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what it is
Summit Midstream gets paid to gather, process, and move oil, gas, and wastewater across five shale basins.
how it gets paid
Last year Summit Midstream made $430M in revenue. Natural gas gathering was the main engine at $256M, or 60% of sales.
what just happened
Revenue hit $420M, but EPS still came in at a loss of $0.95.
At a glance
C balance sheet — red flag territory — real financial stress
5/100 earnings predictability — expect surprises
1.4% return on capital — nothing to write home about
-$0.95 fy2025 eps est
$3M fy2024 rev est
xvary composite: 19/100 — weak
What they do
Summit Midstream gets paid to gather, process, and move oil, gas, and wastewater across five shale basins.
Its pipes are already sitting in five shale basins, and replacing that steel is expensive. The company serves customers under mostly long-term, fee-based contracts, which means fixed payments → steadier cash flow → less direct exposure to daily commodity swings. You care because 272 employees run infrastructure tied to North Dakota, Colorado, Texas, Oklahoma, and Colorado again through assets that are hard to duplicate quickly.
How they make money
$430M
annual revenue
Natural gas gathering
$256M
+27.3%
Crude oil gathering
$86M
0.0%
Produced water gathering
$43M
0.0%
Processing services
$30M
0.0%
Transportation and other fees
$15M
0.0%
The products that matter
gathers and moves natural gas
Natural Gas Gathering
$255.7M · 45.5% of revenue
it generated $255.7M in 2025 revenue and grew 27% from the prior year, making it the clearest operating bright spot on the page.
growth driver
crude, water, and other midstream services
Crude Oil & Other
$306.4M · 54.5% of revenue
this bucket produced the larger share of the company’s $562.1M total revenue. that matters because SMC is not a one-segment story, even if the disclosure here is still thin.
majority of sales
new well hookups and expansion capex
2026 connection plan
116–126 wells · $50M–$70M capex
management plans to connect 116–126 new wells in 2026 while spending roughly $60M at the midpoint. that's the growth bet, and it has to translate into higher volumes fast.
execution watch
Key numbers
2,026.0%
operating margin
Operating margin → profit after running the business → so what: this figure is distorted enough that you should treat it as an accounting flare, not proof of a great business.
$1.1B
long-term debt
Debt is nearly 1.9 times the roughly $569 million market cap, which tells you creditors matter more than equity cheerleaders here.
1.4%
return on capital
Return on capital → profit from invested money → so what: 1.4% is weak for an asset-heavy operator that needs constant spending.
15/100
price stability
A 15 out of 100 price stability score says the stock trades more like a stress test than a sleep-at-night holding.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 15 / 100
- long-term debt $1.1B (65% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for SMC right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $420M, but EPS still came in at a loss of $0.95.
Revenue jumped against a small base, but the business still failed to turn that into earnings. That matches a pattern of ugly quarterly EPS swings, including negative $19.25 in Q3 2024.
$420M
revenue
-$0.95
eps
46.4%
gross margin
the number that mattered
The number that mattered was the $0.95 per-share loss, because higher revenue did not fix the core profit problem.
source: company earnings report, 2026
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What could go wrong
the #1 risk is $1.1B of long-term debt on a $569M equity value — this is a leverage story before it is a growth story.
high
debt load outruns equity cushion
long-term debt is $1.1B, versus a market cap of about $569M. that gap means a bad operating year does not have much room to stay “just a bad year.”
65% of capital is debt.
med
producer activity has to stay healthy
SMC expects 116–126 new well connections in 2026. if customers slow drilling, gathered volumes fall and the EBITDA target starts looking optimistic fast.
2026 plan is tied to connection pace.
med
capex must earn more than it costs
management plans $50M–$70M of 2026 capex. with return on capital at 1.4%, the burden of proof is obvious — new spending has to improve returns, not just maintain the footprint.
midpoint spend is about $60M.
low
disclosure is thin in the segment mix
we know natural gas gathering did $255.7M and the rest did $306.4M. we do not get much cleaner segmentation on this page, which makes it harder for you to judge where the real earnings power sits.
thin disclosure raises analysis risk.
if 2026 EBITDA lands near the low end of $225M–$265M and new well activity softens, the leverage story stops being uncomfortable and starts being the whole story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
financials
2026 EBITDA versus the $225M–$265M guide
this is the scorecard. if quarterly EBITDA drifts toward the low end, leverage becomes harder to ignore and the equity case gets thinner.
operations
well connection pace
management expects 116–126 new connections in 2026. you want that number moving on schedule because pipes without volumes are just steel with maintenance costs.
capital spending
whether $50M–$70M of capex shows up in throughput
the midpoint is about $60M. watch the lag between spending and actual volume growth, because this company does not have spare balance-sheet room for slow paybacks.
balance sheet
any sign the debt burden is easing
$1.1B of long-term debt against a $569M market cap is the kind of math you keep checking. if the debt story does not improve, the operating wins matter less.
Analyst rankings
earnings predictability
5 / 100
earnings are hard to model here. in human-speak: expect uneven results, guidance risk, and a stock that reacts hard when numbers miss.
price stability
15 / 100
the shares have not behaved like a steady income vehicle. this has traded more like a stressed small-cap cyclical.
balance sheet strength
C
C is not a nuance grade. it means leverage is already part of the thesis, not a footnote to it.
source: institutional data
Institutional activity
institutional ownership data for SMC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$29
current price
n/a
target midpoint · n/a from current
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