Summit Midstream Corporation

NYSE:SMC Stock Report

Market Cap: US$416.5m

Summit Midstream Balance Sheet Health

Financial Health criteria checks 3/6

Summit Midstream has a total shareholder equity of $915.0M and total debt of $1.3B, which brings its debt-to-equity ratio to 138.4%. Its total assets and total liabilities are $2.4B and $1.5B respectively. Summit Midstream's EBIT is $87.0M making its interest coverage ratio 0.7. It has cash and short-term investments of $43.4M.

Key information

138.37%

Debt to equity ratio

US$1.27b

Debt

Interest coverage ratio0.7x
CashUS$43.39m
EquityUS$914.99m
Total liabilitiesUS$1.49b
Total assetsUS$2.41b

Recent financial health updates

Analysis Article • Apr 07

Summit Midstream (NYSE:SMC) Has A Somewhat Strained Balance Sheet

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Recent updates

Seeking Alpha • Jul 05

Summit Midstream: The Lower It Sits, The More Bought Back

Summary Summit Midstream Corp is positioned for strong returns, leveraging its Double E pipeline expansion and balance sheet improvements. SMC expects to nearly double EBITDA by 2029E, driven by new Double E commitments and minimal capex, with potential $100 million EBITDA growth by 2030. Despite a $1.23 billion debt load, SMC's double-digit FCF yield and focus on debt reduction and capex moderation support a positive outlook. Key risks include commodity price weakness and volume declines, but SMC's strategic positioning and improving financials underpin its investment thesis. Read the full article on Seeking Alpha
Analysis Article • May 16

Summit Midstream Corporation (NYSE:SMC) Analysts Are Pretty Bullish On The Stock After Recent Results

It's been a good week for Summit Midstream Corporation ( NYSE:SMC ) shareholders, because the company has just released...
Analysis Article • May 14

Here's What's Concerning About Summit Midstream's (NYSE:SMC) Returns On Capital

When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics...
Analysis Article • Apr 07

Summit Midstream (NYSE:SMC) Has A Somewhat Strained Balance Sheet

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Seeking Alpha • Mar 28

Summit Midstream: Likely Common Dividend Resumption Could Pop The Stock

Summary Summit Midstream Corporation's Q4 results were decent, with adjusted EBITDA at $46.2M and free cash flow at $6.6M, aligning with expectations. 2025 guidance projects adjusted EBITDA between $245M-$280M, driven by well connections in the Rockies and the Moonrise Midstream acquisition. Free cash flow is expected to hit $100M, aiding deleveraging to a 3.5x leverage target and resumption of preferred dividends, potentially benefiting common shareholders. Despite trading like a small MLP, SMC's valuation suggests significant upside, with potential equity value appreciation over 70%, though risks include oil price sensitivity and weather impacts. Read the full article on Seeking Alpha
Seeking Alpha • Mar 08

Summit Midstream: Rough Ride Ahead

Summary Summit Midstream's recent financial reorganization introduces a new major shareholder. The troubled past of Summit Midstream may lead to market mispricing compared to future prospects. The stock's volatility is heightened by the lack of historical performance under the current structure. Investors should be aware of the risk of potential mispricing due to the company's recent turnaround efforts and new shareholder dynamics. The company has a large exposure to the coming natural gas pricing recovery. Read the full article on Seeking Alpha
Analysis Article • Mar 08

Summit Midstream Corporation's (NYSE:SMC) Price Is Right But Growth Is Lacking

You may think that with a price-to-sales (or "P/S") ratio of 0.9x Summit Midstream Corporation ( NYSE:SMC ) is a stock...
Analysis Article • Jan 20

Summit Midstream (NYSE:SMC) Has More To Do To Multiply In Value Going Forward

There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...
Seeking Alpha • Dec 09

Summit Midstream Has A New Major Shareholder

Summary Summit Midstream's management avoided bankruptcy and turned the company from "fairly hopeless" to viable, with Tailwater Capital becoming a major shareholder. Tailwater Capital's involvement, with midstream experience, can be a big plus in the future. With a debt ratio under 4 and deferred preferred stock distributions gone, the company can now focus on sustainable growth. Conversion to a C-Corp will likely enhance future prospects. This idea has above-average risks. But not many managements accomplish what this management has done. Read the full article on Seeking Alpha
Seeking Alpha • Oct 15

Summit Midstream Keeps Digging

Summary Summit Midstream's previous management's complacency led to severe financial troubles. New management has announced an acquisition, marking a significant step in the company's long recovery to becoming a competitive industry player. Long-term shareholders have suffered substantial losses that are unlikely to be recovered. The conversion to a corporation involved canceling preferred dividends in arrears, addressing one of the major financial issues. This is a tale of how shareholders need to avoid complacent management before the trouble becomes apparent. Read the full article on Seeking Alpha
Analysis Article • Oct 04

Benign Growth For Summit Midstream Corporation (NYSE:SMC) Underpins Its Share Price

When close to half the companies operating in the Oil and Gas industry in the United States have price-to-sales ratios...
Seeking Alpha • Oct 03

Summit Midstream Corporation: Many Tailwinds Are Now In Play

Summary Summit Midstream Partners' acquisition of Tall Oak Midstream for $450M is set to boost EBITDA and cash flow, enhancing shareholder returns. Tensions in the Middle East and potential oil & gas price increases make Summit's domestic focus and balanced oil-gas exposure attractive. Summit's favorable valuation, with P/E and cash flow ratios significantly lower than the sector average, presents a strong investment opportunity. Access to the Gulf of Mexico markets and limited capital expenditure needs position Summit for growth, and dividends or buybacks are on deck for 2025. Read the full article on Seeking Alpha
Seeking Alpha • Aug 27

Summit Midstream's Earnings Reaffirm It As A Great Small Cap

Summary Summit Midstream Corporation is a small-cap company worth almost $400 million that was heavily impacted by COVID-19. The company's non-premium assets have posed challenges, but efforts to clean up the balance sheet are underway. Summit Midstream is focused on generating long-term shareholder returns despite the difficult position it currently finds itself in. Read the full article on Seeking Alpha

Financial Position Analysis

Short Term Liabilities: SMC's short term assets ($130.0M) exceed its short term liabilities ($108.2M).

Long Term Liabilities: SMC's short term assets ($130.0M) do not cover its long term liabilities ($1.4B).

Debt to Equity History and Analysis

Debt Level: SMC's net debt to equity ratio (133.6%) is considered high.

Reducing Debt: SMC's debt to equity ratio has increased from 127.7% to 138.4% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss-making in the past, we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable SMC has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: SMC is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 29.9% per year.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/07 22:17
End of Day Share Price 2026/07/07 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Summit Midstream Corporation is covered by 13 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ethan BellamyBaird
Heejung RyooBarclays
Gabriel MoreenBofA Global Research