Summit Midstream Corporation — Earnings Quality Grade F
SMC · Energy
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 45 days, change -20 days YoY
AR growth -9.5% vs revenue growth 30.8%
Revenue 30.8%, CFFO 116.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 66.1% is >2x revenue growth 30.8%
SG&A/Gross Profit = 40.8%. Normal
Gross margin 26.6%, change +0.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -23.38
Accruals ratio = -5.7%. Low accruals
Cash $0.0B covers only 1% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 28% of equity. Manageable
Debt/EBITDA = 5.0x (>4x). Interest coverage = 0.9x (<2x). Financial stress
Other assets -15.3% vs revenue 30.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -0% YoY. Normal
Manipulation Score
M-Score = -2.77 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25