NASDAQ : SMID
Smith-Midland Corporation — Financial statements
Materials · Building Materials · United States
Last price 22.34 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 118.50M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Smith-Midland Corporation (SMID) reported revenue of 89.50M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 89.50M | 93.45M | 78.51M | 59.58M | 50.13M | 50.64M |
| Cost of Revenue | 68.50M | 67.41M | 58.50M | 48.93M | 40.66M | 36.22M |
| Gross Profit | 21.00M | 26.04M | 20.01M | 10.65M | 9.47M | 14.42M |
| Selling, General & Admin | 10.20M | 9.04M | 10.11M | 9.53M | 8.62M | 8.25M |
| Operating Expenses | 10.20M | 9.04M | 10.11M | 9.53M | 8.62M | 8.25M |
| Operating Income | 10.80M | 16.99M | 9.90M | 1.12M | 854.00K | 6.17M |
| Interest Expense | -221.00K | -225.00K | -231.00K | -255.00K | -260.00K | -190.00K |
| Interest & Investment Income | 269.00K | 166.00K | 47.00K | 24.00K | 14.00K | 35.00K |
| Other Non Operating Income (Expenses) | -97.00K | 71.00K | 84.00K | 90.00K | 228.00K | 72.00K |
| EBT Excluding Unusual Items | 10.75M | 17.01M | 9.80M | 977.00K | 836.00K | 6.08M |
| Gain (Loss) on Sale of Assets | 20.00K | 20.00K | 19.00K | 346.00K | 109.00K | 317.00K |
| Other Unusual Items | 2.69M | |||||
| Pretax Income | 10.77M | 17.03M | 9.82M | 1.32M | 945.00K | 9.09M |
| Income Tax Expense | 3.04M | 4.52M | 2.14M | 528.00K | 145.00K | 1.52M |
| Net Income | 7.73M | 12.51M | 7.67M | 795.00K | 800.00K | 7.57M |
| Net Income to Common | 7.73M | 12.51M | 7.67M | 795.00K | 800.00K | 7.57M |
| Shares Outstanding (Basic) | 5.31M | 5.30M | 5.29M | 5.26M | 5.23M | 5.21M |
| Shares Outstanding (Diluted) | 5.31M | 5.30M | 5.29M | 5.29M | 5.25M | 5.23M |
| EPS (Basic) | 1.46 | 2.36 | 1.45 | 0.15 | 0.15 | 1.45 |
| EPS (Diluted) | 1.46 | 2.36 | 1.45 | 0.15 | 0.15 | 1.45 |
| Free Cash Flow | 4.17M | 4.96M | -1.04M | 2.72M | -9.08M | 3.76M |
| Free Cash Flow Per Share | 0.79 | 0.94 | -0.20 | 0.51 | -1.73 | 0.72 |
| Gross Margin | 23.46% | 27.86% | 25.49% | 17.88% | 18.89% | 28.47% |
| Operating Margin | 12.07% | 18.19% | 12.61% | 1.88% | 1.70% | 12.18% |
| Profit Margin | 8.63% | 13.38% | 9.78% | 1.33% | 1.60% | 14.95% |
| Free Cash Flow Margin | 4.66% | 5.31% | -1.33% | 4.57% | -18.12% | 7.42% |
| EBITDA | 14.37M | 19.88M | 12.56M | 3.52M | 3.73M | 8.84M |
| EBITDA Margin | 16.06% | 21.27% | 16.00% | 5.90% | 7.45% | 17.45% |
| D&A For EBITDA | 3.57M | 2.89M | 2.66M | 2.40M | 2.88M | 2.67M |
| EBIT | 10.80M | 16.99M | 9.90M | 1.12M | 854.00K | 6.17M |
| EBIT Margin | 12.07% | 18.19% | 12.61% | 1.88% | 1.70% | 12.18% |
| Effective Tax Rate | 28.27% | 26.55% | 21.83% | 39.91% | 15.34% | 16.76% |
| Revenue as Reported | 89.50M | 93.45M | 78.51M | 59.58M | 50.13M | 50.64M |
| Advertising Expenses | 306.00K | 373.00K | 490.00K | 421.00K | 459.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.66M | 11.88M | 7.55M | 9.18M | 6.73M | 13.49M |
| Cash & Short-Term Investments | 10.66M | 11.88M | 7.55M | 9.18M | 6.73M | 13.49M |
| Accounts Receivable | 24.57M | 28.40M | 20.75M | 17.73M | 17.21M | 10.45M |
| Other Receivables | 1.19M | 23.00K | 23.00K | 477.00K | 411.00K | |
| Receivables | 25.76M | 28.42M | 20.77M | 17.73M | 17.69M | 10.86M |
| Inventory | 8.53M | 6.93M | 6.68M | 5.15M | 3.82M | 2.85M |
| Prepaid Expenses | 1.13M | 1.51M | 854.00K | 1.27M | 706.00K | 551.00K |
| Total Current Assets | 46.08M | 48.75M | 35.85M | 33.33M | 28.94M | 27.75M |
| Property, Plant & Equipment | 40.01M | 38.48M | 31.70M | 27.68M | 25.12M | 21.93M |
| Other Long-Term Assets | 601.00K | 504.00K | 438.00K | 343.00K | 249.00K | 3.60M |
| Total Assets | 86.69M | 87.73M | 67.99M | 61.35M | 54.31M | 53.27M |
| Accounts Payable | 5.65M | 5.48M | 4.74M | 7.34M | 5.82M | 2.07M |
| Accrued Expenses | 2.76M | 3.07M | 2.20M | 2.03M | 1.59M | 1.69M |
| Current Portion of Long-Term Debt | 661.00K | 648.00K | 658.00K | 636.00K | 618.00K | 462.00K |
| Current Portion of Leases | 21.00K | 20.00K | 21.00K | 43.00K | 77.00K | 89.00K |
| Current Income Taxes Payable | 1.60M | 1.54M | 473.00K | 146.00K | 2.03M | |
| Current Unearned Revenue | 2.26M | 3.51M | 5.85M | 5.50M | 2.98M | 3.78M |
| Other Current Liabilities | 3.78M | |||||
| Total Current Liabilities | 11.35M | 14.33M | 15.01M | 16.02M | 11.22M | 13.90M |
| Long-Term Debt | 3.48M | 3.80M | 4.44M | 5.09M | 5.73M | 3.68M |
| Long-Term Leases | 59.00K | 70.00K | 90.00K | 2.00K | 45.00K | 122.00K |
| Long-Term Unearned Revenue | 13.30M | 13.76M | 6.22M | 4.42M | 2.17M | 1.86M |
| Long-Term Deferred Tax Liabilities | 1.47M | 1.46M | 494.00K | 1.65M | 2.08M | 1.96M |
| Total Liabilities | 29.65M | 33.42M | 26.25M | 27.19M | 21.26M | 21.52M |
| Common Stock | 54.00K | 54.00K | 54.00K | 54.00K | 53.00K | 53.00K |
| Additional Paid-In Capital | 7.79M | 7.78M | 7.72M | 7.81M | 7.44M | 6.93M |
| Retained Earnings | 49.30M | 46.58M | 34.07M | 26.39M | 25.66M | 24.86M |
| Treasury Stock | -102.00K | -102.00K | -102.00K | -102.00K | -102.00K | -102.00K |
| Shareholders' Equity | 57.04M | 54.30M | 41.74M | 34.16M | 33.05M | 31.75M |
| Total Liabilities & Equity | 86.69M | 87.73M | 67.99M | 61.35M | 54.31M | 53.27M |
| Total Debt | 4.22M | 4.54M | 5.21M | 5.77M | 6.47M | 4.35M |
| Net Cash (Debt) | 6.45M | 7.35M | 2.34M | 3.40M | 256.00K | 9.14M |
| Net Cash Per Share | 1.22 | 1.38 | 0.44 | 0.64 | 0.05 | 1.75 |
| Filing Date Shares Outstanding | 5.30M | 5.31M | 5.30M | 5.27M | 5.26M | 5.23M |
| Total Common Shares Outstanding | 5.31M | 5.31M | 5.30M | 5.27M | 5.26M | 5.23M |
| Working Capital | 34.73M | 34.41M | 20.84M | 17.31M | 17.72M | 13.85M |
| Book Value Per Share | 10.75 | 10.23 | 7.87 | 6.49 | 6.29 | 6.07 |
| Tangible Book Value | 57.04M | 54.30M | 41.74M | 34.16M | 33.05M | 31.75M |
| Tangible Book Value Per Share | 10.75 | 10.23 | 7.87 | 6.49 | 6.29 | 6.07 |
| Land | 8.85M | 8.96M | 8.58M | 7.25M | 7.11M | |
| Buildings | 14.11M | 13.46M | 10.50M | 9.54M | 9.47M | |
| Machinery | 39.76M | 30.81M | 27.89M | 25.40M | 20.58M | |
| Order Backlog | 53.10M | 59.50M | 60.80M | 52.40M | 29.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.73M | 12.51M | 7.67M | 795.00K | 800.00K | 7.57M |
| Depreciation & Amortization | 3.57M | 2.89M | 2.66M | 2.40M | 2.88M | 2.67M |
| Loss (Gain) From Sale of Assets | -21.00K | -20.00K | -19.00K | -346.00K | -109.00K | -311.00K |
| Loss (Gain) From Sale of Investments | -6.00K | |||||
| Stock-Based Compensation | 64.00K | 59.00K | -97.00K | 375.00K | 505.00K | 531.00K |
| Provision & Write-off of Bad Debts | -457.00K | -591.00K | 325.00K | -39.00K | 344.00K | 40.00K |
| Other Operating Activities | 958.00K | 944.00K | -1.14M | -415.00K | 144.00K | -3.20M |
| Change in Accounts Receivable | 7.44M | -7.06M | -3.34M | -546.00K | -7.11M | 47.00K |
| Change in Inventory | -1.33M | -229.00K | -1.54M | -1.35M | -987.00K | -651.00K |
| Change in Accounts Payable | -134.00K | 442.00K | -3.02M | 1.52M | 3.75M | 205.00K |
| Change in Unearned Revenue | -1.30M | 5.20M | 2.16M | 4.77M | -490.00K | 2.70M |
| Change in Income Taxes | -2.84M | 64.00K | 1.04M | 805.00K | -1.95M | 1.15M |
| Change in Other Net Operating Assets | 866.00K | 104.00K | 455.00K | -231.00K | -4.11M | -1.62M |
| Operating Cash Flow | 14.55M | 14.30M | 5.16M | 7.73M | -6.33M | 9.13M |
| Capital Expenditures | -10.38M | -9.34M | -6.20M | -5.01M | -2.75M | -5.37M |
| Sale of Property, Plant & Equipment | 20.00K | 20.00K | 53.00K | 346.00K | 118.00K | 489.00K |
| Investment in Securities | 1.22M | |||||
| Investing Cash Flow | -10.36M | -9.32M | -6.15M | -4.66M | -2.63M | -3.65M |
| Long-Term Debt Issued | 2.81M | 49.00K | ||||
| Total Debt Issued | 2.81M | 49.00K | ||||
| Long-Term Debt Repaid | -647.00K | -635.00K | -619.00K | -581.00K | -793.00K | |
| Total Debt Repaid | -626.00K | -647.00K | -635.00K | -619.00K | -581.00K | -793.00K |
| Net Debt Issued (Repaid) | -626.00K | -647.00K | -635.00K | -619.00K | 2.22M | -744.00K |
| Other Financing Activities | -25.00K | |||||
| Financing Cash Flow | -626.00K | -647.00K | -635.00K | -619.00K | 2.20M | -744.00K |
| Net Cash Flow | 3.56M | 4.34M | -1.63M | 2.45M | -6.77M | 4.73M |
| Free Cash Flow | 4.17M | 4.96M | -1.04M | 2.72M | -9.08M | 3.76M |
| Free Cash Flow Margin | 4.66% | 5.31% | -1.33% | 4.57% | -18.12% | 7.42% |
| Free Cash Flow Per Share | 0.79 | 0.94 | -0.20 | 0.51 | -1.73 | 0.72 |
| Levered Free Cash Flow | -336.88K | -5.14M | -2.75M | 1.18M | -9.77M | 5.94M |
| Unlevered Free Cash Flow | -198.75K | -5.00M | -2.61M | 1.34M | -9.61M | 6.06M |
| Cash Interest Paid | 221.00K | 225.00K | 223.00K | 255.00K | 260.00K | 190.00K |
| Cash Income Tax Paid | 4.94M | 3.49M | 2.26M | 189.00K | 2.26M | 917.00K |
| Change in Working Capital | 2.70M | -1.48M | -4.25M | 4.96M | -10.90M | 1.83M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 119.41M | 192.77M | 235.80M | 205.78M | 105.56M | 244.92M |
| Enterprise Value | 112.96M | 184.08M | 232.08M | 205.87M | 101.46M | 233.28M |
| Last Close Price | 22.51 | 36.34 | 44.46 | 39.50 | 20.50 | 47.00 |
| PE Ratio | 15.46 | 15.41 | 30.72 | 258.84 | 131.95 | 32.35 |
| PS Ratio | 1.33 | 2.06 | 3.00 | 3.45 | 2.11 | 4.84 |
| PB Ratio | 2.09 | 3.55 | 5.65 | 6.02 | 3.19 | 7.71 |
| P/TBV Ratio | 2.09 | 3.55 | 5.65 | 6.02 | 3.19 | 7.71 |
| P/FCF Ratio | 28.65 | 38.84 | 75.60 | 65.16 | ||
| P/OCF Ratio | 8.21 | 13.48 | 45.72 | 26.61 | 26.84 | |
| EV/Sales Ratio | 1.26 | 1.97 | 2.96 | 3.46 | 2.02 | 4.61 |
| EV/EBITDA Ratio | 7.86 | 9.26 | 18.47 | 58.54 | 27.16 | 26.39 |
| EV/EBIT Ratio | 10.46 | 10.83 | 23.45 | 184.14 | 118.81 | 37.82 |
| EV/FCF Ratio | 27.10 | 37.09 | 75.63 | 62.06 | ||
| Debt / Equity Ratio | 0.07 | 0.08 | 0.12 | 0.17 | 0.20 | 0.14 |
| Debt / EBITDA Ratio | 0.29 | 0.23 | 0.41 | 1.64 | 1.73 | 0.49 |
| Debt / FCF Ratio | 1.01 | 0.91 | 2.12 | 1.16 | ||
| Net Debt / Equity Ratio | -0.11 | -0.14 | -0.06 | -0.10 | -0.01 | -0.29 |
| Net Debt / EBITDA Ratio | -0.45 | -0.37 | -0.19 | -0.97 | -0.07 | -1.03 |
| Net Debt / FCF Ratio | -1.55 | -1.48 | 2.24 | -1.25 | 0.03 | -2.43 |
| Asset Turnover | 1.07 | 1.20 | 1.21 | 1.03 | 0.93 | 1.01 |
| Inventory Turnover | 8.71 | 9.91 | 9.89 | 10.91 | 12.21 | 14.38 |
| Quick Ratio | 3.21 | 2.81 | 1.89 | 1.68 | 2.17 | 1.75 |
| Current Ratio | 4.06 | 3.40 | 2.39 | 2.08 | 2.58 | 2.00 |
| Return on Equity (ROE) | 14.54% | 26.04% | 20.22% | 2.37% | 2.47% | 27.33% |
| Return on Assets (ROA) | 8.04% | 13.64% | 9.57% | 1.21% | 0.99% | 7.73% |
| Return on Invested Capital (ROIC) | 15.91% | 28.91% | 22.06% | 2.11% | 2.61% | 23.24% |
| Return on Capital Employed (ROCE) | 14.30% | 23.20% | 18.70% | 2.50% | 2.00% | 15.70% |
| Earnings Yield | 6.47% | 6.49% | 3.26% | 0.39% | 0.76% | 3.09% |
| FCF Yield | 3.49% | 2.57% | -0.44% | 1.32% | -8.61% | 1.54% |
| Buyback Yield / Dilution | -0.42% | -0.30% | 0.06% | -0.74% | -0.40% | -0.87% |