Summit Midstream Corp SMC
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." SMLP was formed in May 2012, and prior to August 1, 2024, SMLP's common units were listed on NYSE under the ticker symbol "SMLP."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $562.1M | $429.6M | $458.9M | — | — |
| Cost of revenue | $149.1M | $115.0M | $112.5M | — | — |
| Gross profit | $413.0M | $314.6M | $346.4M | — | — |
| SG&A | $61.0M | $55.6M | $42.1M | — | — |
| Total operating expenses | $489.7M | $471.6M | $382.3M | — | — |
| Interest expense | $94.7M | $115.4M | $140.8M | — | — |
| Pre-tax income | -$2.4M | $33.5M | -$38.6M | — | — |
| Income tax | $501.0K | $153.0M | $322.0K | — | — |
| Net income | $3.0M | -$113.2M | -$63.1M | -$123.5M | -$19.9M |
| EPS, basic | -1.61 | -12.78 | -6.11 | — | — |
| EPS, diluted | -1.61 | -12.78 | -6.11 | — | — |
| Shares, diluted (wtd. avg.) | 12.1M | 10.6M | 10.3M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $9.3M | $22.8M | $16.6M | $13.5M | — |
| Receivables | $69.8M | $77.1M | $76.3M | — | — |
| Total current assets | $96.9M | $118.3M | $98.4M | — | — |
| Property, plant and equipment | $1.84B | $1.79B | $1.70B | — | — |
| Other intangibles | $153.6M | $154.3M | $175.6M | — | — |
| Total assets | $2.39B | $2.36B | $2.49B | — | — |
| Accounts payable | $31.7M | $25.2M | $22.7M | — | — |
| Short-term debt | $21.2M | $16.6M | $15.5M | — | — |
| Total current liabilities | $176.8M | $174.8M | $134.0M | — | — |
| Long-term debt | $1.02B | $977.0M | $1.46B | — | — |
| Total liabilities | $1.30B | $1.26B | $1.65B | — | — |
| Retained earnings | -$202.9M | -$183.3M | $0 | — | — |
| Total equity | $546.2M | $467.8M | $718.6M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $133.6M | $61.8M | $126.9M | — | — |
| Depreciation and amortisation | $114.2M | $100.6M | $122.8M | — | — |
| Stock-based compensation | $7.8M | $8.6M | $6.6M | — | — |
| Capital expenditure | $89.0M | $53.6M | $68.9M | — | — |
| Investing cash flow | -$163.2M | $487.1M | -$74.8M | — | — |
| Financing cash flow | $24.0M | -$540.3M | -$49.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-042530.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $458.9M | $429.6M | $562.1M |
| Gross profit | — | — | $346.4M | $314.6M | $413.0M |
| Net income | -$19.9M | -$123.5M | -$63.1M | -$113.2M | $3.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 4922
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| KMI | KINDER MORGAN, INC. | $76.67B | 25.1x | 12.7% |
| ET | Energy Transfer LP | $70.42B | — | 3.5% |
| TRGP | Targa Resources Corp. | $64.84B | 35.6x | 3.9% |
| WES | Western Midstream Partners, LP | $17.77B | — | 6.6% |
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| AM | Antero Midstream Corp | $9.90B | 24.2x | 7.4% |