Latest Ratios: P/E Ratio -17.6x · EV/EBITDA 7.0x · ROE -0.2%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $391M | $324M | $400M | — | — | — | — | — |
| Enterprise Value | $1.4B | $1.4B | $1.4B | — | — | — | — | — |
| P/E Ratio → | -17.58 | — | — | — | — | — | — | — |
| P/S Ratio | 0.70 | 0.58 | 0.93 | — | — | — | — | — |
| P/B Ratio | 0.32 | 0.30 | 0.41 | — | — | — | — | — |
| P/FCF | 8.78 | 7.27 | 49.08 | — | — | — | — | — |
| P/OCF | 2.93 | 2.42 | 6.48 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.43 | 3.19 | — | — | — | — | — |
| EV / EBITDA | 7.05 | 6.71 | 8.62 | — | — | — | — | — |
| EV / EBIT | 16.20 | 15.43 | 9.21 | — | — | — | — | — |
| EV / FCF | — | 30.70 | 168.04 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.6% | 26.6% | 26.3% | 26.8% | 24.2% | 61.1% | 37.2% | 63.5% |
| Operating Margin | 15.8% | 15.8% | 13.4% | 17.6% | 12.1% | 46.4% | 18.1% | 27.0% |
| Net Profit Margin | -0.3% | -0.3% | -26.3% | -8.5% | -33.4% | -5.0% | 50.2% | -47.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -0.2% | -0.2% | -12.5% | -4.5% | -13.0% | -2.0% | 21.4% | -27.1% |
| ROA | -0.1% | -0.1% | -4.7% | -1.5% | -4.9% | -0.8% | 7.6% | -8.3% |
| ROIC | 3.3% | 3.3% | 2.0% | 2.6% | 1.4% | 5.9% | 2.2% | 3.7% |
| ROCE | 4.0% | 4.0% | 2.5% | 3.4% | 1.8% | 7.6% | 2.8% | 4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 1.03 | 1.76 | 1.70 | 1.34 | 1.34 | 2.08 |
| Debt / EBITDA | 5.17 | 5.17 | 6.25 | 7.25 | 9.13 | 4.44 | 7.19 | 7.04 |
| Net Debt / Equity | — | 0.96 | 1.01 | 1.74 | 1.69 | 1.34 | 1.32 | 2.06 |
| Net Debt / EBITDA | 5.13 | 5.13 | 6.10 | 7.19 | 9.06 | 4.41 | 7.11 | 7.00 |
| Debt / FCF | — | 23.44 | 118.96 | 25.33 | 21.85 | 9.65 | 8.61 | — |
| Interest Coverage | 0.94 | 0.94 | 1.29 | 0.73 | -0.38 | 1.02 | 3.25 | 0.41 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.68 | 0.73 | 0.83 | 1.10 | 1.20 | 25.22 |
| Quick Ratio | 0.55 | 0.55 | 0.68 | 0.73 | 0.83 | 1.10 | 1.20 | 25.22 |
| Cash Ratio | 0.05 | 0.05 | 0.13 | 0.10 | 0.10 | 0.09 | 0.23 | 1.72 |
| Asset Turnover | — | 0.24 | 0.18 | 0.18 | 0.14 | 0.16 | 0.15 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 45.29 | 65.47 | 60.67 | 74.35 | 56.47 | 58.95 | 79.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 4.1% | 1.6% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 11.4% | 13.8% | 2.0% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 3.9% | 4.1% | 1.6% | — | — | — | — | — |
| Shares Outstanding | — | $12M | $11M | $10M | $10M | $7M | $5M | $5M |
High leverage and liquidity
According to recent market data, SMC trades at an EV/EBITDA multiple of 7.13x, which, when compared to the broader midstream sector, suggests that investors are heavily discounting the company's future cash flows due to persistent net income volatility and the ongoing challenges of its complex capital structure.
The absence of a meaningful P/E ratio, coupled with a P/B of 0.33, indicates that the market views the company's book value as potentially impaired or misaligned with its actual earning power. This valuation profile implies that the market is pricing SMC as a distressed entity rather than a growth-oriented midstream operator, warranting caution regarding the sustainability of its current dividend yield.
As reported in financial statements, SMC's ROIC has consistently hovered near 0.6% to 0.9% over the last ten quarters, a trend that suggests the company is struggling to generate returns on its invested capital that exceed its cost of capital, thereby failing to create long-term shareholder value.
The stagnation in ROIC reflects the heavy burden of legacy infrastructure and the high capital intensity required to maintain throughput in mature basins. Investors should monitor whether future divestitures or operational efficiencies can improve these returns, as the current levels appear insufficient to justify the company's historical capital allocation strategy.
Based on reported figures, SMC's asset turnover ratio has remained remarkably flat at 0.05 to 0.06 over the past ten quarters, indicating that the company's ability to generate revenue from its existing asset base is not improving despite various strategic shifts and corporate restructuring efforts.
The lack of improvement in asset turnover suggests that the company's gathering and boosting infrastructure is operating at a plateau, with limited capacity for organic growth without significant new capital investment. This efficiency profile warrants further investigation into whether the company's current operational footprint is optimized for the current volume environment.
According to recent SEC filings, SMC's debt-to-EBITDA ratio has remained elevated, frequently exceeding 20x, which highlights a precarious leverage position that leaves the company with minimal room for error in a volatile commodity price environment or during periods of rising interest rates.
The interest coverage ratio, which has dipped into negative territory in recent periods, suggests that the company's ability to service its debt obligations is highly sensitive to operational fluctuations. This leverage profile appears to be a primary driver of the company's strained balance sheet signal and warrants close monitoring by stakeholders.
Based on an analysis of the business model, the P/E ratio is the most commonly misapplied metric for SMC, as it fails to account for the significant non-cash depreciation and amortization charges inherent in midstream gathering and boosting operations, which distort the company's true bottom-line profitability.
Investors should instead focus on Distributable Cash Flow (DCF) or EV/EBITDA to better understand the company's actual cash-generating capacity. Relying on P/E ratios in this context obscures the underlying operational health of the assets and may lead to an inaccurate assessment of the company's valuation relative to its peers.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying SMC stock.
Summit Midstream Corp.'s current P/E ratio is -17.6x. This places it at the 50th percentile of its historical range.
Summit Midstream Corp.'s current EV/EBITDA is 7.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
Summit Midstream Corp.'s return on equity (ROE) is -0.2%. The historical average is -5.4%.
Based on historical data, Summit Midstream Corp. is trading at a P/E of -17.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Summit Midstream Corp.'s current dividend yield is 3.90%.
Summit Midstream Corp. has 26.6% gross margin and 15.8% operating margin. Operating margin between 10-20% is typical for established companies.
Summit Midstream Corp.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.