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Summit Midstream Corp. (SMC) 10-Year Financial Performance & Capital Metrics

SMC • • Industrial / General
EnergyMidstream Oil & GasPipeline & Gathering SystemsNatural Gas Pipeline Operators
AboutSummit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations. It serves natural gas and crude oil producers. Summit Midstream Corporation was founded in 2012 and is based in Houston, Texas.Show more
  • Revenue $430M -6.4%
  • EBITDA $159M -22.2%
  • Net Income -$113M -190.6%
  • EPS (Diluted) -12.78 -109.2%
  • Gross Margin 26.3% -1.8%
  • EBITDA Margin 37.02% -16.9%
  • Operating Margin 13.37% -24.1%
  • Net Margin -26.34% -210.4%
  • ROE -12.52% -177.5%
  • ROIC 2.03% -21.6%
  • Debt/Equity 1.03 -41.5%
  • Interest Coverage 0.50 -13.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Healthy dividend yield of 2.3%
  • ✓Trading at only 0.3x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-0.69%
3Y2.28%
TTM17.09%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM85.65%

EPS CAGR

10Y-
5Y-
3Y-
TTM72.43%

ROCE

10Y Avg3.8%
5Y Avg3.63%
3Y Avg2.57%
Latest2.53%

Peer Comparison

Natural Gas Pipeline Operators
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Size & Scale
Valuation
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Growth
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Quality & Returns
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
KNTKKinetik Holdings Inc.2.4B37.5436.8018.03%7.29%4.78%15.04%1.19
DTMDT Midstream, Inc.11.9B117.0332.516.4%34.3%8.32%3.47%0.74
AMAntero Midstream Corporation8.5B17.8421.495.79%37.81%22.87%7.08%1.47
HESMHess Midstream LP4.51B34.8914.0110.83%18.56%57.31%14.05%7.46
WESWestern Midstream Partners, LP17B41.6710.3716.06%35.18%39.54%7.5%2.41
VNOMViper Energy, Inc.6.29B37.329.773.99%21.25%2.24%0.28
SMCSummit Midstream Corp.324.7M26.48-2.07-6.38%-2.82%-1.35%2.51%1.03

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+444.75M383.47M401.56M369.59M458.9M429.62M
Revenue Growth %--0.14%0.05%-0.08%0.24%-0.06%
Cost of Goods Sold+162.16M240.81M156.15M280.03M335.97M316.61M
COGS % of Revenue0.36%0.63%0.39%0.76%0.73%0.74%
Gross Profit+282.59M142.66M245.41M89.56M122.94M113.01M
Gross Margin %0.64%0.37%0.61%0.24%0.27%0.26%
Gross Profit Growth %--0.5%0.72%-0.64%0.37%-0.08%
Operating Expenses+583.12M73.44M59.17M44.94M42.13M55.56M
OpEx % of Revenue1.31%0.19%0.15%0.12%0.09%0.13%
Selling, General & Admin50.99M73.44M59.17M44.94M42.13M55.56M
SG&A % of Revenue0.11%0.19%0.15%0.12%0.09%0.13%
Research & Development000000
R&D % of Revenue------
Other Operating Expenses000000
Operating Income+120.02M69.22M186.24M44.62M80.8M57.45M
Operating Margin %0.27%0.18%0.46%0.12%0.18%0.13%
Operating Income Growth %--0.42%1.69%-0.76%0.81%-0.29%
EBITDA+231.6M188.29M306.24M164.61M204.5M159.03M
EBITDA Margin %0.52%0.49%0.76%0.45%0.45%0.37%
EBITDA Growth %--0.19%0.63%-0.46%0.24%-0.22%
D&A (Non-Cash Add-back)111.57M119.07M120M119.99M123.7M101.59M
EBIT37.32M256.56M67.23M-38.82M102.16M148.95M
Net Interest Income+-91.97M-78.89M-66.16M-102.46M-140.78M-115.45M
Interest Income000000
Interest Expense91.97M78.89M66.16M102.46M140.78M115.45M
Other Income/Expense-507.56M119.71M-205.87M-185.9M-119.43M-23.94M
Pretax Income+-392.5M188.93M-19.62M-141.28M-38.63M33.5M
Pretax Margin %-0.88%0.49%-0.05%-0.38%-0.08%0.08%
Income Tax+1.23M-146K327K325K322K146.68M
Effective Tax Rate %0.54%1.02%1.02%0.87%1.01%-3.38%
Net Income+-213.01M192.35M-19.95M-123.46M-38.95M-113.17M
Net Margin %-0.48%0.5%-0.05%-0.33%-0.08%-0.26%
Net Income Growth %-1.9%-1.1%-5.19%0.68%-1.91%
Net Income (Continuing)-393.73M189.08M-19.95M-141.6M-38.95M-113.17M
Discontinued Operations309.29M00000
Minority Interest186.07M0106.33M118.58M124.65M497.33M
EPS (Diluted)+-38.7955.84-6.57-12.71-6.11-12.78
EPS Growth %-2.44%-1.12%-0.93%0.52%-1.09%
EPS (Basic)-38.7973.22-6.57-12.71-6.11-12.78
Diluted Shares Outstanding5.49M4.71M6.74M10.05M10.33M10.6M
Basic Shares Outstanding5.49M3.59M6.74M10.05M10.33M10.6M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+139.86M82.1M87.37M97.54M98.42M118.27M
Cash & Short-Term Investments9.53M15.54M7.35M11.81M14.04M22.82M
Cash Only9.53M15.54M7.35M11.81M14.04M22.82M
Short-Term Investments000000
Accounts Receivable97.42M61.93M62.12M75.29M76.28M77.06M
Days Sales Outstanding79.9558.9556.4774.3560.6765.47
Inventory000000
Days Inventory Outstanding------
Other Current Assets32.91M4.62M17.9M10.45M8.1M18.39M
Total Non-Current Assets+2.43B2.42B2.44B2.46B2.4B2.24B
Property, Plant & Equipment1.88B1.82B1.73B1.73B1.71B1.79B
Fixed Asset Turnover0.24x0.21x0.23x0.21x0.27x0.24x
Goodwill000000
Intangible Assets232.28M199.57M172.93M198.72M175.59M154.28M
Long-Term Investments309.73M392.74M523.2M506.68M486.43M269.56M
Other Non-Current Assets9.74M7.87M9.58M25.25M22.41M32.34M
Total Assets+2.57B2.5B2.52B2.56B2.49B2.36B
Asset Turnover0.17x0.15x0.16x0.14x0.18x0.18x
Asset Growth %--0.03%0.01%0.01%-0.03%-0.05%
Total Current Liabilities+5.55M68.41M79.24M117.89M134.01M174.8M
Accounts Payable24.41M11.88M10.5M14.05M22.71M25.16M
Days Payables Outstanding54.961824.5418.3224.6829.01
Short-Term Debt5.55M2.92M010.51M15.52M16.58M
Deferred Revenue (Current)-1000K1000K0001000K
Other Current Liabilities13.93M33.97M17.5M24.44M23.05M47.37M
Current Ratio25.22x1.20x1.10x0.83x0.73x0.68x
Quick Ratio25.22x1.20x1.10x0.83x0.73x0.68x
Cash Conversion Cycle------
Total Non-Current Liabilities+1.67B1.42B1.43B1.56B1.52B1.22B
Long-Term Debt1.62B1.35B1.36B1.48B1.46B977M
Capital Lease Obligations3.19M3.34M2.39M10.35M8.56M0
Deferred Tax Liabilities0000063.33M
Other Non-Current Liabilities46.4M19.95M75.07M68.47M53.25M153.86M
Total Liabilities5.55M1.49B1.51B1.68B1.65B1.39B
Total Debt+1.63B1.35B1.36B1.5B1.48B993.58M
Net Debt1.62B1.34B1.35B1.49B1.47B970.75M
Debt / Equity2.08x1.34x1.34x1.70x1.76x1.03x
Debt / EBITDA7.04x7.19x4.44x9.13x7.25x6.25x
Net Debt / EBITDA7.00x7.11x4.41x9.06x7.19x6.10x
Interest Coverage1.31x0.88x2.82x0.44x0.57x0.50x
Total Equity+785.24M1.01B1.01B883.4M843.22M965.13M
Equity Growth %-0.29%-0%-0.13%-0.05%0.14%
Book Value per Share143.00214.98149.9387.9281.6091.05
Total Shareholders' Equity599.17M1.01B904.36M764.82M718.56M467.79M
Common Stock305.55M748.47M734.59M679.49M621.67M181K
Retained Earnings00000-183.33M
Treasury Stock000000
Accumulated OCI000000
Minority Interest186.07M0106.33M118.58M124.65M497.33M

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+161.74M198.59M165.1M98.74M126.91M61.77M
Operating CF Margin %0.36%0.52%0.41%0.27%0.28%0.14%
Operating CF Growth %-0.23%-0.17%-0.4%0.29%-0.51%
Net Income-393.73M189.08M-19.95M-123.46M-38.95M-113.17M
Depreciation & Amortization111.57M119.07M120M119.99M123.7M101.59M
Stock-Based Compensation8.17M8.11M4.74M3.78M6.57M8.56M
Deferred Taxes00000146.83M
Other Non-Cash Items459.73M-167.69M54.44M111.97M55.28M-64.07M
Working Capital Changes-24.01M50.02M5.87M-13.54M-19.69M-17.96M
Change in Receivables-5.47M35.35M-178K284K-3.35M3M
Change in Inventory000000
Change in Payables-96K-4.06M-89K2.25M4.48M1.12M
Cash from Investing+-90.87M-140.57M-165.73M-226.56M-74.76M487.06M
Capital Expenditures-182.29M-43.13M-25.03M-30.47M-68.91M-53.61M
CapEx % of Revenue0.41%0.11%0.06%0.08%0.15%0.12%
Acquisitions------
Investments------
Other Investing109.74M2.49M8M4.95M-2.35M4.4M
Cash from Financing+-50.12M-79.4M4.66M121.77M-49.04M-540.28M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid-149.23M00-3.26M-6.51M-6.51M
Share Repurchases------
Other Financing-74.03M-41.93M-20.8M-17.69M-14.85M-31.75M
Net Change in Cash------
Free Cash Flow+-20.55M155.46M140.07M68.27M58M8.16M
FCF Margin %-0.05%0.41%0.35%0.18%0.13%0.02%
FCF Growth %-8.57%-0.1%-0.51%-0.15%-0.86%
FCF per Share-3.7433.0120.786.795.610.77
FCF Conversion (FCF/Net Income)-0.76x1.03x-8.28x-0.80x-3.26x-0.55x
Interest Paid69.91M057.66M89.47M127.02M101.78M
Taxes Paid150K0191K149K15K22K

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)-27.13%21.4%-1.97%-13.04%-4.51%-12.52%
Return on Invested Capital (ROIC)3.74%2.18%5.93%1.41%2.59%2.03%
Gross Margin63.54%37.2%61.11%24.23%26.79%26.3%
Net Margin-47.89%50.16%-4.97%-33.4%-8.49%-26.34%
Debt / Equity2.08x1.34x1.34x1.70x1.76x1.03x
Interest Coverage1.31x0.88x2.82x0.44x0.57x0.50x
FCF Conversion-0.76x1.03x-8.28x-0.80x-3.26x-0.55x
Revenue Growth--13.78%4.72%-7.96%24.16%-6.38%

Revenue by Segment

2024
Gathering Servicesand Related Fees200.84M
Gathering Servicesand Related Fees Growth-
Natural Gas N G L And Condensate Sales195.03M
Natural Gas N G L And Condensate Sales Growth-
Other Products And Services33.75M
Other Products And Services Growth-

Revenue by Geography

2024
Rockies268.51M
Rockies Growth-
Piceance Basin81M
Piceance Basin Growth-
Mid-Con Barnett Shale56.89M
Mid-Con Barnett Shale Growth-
Northeast18.85M
Northeast Growth-
Permian Basin3.64M
Permian Basin Growth-

Frequently Asked Questions

Growth & Financials

Summit Midstream Corp. (SMC) reported $526.8M in revenue for fiscal year 2024. This represents a 18% increase from $444.7M in 2019.

Summit Midstream Corp. (SMC) saw revenue decline by 6.4% over the past year.

Summit Midstream Corp. (SMC) reported a net loss of $14.9M for fiscal year 2024.

Dividend & Returns

Yes, Summit Midstream Corp. (SMC) pays a dividend with a yield of 2.32%. This makes it attractive for income-focused investors.

Summit Midstream Corp. (SMC) has a return on equity (ROE) of -12.5%. Negative ROE indicates the company is unprofitable.

Summit Midstream Corp. (SMC) generated $15.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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