Summit Midstream Corp. (SMC) Stock

Summit Midstream Corp. (SMC) is a Utilities stock trading at $34.66 (as of 2026-08-20), with a market capitalization of $486.73M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Summit Midstream Corporation owns, develops, and operates midstream energy infrastructure, including natural gas, crude oil, and produced water gathering systems, across unconventional resource basins in the continental United States. It serves natural gas and crude oil producers.

Understand Summit Midstream Corp.: how it makes money

Summit Midstream Corp. owns and operates midstream energy infrastructure, including natural gas, crude oil, and produced water gathering systems across key shale basins, and it makes money through operations that are reflected in its segment adjusted earnings metrics (by natural gas price-driven and oil price-driven segments).

Their segment earnings metrics are explicitly organized around Natural Gas Price-Driven Segments and Oil Price-Driven Segments, so the profit engine is how their basin-based gathering operations translate into segment Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization under commodity price-linked conditions.

Revenue by segment (latest quarter)
Rockies$0.0B
Northeast$0.0B
Mid-Con$0.0B
Permian$0.0B
Piceance$0.0B

Business quality (Mixed): Medium. We have segment-level adjusted earnings labels and a latest-quarter margin snapshot, but no operating-volume, contract, or throughput detail was provided here.

Bull case

  • Diversified gathering exposure across commodities: The company operates natural gas, crude oil, and produced water gathering systems across multiple unconventional resource basins.
  • Gross margin is high in the latest reported quarter: For the quarter ended 2026-03-31, gross_margin_pct is 71.7%, indicating strong gross profitability before operating costs.

Bear case

  • Operating profitability was negative in the latest quarter: For the quarter ended 2026-03-31, operating_margin_pct is -3.0%, which suggests operating expenses outweighed operating contribution in that period.
  • Earnings are framed around natural gas and oil price-driven segments: Key segment KPI labels are separated into Natural Gas Price-Driven Segments and Oil Price-Driven Segments, implying results can be sensitive to the commodity-price environment.
  • Concentrated basin footprint: Operations focus on midstream infrastructure tied to four unconventional resource basins and specific shale formations.
Valuation — source: SEC EDGAR (first-party)
Price$34.66
Market Cap$486.73M
EV / EBITDA15.7
Price / Book0.53
Price / Sales0.83
FCF Yield10.2%
DCF Value (model)$127.32
DCF Upside vs Price267.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$562.09M
Net Margin-1.1%
Revenue Growth (YoY)10.6%
EPS Growth (YoY)-118.2%
FCF Growth (YoY)203.2%
Financial Health — source: SEC EDGAR
Altman Z-Score0.25 (distress)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Utilities)21.3
Industry P/E (Utilities)20.6
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderInvesco Ltd. ($29.31M)
Institutional Holders Tracked10
Company
SectorUtilities
IndustryUtilities
CEOJ. Heath Deneke
Employees272
CountryUS
IPO Date2010-02-22

Related Companies (Business model: Refining & Midstream Energy; 8 closest by market cap; US-domiciled)

  • Antero Midstream Corporation (AM)
  • Kodiak Gas Services, Inc. (KGS)
  • Archrock, Inc. (AROC)
  • Calumet, Inc. (CLMT)
  • Kinetik Holdings Inc. (KNTK)
  • PBF Energy Inc. (PBF)
  • Delek US Holdings, Inc. (DK)
  • CVR Energy, Inc. (CVI)
SMC earnings history · SMC institutional & insider holders · SMC KPIs & operating metrics · SMC financials · SMC investor presentations & press releases · SMC SEC filings · SMC peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.