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 11% 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 · S&P 500 16% · about 3 times the market's own swing
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
- 11%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
The balance sheet
What it owes against what it owns, and how close that comes to trouble.
How far can it fall?
How much the price moves, how deep and how long its falls have run, and what each unit of risk has paid.
Oil & Gas Midstream
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