-day average34.75
PassesTrading above its 200-day average28.28
Passes50-day average above the 200-day (uptrend stack)34.75
Passes50-day average sloping up0.11 · > 0
Decided by the pass rule for Trend Alignment.The pass rule for Trend Alignment is what decides that verdict, and it is not published separately on the methodology page.
Relative Strengthoutperforming, ranked vs the universe
~ BorderlinePasses3-month return in the top half of the universe0.93 · ≥ 0.50
Passes12-minus-1 momentum in the top half of the universe0.83 · ≥ 0.50
PassesRelative strength vs the S&P 500 improving0.00 · > 0
FailsEarnings estimates being revised up−0.02
Decided by the pass rule for Relative Strength.The pass rule for Relative Strength is what decides that verdict, and it is not published separately on the methodology page.
Momentum Triggera trigger you can see
✕ FailsFailsMACD above its signal line−0.44
FailsBack above the 50-day on a fresh cross (≤10 sessions)12.00
FailsHigher high and higher low (stair-stepping up)higher high · no higher low
FailsA volume thrust on the move (≥ 1.2× normal)0.91 · ≥ 1.20
Decided by the pass rule for Momentum Trigger.The pass rule for Momentum Trigger is what decides that verdict, and it is not published separately on the methodology page.
Volatility Regimecontext, not a signal
Context, not scoredAverage daily swing: elevated0.04
Volatility band width: mid-range0.58
Distance from its 52-week high: mid-range0.16
✓
Every verdict is auditableEach criterion shows the live number and the pass rule side by side — a receipt, not a rating. Several of these screens publish their rule in full under The screens; each row links to its own section where there is one.
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Unknown ≠ failAn “— Unknown” verdict means the inputs were insufficient: context, not a signal, and never counted as a fail.
Computed from our fundamentals DB; historical-CAGR PEG basis for Lynch. Research, not investment advice. Tenet's rulesets are independently developed from publicly available sources, and Tenet is not affiliated with, sponsored by, endorsed by or otherwise associated with any referenced investor or trademark owner. Full notice. MAGIC FORMULA is a trademark of MagicFormulaInvesting.com LLC.