# SandRidge Energy (SD.US)

Canonical: https://gigainvestors.com/s/SD

Analysis as of: 2026-10-16T07:31:49.547Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.91 per share; close as of 2026-10-15.

Estimated value: low $32.23 per share, central $36.26 per share, high $41.64 per share. Buy at or below the central value $36.26 per share. Valuation as of 2026-10-16T07:31:49.547Z; scenarios are not confidence intervals.

Expected annual return: 25.3% at the stated quote. About 25.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 5

- Years with a net loss: 3

- Operating margin variation: 5.92×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: -0.03×

- FY2019: -1.67×

- FY2020: -2.38×

- FY2021: 0.68×

- FY2022: 0.69×

- FY2023: 0.43×

- FY2024: 0.27×

- FY2025: 0.35×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.1%

- ROIC, second-lowest year: -77.2%

- Typical minus recent gross margin: -6.4 pp

- Typical gross margin (annual median): 36.7%

- Recent gross margin (lower of latest and 3-year median): 43.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 25.3%

- ROIC including acquisitions, ten-year median: 17.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.1%

- FY2018: -1.0%

- FY2019: -77.2%

- FY2020: -171.6%

- FY2021: >100%

- FY2022: 75.0%

- FY2023: 24.1%

- FY2024: 9.1%

- FY2025: 13.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $547M

- Net income, five-year total: $553M

- Return on incremental invested capital: 13.5%

- Working capital / revenue, annual change: 0.8 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.03×

- FY2022: 1.00×

- FY2023: 0.75×

- FY2024: 1.10×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -1.0% vs 13.5%

- Per-share earnings: -0.26 to 1.69 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: -$220M

- Cumulative retained earnings: -$183M

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.95

- Per-share value, starting three-year median: -$0.26

- Per-share value, ending three-year median: $1.69

- Buybacks concentrated in cheaper years (correlation): -0.23

- Average buyback yield: 0.6%

- Buyback history: 9 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -1.0%

- ROIC, last three-year median: 13.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.44

- FY2018: -$0.26

- FY2019: -$12.68

- FY2020: -$7.77

- FY2021: $3.13

- FY2022: $6.52

- FY2023: $1.64

- FY2024: $1.69

- FY2025: $1.90

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.43×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -12.0%

- FY2018: -15.1%

- FY2019: -93.9%

- FY2020: -120.2%

- FY2021: 1.8%

- FY2022: 12.9%

- FY2023: -9.5%

- FY2024: -1.9%

- FY2025: -4.6%

## Holders

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Carl Icahn](https://gigainvestors.com/ic): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 41% since May 2022 · sales +24.8%

Story as of 2026-10-16T09:59:33.722Z; price observation 2026-10-15.

Price needs cash profits to shrink 13.3% a year for ten years

### Sales · FY2024–2025

sales +24.8%; source https://www.sec.gov/Archives/edgar/data/1349436/000162828026015318/sd-20251231.htm; observed 2026-03-05.

- FY2017: $357M 

- FY2018: $349M 

- FY2019: $267M 

- FY2020: $115M 

- FY2021: $169M 

- FY2022: $254M 

- FY2023: $149M 

- FY2024: $125M 

- FY2025: $156M 

### Gross margin · FY2025

gross margin 43.1%; source https://www.sec.gov/Archives/edgar/data/1349436/000162828026015318/sd-20251231.htm; observed 2026-03-05.

- FY2017: 30.5% 

- FY2018: 28.0% 

- FY2020: 3.3% 

- FY2021: 63.7% 

- FY2022: 70.5% 

- FY2023: 49.6% 

- FY2024: 36.7% 

- FY2025: 43.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas e&p; annual sales are USD 156.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1349436/000162828026015318/sd-20251231.htm (filed 2026-03-05); FY2025: revenue 156357000; grossProfit 67448000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 36.7% to 49.6% during 2023–25; it earns 9.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 49.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 36.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1349436/000162828026015318/sd-20251231.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 43.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 9-year return on capital observations [[2017,0.050920019170010496],[2018,-0.009874274300322507],[2019,-0.7722362179571333],[2020,-1.715716951467412],[2021,1.0115017387867928],[2022,0.75023625144851],[2023,0.24104945474775624],[2024,0.09124813252482643],[2025,0.13541742076082589]]; median 0.09124813252482643. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 35.3% of cash earnings on expansion; earns 13.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2021: growth capex 0; upkeep 11642000; owner earnings 120541000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2022: growth capex 27681000; upkeep 17884000; owner earnings 242168000. Growth capex / owner earnings = 0.11430494532721086.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: growth capex 0; upkeep 37636000; owner earnings 45397000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: growth capex 0; upkeep 26405000; owner earnings 69060000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1349436/000162828026015318/sd-20251231.htm (filed 2026-03-05); FY2025: growth capex 24815000; upkeep 42872000; owner earnings 70203000. Growth capex / owner earnings = 0.3534749227241001.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Incremental return on capital 0.13464638741236837, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,876000],[2022,1177000],[2023,81515000],[2024,72336000],[2025,15864000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1349436/000162828026015318/sd-20251231.htm (filed 2026-03-05); FY2025: cash repurchases 6403000 USD.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); SD.US SharesStats.PercentInsiders = 1.683 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 13.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Ten-year compound average after fade. Initial solved rate -0.19766318025008717. Price 13.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $23.03 per share

- 2016-11: $22.90 per share

- 2016-12: $23.55 per share

- 2017-01: $20.51 per share

- 2017-02: $18.75 per share

- 2017-03: $18.49 per share

- 2017-04: $18.42 per share

- 2017-05: $19.79 per share

- 2017-06: $17.21 per share

- 2017-07: $19.31 per share

- 2017-08: $17.22 per share

- 2017-09: $20.09 per share

- 2017-10: $18.77 per share

- 2017-11: $18.61 per share

- 2017-12: $21.07 per share

- 2018-01: $17.89 per share

- 2018-02: $14.06 per share

- 2018-03: $14.51 per share

- 2018-04: $14.54 per share

- 2018-05: $14.54 per share

- 2018-06: $17.74 per share

- 2018-07: $16.32 per share

- 2018-08: $15.86 per share

- 2018-09: $10.87 per share

- 2018-10: $8.95 per share

- 2018-11: $9.80 per share

- 2018-12: $7.61 per share

- 2019-01: $8.29 per share

- 2019-02: $7.77 per share

- 2019-03: $8.02 per share

- 2019-04: $8.36 per share

- 2019-05: $6.89 per share

- 2019-06: $6.92 per share

- 2019-07: $6.75 per share

- 2019-08: $4.68 per share

- 2019-09: $4.70 per share

- 2019-10: $4.38 per share

- 2019-11: $3.29 per share

- 2019-12: $4.24 per share

- 2020-01: $2.55 per share

- 2020-02: $2.06 per share

- 2020-03: $0.90 per share

- 2020-04: $1.99 per share

- 2020-05: $1.58 per share

- 2020-06: $1.29 per share

- 2020-07: $1.30 per share

- 2020-08: $1.58 per share

- 2020-09: $1.65 per share

- 2020-10: $1.72 per share

- 2020-11: $2.67 per share

- 2020-12: $3.10 per share

- 2021-01: $4.22 per share

- 2021-02: $5.01 per share

- 2021-03: $3.91 per share

- 2021-04: $4.06 per share

- 2021-05: $5.31 per share

- 2021-06: $6.28 per share

- 2021-07: $5.98 per share

- 2021-08: $8.90 per share

- 2021-09: $13.01 per share

- 2021-10: $12.80 per share

- 2021-11: $10.63 per share

- 2021-12: $10.46 per share

- 2022-01: $11.50 per share

- 2022-02: $13.37 per share

- 2022-03: $16.02 per share

- 2022-04: $18.57 per share

- 2022-05: $23.57 per share

- 2022-06: $15.67 per share

- 2022-07: $18.73 per share

- 2022-08: $20.98 per share

- 2022-09: $16.31 per share

- 2022-10: $18.89 per share

- 2022-11: $20.40 per share

- 2022-12: $17.03 per share

- 2023-01: $15.81 per share

- 2023-02: $14.59 per share

- 2023-03: $14.41 per share

- 2023-04: $14.17 per share

- 2023-05: $13.47 per share

- 2023-06: $15.25 per share

- 2023-07: $17.08 per share

- 2023-08: $15.99 per share

- 2023-09: $15.66 per share

- 2023-10: $15.85 per share

- 2023-11: $13.81 per share

- 2023-12: $13.67 per share

- 2024-01: $14.60 per share

- 2024-02: $13.04 per share

- 2024-03: $14.57 per share

- 2024-04: $13.70 per share

- 2024-05: $13.96 per share

- 2024-06: $12.93 per share

- 2024-07: $13.59 per share

- 2024-08: $13.28 per share

- 2024-09: $12.23 per share

- 2024-10: $11.09 per share

- 2024-11: $11.73 per share

- 2024-12: $11.71 per share

- 2025-01: $11.85 per share

- 2025-02: $11.70 per share

- 2025-03: $11.42 per share

- 2025-04: $9.11 per share

- 2025-05: $9.81 per share

- 2025-06: $10.82 per share

- 2025-07: $10.39 per share

- 2025-08: $11.84 per share

- 2025-09: $11.28 per share

- 2025-10: $11.91 per share

- 2025-11: $14.14 per share

- 2025-12: $14.43 per share

- 2026-01: $15.85 per share

- 2026-02: $17.53 per share

- 2026-03: $16.31 per share

- 2026-04: $15.55 per share

- 2026-05: $14.67 per share

- 2026-06: $13.70 per share

- 2026-07: $13.92 per share

- 2026-08: $14.12 per share

- 2026-09: $13.49 per share

- 2026-10: $13.91 per share

## Annual estimated value (USD per share)

- FY2023: low $20.08 per share, central $21.92 per share, high $24.37 per share

- FY2024: low $22.87 per share, central $25.67 per share, high $29.39 per share

- FY2025: low $28.45 per share, central $31.97 per share, high $36.65 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1349436/000162828026015318/sd-20251231.htm); period 2025-12-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Martin Whitman](https://gigainvestors.com/TA): 352,558 SD shares; USD 4,830,000 reported position value; 0.77% of portfolio; add; quarter 2026 Q2.
- [Carl Icahn](https://gigainvestors.com/ic): 5,054,907 SD shares; USD 69,252,000 reported position value; 0.84% of portfolio; add; quarter 2026 Q2.

# SD — SandRidge Energy Inc.

Held by 2 investors · USD 74,082,000 total · 2026 Q2 · reported price USD 13.70 (split-adjusted).
Page: https://gigainvestors.com/s/SD

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Carl Icahn (https://gigainvestors.com/ic) | USD 69,252,000 | 0.8% | add +2.17% |
| Martin Whitman (https://gigainvestors.com/TA) | USD 4,830,000 | 0.8% | add +6.57% |

## Total held by quarter

- 2008 Q3: USD 5,443,200 · 1 holder · USD 2.98
- 2008 Q4: USD 5,377,760 · 1 holder · USD 2.98
- 2009 Q1: USD 5,809,744 · 1 holder · USD 3.22
- 2009 Q2: USD 10,547,650 · 1 holder · USD 4.15
- 2009 Q3: USD 11,425,536 · 1 holder · USD 6.33
- 2009 Q4: USD 61,545,838 · 1 holder · USD 4.61
- 2010 Q1: USD 50,189,554 · 1 holder · USD 3.76
- 2010 Q2: USD 22,892,078 · 1 holder · USD 2.85
- 2010 Q3: USD 22,263,822 · 1 holder · USD 2.77
- 2010 Q4: USD 155,545,480 · 1 holder · USD 3.57
- 2011 Q1: USD 272,737,280 · 1 holder · USD 6.26
- 2011 Q2: USD 226,712,864 · 1 holder · USD 5.20
- 2011 Q3: USD 24,212,790 · 1 holder · USD 2.72
- 2011 Q4: USD 35,428,050 · 1 holder · USD 3.98
- 2012 Q1: USD 34,080,480 · 1 holder · USD 3.83
- 2012 Q2: USD 29,084,720 · 1 holder · USD 3.26
- 2012 Q3: USD 30,347,380 · 1 holder · USD 3.41
- 2012 Q4: USD 205,816,688 · 1 holder · USD 3.10
- 2013 Q1: USD 310,915,297 · 2 holders · USD 2.58
- 2013 Q2: USD 293,470,703 · 2 holders · USD 2.33
- 2013 Q3: USD 390,975,467 · 2 holders · USD 2.86
- 2013 Q4: USD 442,760,256 · 2 holders · USD 2.97
- 2014 Q1: USD 492,517,417 · 2 holders · USD 3.00
- 2014 Q2: USD 566,644,221 · 2 holders · USD 3.49
- 2014 Q3: USD 334,040,259 · 2 holders · USD 2.10
- 2014 Q4: USD 150,639,896 · 2 holders · USD 0.89
- 2015 Q1: USD 133,884,938 · 2 holders · USD 0.87
- 2015 Q2: USD 44,270,984 · 1 holder · USD 0.87
- 2015 Q3: USD 15,470,172 · 1 holder · USD 0.27
- 2015 Q4: USD 11,459,387 · 1 holder · USD 0.20
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 1,136,052 · 1 holder · USD 23.55
- 2017 Q1: USD 2,895,959 · 1 holder · USD 18.49
- 2017 Q2: USD 2,706,445 · 1 holder · USD 17.28
- 2017 Q3: USD 3,146,556 · 1 holder · USD 20.09
- 2017 Q4: USD 104,396,266 · 2 holders · USD 21.07
- 2018 Q1: USD 71,893,205 · 2 holders · USD 14.51
- 2018 Q2: USD 85,486,080 · 1 holder · USD 17.74
- 2018 Q3: USD 52,380,704 · 1 holder · USD 10.87
- 2018 Q4: USD 36,671,312 · 1 holder · USD 7.61
- 2019 Q1: USD 38,647,033 · 1 holder · USD 8.02
- 2019 Q2: USD 33,346,317 · 1 holder · USD 6.92
- 2019 Q3: USD 22,648,510 · 1 holder · USD 4.70
- 2019 Q4: USD 20,431,848 · 1 holder · USD 4.24
- 2020 Q1: USD 4,336,949 · 1 holder · USD 0.90
- 2020 Q2: USD 6,216,293 · 1 holder · USD 1.29
- 2020 Q3: USD 7,951,073 · 1 holder · USD 1.65
- 2020 Q4: USD 14,938,379 · 1 holder · USD 3.10
- 2021 Q1: USD 18,841,633 · 1 holder · USD 3.91
- 2021 Q2: USD 30,262,265 · 1 holder · USD 6.28
- 2021 Q3: USD 62,693,004 · 1 holder · USD 13.01
- 2021 Q4: USD 50,404,983 · 1 holder · USD 10.46
- 2022 Q1: USD 77,197,689 · 1 holder · USD 16.02
- 2022 Q2: USD 75,511,097 · 1 holder · USD 15.67
- 2022 Q3: USD 82,880,668 · 2 holders · USD 16.31
- 2022 Q4: USD 86,539,410 · 2 holders · USD 17.03
- 2023 Q1: USD 69,439,369 · 1 holder · USD 14.41
- 2023 Q2: USD 73,487,188 · 1 holder · USD 15.25
- 2023 Q3: USD 75,462,909 · 1 holder · USD 15.66
- 2023 Q4: USD 65,873,433 · 1 holder · USD 13.67
- 2024 Q1: USD 70,210,382 · 1 holder · USD 14.57
- 2024 Q2: USD 62,307,498 · 1 holder · USD 12.93
- 2024 Q3: USD 62,365,490 · 2 holders · USD 12.23
- 2024 Q4: USD 60,300,997 · 2 holders · USD 11.71
- 2025 Q1: USD 58,807,632 · 2 holders · USD 11.42
- 2025 Q2: USD 55,717,914 · 2 holders · USD 10.82
- 2025 Q3: USD 58,805,395 · 2 holders · USD 11.70
- 2025 Q4: USD 75,647,573 · 2 holders · USD 14.43
- 2026 Q1: USD 86,092,645 · 2 holders · USD 16.31
- 2026 Q2: USD 74,082,000 · 2 holders · USD 13.70