Summit Midstream Corp SMC

EnergyOil & Gas Related Equipment and ServicesUnited States of America

Last close 29.54 USD on Nov 2, 2026, +10.7% year to date

Quant rating

Quant rating C Rank 102 of 167 in Energy

Growth C 106 of 167
Valuation B 27 of 167
Quality D 148 of 167
Revisions B 62 of 167
Momentum C 94 of 167

Wall Street consensus Buy (2.00)Average target 46.50 USD +57.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 600M
Enterprise value: 2.2B
52-week range: 20.92 – 36.33
3-year range: 15.69 – 45.21
Dividend yield: –
Beta (5 years): 0.88
Shares outstanding: 20.3M
Next earnings: Nov 9, 2026

About the company

Summit Midstream Corporation is 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. It provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin, which includes the Barnett Shale formation in Texas; the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma, and the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	562	430	459	370	401	–
Revenue growth	30.8%	−6.4%	24.2%	−7.7%	4.5%	7.9%
EPS (basic, normalized)	−1.61	–	−6.11	−12.71	−0.41	–
EPS growth	–	–	–	–	–	–
Gross margin	46.9%	49.7%	53.5%	56.4%	61.0%	53.5%
Net margin	−3.5%	−31.5%	−13.7%	−34.5%	−11.1%	−18.9%
ROE	−1.2%	−20.6%	−6.9%	−16.8%	−4.0%	−9.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	21.0
Current ratio	0.94x
Long-term debt (mil)	1,238
Net debt (mil)	1,603
Total equity (mil)	598
Net debt / equity	2.68x
Net debt / EBITDA	6.61x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	562	+30.8%	3.9x	243	–	9.1x	−1.61	–	−18.3x
2026	646	+14.9%	3.4x	251	+3.4%	8.8x	0.40	+124.8%	73.8x
2027	652	+0.8%	3.4x	279	+11.4%	7.9x	1.20	+200.0%	24.6x
2028	685	+5.1%	3.2x	294	+5.4%	7.5x	−0.24	−120.0%	−123.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	646	0.0%	+2.1%	+11.6%	0.40	+335.3%	+131.7%	+136.7%
2027	652	0.0%	+0.9%	+3.8%	1.20	+485.4%	+309.4%	+25.0%
2028	685	0.0%	0.0%	–	−0.24	0.0%	+86.7%	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	142	139	155
Sales mean (mil)	–	–	–	–	–	–	–	147	140	169
Surprise	–	–	–	–	–	–	–	−3.0%	−0.5%	−8.3%
EPS reported	–	–	–	–	–	–	–	−0.66	−0.43	0.32
EPS mean	–	–	–	–	–	–	–	0.00	−0.49	−0.36
Surprise	–	–	–	–	–	–	–	–	+12.2%	−190.0%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SMC Summit Midstream Corp	600M	6.61x	−3.5%	0.68x	73.8x	24.6x	8.8x	7.9x
TRGP Targa Resources Corp.	63.2B	3.95x	10.8%	17.28x	26.4x	23.9x	13.9x	12.7x
PBA Pembina Pipeline Corporation	29.3B	3.46x	19.9%	2.40x	23.1x	22.6x	12.7x	12.3x
KNTK Kinetik Holdings Inc.	8.7B	8.11x	9.4%	−7.34x	40.4x	28.3x	15.7x	14.0x
AROC Archrock, Inc.	5.3B	2.60x	21.4%	3.43x	17.6x	14.1x	8.8x	8.1x
GLNG Golar LNG Limited	4.6B	7.76x	16.7%	2.35x	42.2x	99.5x	21.9x	22.3x
Mean		5.42x	12.5%	3.13x	37.3x	35.5x	13.6x	12.9x
Median		5.28x	13.8%	2.37x	33.4x	24.3x	13.3x	12.5x

Technical analysis

1M−4.2%
3M−4.2%
1Y+34.8%
3Y+48.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Summit Midstream Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	562	430	459	370	401	383
Cost of revenue	298	216	213	161	156	123
Gross profit	264	214	246	209	244	261
Selling, general & administrative expenses	61.0	55.6	42.1	44.9	57.3	73.4
Research & development	–	–	–	–	–	–
Depreciation/amortization	114	101	123	119	119	118
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	16.4	67.3	15.4	100	16.3	−187
Other operating expenses	0	0	0	0	0	0
Operating income	72.3	−9.8	65.4	−55.7	51.9	256
Net interest income (expense)	−95.8	14.9	−139	−86.0	−79.8	−78.9
Gain (loss) on sale of assets	−0.5	0	0.3	0.5	0.4	0.3
Other non-operating income (expense)	0.8	4.2	0.9	0	−0.6	0
Net income before taxes	−23.2	9.3	−72.5	−141	−28.2	178
Provision for taxes	−0.5	147	0.3	0.3	−0.3	−0.1
Minority interest	−4.0	−9.0	−12.6	−17.1	−16.7	−10.2
Equity in affiliates	20.8	24.2	33.8	18.1	7.9	11.3
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−5.9	−122	−51.5	−141	−36.6	179
Extraordinary items	–	–	–	–	–	–
Net income	−5.9	−122	−51.5	−141	−36.6	179
EBIT, normalized	88.6	57.4	80.8	44.6	68.1	69.2
EBITDA, normalized	204	159	205	165	188	188
Basic EPS, normalized	−1.61	–	−6.11	−12.71	−0.41	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Summit Midstream Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	9.3	22.8	14.0	11.8	7.3	15.5
Receivables	69.8	77.1	76.3	75.3	62.1	61.9
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	17.9	18.4	8.1	10.4	17.9	4.6
Total current assets	96.9	118	98.4	97.5	87.4	82.1
Property, plant & equipment	1,844	1,785	1,699	1,719	1,726	1,818
Goodwill	–	–	–	–	–	–
Intangibles	154	154	176	199	173	200
Long-term investments	266	270	486	507	523	393
Note receivable	–	–	–	–	–	–
Other long-term assets	27.4	32.3	35.2	38.3	12.9	7.9
Total assets	2,388	2,359	2,494	2,560	2,522	2,500
Liabilities
Accounts payable	31.7	25.2	22.7	14.1	10.5	11.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	88.1	94.6	78.5	75.1	55.9	43.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	22.6	18.0	16.4	10.9	0.2	0.6
Other current liabilities	34.4	37.1	16.4	17.8	12.7	12.4
Total current liabilities	177	175	134	118	79.2	68.4
Long-term debt	1,026	979	1,456	1,481	1,355	1,347
Minority interest	542	630	125	119	106	89.7
Other liabilities	97.2	108	60.6	78.1	77.3	71.4
Total liabilities	1,841	1,892	1,776	1,795	1,618	1,577
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	622	679	735	748
Additional paid-in capital	638	541	–	–	–	–
Retained earnings (accumulated deficit)	−203	−183	–	–	–	–
Treasury stock	–	–	–	–	–	–
Other equity	110	110	96.9	85.3	170	174
Total equity	546	468	719	765	904	923
Total liabilities & shareholders' equity	2,388	2,359	2,494	2,560	2,522	2,500

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Summit Midstream Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−1.9	−113	−38.9	−123	−19.9	189
Depreciation, depletion & amortization	115	102	124	120	120	119
Deferred taxes	−0.7	147	–	–	–	–
Non-cash items	5.1	−91.7	3.7	72.7	32.4	−188
Changes in working capital	16.0	18.2	38.5	29.5	32.6	78.2
Cash from operations	134	61.8	127	98.7	165	199
Investing activities
Capital expenditures	−89.0	−53.6	−68.9	−30.5	−25.0	−43.1
Other investing cash flows	−74.1	541	−5.9	−196	−141	−97.4
Cash from investing	−163	487	−74.8	−227	−166	−141
Financing activities
Financing cash flow items	−10.2	−31.7	−14.8	−17.7	−20.8	−15.4
Cash dividends paid	−19.9	−6.5	−6.5	−3.3	0	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	54.1	−502	−27.7	143	25.5	−64.0
Cash from financing	24.0	−540	−49.0	122	4.7	−79.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−5.5	8.6	3.1	−6.0	4.0	−21.4
Free cash flow	44.6	8.2	58.0	68.3	140	155

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.