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Summit Midstream Corp (SMC) stock analysis

SMCNYSENatural Gas TransmissionFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 9, 2026Score 8/3040% below fair value
$31.32+0.43 (+1.39%)

Close on Nov 12, 2026Market cap $636.05MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value3Growth3Performance1Health1Dividend0

Weak8 of 30 checks passed

Summit Midstream passes 8 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
3/6
Growth
3/6
Past performance
1/6
Financial health
1/6
Dividend
0/6

What stands out

  • Margin of safety over 20%

    The price is 40.0% below fair value, more than the 20% cushion we look for.

  • Trading below fair value

    The share price of $30.89 is below our fair value estimate of $51.47.

  • Revenue growing 10%+ a year

    Revenue grew 15.0% a year over the last three fiscal years.

  • Guidance raised

    Summit Midstream raised its full year 2026 capital expenditure outlook on Aug 10, 2026.

What to watch

  • High debt

    Debt is 205% of shareholders' equity, above the 40% we consider low.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 8.8% of total debt; we look for at least 20%.

  • Elevated bankruptcy risk

    The Altman Z-score is 0.41; above 3 is the safe zone and below 1.8 the distress zone.

  • EV/EBITDA above its 5-year median

    Summit Midstream's EV/EBITDA of 9.7 is above its 5-year median of 9.2.

Valuation3/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA above its 5-year median

    Summit Midstream's EV/EBITDA of 9.7 is above its 5-year median of 9.2.

  • P/B below the industry

    Summit Midstream's price-to-book of 1.03 is below the Gas Production and Distribution median of 2.10.

  • Trading below fair value

    The share price of $30.89 is below our fair value estimate of $51.47.

  • Margin of safety over 20%

    The price is 40.0% below fair value, more than the 20% cushion we look for.

Growth3/6

  • Revenue growing 10%+ a year

    Revenue grew 15.0% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 17.6% over the last twelve months; the Gas Production and Distribution median is 13.6%.

  • Guidance raised

    Summit Midstream raised its full year 2026 capital expenditure outlook on Aug 10, 2026.

  • Gross margin slipping

    Gross margin was 69.7% over the last twelve months, against 74.1% a year earlier.

Past performance1/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on invested capital

    Needs operating income and invested capital.

  • Return on equity below the industry

    Summit Midstream's return on equity of 1.7% is below the Gas Production and Distribution median of 12.1%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was 1.6% over the last twelve months, against a 5-year average of -17.6%.

  • Net margin below the industry

    Summit Midstream's net margin of 1.6% is below the Gas Production and Distribution median of 13.1%.

Financial health1/6

  • High debt

    Debt is 205% of shareholders' equity, above the 40% we consider low.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 8.8% of total debt; we look for at least 20%.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term assets cover short-term debts

    Current assets are 1.25 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is 0.41; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Summit Midstream has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$51.47

The share price is 40% below this estimate.

20%+ below
Near fair value
20%+ above
$30.89Price$51.47Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
EV/EBITDA11.3×9.2×12.3×$64.6358%
P/B1.7×0.6×2.1×$49.6117%
Earnings power8.3% cost of equity––$21.9925%
Fair value$51.47100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • EV/EBITDA at month end
  • Own 5-year median 9.2
  • Gas Production and Distribution median 12.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day
$4.80M
Value traded per 1% price move
$2.00M

Downside

Low risk

Typical loss in a bad month
13.1%
Volatility (annualized)
36%
Sharpe ratio, 1 year
0.77
Beta to the S&P 500 (5Y)
0.68

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

73.5%

Net margin

-1.1%

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