Summit Midstream Corp
SMC · Natural Gas Transmission · 10.6M shares · EDGAR filings ↗
Grade
D50Fast-growing gas-transmission name undermined by a net loss, high leverage and weak liquidity.
Strengths
- Top-percentile revenue growth (+30.8%, 100th pct) and high gross margin (73.5%, 83.6th pct)
- Positive free cash flow and solid OCF margin (23.8%)
Risks
- Net loss (net margin -1.1%, 12.5th pct), negative ROE/ROA and a 95% earnings decline
- Elevated leverage (D/E 1.88, 87.5th pct) and weak current ratio (0.55, 18.8th pct)
Notable findings
- Net lossNet loss (net margin -1.1%)
- Weak liquidityCurrent ratio 0.55 (<1)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
73.5%
Net margin
-1.1%
Return on equity
-1.1%
Return on assets
-0.2%
Revenue growth (QoQ)
-2.2%
Debt / equity
1.9×
Current ratio
0.5×
Free cash flow
$45M
Tangible book value
$393M
Cash & investments
$9M
Stock comp / revenue
1.4%
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-08 | 0002024218-26-000081 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0002024218-26-000078 ↗ |
| 8-K | 2026-05-12 | 2026-05-07 | 0002024218-26-000072 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0002024218-26-000070 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0002024218-26-000069 ↗ |
| 8-K | 2026-04-02 | 2026-03-31 | 0002024218-26-000062 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0002024218-26-000017 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0002024218-26-000016 ↗ |
| 8-K | 2025-12-29 | 2025-12-23 | 0002024218-25-000071 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0002024218-25-000069 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0002024218-25-000068 ↗ |
| 8-K | 2025-08-12 | 2025-08-12 | 0002024218-25-000063 ↗ |