A Business at a Glance
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Summit Midstream Corporation, a Delaware corporation (including its subsidiaries, collectively, “we”, “our”, “us”, “SMC”, or “the Company”), is a value-driven company focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. The Company’s business activities are primarily conducted through various operating subsidiaries, each of which is owned or controlled by its subsidiary holding company, Summit Holdings. The Company was incorporated under the laws of the State of Delaware on May 14, 2024 for the purpose of effecting the Corporate Reorganization of Summit Midstream Partners, LP, a Delaware master limited partnership, in which the Company was incorporated to serve as the new parent holding company of SMLP. The Company’s common stock is listed on the New York Stock Exchange under the ticker symbol “SMC.
| Metric | TTM | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | 527M | 430M | 459M |
| Net Income | -11M | -122M | -52M |
| EPS | $-2.78 | $-6.55 | $-2.76 |
| Free Cash Flow | 16M | 8.2M | 58M |
| ROIC | 0.5% | -38.6% | 4.1% |
| Gross Margin | - | 73.2% | 75.5% |
| Debt/Equity | 1.96 | 2.12 | 2.05 |
| Dividends/Share | $1.36 | $0.35 | $0.35 |
| Operating Income | 10M | 140M | 90M |
| Operating Margin | 1.9% | 32.6% | 19.5% |
| ROE | -2.0% | -20.6% | -7.2% |
| Shares Outstanding | 12M | 19M | 19M |
| Metric | 2023 | ||
|---|---|---|---|
| Income Statement | |||
| Revenue | 459M | 430M | 527M |
| Gross Margin | 75.5% | 73.2% | N/A |
| R&D | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A |
| EBIT | 90M | 140M | 10M |
| Op. Margin | 19.5% | 32.6% | 1.9% |
| Net Income | -52M | -122M | -11M |
| Net Margin | -11.2% | -28.4% | -2.1% |
| Non-Recurring | 260K | -1K | -1K |
| Returns on Capital | |||
| ROIC | 4.1% | -38.6% | 0.5% |
| ROE | -7.2% | -20.6% | -2.0% |
| ROA | -2.1% | -5.0% | -0.5% |
| Cash Flow | |||
| Op. Cash Flow | 127M | 62M | 102M |
| Free Cash Flow | 58M | 8.2M | 16M |
| Owner Earnings | -3.4M | -48M | -8.6M |
| CapEx | 69M | 54M | 86M |
| Maint. CapEx | 124M | 102M | 102M |
| Growth CapEx | 0 | 0 | 0 |
| D&A | 124M | 102M | 102M |
| CapEx/OCF | 54.3% | 86.8% | 84.3% |
| Capital Allocation | |||
| Dividends Paid | 6.5M | 6.5M | 17M |
| Dividend Yield | 2.1% | 1.1% | 4.7% |
| Share Buybacks | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.0% |
| Stock-Based Comp | 6.6M | 8.6M | 8.6M |
| Debt Repayment | 10M | 24M | 24M |
| Balance Sheet | |||
| Net Debt | 1.5B | 971M | 1.1B |
| Cash & Equiv. | N/A | N/A | 25M |
| Long-Term Debt | 1.5B | 977M | 977M |
| Debt/Equity | 2.05 | 2.12 | 1.96 |
| Interest Coverage | 0.6 | 1.2 | 1.2 |
| Equity | 719M | 468M | 552M |
| Total Assets | 2.5B | 2.4B | 2.4B |
| Total Liabilities | 1.7B | 1.3B | 1.3B |
| Intangibles | 351M | 309M | 309M |
| Retained Earnings | 0 | -183M | -183M |
| Working Capital | -36M | -57M | -57M |
| Current Assets | 98M | 118M | 118M |
| Current Liabilities | 134M | 175M | 175M |
| Per Share Data | |||
| EPS | -2.76 | -6.55 | -2.78 |
| Owner EPS | -0.18 | -2.59 | -0.70 |
| Book Value | 38.54 | 25.09 | 45.01 |
| Cash Flow/Share | 6.81 | 3.31 | 7.38 |
| Dividends/Share | 0.35 | 0.35 | 1.36 |
| Shares Out. | 18.6M | 18.6M | 12.3M |
| Valuation | |||
| P/E Ratio | N/A | N/A | -10.3 |
| P/FCF | 5.9 | 83.4 | 22.1 |
| EV/EBIT | 20.1 | 11.8 | 137.2 |
| Price/Book | 0.5 | 1.5 | 0.6 |
| Price/Sales | 0.7 | 1.3 | 0.7 |
| FCF Yield | 17.0% | 1.2% | 4.5% |
| Market Cap | 340M | 680M | 351M |
| Avg. Price | 16.38 | 30.59 | 28.63 |
| Year-End Price | 18.25 | 36.48 | 28.63 |
Summit Midstream Corp passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 22.1x vs a median of 44.6x. The company's 5-year average gross margin is 74.4%. Total shareholder yield (dividends) is 4.7%. At current prices, the estimated annualized return to fair value is -16.8%.
Summit Midstream Corp (SMC) has a 5-year average return on invested capital (ROIC) of -17.2%. This is below average and may indicate limited pricing power.
Summit Midstream Corp (SMC) has a market capitalization of $351M. It is classified as a small-cap stock.
Yes, Summit Midstream Corp (SMC) pays a dividend with a trailing twelve-month yield of 4.74%.
Summit Midstream Corp (SMC) operates in the Natural Gas Transmission industry, within the Utilities sector.
Summit Midstream Corp (SMC) reported annual revenue of $430 million in its most recent fiscal year, based on SEC EDGAR filings.
Summit Midstream Corp (SMC) has a net profit margin of -28.4%. The company is currently unprofitable.
Summit Midstream Corp (SMC) generated $8 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Summit Midstream Corp (SMC) has a debt-to-equity ratio of 2.12. This indicates higher leverage, which may increase financial risk.
Summit Midstream Corp (SMC) reported earnings per share (EPS) of $-6.55 in its most recent fiscal year.
Summit Midstream Corp (SMC) has a return on equity (ROE) of -20.6%. A negative ROE may indicate losses or negative equity.
Summit Midstream Corp (SMC) has a 5-year average gross margin of 74.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 2 years of financial data for Summit Midstream Corp (SMC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Summit Midstream Corp (SMC) has a book value per share of $25.09, based on its most recent annual SEC filing.
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