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.
Others in SIC 4922
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|---|---|---|---|---|
| WMB | WILLIAMS COMPANIES, INC. | $90.70B | 34.6x | 17.9% |
| EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | $84.09B | — | -6.4% |
| ET | Energy Transfer LP | $74.03B | — | 3.5% |
| KMI | KINDER MORGAN, INC. | $69.92B | 22.9x | 12.7% |
| TRGP | Targa Resources Corp. | $62.20B | 34.2x | 3.9% |
| WES | Western Midstream Partners, LP | $19.51B | — | 6.6% |
| DTM | DT Midstream, Inc. | $13.21B | 30.1x | 26.7% |
| AM | Antero Midstream Corp | $10.73B | 26.3x | 7.4% |