Summit Midstream Corp
SMCAbout the company
Summit Midstream Corporation owns, develops, and operates midstream energy infrastructure assets primarily shale formations in the continental United States. It operates through Rockies, Permian, Piceance, Mid-Con, and Northeast segments. The company owns, develops, and operates natural gas, crude oil, produced water gathering systems, and transmission pipelines.
Investment snapshot
Positive
1
BUY / PASS
Neutral / negative
1 / 14
NEUTRAL / FAIL
Median fair value
$50.80
+65.5% vs price
Models with upside
3 / 17
Positive margin of safety
Strongest signal
8 of 10 pass โ Pabrai and Oshaughnessy object
Key risk
All 12 investors flag SMC's debt & leverage
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL ยท Rank #1355 (Top 43.8%) | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ | Checking accessโฆ |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||
| Margin of Safety | N/A | -64.3% | N/A | -32.1% | N/A | N/A | +49.0% | +39.6% | N/A | N/A | +71.3% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 ยท Balance sheet at 2026-09-30 ยท Annual history ยท FY 2025 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท Balance sheet at 2026-09-30 ยท TTM ended 2026-09-30 vs 2025-09-30 ยท TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 Latest source filing: 2026-03-16 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท TTM ended 2026-09-30 ยท Balance sheet at 2026-09-30 ยท Market data at 2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Qualitative assessment ยท Annual history ยท FY 2025 ยท Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Qualitative assessment ยท Annual history ยท FY 2025 Latest source filing: 2026-03-16 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท Qualitative assessment ยท TTM ended 2026-09-30 ยท Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท TTM ended 2026-09-30 ยท Qualitative assessment Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท TTM ended 2026-09-30 ยท Balance sheet at 2026-09-30 ยท Market data at 2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท Price history 2025-01-01โ2026-11-01 ยท Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท Qualitative assessment Latest source filing: 2026-03-16 Score computed: 2026-11-14 | TTM ended 2026-09-30 ยท Balance sheet at 2026-09-30 ยท Price history 2025-01-01โ2026-11-01 ยท Annual history ยท FY 2025 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history ยท FY 2025 ยท Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | TTM ended 2026-09-30 ยท Annual history ยท FY 2025 ยท Price history 2025-01-01โ2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14 |
Where It Passes
- Cash Flow80% passโ 10โ 2โพ
8 of 10 pass โ Pabrai and Oshaughnessy object
Free Cash Flow Proxy$19.2MโBuffettPositive and growingFCF Positive and Growing$25.4MโLynchPositive and growingOperating Cash Flow$133.6MโPiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=5.60%, ROA=-0.25%โPiotroskiCFO/Assets > ROAPrice / (CFO / Shares)2.8xโDreman< 8xP/E or FCF YieldFCF Yield=7.2%โPabraiP/E < 15 or FCF Yield > 10%FCF Positive3/3 years FCF positiveโMarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap6.8%โAckman>= 4%Price / FCF per Share8.4xโAckman<= 25Positive Operating Cash Flow frequency3/3 years positiveโSleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$25.4MโNeff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+4.10%; #1772/4519 (top 39.2%)โOshaughnessyTop 10% of eligible cross-section - Valuation models60% passโ 3โ 2โพ
Models split on SMC at $30.69 โ fair values range $18.68โ$107.09
Buffett fair value$18.68โBuffett-64.3% margin vs $30.69Greenblatt fair value$23.24โGreenblatt-32.1% margin vs $30.69Munger fair value$60.18โMunger+49.0% margin vs $30.69Pabrai fair value$50.80โPabrai+39.6% margin vs $30.69Ackman fair value$107.09โAckman+71.3% margin vs $30.69
Where It Falls Short
- Debt & Leverage0% passโ 15โพ
All 12 investors flag SMC's debt & leverage
LT Debt vs Net Current AssetsLT Debt $1.2B vs NCA $29.4MโGrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 2.05, IC: 1.1xโBuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity2.05โLynch< 0.33Cash - Long-term Debt$-1.2BโLynchPositive preferredLT Debt / Total Assets Change41.41% -> 42.90%โPiotroskiDecreased YoYCurrent Assets / Current Liabilities1.25โDreman> 1.5โSchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity2.05โDreman< 0.8โTempleton< 1.0 (fixed cap; proxy for below-sector-median leverage)โSchlossD/E < 1.00xDebt Levels2.05โMungerDebt/Equity < 0.5โAkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=1.1x, D/EBITDA=5.6xโMarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity2.05โAckman<= 1.0Negative debt-to-equity (higher means less debt)-2.0530; #3796/4210 (top 90.2%)โAsnessTop 30% of eligible cross-section - Growth0% passโ 2โ 11โพ
No clean pass โ all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)โGraham>= 33% growthBasic earnings-growth PEG (dividends excluded)โLynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGRโLynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)โLynchInventory growth < Revenue growthEPS Growth DirectionโDremanPositive over recent yearsEPS CAGRโDreman> 5% annualizedPositive Net Income Frequency0/3 years positiveโMarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth12.2%โAckman>= 5%Positive EPS Growth FrequencyโAckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGRโTempleton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 75.5% -> 73.5%, operating margin 16.7% -> 12.9%โSleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGRโSleepCAGR > 7%3-5 Year Diluted EPS CAGRโNeff7%-20% annualized - Efficiency0% passโ 1โ 10โพ
No clean pass โ all 8 investors flag at least one efficiency criterion
Current Ratio1.25โGraham>= 2.0ROIC (3-5 yr avg)1.4%โBuffett> 10%ROIC - WACC-8.6%โBuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)6.4%โGreenblatt> 25%Current Ratio Change YoY0.68 -> 0.55โPiotroskiIncreased YoYRevenue / Total Assets Change YoY0.18x -> 0.24xโPiotroskiImproved YoYCurrent Assets / Current Liabilities1.25โDreman> 1.5Return on Invested Capital3.6%โMunger> 15%ROIC (high and growing)FY2023: ROIC=2.8%; FY2024: ROIC=-2.3%; FY2025: ROIC=3.6%โAkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)โAkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/3 years above 12% (latest 3.6%)โSleepROIC > 12% in a majority of years - Profitability6% passโ 6โ 29โพ
15 of 16 flag SMC's profitability โ Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/4 years positiveโGrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)โGraham>= 33% growthNet Income Positive (10+ years)0/4 years positiveโBuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-11.5%โBuffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)โBuffettStable or rising over 10 yearsFree Cash Flow Proxy$19.2MโBuffettPositive and growingEarnings Variance (10-yr CoV)โBuffettCoV < 0.3Retained Earnings EffectivenessโBuffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)โLynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGRโLynch15-30% (Fast Grower); > 0% to passROE1.7%โLynch> 15%EBIT / Enterprise Value6.3%โGreenblatt> 10%Earnings Yield + ROC AssessmentEY=6.3%, ROC=6.4%โGreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-0.25%โPiotroskiROA > 0ROA Change YoY-5.18% -> -0.25% (delta: +4.93%)โPiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=5.60%, ROA=-0.25%โPiotroskiCFO/Assets > ROAGross Margin Change YoY73.2% -> 73.5%โPiotroskiImproved YoYPre-Tax Income / Revenue2.1%โDreman>= 8%Net Income / Shareholders' Equity1.7%โDreman> 12%Margin of SafetyP/B=0.7xโPabraiP/B < 1.5 or P/E < 15Return on Equity-11.5% (3-yr avg)โAkreROE > 20% (3-year avg)Discount to Intrinsic ValueโMarks>= 20% below intrinsic valuePositive Net Income Frequency0/3 years positiveโMarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue12.9%โAckman>= 15%Net Income / Shareholders Equity1.7%โAckman>= 15%5-Year EPS CAGRโTempleton> 0% (5-year EPS CAGR)Operating Margin Trend16.7% (2023) -> 12.9% (2025)โTempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 75.5% -> 73.5%, operating margin 16.7% -> 12.9%โSleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+1.63%; #2820/6340 (top 44.5%)โAsnessTop 30% of eligible cross-sectionโOshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+17.30%; #2255/3702 (top 60.9%)โAsnessTop 30% of eligible cross-sectionNet income / positive book equity+1.66%; #2791/5226 (top 53.4%)โAsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0204; #1453/5884 (top 24.7%)โAsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGRโNeff7%-20% annualizedPositive Diluted-EPS YearsโSchloss>= 70% positive over 5-10 observed years (app rule) - Verdicts6% passโ 1โ 15โพ
Split decision: 14 FAIL ยท 1 PASS ยท 1 NEUTRAL
Overall verdictโGrahamFAIL (2/9)โBuffettFAIL (1/9)โLynchFAIL (2/7)โGreenblattRank #1355โPiotroskiPASS (F-Score 5)โDremanFAIL (2/11)โMungerFAIL (1/4)โPabraiFAIL (1/3)โAkreFAIL (0/6)โMarksFAIL (2/5)โAckmanFAIL (3/9)โTempletonFAIL (2/8)โSleepFAIL (1/6)โAsnessFAIL (Rank #970/2370 (Top 40.9%))โNeffFAIL (1/6)โSchlossFAIL (2/7)โขOshaughnessyNEUTRAL (Not ranked) - Valuation15% passโ 10โ 18โพ
11 of 13 flag SMC's valuation โ Graham, Lynch, Greenblatt +8 more
Price / 3-yr avg EPSโGraham<= 15xPrice-to-Book Ratio0.7xโGraham<= 1.5xP/E x P/BโGraham<= 22.5Basic earnings-growth PEG (dividends excluded)โLynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value6.3%โGreenblatt> 10%Earnings Yield + ROC AssessmentEY=6.3%, ROC=6.4%โGreenblattBoth EY > 10% and ROC > 25%Price / EPSโDreman< 12xโTempleton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)2.8xโDreman< 8xPrice / Book Value per Share0.7xโDreman< 1.2xโTempleton< 1.5xโSchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=5.2%โMungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=7.2%โPabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=0.7xโMarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueโMarks>= 20% below intrinsic valuePrice / FCF per Share8.4xโAckman<= 25Price vs. Trailing Low149% of trailing low ($20.54)โTempleton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+1.63%; #2820/6340 (top 44.5%)โAsnessTop 30% of eligible cross-sectionโOshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.9825; #1519/6449 (top 23.6%)โAsnessTop 30% of eligible cross-sectionPrice / Diluted EPSโNeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/EโNeff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share0.95xโSchlossP/TBV <= 1.00x (app cutoff)Book Value per Share ChangeโSchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.9992; #1776/5247 (top 33.8%)โOshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+4.10%; #1772/4519 (top 39.2%)โOshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+6.64%; #2050/6202 (top 33.1%)โOshaughnessyTop 10% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 14.5% of shares last year, 16.9% issued over two.
- Buybacks
- โ
- Dividends
- โ
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycleโs quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM ยท 2026-09-30 2025-10-01 โ 2026-09-30 Sources ยท derived quarter valuesDerived from cumulative filings: revenue, net income, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, buybacks. | Q3 FY 2026 2026-07-01 โ 2026-09-30 Sources ยท derived quarter valuesDerived from cumulative filings: operating cash flow, capex, buybacks. | Q2 FY 2026 2026-04-01 โ 2026-06-30 Sources ยท derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q1 FY 2026 2026-01-01 โ 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
|
|---|---|---|---|---|---|---|---|---|
| Market Cap | $620.0Mcurrent | -- | -- | -- | $348.3Mest. | $440.3Mest. | $168.4Mest. | -- |
| Revenue | $619.5Mโ18% | $183.0Mโ25% | $155.0Mโ11% | $139.1Mโ5% | $562.1Mโ31% | $429.6Mโ6% | $458.9M | -- |
| Operating Income | -- | -- | -- | -- | $72.4Mโ273% | -$41.9Mโ155% | $76.6M | -- |
| Net Income | $10.1Mโ134% | $8.2Mโ622% | $1.6Mโ120% | -$5.3Mโ361% | -$5.9Mโ95% | -$122.2Mโ137% | -$51.5M | -- |
| EPS (Diluted) | -- | $0.58โ546% | $0.11โ117% | $-0.43โ169% | $-1.61โ87% | $-12.78โ109% | $-6.11 | -- |
| Gross Margin | โ | โ | โ | โ | 73.5% | 73.2%โ3% | 75.5% | โ |
| Operating Margin | โ | โ | โ | โ | 12.9%โ232% | -9.8%โ158% | 16.7% | โ |
| ROE | 1.7%โ131% | โ | โ | โ | -1.1%โ96% | -26.1%โ264% | -7.2% | โ |
| Total Debt | $1.3Bโ16% | $1.3Bโ16% | $1.2Bโ15% | $1.3Bโ17% | $1.0Bโ5% | $993.6Mโ32% | $1.5B | -- |
| Shareholders' Equity | $609.1Mโ10% | $609.1Mโ10% | $598.4Mโ8% | $595.8Mโ7% | $546.2Mโ17% | $467.8Mโ35% | $718.6Mโ6% | $764.8M |
| Current Ratio | 1.25โ65% | 1.25โ65% | 0.94โ28% | 1.20โ51% | 0.55โ19% | 0.68โ8% | 0.73 | โ |
| Debt / Equity | 2.05โ5% | 2.05โ5% | 2.07โ6% | 2.12โ9% | 1.91โ10% | 2.12โ4% | 2.05 | โ |
| Operating Cash Flow | $110.0Mโ8% | $5.5Mโ79% | $43.9Mโ18% | $6.9Mโ57% | $133.6Mโ116% | $61.8Mโ51% | $126.9M | -- |
| Free Cash Flow | $25.4Mโ60% | -$15.7Mโ517% | $18.9Mโ75% | -$12.4Mโ171% | $44.6Mโ446% | $8.2Mโ86% | $58.0M | -- |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Utilities
SMC vs Peers โ Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SOUTHERN COSO | $109.0B | $93.59 | $29.6B | $4.3B | 12.1% | 2.00 | 24.7% | 0.65 | 2/9 | 2/9 | 2/7 | 0/3 | F-Score 5 | 3/11 |
| AMERICAN ELECTRIC POWER CO INCAEP | $70.3B | $129.18 | $21.9B | $3.7B | 11.9% | 1.52 | 24.3% | 0.45 | 4/9 | 3/9 | 2/7 | 0/3 | F-Score 5 | 3/11 |
| Cheniere Energy, Inc.LNG | $63.0B | $308.75 | $20.0B | $5.3B | 67.3% | 2.88 | 45.6% | 0.94 | 2/9 | 4/9 | 4/7 | 0/3 | F-Score 8 | 3/11 |
| DOMINION ENERGY, INCD | $59.5B | $67.66 | $16.5B | $3.0B | 10.3% | 1.60 | 26.7% | 0.77 | 2/9 | 0/9 | 1/7 | 0/3 | F-Score 6 | 3/11 |
| ATMOS ENERGY CORPATO | $29.8B | $176.30 | $4.7B | $1.2B | 8.8% | 0.66 | 33.2% | 0.77 | 3/9 | 3/9 | 2/7 | 0/3 | F-Score 6 | 3/11 |
| EVERSOURCE ENERGYES | $27.0B | $71.73 | $13.5B | $1.7B | 10.5% | 1.75 | 22.1% | 0.65 | 2/9 | 2/9 | 2/7 | 0/3 | F-Score 6 | 4/11 |
| PPL CorpPPL | $26.9B | $35.67 | $9.0B | $1.2B | 7.9% | 1.27 | 23.5% | 0.86 | 2/9 | 0/9 | 0/7 | 0/3 | F-Score 5 | 2/11 |
| ALLIANT ENERGY CORPLNT | $19.0B | $73.43 | $4.4B | $810.0M | 11.0% | 1.64 | 23.5% | 0.80 | 2/9 | 2/9 | 2/7 | 0/3 | F-Score 6 | 2/11 |