Summit Midstream Corporation (SMC)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business plainly functions — volumes, contracts and cash flow point up, covenants were met with real headroom as of March 31, 2026, and the 2026 balance sheet work is genuine. What remains open is the core operating question: the growth has not turned into profit. Losses per share have persisted for years, total leverage sits near 4.2x, and dependence on the largest customer climbed from 13 to 29 percent of revenue in two years. None of that is existential — interest coverage of 2.7x and $381 million of undrawn revolver argue otherwise — but it is more than housekeeping. Hence yellow: documented progress, unproven earning power. The decision is yours.
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On July 25, 2026, our in-house stock scanner listed Summit Midstream on four trend screens and one value screen: price to cash flow of 3.2, the kind of number that makes investors lean in. The quarterly report filed May 11, 2026, supplies the lines that ratio leaves out: $1,222.4 million of net debt, 6,524,467 voting Class B shares with no economic claim of their own, and 65,508 preferred shares whose $46.3 million of accrued dividends were only cleared in March 2026. Count all of it and 3.2 becomes 14.4. The stock also surfaced on Reddit that same day, with 2 mentions. Not investment advice — just a look at everything the price tag leaves off.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at SMC since then.
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Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 30.80 $ — 87% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralReiner Erdgas-Sammler ohne KI-Produkt und ohne KI-Bezug im Geschaeftsmodell: Kuenstliche Intelligenz kommt in den Berichten ausschliesslich als Cyber-Risiko vor, und als Treiber der Gasnachfrage nennt der Geschaeftsbericht Bevoelkerungs- und Wirtschaftswachstum, die Abloesung von Kohlestrom sowie LNG-Exporte - Rechenzentren tauchen nicht auf.
View the full file — quotes, sources, reviewed filings
„Cybersecurity threats present a large and growing risk to our business as a result of the proliferation of new technologies (including artificial intelligence) thereby increasing the sophistication of cyber-attacks and the oil and gas industry becoming increasingly dependent on digital technologies to conduct day-to-day operations, including certain midstream activities."
Cyber-Bedrohungen stellen ein grosses und wachsendes Risiko fuer unser Geschaeft dar, weil sich neue Technologien (einschliesslich kuenstlicher Intelligenz) verbreiten und dadurch die Raffinesse von Cyber-Angriffen zunimmt, waehrend die Oel- und Gasindustrie fuer das Tagesgeschaeft - einschliesslich bestimmter Midstream-Taetigkeiten - immer staerker von digitalen Technologien abhaengt.
„Over the long term, we believe that the prospects for continued natural gas demand are favorable and will be driven primarily by global population and economic growth, as well as the continued displacement of coal-fired electricity generation by natural gas-fired electricity generation and increase in U.S. LNG exports."
Langfristig halten wir die Aussichten fuer eine anhaltende Erdgasnachfrage fuer guenstig; sie duerfte vor allem durch das weltweite Bevoelkerungs- und Wirtschaftswachstum getrieben werden sowie durch die fortgesetzte Verdraengung der Kohleverstromung durch Gaskraftwerke und den Anstieg der US-Fluessigerdgas-Exporte.
Filings Reviewed: 10-K 2026-03-16 · 10-Q 2026-05-11
Rated on July 26, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 59.1% above the current price.
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.93 | -0.93 – -0.93 | 585 | -164.8% | 1 |
| 12/31/2027 | 1.20 | 1.20 – 1.20 | 0 | 229.0% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.37 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.79 | – | 107 | -15.90 | -23.20 | 22 | 6 |
| 2025: Q1 | 0.41 | -95.80 | 133 | 11.60 | 4.20 | 16 | -5 |
| 2025: Q2 | -0.09 | – | 140 | 38.40 | -0.90 | 37 | 11 |
| 2025: Q3 | 0.40 | – | 147 | 43.40 | 3.80 | 27 | 4 |
| 2025: Q4 | -0.86 | – | 142 | 33.00 | -8.30 | 54 | -14 |
| 2026: Q1 | -0.02 | -104.50 | 139 | 4.90 | -0.20 | 7 | -12 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 445 | 120 | -213 | -38.79 | 162 | 599 | 2,574 |
| 2020 | 383 | 69 | 192 | 40.84 | 199 | 1,013 | 2,500 |
| 2021 | 402 | 186 | -20 | -2.96 | 165 | 904 | 2,522 |
| 2022 | 370 | 45 | -123 | -12.29 | 99 | 765 | 2,560 |
| 2023 | 459 | 81 | -39 | -3.77 | 127 | 719 | 2,494 |
| 2024 | 430 | 57 | -113 | -10.68 | 62 | 468 | 2,359 |
| 2025 | 562 | 89 | -2 | -0.16 | 134 | 687 | 2,388 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue rose 30.8 percent in 2025 to $562.1 million (2024: $429.6 million), and operating cash flow more than doubled to $133.6 million (2024: $61.8 million). The model is sturdy: mostly fixed fees per unit of throughput, backed by minimum volume commitments that alone contributed $4.1 million in the first quarter of 2026. The June 10, 2026, announcement added two long-term agreements totaling 150 MMcf/d for the Double E pipeline.
Growth has not yet produced a profit. The loss per share was $1.61 in 2025, after $12.78 in 2024 and $6.11 in 2023. The first quarter of 2026 closed with a net loss of $3.2 million, or $0.43 per share, even as revenue climbed to $139.1 million. The operations generate cash; the income statement does not yet generate earnings.
As of March 31, 2026, $1,265.8 million of debt stood against $43.4 million of unrestricted cash — $1,222.4 million net, at total leverage of roughly 4.2x. The $825.0 million of notes carry an 8.625 percent coupon; in 2025, $94.7 million went to lenders alone, better than seven of every ten dollars of operating cash flow. Covenants are met with room to spare (interest coverage of 2.7x against a 2.0x minimum), but that room is expensive.
The largest counterparty accounted for 29 percent of total revenues in 2025, per the annual report, up from 17 percent in 2024 and 13 percent in 2023. Dependence on one shipper has more than doubled in two years. If that producer slows its drilling program, it touches a quarter to a third of revenue — cushioned only by the contractual minimum volume commitments.
The company cleaned house visibly in 2026: in March 2026 it repaid all accrued preferred dividends, including $46.3 million dating back to 2020. The Permian loan was refinanced into a new $440 million facility running to March 2031, non-recourse to the parent. On June 1, 2026, the board authorized the first share repurchase program in company history, for up to $35 million.
Against common market capitalization of $429.3 million (at the documented issue price of $31.08 on March 31, 2026), 2025 operating cash flow gives a price to cash flow ratio of 3.2 — but against the full enterprise value of $1,920.0 million it gives 14.4. Both numbers are correct; they answer different questions. For a heavily levered infrastructure business, the second one is the honest answer.
Summit Midstream is not a cheap stock nobody noticed. It is a company whose equity accounts for roughly a fifth of its enterprise value. The business works: $562.1 million of revenue in 2025 (up 30.8 percent), $133.6 million of operating cash flow, every covenant met, $46.3 million of preferred dividend arrears cleared in March 2026 and a first buyback authorized in June 2026. Against that sit $1,222.4 million of net debt at 8.625 percent, $94.7 million of annual interest expense, a loss of $1.61 per share and one customer worth 29 percent of revenue. Buy this and you are mostly buying debt with a slice of equity on top. Not investment advice.
- Summit Midstream reached our research list through the daily Reddit mention scan (2 mentions, market capitalization of $421.3 million at the time of the scan, as of July 25, 2026). On the same day our in-house stock scanner listed the stock on four trend screens (Stan Weinstein: Stage 2, Strong DCR (>=80), Tight Weekly Range (WCR>=90), Power Trend) and on one value screen, the price to cash flow ranking. These screens are recalculated daily.
- Easy to confuse: Summit Midstream Corporation (CIK 2024218) has only been a corporation since August 1, 2024. Older documents belong to its predecessor, Summit Midstream Partners, LP (CIK 1549922). Because the merger was accounted for as a common-control transaction, the series used in this analysis run on a single continuous basis; no two accounting bases are mixed.
- Valuation anchors are dated and evergreen: the $31.08 reference is not a daily quote but the issue price of the share placement dated March 31, 2026, as documented in the quarterly report. For comparison, insider filings (Form 4) show sales at $32.00 on May 19, 2026, and $29.72 on July 2, 2026. This analysis is evergreen; daily prices are not an investment case.
About the Company
Summit Midstream Corporation besitzt, entwickelt und betreibt Midstream-Energieinfrastruktur, hauptsächlich in Schieferformationen in den kontinentalen USA. Es ist in den Segmenten Rockies, Permian, Piceance, Mid-Con und Northeast tätig.
| Employees | 296 |
|---|---|
| Headquarters | Houston, TX |
| Address | 910 Louisiana Street, 77002 Houston, United States |
| Phone | 832 413 4770 |
| Website | summitmidstream.com |
| IPO Date | 1. Aug 2024 |
| ISIN | US86614G1013 |
| Stock Split | 1:15 on 11/10/2020 |
Management
| Name | Title | Birth Year |
|---|---|---|
| J. Heath Deneke | President, CEO & Chairman | 1974 |
| William J. Mault | Executive VP & CFO | 1986 |
| James David Johnston | Executive VP, General Counsel, Secretary & Chief Compliance Officer | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.