Summit Midstream Corporation (SMC) Balance Sheet
SMC balance sheet, 2025
December 31, 2025 · U.S. dollars$2.39B assets = $1.30B liabilities + $1.09B equity
Both columns are drawn to the same scale: what SMC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SMC financial health
Descriptive bands, not a rating. Fiscal 2025.
SMC balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.57B2019 | $2.39B2025 | −1.2%/yr | |
| Total liabilities | $5.5M2019 | $1.30B2025 | +148.3%/yr | |
| Shareholders’ equity | $599.2M2019 | $687.5M2025 | +2.3%/yr | |
| Cash & short-term investments | $9.5M2019 | $9.3M2025 | −0.5%/yr | |
| Total debt | $1.63B2019 | $1.05B2025 | −7.0%/yr | |
| Net cash (debt) | −$1.62B2019 | −$1.04B2025 | +$577.2M | |
| Working capital | $134.3M2019 | −$79.9M2025 | −$214.2M | |
| Book value per share | $109.122019 | $56.662025 | −10.3%/yr | |
| Current ratio | 25.222019 | 0.552025 | −24.67 | |
| Debt / equity | 2.722019 | 1.532025 | −1.19 | |
| Shares outstanding | 5.5M2019 | 12.1M2025 | +14.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SMC assets
SMC liabilities and equity
SMC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SMC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $9.3M | $22.8M | $14.0M | $11.8M | $7.3M | $15.5M | $9.5M |
| Cash & equivalents | $9.3M | $22.8M | $14.0M | $11.8M | $7.3M | $15.5M | $9.5M |
| Short-term investments | — | −$11.0M | — | — | — | — | — |
| Receivables | $69.8M | $77.1M | $76.3M | $75.3M | $62.1M | $61.9M | $97.4M |
| Inventory | $0 | $0 | $1 | $1.7M | $12.2M | $0 | $1 |
| Other current assets | $17.9M | $18.4M | $8.1M | $8.7M | $5.7M | $4.6M | $32.9M |
| Total current assets | $96.9M | $118.3M | $98.4M | $97.5M | $87.4M | $82.1M | $139.9M |
| Property, plant & equipment (net) | $1.84B | $1.79B | $1.71B | $1.73B | $1.73B | $1.82B | $1.88B |
| Goodwill & intangible assets | $153.6M | $154.3M | $175.6M | $198.7M | $172.9M | $199.6M | $232.3M |
| Long-term investments | $265.6M | $269.6M | $486.4M | $506.7M | $523.2M | $392.7M | $0 |
| Other non-current assets | $27.4M | $32.3M | $22.4M | $25.3M | $9.6M | $7.9M | $319.5M |
| Total assets | $2.39B | $2.36B | $2.49B | $2.56B | $2.52B | $2.50B | $2.57B |
| Liabilities | |||||||
| Accounts payable | $31.7M | $25.2M | $22.7M | $14.1M | $10.5M | $11.9M | $24.4M |
| Short-term debt | $24.2M | $16.6M | $19.7M | $13.5M | $1.4M | $2.9M | $5.5M |
| Deferred revenue | $10.1M | $9.6M | $10.2M | $9.1M | $10.4M | $10.0M | −$18.9M |
| Total current liabilities | $176.8M | $174.8M | $134.0M | $117.9M | $79.2M | $68.4M | $5.5M |
| Long-term debt | $1.03B | $978.6M | $1.46B | $1.48B | $1.36B | $1.35B | $0 |
| Other long-term liabilities | $97.2M | $241.0M | $60.6M | $78.1M | $77.5M | $71.5M | $1.67B |
| Total liabilities | $1.30B | $1.39B | $1.65B | $1.68B | $1.51B | $1.49B | $5.5M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $187,000 | $181,000 | $621.7M | $679.5M | $734.6M | $748.5M | $305.6M |
| Retained earnings (deficit) | −$202.9M | −$183.3M | — | — | — | — | — |
| Minority interest | $400.4M | $497.3M | — | — | — | — | — |
| Total shareholders' equity | $687.5M | $467.8M | $718.6M | $764.8M | $904.4M | $1.01B | $599.2M |
| Key figures | |||||||
| Total debt | $1.05B | $993.6M | $1.48B | $1.50B | $1.36B | $1.35B | $1.63B |
| Net cash (debt) | −$1.04B | −$970.8M | −$1.47B | −$1.49B | −$1.35B | −$1.34B | −$1.62B |
| Working capital | −$79.9M | −$56.5M | −$35.6M | −$20.3M | $8.1M | $13.7M | $134.3M |
| Tangible book value | $533.9M | $313.5M | $543.0M | $566.1M | $731.4M | $813.0M | $366.9M |
| Book value per share | $56.66 | $44.13 | $69.53 | $76.12 | $134.16 | $214.98 | $109.12 |
| Shares outstanding | 12.1M | 10.6M | 10.3M | 10.0M | 6.7M | 4.7M | 5.5M |
| Current ratio | 0.55 | 0.68 | 0.73 | 0.83 | 1.10 | 1.20 | 25.22 |
| Quick ratio | 0.45 | 0.57 | 0.67 | 0.74 | 0.88 | 1.13 | 19.28 |
| Debt / equity | 1.53 | 2.12 | 2.06 | 1.97 | 1.50 | 1.34 | 2.72 |
| Equity / assets | 28.8% | 19.8% | 28.8% | 29.9% | 35.9% | 40.5% | 23.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $21.0M | $49.5M | $9.3M | $28.4M | $20.9M | $29.6M | $22.8M | $17.8M | $156.0M | $344.6M | $14.0M | $18.9M |
| Cash & equivalents | $21.0M | $49.5M | $9.3M | $28.4M | $20.9M | $29.6M | $22.8M | $17.8M | $156.0M | $344.6M | $14.0M | $18.9M |
| Short-term investments | — | — | — | — | — | — | −$11.0M | — | — | — | — | — |
| Receivables | $87.2M | $74.2M | $69.8M | $80.1M | $84.6M | $83.9M | $77.1M | $60.6M | $56.0M | $66.6M | $76.3M | $78.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $3.5M | $2.6M | $1.8M |
| Other current assets | $16.3M | $6.3M | $17.9M | $3.6M | $10.6M | $6.2M | $18.4M | $135.6M | $9.4M | $5.9M | $5.5M | $1.4M |
| Total current assets | $124.5M | $130.0M | $96.9M | $112.2M | $116.1M | $119.8M | $118.3M | $214.0M | $221.4M | $420.6M | $98.4M | $101.0M |
| Property, plant & equipment (net) | $1.84B | $1.84B | $1.84B | $1.85B | $1.85B | $1.85B | $1.79B | $1.35B | $1.37B | $1.45B | $1.71B | $1.70B |
| Goodwill & intangible assets | $149.5M | $150.9M | $153.6M | $156.9M | $160.0M | $163.2M | $154.3M | $140.0M | $143.7M | $147.3M | $175.6M | $182.2M |
| Long-term investments | $267.6M | $263.2M | $265.6M | $267.5M | $268.3M | $270.2M | $269.6M | $269.9M | $0 | $273.5M | $486.4M | $491.7M |
| Other non-current assets | $26.5M | $25.9M | $27.4M | $26.6M | $25.5M | $28.6M | $32.3M | $24.4M | $301.2M | $31.8M | $22.4M | $39.1M |
| Total assets | $2.41B | $2.41B | $2.39B | $2.41B | $2.42B | $2.43B | $2.36B | $2.00B | $2.03B | $2.32B | $2.49B | $2.51B |
| Liabilities | ||||||||||||
| Accounts payable | $21.4M | $27.6M | $31.7M | $36.3M | $30.9M | $31.9M | $25.2M | $12.9M | $19.1M | $18.1M | $22.7M | $15.5M |
| Short-term debt | $1.4M | $850,000 | $24.2M | $16.9M | $16.8M | $16.7M | $16.6M | $130.5M | $65.7M | $29.1M | $19.7M | $14.3M |
| Deferred revenue | $8.0M | $9.1M | $10.1M | $8.9M | $9.8M | $9.8M | $9.6M | $9.5M | $8.3M | $8.9M | $10.2M | $11.3M |
| Total current liabilities | $131.9M | $108.2M | $176.8M | $147.4M | $157.4M | $150.6M | $174.8M | $231.0M | $166.6M | $159.5M | $134.0M | $142.6M |
| Long-term debt | $1.24B | $1.26B | $1.02B | $1.07B | $1.06B | $1.07B | $977.0M | $826.5M | $0 | $1.13B | $1.46B | $1.44B |
| Other long-term liabilities | $118.7M | $118.3M | $98.6M | $104.0M | $248.0M | $113.5M | $242.6M | $158.9M | $914.2M | $58.3M | $61.8M | $67.5M |
| Total liabilities | $1.49B | $1.49B | $1.30B | $1.32B | $1.46B | $1.33B | $1.39B | $1.22B | $1.08B | $1.35B | $1.65B | $1.65B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $201,000 | $201,000 | $187,000 | $187,000 | $187,000 | $187,000 | $181,000 | $106,000 | $719.6M | $748.5M | $621.7M | $642.2M |
| Retained earnings (deficit) | −$206.6M | −$208.2M | −$202.9M | −$194.8M | −$193.2M | −$185.2M | −$183.3M | −$157.8M | — | — | — | — |
| Minority interest | $320.5M | $319.2M | $400.4M | $406.1M | $407.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $598.4M | $595.8M | $687.5M | $691.0M | $552.0M | $693.1M | $467.8M | $651.5M | $823.1M | $848.6M | $718.6M | $736.0M |
| Key figures | ||||||||||||
| Total debt | $1.24B | $1.27B | $1.05B | $1.08B | $1.08B | $1.08B | $993.6M | $957.0M | $927.4M | $1.16B | $1.48B | $1.46B |
| Net cash (debt) | −$1.22B | −$1.22B | −$1.04B | −$1.05B | −$1.05B | −$1.05B | −$970.8M | −$939.1M | −$771.4M | −$811.8M | −$1.47B | −$1.44B |
| Working capital | −$7.4M | $21.8M | −$79.9M | −$35.3M | −$41.3M | −$30.8M | −$56.5M | −$17.0M | $54.8M | $261.0M | −$35.6M | −$41.6M |
| Tangible book value | $448.9M | $444.9M | $533.9M | $534.1M | $391.9M | $529.9M | $313.5M | $511.5M | $679.3M | $701.3M | $543.0M | $553.8M |
| Book value per share | $42.60 | $48.33 | $56.66 | $56.38 | $45.09 | $58.90 | $43.92 | $61.18 | $77.29 | $77.29 | $69.25 | $70.93 |
| Shares outstanding | 14.0M | 12.3M | 12.1M | 12.3M | 12.2M | 11.8M | 10.7M | 10.6M | 10.6M | 11.0M | 10.4M | 10.4M |
| Current ratio | 0.94 | 1.20 | 0.55 | 0.76 | 0.74 | 0.80 | 0.68 | 0.93 | 1.33 | 2.64 | 0.73 | 0.71 |
| Quick ratio | 0.82 | 1.14 | 0.45 | 0.74 | 0.67 | 0.75 | 0.57 | 0.34 | 1.27 | 2.58 | 0.67 | 0.69 |
| Debt / equity | 2.07 | 2.12 | 1.53 | 1.57 | 1.95 | 1.56 | 2.12 | 1.47 | 1.13 | 1.36 | 2.06 | 1.98 |
| Equity / assets | 24.9% | 24.8% | 28.8% | 28.6% | 22.8% | 28.5% | 19.8% | 32.6% | 40.5% | 36.6% | 28.8% | 29.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
SMC financial position
At the end of fiscal 2025 (December 31, 2025), Summit Midstream had total assets of $2.4 billion (up 1.2% from a year earlier), total liabilities of $1.3 billion and shareholders' equity of $687.5 million. It held $9.3 million in cash and short-term investments against $1.1 billion of debt, net debt of $1.0 billion. Its current ratio was 0.55. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity $598.4 million.
Related: SMC income statement, SMC cash flow statement, SMC key metrics. See the SMC stock overview for the latest quote and news.
SMC balance sheet FAQ
What are Summit Midstream's total assets?
Summit Midstream reported total assets of $2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.4 billion a year earlier.
How much debt does Summit Midstream have?
Summit Midstream had $1.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.53.
How much cash does Summit Midstream have?
Summit Midstream held $9.3 million in cash and short-term investments at the end of fiscal 2025; with $1.1 billion of debt that is net debt of $1.0 billion.
What is Summit Midstream's book value?
Summit Midstream's shareholders' equity (book value) was $687.5 million at the end of fiscal 2025, or $56.66 per share.
What is Summit Midstream's current ratio?
Summit Midstream had current assets of $96.9 million and current liabilities of $176.8 million, a current ratio of 0.55 (current liabilities exceed current assets).
How much goodwill does Summit Midstream have?
Summit Midstream carried $153.6 million of goodwill and intangible assets, 6.4% of total assets, at the end of fiscal 2025.