Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
-0.1
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-1.5%
ROE
$601M
Market cap
34.77%
Dividend yield
Summit Midstream Corp earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -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
-0%Return on invested capital.Return on invested capital is -0% and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.7%/yrShare-count dilution.Diluted share count changed +17% over the last 2 years to FY2025 (+8.7%/yr). The count is GROWING — existing holders are being diluted. That's ~8.7% 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 FY2023 has been diluted ~17%.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 18% of free cash flow in FY2025 — about $0.64 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-1.1%
Debt / Equity1.91x
Free Cash Flow$44.6M
Latest Revenue$562.1M
Return on Equity-1.1%
Revenue Growth YoY+30.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Summit Midstream Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SMC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown