Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Summit Midstream Corporation
Physical assets are 77.2% of total assets, a heavy footprint. Capex is 0.77x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.30x.
Physical asset ratio
77.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.84BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.39BtotalAssetsInventory was not reported and is treated as zero.Result 77.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.30xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$562.09MtotalRevenueNet PP&E$1.84BpropertyPlantEquipmentResult 0.30x
Revenue per dollar of the physical asset base.
Capex / D&A
0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$89.04McapitalExpendituresD&A$115.10MdepreciationAndAmortizationResult 0.77x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$77.00Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$153.56MintangibleAssetsLiabilities$1.30BtotalLiabTangible book$934.29MShares12,133,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $77.00
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.41xPrice / tangible bookPrice / tangible book per sharePrice$31.25Latest quoteTangible book / share$77.002025-12-31Result 0.41x
Price $31.25.
Fixed-charge coverage
1.02xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$207.43MebitdaCapex$89.04McapitalExpendituresInterest$94.74MinterestExpenseShort-term debt$21.22MshortLongTermDebtEBITDA − capex$118.39MPrincipal due is the current portion of debt.Result 1.02x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$44.55MfreeCashFlowMarket cap$427.71MMarketCapitalizationResult 10.4%
Latest free cash flow divided by current market cap ($427.71M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$88.64MoperatingIncomeTax expense-$501.00KincomeTaxExpensePretax income-$2.41MincomeBeforeTaxTax rate—Equity$687.48MtotalStockholderEquityDebt$1.05BshortLongTermDebtTotalCash$9.27McashAndEquivalentsInvested capital$1.73BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 73.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.88BpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$2.57BtotalAssetsResult 73.1% | 0.24xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$444.75MtotalRevenueNet PP&E$1.88BpropertyPlantAndEquipmentNetResult 0.24x | 1.63xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$182.29McapitalExpendituresD&A$111.57MdepreciationAndAmortizationResult 1.63x | $425.47Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.57BtotalAssetsGoodwill$0.00goodWillIntangibles$232.28MintangibleAssetsLiabilities$5.55MtotalLiabTangible book$2.34BShares5,491,027commonStockSharesOutstandingResult $425.47 | 0.51xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$231.60MebitdaCapex$182.29McapitalExpendituresInterest$91.97MinterestExpenseShort-term debt$5.55MshortLongTermDebtEBITDA − capex$49.31MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.51x | -$20.55MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$161.74MtotalCashFromOperatingActivitiesCapex$182.29McapitalExpendituresFree cash flow-$20.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$20.55M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$120.02MoperatingIncomeTax expense$1.23MincomeTaxExpensePretax income-$392.50MincomeBeforeTaxTax rate—Equity$599.17MtotalStockholderEquityDebt$5.55MlongTermDebt + shortLongTermDebtCash$9.53McashInvested capital$595.18MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$120.02MoperatingIncomeNet PP&E$1.88BpropertyPlantAndEquipmentNetResult 0.06x |
| 2020 | 72.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.82BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.50BtotalAssetsInventory was not reported and is treated as zero.Result 72.7% | 0.21xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$383.47MtotalRevenueNet PP&E$1.82BpropertyPlantAndEquipmentNetResult 0.21x | 0.36xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$43.13McapitalExpendituresD&A$119.07MdepreciationAndAmortizationResult 0.36x | $172.61Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.50BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$199.57MintangibleAssetsLiabilities$1.49BtotalLiabTangible book$812.98MShares4,710,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $172.61 | 4.06xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$375.63MebitdaCapex$43.13McapitalExpendituresInterest$78.89MinterestExpenseShort-term debt$2.92MshortTermDebtEBITDA − capex$332.50MPrincipal due is short-term debt.Result 4.06x | $155.46MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$198.59MtotalCashFromOperatingActivitiesCapex$43.13McapitalExpendituresFree cash flow$155.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $155.46M | 2.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$69.22MoperatingIncomeTax expense-$146.00KincomeTaxExpensePretax income$188.93MincomeBeforeTaxTax rate0.0%Equity$1.01BtotalStockholderEquityDebt$1.35BshortLongTermDebtTotalCash$15.54McashInvested capital$2.35BResult 2.9% | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$69.22MoperatingIncomeNet PP&E$1.82BpropertyPlantAndEquipmentNetResult 0.04x |
| 2021 | 69.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.73BpropertyPlantAndEquipmentNetInventory$12.22MinventoryTotal assets$2.52BtotalAssetsResult 69.0% | 0.23xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$401.56MtotalRevenueNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 0.23x | 0.21xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$25.03McapitalExpendituresD&A$120.00MdepreciationAndAmortizationResult 0.21x | $124.28Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.52BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$172.93MintangibleAssetsLiabilities$1.51BtotalLiabTangible book$837.76MShares6,741,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $124.28 | 2.40xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$187.22MebitdaCapex$25.03McapitalExpendituresInterest$66.16MinterestExpenseShort-term debt$1.38MshortTermDebtEBITDA − capex$162.19MPrincipal due is short-term debt.Result 2.40x | $140.07MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$165.10MtotalCashFromOperatingActivitiesCapex$25.03McapitalExpendituresFree cash flow$140.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $140.07M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$186.24MoperatingIncomeTax expense$327.00KincomeTaxExpensePretax income-$19.62MincomeBeforeTaxTax rate—Equity$904.36MtotalStockholderEquityDebt$1.36BshortLongTermDebtTotalCash$7.35McashInvested capital$2.26BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.11xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$186.24MoperatingIncomeNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 0.11x |
| 2022 | 67.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.73BpropertyPlantAndEquipmentNetInventory$1.72MinventoryTotal assets$2.56BtotalAssetsResult 67.7% | 0.21xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$369.59MtotalRevenueNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 0.21x | 0.25xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$30.47McapitalExpendituresD&A$119.99MdepreciationAndAmortizationResult 0.25x | $68.14Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.56BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$198.72MintangibleAssetsLiabilities$1.68BtotalLiabTangible book$684.68MShares10,048,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $68.14 | 0.45xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$81.18MebitdaCapex$30.47McapitalExpendituresInterest$102.46MinterestExpenseShort-term debt$10.51MshortLongTermDebtEBITDA − capex$50.70MPrincipal due is the current portion of debt.Result 0.45x | $68.27MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$98.74MtotalCashFromOperatingActivitiesCapex$30.47McapitalExpendituresFree cash flow$68.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $68.27M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$44.62MoperatingIncomeTax expense$325.00KincomeTaxExpensePretax income-$141.28MincomeBeforeTaxTax rate—Equity$764.82MtotalStockholderEquityDebt$1.50BshortLongTermDebtTotalCash$11.81McashAndEquivalentsInvested capital$2.26BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$44.62MoperatingIncomeNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 0.03x |
| 2023 | 68.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.71BpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$2.49BtotalAssetsResult 68.6% | 0.27xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$458.90MtotalRevenueNet PP&E$1.71BpropertyPlantAndEquipmentNetResult 0.27x | 0.56xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$68.91McapitalExpendituresD&A$123.70MdepreciationAndAmortizationResult 0.56x | $64.60Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.49BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$175.59MintangibleAssetsLiabilities$1.65BtotalLiabTangible book$667.62MShares10,334,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $64.60 | 1.00xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$225.86MebitdaCapex$68.91McapitalExpendituresInterest$140.78MinterestExpenseShort-term debt$15.52MshortLongTermDebtEBITDA − capex$156.96MPrincipal due is the current portion of debt.Result 1.00x | $58.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$126.91MtotalCashFromOperatingActivitiesCapex$68.91McapitalExpendituresFree cash flow$58.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $58.00M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$80.80MoperatingIncomeTax expense$322.00KincomeTaxExpensePretax income-$38.63MincomeBeforeTaxTax rate—Equity$718.56MtotalStockholderEquityDebt$1.48BshortLongTermDebtTotalCash$14.04McashAndEquivalentsInvested capital$2.19BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$80.80MoperatingIncomeNet PP&E$1.71BpropertyPlantAndEquipmentNetResult 0.05x |
| 2024 | 75.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.79BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.36BtotalAssetsInventory was not reported and is treated as zero.Result 75.7% | 0.24xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$429.62MtotalRevenueNet PP&E$1.79BpropertyPlantEquipmentResult 0.24x | 0.53xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$53.61McapitalExpendituresD&A$101.59MdepreciationAndAmortizationResult 0.53x | $76.49Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$154.28MintangibleAssetsLiabilities$1.39BtotalLiabTangible book$810.85MShares10,600,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $76.49 | 1.49xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$250.54MebitdaCapex$53.61McapitalExpendituresInterest$115.45MinterestExpenseShort-term debt$16.58MshortTermDebtEBITDA − capex$196.92MPrincipal due is short-term debt.Result 1.49x | $8.16MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$61.77MtotalCashFromOperatingActivitiesCapex$53.61McapitalExpendituresFree cash flow$8.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.16M | 2.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$57.45MoperatingIncomeTax expense$146.68MincomeTaxExpensePretax income$33.50MincomeBeforeTaxTax rate40.0%Equity$467.79MtotalStockholderEquityDebt$993.58MshortLongTermDebtTotalCash$22.82McashAndEquivalentsInvested capital$1.44BThe effective tax rate was above 40% and was capped at 40%.Result 2.4% | 0.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$57.45MoperatingIncomeNet PP&E$1.79BpropertyPlantEquipmentResult 0.03x |
| 2025 | 77.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.84BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.39BtotalAssetsInventory was not reported and is treated as zero.Result 77.2% | 0.30xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$562.09MtotalRevenueNet PP&E$1.84BpropertyPlantEquipmentResult 0.30x | 0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$89.04McapitalExpendituresD&A$115.10MdepreciationAndAmortizationResult 0.77x | $77.00Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$153.56MintangibleAssetsLiabilities$1.30BtotalLiabTangible book$934.29MShares12,133,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $77.00 | 1.02xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$207.43MebitdaCapex$89.04McapitalExpendituresInterest$94.74MinterestExpenseShort-term debt$21.22MshortLongTermDebtEBITDA − capex$118.39MPrincipal due is the current portion of debt.Result 1.02x | $44.55MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$133.60MtotalCashFromOperatingActivitiesCapex$89.04McapitalExpendituresFree cash flow$44.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $44.55M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$88.64MoperatingIncomeTax expense-$501.00KincomeTaxExpensePretax income-$2.41MincomeBeforeTaxTax rate—Equity$687.48MtotalStockholderEquityDebt$1.05BshortLongTermDebtTotalCash$9.27McashAndEquivalentsInvested capital$1.73BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.05xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$88.64MoperatingIncomeNet PP&E$1.84BpropertyPlantEquipmentResult 0.05x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $1.84B
Inventory: $0.00
Total assets: $2.39B
Goodwill: $0.00
Intangibles: $153.56M
Liabilities: $1.30B
Tangible book: $934.29M
Shares: 12,133,000
Revenue: $562.09M
Capex: $89.04M
D&A: $115.10M
EBITDA: $207.43M
Interest: $94.74M
Short-term debt: $21.22M
Free cash flow: $44.55M
Operating income: $88.64M
Invested capital: $1.73B
Tax rate: —