SandRidge Energy, Inc.

EnergyOil & Gas Exploration & ProductionNYSE

$14.98

Market Cap: $551.64M

SandRidge Energy, Inc. (SD) Valuation Summary

Updated May 11, 2026 18:18

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$30.26 – $118.54	$46.25	+208.8%
Growth Exit 10Y	$27.81 – $95.46	$40.30	+169.0%
EBITDA Exit 5Y	$12.90 – $33.76	$21.73	+45.1%
EBITDA Exit 10Y	$17.52 – $35.30	$24.57	+64.0%
▸ Trading Multiples
P/E	$8.58 – $18.49	$12.08	-19.4%
EV/EBITDA	$13.99 – $24.13	$13.74	-8.3%
EV/Revenue	$6.42 – $11.34	$9.18	-38.8%
▸ PEG
PEG Fair Value	$15.20 – $15.20	$15.20	+1.5%
▸ Earnings Power Value
Earnings Power Value	$18.07 – $26.01	$21.21	+41.6%
▸ Dividend Discount
Dividend Discount	$10.20 – $28.36	$16.00	+6.8%

Valuation History

DCF Analysis

Fair Value

$46.25

Market Price

$14.98

Upside / Downside

+208.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project SandRidge Energy, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 9.4% to -1.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 56, DPO 113, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $46.25 per share, suggesting SD is undervalued by 208.8% at the current price of $14.98.

FCFF Present Value Calculation

WACC

7.19%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	78	80	80	78	77	79
(−) Net Interest	0	0	0	0	0	0
(+) D&A	38	43	42	43	45	46
EBITDA	116	123	122	121	122	125

(−) Tax	0	0	0	0	0	0
(−) CapEx	39	40	40	39	39	40
(−) ΔWC	47	0	0	-0	-0	-0
Free Cash Flow (FCFF)	30	83	82	82	84	86

Terminal Value						1,837
WACC / Discount Rate	7.2%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	29	75	69	65	62	1,298

Enterprise Value	1,596
Projection Period	299	18.7%
Terminal Value	1,298	81.3%

(−) Current Net Debt	(111)

Equity Value	1,707
(/) Outstanding Shares	37

Fair Price	$46.25

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.2%	$61	$68	$79	$94	$119
6.2%	$48	$53	$58	$65	$75
7.2%	$40	$43	$46	$50	$56
8.2%	$34	$36	$39	$41	$44
9.2%	$30	$32	$33	$35	$37

Current price: $14.98. Green = undervalued, Red = overvalued.

Fair Value

$40.30

Market Price

$14.98

Upside / Downside

+169.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project SandRidge Energy, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 9.4% to 2.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 56, DPO 113, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (62% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $40.30 per share, suggesting SD is undervalued by 169.0% at the current price of $14.98.

FCFF Present Value Calculation

WACC

7.19%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	78	80	80	78	77	76	76	76	77	79	81
(−) Net Interest	0	0	0	0	0	0	0	0	0	0	0
(+) D&A	38	43	42	43	45	39	39	39	38	38	39
EBITDA	116	123	122	121	122	116	115	115	116	118	121

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	39	40	40	39	39	38	38	38	39	40	41
(−) ΔWC	47	0	0	-0	-0	-0	-0	0	0	0	0
Free Cash Flow (FCFF)	30	83	82	82	84	78	77	77	77	78	80

Terminal Value											1,697
WACC / Discount Rate	7.2%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	29	75	69	65	62	53	49	46	43	40	847

Enterprise Value	1,376
Projection Period	529	38.5%
Terminal Value	847	61.5%

(−) Current Net Debt	(111)

Equity Value	1,487
(/) Outstanding Shares	37

Fair Price	$40.30

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.2%	$54	$59	$67	$78	$95
6.2%	$43	$46	$50	$55	$62
7.2%	$36	$38	$40	$43	$47
8.2%	$31	$33	$34	$36	$38
9.2%	$28	$29	$30	$31	$32

Current price: $14.98. Green = undervalued, Red = overvalued.

Fair Value

$21.74

Market Price

$14.98

Upside / Downside

+45.1%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project SandRidge Energy, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 9.4% to -1.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 56, DPO 113, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (57% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 4.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $21.73 per share, suggesting SD is undervalued by 45.1% at the current price of $14.98.

FCFF Present Value Calculation

WACC

7.19%

3% – 20%

EV/EBITDA Exit Multiple

4.43x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	78	80	80	78	77	79
(−) Net Interest	0	0	0	0	0	0
(+) D&A	38	43	42	43	45	46
EBITDA	116	123	122	121	122	125

(−) Tax	0	0	0	0	0	—
(−) CapEx	39	40	40	39	39	—
(−) ΔWC	47	0	0	-0	-0	—
Free Cash Flow (FCF)	30	83	82	82	84	—

Peers' EBITDA Multiple						4.4x
Terminal Value						556
WACC / Discount Rate	7.19%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	29	75	69	65	62	393

Enterprise Value	691
Projection Period	299	43.2%
Terminal Value	393	56.8%

(−) Current Net Debt	(111)
Equity Value	802
(÷) Outstanding Shares	37M
Fair Price	$22	+45.1%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	1.0x	2.4x	4.4x	6.4x	8.4x
5.2%	$14	$18	$23	$28	$34
6.2%	$14	$17	$22	$27	$33
7.2%	$13	$17	$22	$27	$31
8.2%	$13	$16	$21	$26	$30
9.2%	$13	$16	$20	$25	$29

Current price: $14.98. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$24.58

Market Price

$14.98

Upside / Downside

+64.1%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project SandRidge Energy, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 9.4% to 2.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 56, DPO 113, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (33% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 4.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $24.57 per share, suggesting SD is undervalued by 64.0% at the current price of $14.98.

FCFF Present Value Calculation

WACC

7.19%

3% – 20%

EV/EBITDA Exit Multiple

4.43x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	78	80	80	78	77	76	76	76	77	79	81
(−) Net Interest	0	0	0	0	0	0	0	0	0	0	0
(+) D&A	38	43	42	43	45	39	39	39	38	38	39
EBITDA	116	123	122	121	122	116	115	115	116	118	121

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	39	40	40	39	39	38	38	38	39	40	—
(−) ΔWC	47	0	0	-0	-0	-0	-0	0	0	0	—
Free Cash Flow (FCF)	30	83	82	82	84	78	77	77	77	78	—

Peers' EBITDA Multiple											4.4x
Terminal Value											534
WACC / Discount Rate	7.19%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	29	75	69	65	62	53	49	46	43	40	267

Enterprise Value	796
Projection Period	529	66.5%
Terminal Value	267	33.5%

(−) Current Net Debt	(111)
Equity Value	907
(÷) Outstanding Shares	37M
Fair Price	$25	+64.1%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	1.0x	2.4x	4.4x	6.4x	8.4x
5.2%	$21	$23	$27	$31	$35
6.2%	$20	$22	$26	$30	$33
7.2%	$19	$21	$25	$28	$31
8.2%	$18	$20	$23	$26	$29
9.2%	$18	$19	$22	$25	$28

Current price: $14.98. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$12.08

Market Price

$14.98

Upside / Downside

-19.4%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), SandRidge Energy, Inc. (SD) has a fair value of $12.08 based on 3 comparable companies in the Oil & Gas Exploration & Production industry.

P/E Valuation — Oil & Gas Exploration & Production

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
SandRidge Energy, Inc.SD	553	7.9x	13.4x
Riley Exploration Permian, Inc.REPX	743	4.5x	6.0x
GeoPark LimitedGPRK	490	9.7x	4.6x
Star Group, L.P.SGU	442	7.4x	12.0x
Industry Median		7.4x	6.0x
(*) Profit after tax		70	41
Equity Value		519	373
(/) Outstanding shares		37	37
Fair Price		$14	$10

Selected Fair Value (avg of trailing + forward)

$12.08

-19.4%

Fair Value

$13.74

Market Price

$14.98

Upside / Downside

-8.3%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), SandRidge Energy, Inc. (SD) has a fair value of $13.74 based on 6 comparable companies in the Oil & Gas Exploration & Production industry.

EV/EBITDA Valuation — Oil & Gas Exploration & Production

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
SandRidge Energy, Inc.SD	553	4.5x	5.2x
Riley Exploration Permian, Inc.REPX	743	4.2x	3.0x
VAALCO Energy, Inc.EGY	584	4.2x	3.6x
W&T Offshore, Inc.WTI	568	8.0x	6.9x
Oil States International, Inc.OIS	521	12.6x	11.1x
GeoPark LimitedGPRK	490	3.5x	2.6x
Star Group, L.P.SGU	442	4.7x	4.9x
Industry Median		4.4x	4.3x
(*) EBITDA		97	85
= Enterprise Value		430	362
(-) Net Debt		-111	-111
Equity Value		541	473
(/) Outstanding shares		37	37
Fair Price		$15	$13

Selected Fair Value (avg of trailing + forward)

$13.74

-8.3%

Fair Value

$9.18

Market Price

$14.98

Upside / Downside

-38.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), SandRidge Energy, Inc. (SD) has a fair value of $9.18 based on 6 comparable companies in the Oil & Gas Exploration & Production industry.

EV/Revenue Valuation — Oil & Gas Exploration & Production

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
SandRidge Energy, Inc.SD	553	2.8x	3.2x
Riley Exploration Permian, Inc.REPX	743	2.5x	1.8x
VAALCO Energy, Inc.EGY	584	1.8x	1.6x
W&T Offshore, Inc.WTI	568	1.6x	1.3x
Oil States International, Inc.OIS	521	0.8x	0.7x
GeoPark LimitedGPRK	490	2.0x	1.5x
Star Group, L.P.SGU	442	0.4x	0.4x
Industry Median		1.7x	1.4x
(*) Revenue		156	137
= Enterprise Value		264	192
(-) Net Debt		-111	-111
Equity Value		375	303
(/) Outstanding shares		37	37
Fair Price		$10	$8

Selected Fair Value (avg of trailing + forward)

$9.18

-38.8%

PEG Fair Value

Fair Value

$15.20

Market Price

$14.98

Upside / Downside

+1.5%

Verdict

Undervalued

Using the PEG framework with historical EPS growth of 8.0% plus 2.9% dividend yield, the company has a fair value of $15.20 based on TTM EPS (FY2025) of $1.90.

PEG Ratio

PEG ratio unavailable — requires positive earnings and growth data.

Fair Value Calculation

EPS Growth RateHistorical	-11.7%
Dividend Yield	+2.9%
Adjusted Growth (clamped 8–25%)Clamped	8.0%
Fair P/E	8.0x
TTM EPS (FY2025)	$1.90
Fair Value	$15.20

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$116.7M	$3.13	—
FY2022	$242.2M	$6.52	+108.3%
FY2023	$60.9M	$1.64	-74.8%
FY2024	$63.0M	$1.69	+3.0%
FY2025	$70.2M	$1.90	+12.4%

4Y Historical EPS CAGR: -11.7%

Earnings Power Value

Fair Value

$21.21

Market Price

$14.98

Upside / Downside

+41.6%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 7.2% and normalized earnings of $48.3M, the company has a fair value of $21.21 per share. The EPV range is $18.07 – $26.01 based on WACC sensitivity (5.7% – 8.7%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	48	48	48
(/) WACC	8.7%	7.2%	5.7%
Enterprise Value	556	672	849
(-) Net debt	-111	-111	-111
Equity Value	667	783	960
(/) Outstanding shares	37	37	37
Fair Price	$18.07	$21.21	$26.01

Dividend Discount Model

Fair Value

$16.00

Market Price

$14.98

Upside / Downside

+6.8%

Verdict

Undervalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.2% and projected dividend growth of 15.0%, the fair value is $16.00 per share. The DDM range is $10.20 – $28.36 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.43

Dividend Yield

2.88%

Payout Ratio

22.6%

Dividend Coverage

4.43x

FCF Payout Ratio48.9%

DPS CAGR (2Y)43.8%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.43	22.6%	-77.9%
2024	$1.95	114.8%	+836.2%
2023	$0.21	12.7%	—
2022	—	0.0%	—
2021	—	0.0%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.49	15.0%	0.9329	$0.46
2027	$0.57	15.0%	0.8703	$0.49
2028	$0.65	15.0%	0.8119	$0.53
2029	$0.75	15.0%	0.7574	$0.57
2030	$0.86	15.0%	0.7065	$0.61
Terminal Value	$0.89 DPS	2.5%		$13.34

PV of Projected Dividends$2.67

PV of Terminal Value$13.34

Fair Value per Share$16.00

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
5.2%	$26	$27	$28	$28	$28
6.2%	$19	$20	$21	$21	$21
7.2%	$15	$15	$16	$16	$16
8.2%	$12	$13	$13	$13	$13
9.2%	$10	$11	$11	$11	$11

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.