Accurate and efficient evaluation of the stored energy is essential for Q factors, physical bounds, and antenna current optimization. Here it is shown that the stored energy can be estimated from quadratic forms based on a state‐space representation derived from the electric and magnetic field integral equations. The derived expressions are valid for small antennas embedded in temporally dispersive and inhomogeneous media. The quadratic forms also provide simple single frequency formulas for the corresponding Q factors. Numerical examples comparing the different Q factors are presented for dipole and meander line antennas in conductive, Debye, and Lorentz media for homogeneous and inhomogeneous media. The computed Q factors are also verified with the Q factor obtained from the stored energy in Brune synthesized circuit models.