Summit Midstream Partners, LP Financial Ratios — SMLP Stock

Profitability (USD)

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	7.37	1.68	2.96	-1.15	-7.04	-1.3	2.85	1.43	-6.59	7.58	-0.79	-4.86	-1.54
Return on Capital (%)	- -	23.41	10.99	15.92	- -	- -	- -	13.24	8.84	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	8.87	5.71	5.29	- -	- -	- -	6.85	5.75	- -	- -	- -	- -	- -
Gross Margin (%)	57.77	60.19	46.23	33.35	33.32	42.21	41.6	45.45	38.49	38.56	37.2	31.3	24.23	26.79
EBITDA Margin (%)	39	54.59	54.65	45.51	44.57	51.94	56.57	57.77	49.13	51.1	49.1	46.73	44.54	44.56
Operating Margin (%)	26.09	43.32	33.52	23.38	20.85	25.5	28.57	34.26	28.05	25.94	18.05	16.78	12.07	17.61
Incremental Operating Margin (%)	- -	50.91	19.2	11.54	7.94	160.01	709.7	60.79	-141.41	42.88	76.35	-11.61	72.88	40.51
Pretax Margin (%)	26.19	37.32	25.04	16.55	-7.7	-53.99	-1.93	18.13	10.51	-12.32	46.33	-7.03	-38.22	-15.79
Profit Margin (%)	25.55	36.65	10.1	13.46	-6.2	-47.99	-10.17	17.53	8.33	-41.59	50.16	-4.98	-33.4	-8.49
Net Income to Common Margin (%)	25.55	36.65	9.9	13.15	-7	-48.83	-11.97	14.72	0.85	-48.03	68.58	-11.05	-34.55	-13.75
Effective Tax Rate (%)	1.49	1.8	1.56	1.36	- -	- -	- -	0.38	0.06	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	-0.83	172.12	-235.87	-65.89	-352.48	230.86	3,696.25	-19.11	27.55	54.96	0.75	27.95
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Total Debt	- -	350	199	586	808	1,267	1,240	1,051	1,258	1,628	1,347	1,355	1,490	1,471
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	- -	- -	11	16
LT Debt	- -	350	199	586	808	1,267	1,240	1,051	1,258	1,622	1,347	1,355	1,480	1,455
Total Debt/EBITDA	- -	6.19	2.09	3.98	4.68	6.09	5.45	3.72	5.05	7.18	7.16	7.24	9.05	7.19
Net Debt/EBITDA	- -	5.92	2.01	3.84	4.53	5.99	5.42	3.72	5.04	7.14	7.07	7.2	8.98	7.12
Total Debt/EBIT	- -	7.8	3.41	7.74	10.01	12.41	10.79	6.28	8.85	14.15	19.46	20.16	33.4	18.2
Net Debt/EBIT	- -	7.46	3.27	7.47	9.68	12.19	10.72	6.27	8.82	14.06	19.24	20.05	33.14	18.03
EBITDA to Interest Expense	- -	18.51	7.47	7.68	3.55	3.52	3.57	4.14	4.11	2.46	2.39	2.83	1.61	1.45
EBITDA-CapEx/Interest Expense	- -	-174.5	7.47	-13.7	-2.95	-1.36	-2.07	4.14	4.11	2.46	2.39	2.83	1.61	1.45
EBIT to Interest Expense	- -	14.69	4.58	3.95	1.66	1.73	1.8	2.46	2.35	1.25	0.88	1.02	0.44	0.57
Interest Expense	- -	3	13	19	49	59	64	68	61	92	79	66	102	141
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	54.6	24.32	48.76	59.78	72.53	106.04	75.64	102.99	206.6	145.99	149.84	193.49	202.51
Long-Term Debt/Capital (%)	- -	100	100	100	100	100	99.1	98.98	100	89.44	100	100	99.3	98.94
Long-Term Debt/Total Assets (%)	- -	33.96	18.73	31.11	35.23	40.04	39.81	36.31	41.64	63.02	53.9	53.72	57.81	58.34
Total Debt/Equity (%)	- -	54.6	24.32	48.76	59.78	72.53	106.04	75.64	102.99	207.3	145.99	149.84	194.86	204.67
Total Debt/Capital (%)	- -	100	100	100	100	100	99.1	98.98	100	89.74	100	100	100	100
Total Debt/Total Assets (%)	- -	33.96	18.73	31.11	35.23	40.04	39.81	36.31	41.64	63.24	53.9	53.72	58.22	58.96
Net Debt to Equity	- -	52.19	23.35	47.07	57.81	71.28	105.4	75.54	102.63	206.09	144.31	149.02	193.32	202.72
Net Debt/Capital (%)	- -	100	100	100	100	100	99.1	98.98	100	89.69	100	100	100	100
EBITDA	12	57	95	147	173	208	228	282	249	227	188	187	165	205
EBITDA-CapEx	12	-533	95	-263	-143	-81	-132	282	249	227	188	187	165	205
Operating Income (Loss)	8	45	58	76	81	102	115	167	142	115	69	67	45	81

Liquidity (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Cash Ratio	- -	0.54	0.3	0.34	0.37	0.24	0.1	0.02	0.04	0.11	0.23	0.09	0.1	0.1
Current Ratio	- -	1.56	1.68	1.56	1.67	1.26	1.52	1.13	0.97	1.56	1.2	1.1	0.83	0.73
Quick Ratio	- -	1.49	1.59	1.48	1.62	1.22	1.46	1.07	0.93	1.19	1.13	0.88	0.74	0.67
CFO/Avg Current Liab	- -	2.77	3.23	3.27	2.33	2.35	2.82	3.38	2.55	1.62	2.51	2.24	1	1.01
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	54.6	24.32	48.76	59.78	72.53	106.04	75.64	102.99	206.6	145.99	149.84	193.49	202.51
Long-Term Debt/Capital (%)	- -	100	100	100	100	100	99.1	98.98	100	89.44	100	100	99.3	98.94
Long-Term Debt/Total Assets (%)	- -	33.96	18.73	31.11	35.23	40.04	39.81	36.31	41.64	63.02	53.9	53.72	57.81	58.34
Total Debt/Equity (%)	- -	54.6	24.32	48.76	59.78	72.53	106.04	75.64	102.99	207.3	145.99	149.84	194.86	204.67
Total Debt/Capital (%)	- -	100	100	100	100	100	99.1	98.98	100	89.74	100	100	100	100
Total Debt/Total Assets (%)	- -	33.96	18.73	31.11	35.23	40.04	39.81	36.31	41.64	63.24	53.9	53.72	58.22	58.96
CFO/Total Liabilities	- -	10.26	36.6	20.6	16.24	13.5	11.85	15.8	12.67	9.04	12.59	10.2	5.5	7.15
CFO/CapEx	- -	0.07	- -	0.34	0.48	0.66	0.64	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	0.39	9.51	1.32	1.19	0.57	0.65	0.83	0.55	0.47	0.29	0.32	0.26	0.29

Working Capital (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Accounts Receivable Turnover	- -	7.54	5.72	6.39	4.93	4.48	4.3	5.76	5.95	4.54	4.81	6.46	5.38	6.06
Days Sales Outstanding	- -	48.42	63.8	57.16	74.04	81.46	84.79	63.35	61.32	80.38	75.84	56.51	67.85	60.27
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	3.84	5.03	10.54	10.33	7.05	8.24	16.34	11.38	8.67	13.27	24.6	22.81	18.28
Accounts Payable Turnover Days	- -	95.12	72.59	34.63	35.33	51.76	44.31	22.33	32.09	42.08	27.5	14.84	16	19.97
Cash Conversion Cycle	- -	-46.7	-8.79	22.53	38.72	29.69	40.48	41.02	29.24	38.31	48.33	41.67	51.85	40.3
Inventory to Cash Days	- -	48.42	63.8	57.16	74.04	81.46	84.79	63.35	61.32	80.38	75.84	56.51	67.85	60.27
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Market Capitalization	- -	- -	3,655	944	1,152	678	1,094	1,052	597	262	45	150	168	- -
- Cash & Cash Equivalents	- -	15	8	20	27	22	7	1	4	10	16	7	12	14
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	11	11	- -	186	- -	- -	- -	- -
+ Total Debt	- -	350	199	586	808	1,267	1,240	1,051	1,258	1,628	1,347	1,355	1,490	1,471
Enterprise Value	- -	334	3,846	1,510	1,934	1,923	2,338	2,113	1,850	2,067	1,377	1,497	1,646	1,457
Total Capital	- -	350	199	586	808	1,267	1,252	1,062	1,258	1,814	1,347	1,355	1,490	1,471
Total Debt/Capital (%)	- -	100	100	100	100	100	99.1	98.98	100	89.74	100	100	100	100
Total Debt / EV	- -	1.05	0.05	0.39	0.42	0.66	0.53	0.5	0.68	0.79	0.98	0.9	0.91	1.01
EV/Sales	- -	3.23	22.05	4.66	4.99	4.8	5.81	4.32	3.65	4.66	3.59	3.74	4.45	3.17
EV/EBITDA	- -	5.92	40.35	10.25	11.21	9.24	10.27	7.48	7.43	9.12	7.31	8	10	7.12
EV/EBIT	- -	7.46	65.79	19.95	23.95	18.83	20.34	12.62	13.02	17.96	19.89	22.27	36.89	18.03
EV/Cash Flow to Firm	- -	7.79	37.73	9.47	9.53	7.68	7.93	6.91	6.41	8.08	4.96	6.5	8.17	5.43
EV/Free Cash Flow to Firm	- -	0.53	37.73	2.65	3.73	3.57	3.57	6.91	6.41	8.08	4.96	6.5	8.17	5.43
Diluted Market Cap	- -	- -	3,655	947	1,152	678	1,094	1,057	599	262	59	150	168	- -
Diluted Enterprise Value	- -	334	3,846	1,512	1,934	1,923	2,338	2,118	1,853	2,067	1,391	1,497	1,646	1,457
EV per Share	- -	12.84	147.73	440.9	502.53	453.38	513.72	435.91	378.56	376.36	383.25	222.13	163.83	- -
TTM Sales	32	104	174	324	387	401	402	489	507	444	383	401	370	459
TTM EBITDA	12	57	95	147	173	208	228	282	249	227	188	187	165	205
TTM Operating Income	8	45	58	76	81	102	115	167	142	115	69	67	45	81
TTM Cash Flow to Firm	10	43	102	159	203	250	295	306	288	256	278	230	201	268
TTM Free Cash Flow to Firm	10	632	102	569	519	539	654	306	288	256	278	230	201	268

Multiples (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Price/Free Cash Flow	- -	- -	40.89	1.72	2.46	1.41	1.85	4.45	2.63	1.62	0.3	0.91	1.7	- -
EV/EBIT	- -	7.46	65.79	19.95	23.95	18.83	20.34	12.62	13.02	17.96	19.89	22.27	36.89	18.03
Enterprise Value	- -	334	3,846	1,510	1,934	1,923	2,338	2,113	1,850	2,067	1,377	1,497	1,646	1,457
Low Price	- -	- -	273.9	280.05	484.5	192.3	165.9	274.5	150.6	42.15	7.5	12.4	11.52	13
EV/Sales	- -	3.23	22.05	4.66	4.99	4.8	5.81	4.32	3.65	4.66	3.59	3.74	4.45	3.17
EV/EBITDA	- -	5.92	40.35	10.25	11.21	9.24	10.27	7.48	7.43	9.12	7.31	8	10	7.12
Price/Earnings	- -	- -	211.74	22.19	- -	- -	- -	14.63	138.78	- -	0.17	- -	- -	- -
Price/Earnings Average	- -	- -	213.69	17.79	-49.2	-4.91	-17.83	15.13	207.38	-2.49	0.25	-4.26	-1.41	- -
Price/Earnings High	- -	- -	486.45	46.11	-120.24	-13.39	-36.13	26.79	391.33	-5.59	0.75	-7.1	-2.06	- -
Price/Earnings Low	- -	- -	413.14	22.54	-68.75	-4.17	-15.67	18.5	171.2	-1.09	0.1	-1.89	-0.91	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	7.49	1.62	1.89	0.53	1.49	0.98	0.64	0.47	0.06	0.2	0.3	- -
Price/Tangible Book Value Average	- -	- -	7.56	1.3	2.19	0.76	1.17	1.01	0.96	0.96	0.09	0.26	0.32	- -
Price/Tangible Book Value High	- -	- -	17.2	3.36	5.35	2.06	2.38	1.8	1.81	2.15	0.27	0.43	0.47	- -
Price/Tangible Book Value Low	- -	- -	14.61	1.64	3.06	0.64	1.03	1.24	0.79	0.42	0.04	0.11	0.2	- -
Price/Sales	- -	- -	20.96	2.92	2.98	1.69	2.72	2.15	1.18	0.59	0.12	0.37	0.45	- -
Price/Sales Average	- -	- -	21.15	2.34	3.45	2.4	2.14	2.23	1.76	1.2	0.17	0.47	0.49	- -
Price/Sales High	- -	- -	48.14	6.06	8.42	6.54	4.33	3.94	3.32	2.68	0.52	0.78	0.71	- -
Price/Sales Low	- -	- -	40.89	2.96	4.82	2.04	1.88	2.72	1.45	0.52	0.07	0.21	0.31	- -
Price/Cash Flow	- -	- -	40.89	6.72	7.53	3.54	4.75	4.42	2.62	1.62	0.23	0.91	1.7	- -
Price/Cash Flow Average	- -	- -	41.27	5.39	8.72	5.02	3.73	4.57	3.91	3.28	0.33	1.14	1.82	- -
Price/Cash Flow High	- -	- -	93.94	13.97	21.32	13.69	7.55	8.1	7.38	7.36	1	1.9	2.67	- -
Price/Cash Flow Low	- -	- -	79.78	6.83	12.19	4.26	3.28	5.59	3.23	1.43	0.14	0.51	1.17	- -
Price/Free Cash Flow Average	- -	- -	41.27	1.38	2.85	2	1.46	4.6	3.93	3.28	0.44	1.14	1.82	- -
Price/Free Cash Flow High	- -	- -	93.94	3.57	6.95	5.46	2.95	8.14	7.41	7.36	1.31	1.9	2.67	- -
Price/Free Cash Flow Low	- -	- -	79.78	1.75	3.98	1.7	1.28	5.62	3.24	1.43	0.18	0.51	1.17	- -
EV/Sales Average	- -	3.23	22.25	4.09	5.46	5.51	5.23	4.4	4.23	5.27	3.65	3.84	4.49	3.17
EV/Sales High	- -	3.23	49.24	7.81	10.44	9.65	7.42	6.11	5.79	6.75	3.99	4.15	4.71	3.17
EV/Sales Low	- -	3.23	41.98	4.71	6.83	5.15	4.97	4.89	3.93	4.59	3.54	3.57	4.31	3.17
EV/EBITDA Average	- -	5.92	40.7	8.98	12.26	10.61	9.24	7.61	8.62	10.3	7.42	8.21	10.07	7.12
EV/EBITDA High	- -	5.92	90.09	17.16	23.43	18.58	13.11	10.58	11.79	13.21	8.12	8.88	10.58	7.12
EV/EBITDA Low	- -	5.92	76.82	10.35	15.33	9.91	8.78	8.47	7.99	8.98	7.22	7.64	9.69	7.12
EV/EBIT Average	- -	7.46	66.37	17.47	26.21	21.6	18.3	12.83	15.09	20.29	20.2	22.85	37.16	18.03
EV/EBIT High	- -	7.46	146.91	33.4	50.07	37.84	25.96	17.84	20.65	26.02	22.1	24.72	39.04	18.03
EV/EBIT Low	- -	7.46	125.26	20.14	32.78	20.18	17.39	14.28	14	17.69	19.63	21.29	35.73	18.03
Last Price	- -	- -	140.38	275.7	299.44	159.76	240.35	217.1	122.08	47.76	12.49	22.2	16.68	17.91
High Price	- -	- -	322.5	573	847.35	617.55	382.5	397.5	344.25	216.75	55.05	46.64	26.22	21.4
Enterprise Value Average	- -	334	3,880	1,323	2,116	2,207	2,103	2,148	2,145	2,335	1,398	1,536	1,658	1,457
Enterprise Value High	- -	334	8,588	2,528	4,042	3,865	2,985	2,987	2,936	2,995	1,530	1,662	1,742	1,457
Enterprise Value Low	- -	334	7,323	1,525	2,646	2,061	1,999	2,391	1,989	2,036	1,359	1,431	1,594	1,457

Shares Outstanding	- -	26	26	26	27	27	5	5	5	6	6	7	10	10
Diluted Weighted Avg Shares	26	26	26	3	4	4	5	5	5	5	5	7	10	- -
Basic Weighted Avg Shares	26	26	26	3	4	4	5	5	5	5	4	7	10	- -
Revenue per Share	1.22	3.98	6.7	94.53	100.61	94.43	88.41	100.83	103.67	80.77	106.76	59.43	36.78	- -
EBITDA per Share	0.47	2.17	3.66	43.02	44.84	49.05	50.02	58.25	50.93	41.28	52.42	27.77	16.38	- -
Operating Income per Share	0.32	1.72	2.25	22.1	20.98	24.08	25.26	34.55	29.08	20.96	19.27	9.97	4.44	- -
Basic EPS, GAAP	0.31	1.46	0.66	12.43	-7.05	-46.11	-10.59	14.84	0.88	-38.79	73.22	-6.57	-12.71	- -
Basic EPS from Cont Ops	0.31	1.46	1.65	15.43	-12.31	-52.39	-8.39	17.75	8.67	-71.7	52.64	-2.96	-12.29	- -
Diluted EPS, GAAP	0.31	1.46	0.66	12.39	-7.05	-46.11	-10.59	14.77	0.88	-38.79	55.84	-6.57	-12.71	- -
Diluted EPS from Cont Ops	0.31	1.46	1.65	15.39	-12.31	-52.39	-8.39	17.67	8.63	-71.7	40.14	-2.96	-12.29	- -
Dividend per Share	- -	- -	- -	26.34	31.76	35.85	36.81	37.44	42.81	27.18	- -	- -	0.32	- -
Cash Flow per Share	0.37	1.53	3.43	41.02	39.75	45.12	50.65	49.07	46.64	29.46	55.29	24.49	9.83	- -
Free Cash Flow per Basic Share	0.37	-21.11	3.43	-78.72	-42.34	-22.92	-28.33	49.07	46.64	29.46	55.29	24.49	9.83	- -
Cash & Equivalents per Share	- -	0.59	0.3	5.95	6.89	5.14	1.63	0.3	0.89	1.74	4.33	1.09	1.18	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	11.47	18.75	170.46	158.24	299.35	160.85	221.19	190.63	100.7	201.37	108.51	56.34	- -

Summit Midstream Partners, LP

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)