SMCSummit Midstream Corporation
Is it safe?
Nothing alarming, nothing pristine: heavy debt (BB) and typical volatility.
Moderately leveraged. A rule of thumb on leverage, not a credit rating.
Moderate price swings, typical volatility. Worst drawdown -97% · now 7% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can SMC take a bad year?
Summit Midstream Corporation carries $1.22B of net debt at 15.8× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 15.8×
Net debt / EBITDA · 20.7× a year ago · the load is coming down
- Interest cover
- none
Interest cover · no operating profit to pay the interest bill from
- Annualised volatility
- 44%
Annualised volatility · roughly twice as jumpy as the market
Details›
- Total debtQ2 2026
- $1.24B
- Cash and short-term investments
- $21M
- Net debt
- $1.22B
- EBITDA, trailing twelve months
- $77M
- Operating profit, trailing twelve months
- −$32M
- Debt / equity
- 2.07×
- Total debt / EBITDA
- 16.1×
- Annualised volatilitytwo years of daily moves
- 44%
- Worst drawdown on file
- −97%
- Below its 52-week high
- 6.7%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Oil & Gas Midstream
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