Summit Midstream Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Business and growth
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.
Quality of earnings
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.
Leverage and interest burden
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.
Customer concentration
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.
Balance sheet work and capital discipline
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.
Valuation
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SMC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 20.00 $ to 35.00 $ · Last price: 32.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Midstream
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Summit Midstream Corporation SMC | 0.5 | – | 8.3 | 45.1 | – | 30.8 | 42.2 |
| Williams Companies Inc WMB | 86.8 | 31.7 | 14.9 | 63.6 | 33.6 | 13.8 | 25.4 |
| Enterprise Products Partners LP EPD | 83.1 | 13.3 | 11.5 | 13.3 | 11.8 | -6.4 | 27.7 |
| Energy Transfer LP ET | 72.6 | 14.4 | 8.2 | 17.5 | 10.4 | -0.1 | 29.1 |
| Kinder Morgan Inc KMI | 69.0 | 21.5 | 13.1 | 49.4 | 29.9 | 12.5 | 18.1 |
| Targa Resources Inc TRGP | 60.2 | 29.5 | 14.9 | 43.2 | 20.9 | 3.1 | 74.9 |
| MPLX LP MPLX | 59.5 | 12.6 | 11.7 | 55.7 | 38.3 | 8.4 | 22.6 |
| ONEOK Inc OKE | 57.5 | 16.6 | 11.6 | 27.2 | 14.9 | 55.4 | 34.7 |
| Cheniere Energy Inc LNG | 55.8 | 47.4 | 10.4 | 36.9 | -53.8 | 24.4 | 15.1 |
| Median of companies shown | 60.2 | 19.0 | 11.6 | 43.2 | 17.9 | 12.5 | 27.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.79 | – | 107 | -15.90 | -23.20 | 22 | 6 |
| 2025: Q1 | 0.41 | -95.80 | 133 | 11.60 | 4.20 | 16 | -5 |
| 2025: Q2 | -0.09 | – | 140 | 38.40 | -0.90 | 37 | 11 |
| 2025: Q3 | 0.40 | – | 147 | 43.40 | 3.80 | 27 | 4 |
| 2025: Q4 | -0.86 | – | 142 | 33.00 | -8.30 | 54 | -14 |
| 2026: Q1 | -0.02 | -104.50 | 139 | 4.90 | -0.20 | 7 | -12 |
| 2026: Q2 | 0.11 | 222.20 | 155 | 10.60 | 1.00 | 44 | 19 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.60 | -1.60 – -1.60 | 611 | -211.5% | 1 |
| 12/31/2027 | -2.35 | -2.35 – -2.35 | 652 | -46.9% | 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.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Reiner 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.
10-K · 2026-03-16 · View SEC filing
„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.
10-K · 2026-03-16 · View SEC filing
Filings Reviewed: 10-K 2026-03-16 · 10-Q 2026-05-11
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 15.0%
- More than 10% revenue growth is expected for the coming year 7.0%
- Share count grows by less than 3% a year 6.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 38.8%
- Gross margin at 40% or higher and without meaningful erosion 26.6%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 5.0 x EBITDA
- Operating cash flow covers the profits of the last three years 476 m
- Return on capital at 15% or higher, or up versus two years ago 4.0%
- Insiders hold at least 10% or are net buyers 29.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 4.0%
- Exp. sales growth 3Y > 5% 7.7%
- EBIT growth 10Y > 5% -4.9%
- Exp. EBIT growth 3Y > 5% 7.7%
- Net debt < 4x EBIT 11.8x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 76.0%
- Return on equity > 15% -0.4%
- ROCE > 15% 4.0%
- Expected return > 10% 18.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
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
- 08/01/2024
- 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 |
| Matthew B. Sicinski | Senior VP & Chief Accounting Officer | 1977 |
| Randall Burton | Director of Finance, Treasurer & Investor Relations | – |
| Christopher H. Tennant | Senior VP & Chief Commercial Officer | – |
| Carrie Vruno | VP & Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/10/2026 Summit Midstream Corp (SMC): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.