Forensic Analysis · Midstream Pipelines · as of Nov 10, 2026
Summit Midstream Corp (SMC)
A forensic read on Summit Midstream Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-0.1
Distress distance
Clean
Earnings quality
3
Forensic signals
-1.2%
ROE
30.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Summit Midstream Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.3%
FY2025
Return on invested capital.Return on invested capital is 3.3% in the latest fiscal year, close to the 4.4% of FY2024. After-tax operating profit was $97M in FY2024 and $73M in FY2025. The capital base behind it went from $2.2B in FY2024 to $2.2B in FY2025 (+1%), while the revenue it carried went from $430M to $562M.
+14.5%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +14% over the last 1 year to FY2025 (+14.5%/yr). The count is growing — 10.6M shares in FY2024, 12.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~14.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~13%.
1.4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.4% of revenue and 18% of free cash flow in FY2025 — about $0.64 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 14.5% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$562.1M
Revenue Growth YoY+30.8%
Net Margin-1.1%
Free Cash Flow$44.6M
Return on Equity-1.2%
Debt / Equity1.91x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Summit Midstream Corp's actual 10-K/10-Q/8-K filings?