Summit Midstream Corp
SMC—
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Summit Midstream Corp AI Insights
Informational only. Not investment advice.Snapshot
- Interest expense of 91M TTM exceeds operating income of 79M - debt service consuming all operating profits, driving net loss of -15M.[Interest Expense]
- Revenue grew 43% TTM vs industry median decline of -7%, but debt/equity of 2.45x constrains ability to capitalize on growth.[Total Revenue 1Y Growth]
- FCF of only 16M TTM despite 190M EBITDA - capex of 86M and interest burden leave minimal equity value creation.[Free Cash Flow]
Watch Triggers
- Interest Expense: Falls below 80M annually — Would indicate deleveraging progress and path to positive net income
- Free Cash Flow: Exceeds 50M TTM — Current 16M insufficient for debt paydown - need 3x improvement for equity thesis
- Debt to Equity: Falls below 2.0x — Would signal balance sheet normalization and reduced bankruptcy risk
Bull Case
Trading at 0.62x P/S vs industry median 2.56x - if leverage normalizes, equity could re-rate 3-4x on multiple expansion alone.
P/S RatioEnterprise Value
43% revenue growth TTM with 15% operating margin shows underlying asset quality - infrastructure value exceeds current equity valuation.
Total Revenue 1Y GrowthOperating Margin
Bear Case
1.08B total debt at 2.45x D/E with negative net income - any rate increase or EBITDA decline could trigger covenant stress.
Total DebtDebt to Equity
5Y EPS CAGR of -59% reflects persistent value destruction - growth hasn't translated to shareholder returns historically.
EPS Growth 5YROE
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Deleveraging is critical path - without debt reduction, equity remains subordinated to creditors.
1-3yhigh
- Net debt of 1.06B vs market cap of 326M (3.2x)
- Interest expense at 17% of revenue TTM
- FCF of 16M insufficient for meaningful paydown
Debt/equity 2.45x vs industry median ~0.5xEV of 1.38B implies 76% enterprise value is debtOperating CF of 102M mostly consumed by capex
Valuation Context
Caveats
SMC Fundamentals
Transportation and Warehousing → Pipeline Transportation
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$593.48M | — | ||
$1.82B | — | ||
0.00 | — | ||
$568.54M | — | ||
$0.00 | — | ||
0% | — | ||
0% | — | ||
$36.72M | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
SMC Dividend History
29 dividends
2020
$1.875002/06/20$1.8750
2019
$21.562511/06/19$4.3125
08/06/19$4.3125
05/07/19$4.3125
02/06/19$8.6250
2018
$34.500011/06/18$8.6250
08/06/18$8.6250
05/07/18$8.6250
02/06/18$8.6250
2017
$34.500011/06/17$8.6250
08/03/17$8.6250
05/04/17$8.6250
02/03/17$8.6250
2016
$34.500011/03/16$8.6250
08/03/16$8.6250
05/04/16$8.6250
02/03/16$8.6250
2015
$34.050011/04/15$8.6250
08/05/15$8.5500
05/06/15$8.4750
02/04/15$8.4000
2014
$30.600011/05/14$8.1000
08/05/14$7.8000
05/06/14$7.5000
02/05/14$7.2000
2013
$25.875011/05/13$6.9000
08/05/13$6.5250
05/06/13$6.3000
02/05/13$6.1500
SMC Stock Splits
1 stock split
11/10/2015:1 split
SMC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/11/26 | 03/31/26 | 10-Q | |
03/16/26 | 12/31/25 | 10-K | |
11/10/25 | 09/30/25 | 10-Q | |
08/11/25 | 06/30/25 | 10-Q | |
05/12/25 | 03/31/25 | 10-Q | |
03/11/25 | 12/31/24 | 10-K | |
11/12/24 | 09/30/24 | 10-Q | |
08/11/25 | 06/30/24 | 10-Q | |
05/06/24 | 03/31/24 | 10-Q | |
03/15/24 | 12/31/23 | 10-K | |
11/07/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
03/01/23 | 12/31/22 | 10-K | |
11/07/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
03/04/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
03/09/20 | 12/31/19 | 10-K | |
11/08/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
02/26/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
02/27/17 | 12/31/16 | 10-K | |
11/07/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
05/09/16 | 03/31/16 | 10-Q | |
02/29/16 | 12/31/15 | 10-K | |
11/09/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
09/01/16 | 03/31/15 | 10-Q/A | |
05/06/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/08/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
03/10/14 | 12/31/13 | 10-K | |
11/08/13 | 09/30/13 | 10-Q | |
08/13/13 | 06/30/13 | 10-Q | |
05/14/13 | 03/31/13 | 10-Q | |
03/18/13 | 12/31/12 | 10-K | |
11/14/12 | 09/30/12 | 10-Q | |
09/28/12 | 06/30/12 | 424B4 | |
05/14/13 | 03/31/12 | 10-Q | |
09/28/12 | 12/31/11 | 424B4 | |
11/14/12 | 09/30/11 | 10-Q |