Summit Midstream Corp. (SMC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+748.4%

$252.22

vs $29.73 price

Levered DCF

$114.96

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.43

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-16.57×	-2.96×	-6.04×	-2.91×	-5.62×	0.5×	-0.95×
P/B	0.47×	0.86×	0.53×	0.49×	0.28×	0.13×	0.34×
P/S	0.58×	0.93×	0.83×	1×	0.62×	0.35×	0.46×
EV / EBITDA	6.59×	5.47×	8.2×	22.95×	8.55×	3.92×	7.88×
Gross margin	26.6%	26.3%	26.8%	24.2%	61.1%	37.2%	63.5%
Operating margin	15.8%	13.4%	17.6%	12.1%	46.4%	18.1%	27.0%
Net margin	-0.3%	-26.3%	-8.5%	-33.4%	-5.0%	50.2%	-47.9%
Current ratio	0.55×	0.68×	0.73×	0.83×	1.1×	1.2×	25.22×
Debt / equity	1.53×	2.12×	2.06×	1.97×	1.5×	1.34×	2.72×
Interest coverage	0.94×	0.5×	0.57×	0.44×	2.82×	0.88×	1.31×
Dividend yield	4.1%	1.6%	1.7%	0.9%	0.0%	5.1%	73.6%
Payout ratio	-702.7%	-5.8%	-16.7%	-2.6%	0.0%	3.5%	-70.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.3%	-24.2%	-5.4%	-16.1%	-2.2%	19.0%	-35.6%
Return on invested capital	3.1%	-8.8%	3.4%	1.8%	7.6%	2.8%	4.7%
Return on assets	-0.1%	-4.8%	-1.6%	-4.8%	-0.8%	7.7%	-8.3%
Free cash flow yield	13.8%	2.0%	15.2%	18.4%	56.3%	117.2%	-10.1%
Earnings yield	-0.6%	-28.3%	-10.2%	-33.3%	-8.0%	145.0%	-105.0%
Enterprise value	$1.4B	$1.4B	$1.9B	$1.9B	$1.6B	$1.5B	$1.8B
Net debt / EBITDA	5.03×	3.87×	6.51×	18.38×	7.22×	3.56×	7×
Cash conversion cycle (days)	17	36	36	56	32	41	25