• SM Energy average return on tangible equity for 2023 was 31.97, a 18.65% decline from 2022.
• SM Energy average return on tangible equity for 2022 was 39.3, a 260.41% decline from 2021.
• SM Energy average return on tangible equity for 2021 was -24.5, a 3.62% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.