NYSE : SMC
Summit Midstream Corporation — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 31.49 USD (Oct 30, 2026, 9:46 AM EDT) · Market cap 434.05M
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Financial statements
Summit Midstream Corporation (SMC) reported revenue of 584.27M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 546.75M | 520.74M | 395.87M | 427.48M | 334.58M | 364.47M |
| Other Revenue | 37.52M | 42.29M | 34.69M | 32.36M | 35.95M | 37.08M |
| Revenue | 584.27M | 563.03M | 430.56M | 459.84M | 370.53M | 401.56M |
| Cost of Revenue | 320.65M | 298.28M | 215.96M | 213.20M | 160.98M | 156.15M |
| Gross Profit | 263.62M | 264.75M | 214.59M | 246.64M | 209.55M | 245.41M |
| Selling, General & Admin | 61.97M | 61.02M | 55.56M | 42.13M | 44.94M | 59.17M |
| Other Operating Expenses | 938.00K | 938.00K | 938.00K | 938.00K | 938.00K | -62.00K |
| Operating Expenses | 172.05M | 176.12M | 157.15M | 165.84M | 164.94M | 178.18M |
| Operating Income | 91.57M | 88.64M | 57.45M | 80.80M | 44.62M | 67.23M |
| Interest Expense | -128.02M | -124.27M | -139.46M | -163.10M | -86.05M | -66.16M |
| Earnings From Equity Investments | 22.21M | 20.78M | 24.20M | 33.83M | 18.14M | 7.88M |
| Other Non Operating Income (Expenses) | -8.19M | 783.00K | 4.19M | 865.00K | -4.00K | -15.92M |
| EBT Excluding Unusual Items | -22.43M | -14.06M | -53.63M | -47.61M | -23.29M | -6.97M |
| Merger & Restructuring Charges | -4.77M | -13.04M | -31.12M | -3.90M | -6.97M | |
| Gain (Loss) on Sale of Investments | 126.26M | |||||
| Gain (Loss) on Sale of Assets | -1.03M | -1.07M | 82.19M | 213.00K | -1.23M | 369.00K |
| Asset Writedown | -2.65M | -2.73M | -68.26M | -540.00K | -91.64M | -10.15M |
| Other Unusual Items | 1.50M | -50.08M | -10.93M | -3.52M | ||
| Pretax Income | -29.39M | -30.90M | 5.36M | -62.77M | -123.14M | -20.28M |
| Income Tax Expense | 21.00K | -501.00K | 146.68M | 322.00K | 325.00K | -327.00K |
| Earnings From Continuing Operations | -29.41M | -30.40M | -141.32M | -63.09M | -123.46M | -19.95M |
| Minority Interest in Earnings | 8.68M | 10.83M | 5.82M | |||
| Net Income | -20.72M | -19.57M | -135.50M | -63.09M | -123.46M | -19.95M |
| Preferred Dividends & Other Adjustments | -7.38M | 4.22M | 24.34M | |||
| Net Income to Common | -13.34M | -19.57M | -135.50M | -63.09M | -127.68M | -44.29M |
| Shares Outstanding (Basic) | 12.67M | 12.13M | 10.60M | 10.33M | 10.05M | 6.74M |
| Shares Outstanding (Diluted) | 12.67M | 12.13M | 10.60M | 10.33M | 10.05M | 6.74M |
| EPS (Basic) | -1.05 | -1.61 | -12.78 | -6.11 | -12.71 | -6.57 |
| EPS (Diluted) | -1.05 | -1.61 | -12.78 | -6.11 | -12.71 | -6.57 |
| Free Cash Flow | 44.84M | 44.55M | 8.16M | 58.00M | 68.27M | 140.07M |
| Free Cash Flow Per Share | 3.54 | 3.67 | 0.77 | 5.61 | 6.79 | 20.78 |
| Gross Margin | 45.12% | 47.02% | 49.84% | 53.63% | 56.55% | 61.11% |
| Operating Margin | 15.67% | 15.74% | 13.34% | 17.57% | 12.04% | 16.74% |
| Profit Margin | -2.28% | -3.48% | -31.47% | -13.72% | -34.46% | -11.03% |
| Free Cash Flow Margin | 7.67% | 7.91% | 1.90% | 12.61% | 18.43% | 34.88% |
| EBITDA | 201.65M | 203.73M | 159.03M | 204.50M | 164.61M | 187.22M |
| EBITDA Margin | 34.51% | 36.19% | 36.94% | 44.47% | 44.43% | 46.62% |
| D&A For EBITDA | 110.08M | 115.10M | 101.58M | 123.70M | 119.99M | 120.00M |
| EBIT | 91.57M | 88.64M | 57.45M | 80.80M | 44.62M | 67.23M |
| EBIT Margin | 15.67% | 15.74% | 13.34% | 17.57% | 12.04% | 16.74% |
| Effective Tax Rate | 2,736.53% | |||||
| Revenue as Reported | 583.33M | 562.09M | 429.62M | 458.90M | 369.59M | 400.62M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 20.97M | 9.27M | 22.82M | 14.04M | 11.81M | 7.35M |
| Cash & Short-Term Investments | 20.97M | 9.27M | 22.82M | 14.04M | 11.81M | 7.35M |
| Receivables | 87.20M | 69.75M | 77.06M | 76.28M | 75.29M | 62.12M |
| Restricted Cash | 10.79M | 10.40M | 2.38M | 2.60M | 1.72M | 12.22M |
| Other Current Assets | 5.51M | 7.49M | 16.01M | 5.50M | 8.72M | 5.68M |
| Total Current Assets | 124.47M | 96.92M | 118.27M | 98.42M | 97.54M | 87.37M |
| Property, Plant & Equipment | 1.84B | 1.85B | 1.80B | 1.71B | 1.73B | 1.73B |
| Long-Term Investments | 268.24M | 272.18M | 280.56M | 486.43M | 506.68M | 523.20M |
| Other Intangible Assets | 149.51M | 153.56M | 154.28M | 175.59M | 198.72M | 172.93M |
| Other Long-Term Assets | 25.86M | 12.21M | 8.97M | 22.41M | 25.25M | 9.58M |
| Total Assets | 2.41B | 2.39B | 2.36B | 2.49B | 2.56B | 2.52B |
| Accounts Payable | 21.41M | 31.65M | 25.16M | 22.71M | 14.05M | 10.50M |
| Accrued Expenses | 86.72M | 78.28M | 82.08M | 68.52M | 65.89M | 49.86M |
| Current Portion of Long-Term Debt | 1.75M | 21.22M | 16.58M | 15.52M | 10.51M | |
| Current Portion of Leases | 2.95M | 7.18M | 4.21M | 3.00M | 1.38M | |
| Current Unearned Revenue | 8.00M | 10.12M | 9.60M | 10.20M | 9.05M | 10.37M |
| Other Current Liabilities | 14.01M | 32.57M | 34.20M | 12.85M | 15.39M | 7.13M |
| Total Current Liabilities | 131.88M | 176.79M | 174.80M | 134.01M | 117.89M | 79.24M |
| Long-Term Debt | 1.24B | 1.02B | 977.00M | 1.46B | 1.48B | 1.36B |
| Long-Term Leases | 5.00M | 4.95M | 8.56M | 10.35M | 2.39M | |
| Long-Term Unearned Revenue | 17.82M | 18.40M | 25.37M | 30.09M | 37.69M | 42.57M |
| Long-Term Deferred Tax Liabilities | 92.54M | 73.64M | 63.33M | 1.43M | ||
| Other Long-Term Liabilities | 8.38M | 1.58M | 15.97M | 21.74M | 30.77M | 32.50M |
| Total Liabilities | 1.49B | 1.30B | 1.26B | 1.65B | 1.68B | 1.51B |
| Common Stock | 201.00K | 187.00K | 181.00K | 621.67M | 679.49M | 734.59M |
| Additional Paid-In Capital | 740.60M | 638.43M | 540.71M | |||
| Retained Earnings | -206.59M | -202.90M | -183.33M | |||
| Total Common Equity | 534.21M | 435.71M | 357.56M | 621.67M | 679.49M | 734.59M |
| Minority Interest | 320.49M | 541.67M | 630.28M | 124.65M | 118.58M | 106.33M |
| Shareholders' Equity | 918.87M | 1.09B | 1.10B | 843.22M | 883.40M | 1.01B |
| Total Liabilities & Equity | 2.41B | 2.39B | 2.36B | 2.49B | 2.56B | 2.52B |
| Total Debt | 1.24B | 1.05B | 1.01B | 1.48B | 1.50B | 1.36B |
| Net Cash (Debt) | -1.22B | -1.04B | -982.89M | -1.47B | -1.49B | -1.35B |
| Net Cash Per Share | -96.21 | -86.07 | -92.73 | -142.19 | -148.48 | -200.49 |
| Filing Date Shares Outstanding | 13.78M | 12.44M | 12.12M | 10.42M | 10.18M | 10.02M |
| Total Common Shares Outstanding | 13.78M | 12.26M | 10.66M | 10.38M | 10.18M | 7.17M |
| Working Capital | -7.41M | -79.87M | -56.53M | -35.59M | -20.35M | 8.13M |
| Book Value Per Share | 38.76 | 35.53 | 33.54 | 59.91 | 66.73 | 102.46 |
| Tangible Book Value | 384.69M | 282.15M | 203.28M | 446.08M | 480.77M | 561.67M |
| Tangible Book Value Per Share | 27.91 | 23.01 | 19.07 | 42.99 | 47.21 | 78.34 |
| Land | 16.32M | 16.31M | 12.82M | 11.53M | 11.76M | 10.64M |
| Machinery | 2.49B | 2.45B | 2.37B | 2.34B | 2.26B | 2.23B |
| Construction In Progress | 54.17M | 54.37M | 57.61M | 56.06M | 59.04M | 49.08M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -20.72M | -19.57M | -135.50M | -63.09M | -123.46M | -19.95M |
| Depreciation & Amortization | 110.08M | 115.10M | 101.58M | 123.70M | 119.99M | 120.00M |
| Other Amortization | 5.87M | 4.03M | 11.44M | 12.69M | 9.33M | 7.02M |
| Loss (Gain) From Sale of Assets | 1.03M | 1.07M | -82.19M | -213.00K | 1.23M | -369.00K |
| Asset Writedown & Restructuring Costs | 2.65M | 2.73M | 68.26M | 540.00K | 91.64M | 10.15M |
| Loss (Gain) From Sale of Investments | 785.00K | 4.44M | -125.35M | 3.32M | -16.02M | 779.00K |
| Loss (Gain) on Equity Investments | 7.93M | 7.79M | 11.99M | 23.74M | 24.90M | 18.88M |
| Stock-Based Compensation | 8.39M | 7.80M | 8.56M | 6.57M | 3.78M | 4.74M |
| Other Operating Activities | 32.38M | 22.96M | 220.92M | 39.35M | 885.00K | 17.98M |
| Change in Accounts Receivable | -3.56M | 9.85M | 3.00M | -3.35M | 284.00K | -178.00K |
| Change in Accounts Payable | -10.52M | 5.55M | 1.12M | 4.48M | 2.25M | -89.00K |
| Change in Unearned Revenue | -6.20M | -6.45M | -5.08M | -6.47M | -6.08M | -5.29M |
| Change in Other Net Operating Assets | 3.03M | -21.71M | -17.01M | -14.36M | -9.99M | 11.43M |
| Operating Cash Flow | 131.15M | 133.59M | 61.77M | 126.91M | 98.74M | 165.10M |
| Capital Expenditures | -86.32M | -89.04M | -53.61M | -68.91M | -30.47M | -25.03M |
| Sale of Property, Plant & Equipment | 4.40M | 260.00K | 4.95M | 8.00M | ||
| Cash Acquisitions | -70.00M | -154.15M | -306.53M | |||
| Divestitures | 113.94M | |||||
| Investment in Securities | -7.26M | -3.82M | 690.42M | -3.50M | -8.44M | -148.70M |
| Other Investing Activities | -281.00K | -295.00K | -2.61M | |||
| Investing Cash Flow | -93.86M | -163.15M | 487.06M | -74.76M | -226.56M | -165.73M |
| Long-Term Debt Issued | 391.44M | 870.80M | 99.48M | 377.37M | 1.15B | |
| Total Debt Issued | 471.00M | 391.44M | 870.80M | 99.48M | 377.37M | 1.15B |
| Long-Term Debt Repaid | -337.32M | -1.37B | -127.16M | -234.65M | -1.12B | |
| Total Debt Repaid | -303.22M | -337.32M | -1.37B | -127.16M | -234.65M | -1.12B |
| Net Debt Issued (Repaid) | 167.78M | 54.11M | -502.02M | -27.68M | 142.72M | 25.45M |
| Issuance of Common Stock | 41.46M | |||||
| Repurchase of Common Stock | -1.01M | |||||
| Preferred Dividends Paid | -57.93M | -13.39M | ||||
| Dividends Paid | -57.93M | -13.39M | ||||
| Other Financing Activities | -181.34M | -16.69M | -38.26M | -21.36M | -20.95M | -20.80M |
| Financing Cash Flow | -31.04M | 24.04M | -540.28M | -49.04M | 121.77M | 4.66M |
| Net Cash Flow | 6.26M | -5.52M | 8.55M | 3.11M | -6.04M | 4.03M |
| Free Cash Flow | 44.84M | 44.55M | 8.16M | 58.00M | 68.27M | 140.07M |
| Free Cash Flow Margin | 7.67% | 7.91% | 1.90% | 12.61% | 18.43% | 34.88% |
| Free Cash Flow Per Share | 3.54 | 3.67 | 0.77 | 5.61 | 6.79 | 20.78 |
| Levered Free Cash Flow | -3.57M | 25.00M | 42.40M | 33.87M | 97.54M | 106.30M |
| Unlevered Free Cash Flow | 70.58M | 98.64M | 118.13M | 123.12M | 141.99M | 140.63M |
| Cash Interest Paid | 87.18M | 83.36M | 101.78M | 127.02M | 89.47M | 57.66M |
| Cash Income Tax Paid | 34.00K | 299.00K | 22.00K | 15.00K | 149.00K | 191.00K |
| Change in Working Capital | -17.24M | -12.76M | -17.96M | -19.69M | -13.54M | 5.87M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 419.30M | 327.15M | 402.31M | 185.84M | 169.75M | 159.17M |
| Enterprise Value | 1.64B | 2.04B | 1.58B | 1.84B | 1.53B | 1.74B |
| Last Close Price | 31.00 | 26.68 | 37.78 | 17.91 | 16.68 | 22.20 |
| Forward PE | 227.61 | 227.61 | 227.61 | 227.61 | 227.61 | |
| PS Ratio | 0.71 | 0.58 | 0.93 | 0.40 | 0.46 | 0.40 |
| PB Ratio | 0.80 | 0.30 | 0.37 | 0.22 | 0.19 | 0.16 |
| P/TBV Ratio | 1.08 | 1.16 | 1.98 | 0.42 | 0.35 | 0.28 |
| P/FCF Ratio | 9.27 | 7.34 | 49.30 | 3.20 | 2.49 | 1.14 |
| P/OCF Ratio | 3.17 | 2.45 | 6.51 | 1.46 | 1.72 | 0.96 |
| EV/Sales Ratio | 2.80 | 3.62 | 3.67 | 4.00 | 4.13 | 4.33 |
| EV/EBITDA Ratio | 8.11 | 10.01 | 9.93 | 9.00 | 9.31 | 9.29 |
| EV/EBIT Ratio | 17.85 | 23.02 | 27.50 | 22.77 | 34.34 | 25.87 |
| EV/FCF Ratio | 36.45 | 45.79 | 193.59 | 31.73 | 22.44 | 12.42 |
| Debt / Equity Ratio | 1.35 | 0.97 | 0.92 | 1.76 | 1.70 | 1.34 |
| Debt / EBITDA Ratio | 5.63 | 4.74 | 6.09 | 7.05 | 8.96 | 7.16 |
| Debt / FCF Ratio | 27.65 | 23.65 | 123.25 | 25.58 | 22.02 | 9.70 |
| Net Debt / Equity Ratio | 1.33 | 0.96 | 0.90 | 1.74 | 1.69 | 1.34 |
| Net Debt / EBITDA Ratio | 6.04 | 5.13 | 6.18 | 7.18 | 9.06 | 7.22 |
| Net Debt / FCF Ratio | 27.18 | 23.44 | 120.45 | 25.33 | 21.85 | 9.65 |
| Asset Turnover | 0.24 | 0.24 | 0.18 | 0.18 | 0.15 | 0.16 |
| Quick Ratio | 0.82 | 0.45 | 0.57 | 0.67 | 0.74 | 0.88 |
| Current Ratio | 0.94 | 0.55 | 0.68 | 0.73 | 0.83 | 1.10 |
| Return on Equity (ROE) | -2.92% | -2.78% | -14.56% | -7.31% | -13.04% | -1.97% |
| Return on Assets (ROA) | 2.37% | 2.33% | 1.48% | 2.00% | 1.10% | 1.67% |
| Return on Invested Capital (ROIC) | 4.28% | 4.21% | -68.95% | 3.45% | 1.88% | 2.85% |
| Return on Capital Employed (ROCE) | 4.00% | 4.00% | 2.60% | 3.40% | 1.80% | 2.80% |
| Earnings Yield | -3.46% | -5.98% | -33.68% | -33.95% | -72.73% | -12.53% |
| FCF Yield | 10.78% | 13.62% | 2.03% | 31.21% | 40.22% | 88.00% |
| Buyback Yield / Dilution | -11.83% | -14.46% | -2.57% | -2.85% | -49.06% | -82.48% |
| Total Shareholder Return | -11.83% | -14.46% | -2.57% | -2.85% | -49.06% | -82.48% |