Smith-Midland Corp. Common Stock (SMID) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 25	$0.54	$0.54	0.0%	—	$21.5M	—
Q2 22	—	$0.17	—	—	$13.3M	—
Q1 22	—	-$0.02	—	—	$10.4M	—
Q3 21	—	$0.71	—	—	$13.1M	—
Q2 21	—	$0.19	—	—	$12.3M	—
Q1 21	—	$0.55	—	—	$15.2M	—
Q4 20	—	$0.3	—	—	$11.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.36	—	—	$93.4M	—
FY24	—	$1.45	—	—	$78.5M	—
FY23	—	$0.15	—	—	$59.6M	—
FY22	—	$0.15	—	—	$50.1M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$40M	$41.7M	$40.2M	$46.7M	$43.9M	$50.6M	$50.1M	$59.6M	$78.5M	$93.4M
YoY change	+37.1%	+4.16%	-3.59%	+16.1%	-6.06%	+15.5%	-1.01%	+18.8%	+31.8%	+19%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	40M	41.7M	40.2M	46.7M	43.9M	50.6M	50.1M	59.6M	78.5M	93.4M
Cost of revenue	29.7M	30.3M	29.7M	36.7M	32.8M	36.2M	40.7M	48.9M	58.5M	67.4M
Gross profit	10.3M	11.5M	10.5M	10M	11M	14.4M	9.5M	10.7M	20M	26M
Gross margin	25.8%	27.5%	26.1%	21.4%	25.2%	28.5%	18.9%	17.9%	25.5%	27.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6M	7.7M	8.3M	7.4M	7.3M	8.3M	8.6M	9.5M	10.1M	9M
Operating expenses	6M	7.7M	8.3M	7.4M	7.3M	8.3M	8.6M	9.5M	10.1M	9M
Operating income	4.3M	3.7M	2.2M	2.5M	3.8M	6.2M	854K	1.1M	9.9M	17M
Operating margin	10.8%	8.91%	5.51%	5.45%	8.57%	12.2%	1.7%	1.88%	12.6%	18.2%
Non-operating income, net	86K	173K	177K	91K	215K	3.1M	337K	436K	103K	91K
Pretax income	4.3M	3.7M	2.3M	2.5M	3.8M	9.1M	945K	1.3M	9.8M	17M
Income tax	1.5M	1.1M	572K	549K	1.1M	1.5M	145K	528K	2.1M	4.5M
Net income	2.8M	2.7M	1.7M	1.9M	2.7M	7.6M	800K	795K	7.7M	12.5M
Net margin	7.08%	6.43%	4.19%	4.17%	6.08%	14.9%	1.6%	1.33%	9.78%	13.4%
EBITDA	5.2M	4.8M	3.6M	4.4M	6.3M	8.9M	4M	3.6M	12.7M	20.1M
EPS	0.57	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45	2.36
Diluted EPS	0.56	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45	2.36

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	15.7M	16.4M	16.8M	19.6M	23.6M	18.5M	22.7M	26.2M	21.5M	23.1M	21.6M	23.4M
Cost of revenue	12.1M	13.3M	12.8M	14.5M	17M	14.1M	15.7M	18.4M	15.7M	17.6M	17.3M	17.9M
Gross profit	3.6M	3.1M	3.9M	5.1M	6.6M	4.4M	7M	7.8M	5.8M	5.5M	4.3M	5.4M
Gross margin	22.9%	19.1%	23.3%	26.1%	27.9%	23.7%	30.7%	29.7%	26.8%	23.9%	19.9%	23.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.1M	2.6M	2.4M	2.5M	2.7M	2.5M	2.6M	2.3M	1.9M	2.3M	2.6M	3.4M
Operating expenses	2.1M	2.6M	2.4M	2.5M	2.7M	2.5M	2.6M	2.3M	1.9M	2.3M	2.6M	3.4M
Operating income	1.5M	542K	1.5M	2.7M	3.8M	1.9M	4.4M	5.5M	3.9M	3.2M	1.7M	2M
Operating margin	9.6%	3.31%	9.01%	13.6%	16.3%	10.1%	19.3%	21.1%	18%	14%	8.01%	8.5%
Non-operating income, net	69K	112K	47K	-8K	30K	34K	8K	20K	-11K	74K	15K	-155K
Pretax income	1.5M	598K	1.5M	2.6M	3.8M	1.9M	4.3M	5.5M	3.9M	3.3M	1.8M	1.8M
Income tax	247K	368K	357K	632K	694K	460K	1M	1.3M	994K	1.2M	422K	434K
Net income	1.3M	230K	1.1M	2M	3.1M	1.4M	3.3M	4.2M	2.9M	2.1M	1.3M	1.4M
Net margin	8.09%	1.4%	6.85%	10.1%	13.4%	7.54%	14.7%	15.9%	13.4%	9.22%	6.21%	5.91%
EBITDA	2.1M	1.2M	2.2M	3.3M	4.6M	2.6M	5.1M	6.2M	4.5M	4.3M	2.8M	2.9M
EPS	0.24	—	0.22	0.37	0.59	—	0.63	0.79	0.54	—	0.25	0.26
Diluted EPS	0.24	—	0.21	0.37	0.59	—	0.62	0.79	0.54	—	0.25	0.26

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	26.4M	34.5M	38M	30.9M	49M	244.6M	107.3M	207.7M	235.1M	192.8M	127.9M
Enterprise value	25.8M	33.6M	39.4M	33.7M	46.9M	235.5M	107M	204.3M	232.8M	185.4M	122.3M
Shares outstanding	4.9M	5M	5.1M	5.1M	5.2M	5.2M	5.2M	5.3M	5.3M	5.3M	5.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.31	12.9	22.5	15.8	18.4	32.3	134.1	261.2	30.6	15.4	16.3
P/S	0.66	0.83	0.94	0.66	1.12	4.83	2.14	3.49	3	2.06	1.41
P/B	1.85	2.01	2.02	1.48	2.07	7.71	3.25	6.08	5.63	3.55	2.22
EV/EBITDA	4.91	7	11.1	7.62	7.46	26.3	26.9	56.3	18.3	9.22	8.51
EV/Sales	0.64	0.81	0.98	0.72	1.07	4.65	2.13	3.43	2.97	1.98	1.37
Earnings yield	10.7%	7.77%	4.44%	6.32%	5.44%	3.09%	0.75%	0.38%	3.26%	6.49%	6.13%
FCF yield	0.95%	0.54%	-5.97%	-3.04%	9.92%	1.54%	-8.47%	1.31%	-0.44%	2.57%	-0.26%
PEG	—	—	—	—	—	—	—	—	—	—	-0.24

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	25.8%	27.5%	26.1%	21.4%	25.2%	28.5%	18.9%	17.9%	25.5%	27.9%	23.2%
Operating margin	10.8%	8.91%	5.51%	5.45%	8.57%	12.2%	1.7%	1.88%	12.6%	18.2%	8.5%
Net margin	7.08%	6.43%	4.19%	4.17%	6.08%	14.9%	1.6%	1.33%	9.78%	13.4%	8.63%
ROE	19.9%	15.6%	8.95%	9.36%	11.3%	23.8%	2.42%	2.33%	18.4%	23%	14.5%
ROA	12.1%	9.18%	4.08%	4.63%	5.73%	14.2%	1.47%	1.3%	11.3%	14.3%	8.04%
ROIC	21%	16.4%	8.15%	8.39%	12.2%	22.7%	2.2%	2.18%	19.6%	26.6%	15.3%
Return on tangible assets	12.1%	9.18%	4.08%	4.63%	5.73%	14.2%	1.47%	1.3%	11.3%	14.3%	8.91%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.01	2.43	1.82	1.98	2.62	2	2.58	2.08	2.39	3.4	4.06
Quick ratio	2.5	1.98	1.52	1.75	2.38	1.79	2.24	1.76	1.94	2.92	3.31
Debt / equity	0.28	0.21	0.24	0.26	0.34	0.14	0.2	0.17	0.12	0.08	0.07
Debt / assets	0.17	0.12	0.11	0.13	0.17	0.08	0.12	0.09	0.08	0.05	0.05
Net debt / EBITDA	-0.12	-0.2	0.41	0.64	-0.33	-1.02	-0.06	-0.94	-0.18	-0.37	-0.44
Interest coverage	27.5	21.3	13.8	15	18.5	48.9	4.63	6.19	43.5	76.7	49.7
Effective tax rate	34%	28.3%	25.3%	22%	29.7%	16.8%	15.3%	39.9%	21.8%	26.5%	28.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.12	8.27	7.92	9.08	8.46	9.73	9.58	11.3	14.8	17.6	16.9
EPS (basic)	0.57	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45	2.36	2.36
EPS (diluted)	0.56	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45	2.36	1.46
Book value per share	2.89	3.41	3.71	4.05	4.56	6.1	6.32	6.5	7.89	10.2	10.7
FCF per share	0.05	0.04	-0.45	-0.18	0.94	0.72	-1.74	0.52	-0.2	0.94	0.79
Cash per share	0.93	0.89	0.6	0.49	1.93	2.59	1.29	1.74	1.43	2.24	2.01
Capex per share	0.75	0.53	2.09	0.92	0.46	0.94	0.5	0.89	1.16	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.21%	6.46%	26.4%	10.1%	5.45%	9.63%	5.25%	7.83%	7.83%	—	—
Capex / operating cash flow	100.6%	97.6%	70.9%	92.3%	39.9%	59.1%	-60.3%	58.3%	185.4%	—	—
Payout ratio	0%	1.83%	15.2%	14.4%	10.6%	0%	—	—	—	—	0%
Dividend yield	0%	0.14%	0.67%	0.91%	0.58%	0%	—	—	—	—	0.91%

Yield

0.91%

trailing twelve months

Frequency

Annual

Last dividend

$0.055

ex-dividend Dec 19, 2019

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 19, 2019	$0.055
Dec 18, 2018	$0.055
Dec 26, 2017	$0.05
Dec 28, 2016	$0.01
Dec 16, 2015	$0.04
Dec 23, 2014	$0.035
Dec 31, 2013	$0.03
Dec 18, 2013	$0.03

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$15.7M	$16.4M	$16.8M	$19.6M	$23.6M	$18.5M	$22.7M	$26.2M	$21.5M	$23.1M	$21.6M	$23.4M
YoY change	+30.9%	+13.1%	+30.5%	+33.6%	+50.7%	+13.1%	+35.5%	+33.3%	-9.04%	+24.7%	-4.96%	-10.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.6M	4.5M	3.1M	2.5M	10M	13.5M	6.7M	9.2M	7.5M	11.9M
Receivables	7.5M	9.2M	13.6M	13M	10.5M	10.5M	17.2M	17.7M	20.7M	28.4M
Inventory	2.6M	3.5M	3.6M	2.2M	2.2M	2.8M	3.8M	5.2M	6.7M	6.9M
Total current assets	15.2M	19M	21.6M	19M	23.3M	27.8M	28.9M	33.3M	35.8M	48.7M
Property, plant & equipment	2.7M	4.5M	12.5M	8.8M	9.7M	12.5M	15.6M	17.2M	18.2M	24.4M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	23.4M	29.2M	41.4M	42.1M	46.5M	53.3M	54.3M	61.3M	68M	87.7M
Accounts payable	2.1M	3.1M	4.2M	3.2M	1.9M	2.1M	5.8M	7.3M	4.7M	5.5M
Short-term debt	587K	637K	1.7M	1M	825K	551K	695K	679K	679K	668K
Total current liabilities	5.1M	7.8M	11.9M	9.6M	8.9M	13.9M	11.2M	16M	15M	14.3M
Long-term debt	3.3M	2.9M	2.8M	4.4M	7.1M	3.8M	5.8M	5.1M	4.5M	3.9M
Total liabilities	9.2M	12M	22.5M	21.3M	22.9M	21.5M	21.3M	27.2M	26.3M	33.4M
Shareholders' equity	14.2M	17.2M	18.8M	20.8M	23.6M	31.8M	33.1M	34.2M	41.7M	54.3M
Total debt	3.9M	3.5M	4.5M	5.4M	7.9M	4.4M	6.5M	5.8M	5.2M	4.5M
Net debt	410K	143K	2.6M	4M	-840K	-9.1M	-256K	-3.4M	-2.3M	-7.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.8M	9.2M	6.8M	7.3M	9M	7.5M	9M	7.1M	13.4M	11.9M	13.2M	10.7M
Receivables	18.1M	17.7M	20.7M	18.1M	18.7M	20.7M	23.8M	31.6M	26.9M	28.4M	29.9M	24.6M
Inventory	4.2M	5.2M	7M	6.7M	6.2M	6.7M	7.5M	7.2M	7.9M	6.9M	7.2M	8.5M
Total current assets	29.9M	33.3M	35.7M	33.7M	35M	35.8M	41.6M	47.4M	49.8M	48.7M	51.6M	46.1M
Property, plant & equipment	—	17.2M	—	—	—	18.2M	—	—	—	24.4M	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	57.7M	61.3M	64.9M	64M	66.6M	68M	74.7M	81.2M	85.4M	87.7M	92.2M	86.7M
Accounts payable	5.5M	7.3M	6.9M	5.4M	5.4M	4.7M	5.8M	5.8M	5.7M	5.5M	8.3M	5.6M
Short-term debt	669K	679K	674K	668K	664K	679K	680K	685K	677K	668K	676K	682K
Total current liabilities	12.9M	16M	17.4M	14.9M	12.6M	15M	17.3M	16.5M	18M	14.3M	16.6M	11.3M
Long-term debt	5.3M	5.1M	4.9M	4.8M	4.6M	4.5M	4.4M	4.2M	4M	3.9M	3.7M	3.5M
Total liabilities	23.8M	27.2M	29.5M	26.9M	26.3M	26.3M	29.6M	31.9M	33.3M	33.4M	36.5M	29.7M
Shareholders' equity	33.8M	34.2M	35.3M	37.2M	40.3M	41.7M	45.1M	49.2M	52.1M	54.3M	55.7M	57M
Total debt	5.9M	5.8M	5.6M	5.4M	5.3M	5.2M	5M	4.9M	4.7M	4.5M	4.4M	4.2M
Net debt	93K	-3.4M	-1.2M	-1.9M	-3.7M	-2.3M	-4M	-2.2M	-8.7M	-7.3M	-8.9M	-6.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.8M	2.7M	1.7M	1.9M	2.7M	7.6M	800K	795K	7.7M	12.5M
Depreciation & amortization	821K	926K	1.2M	1.8M	2.4M	2.7M	2.9M	2.4M	2.7M	2.9M
Stock-based compensation	0	411K	242K	270K	163K	531K	505K	375K	45K	59K
Change in working capital	-537K	-1.8M	11.6M	630K	173K	675K	-8.7M	4.9M	-5.8M	-1.7M
Operating cash flow	3.7M	2.8M	15M	5.1M	6M	8.2M	-4.4M	8M	3.3M	14.3M
Capital expenditure	-3.7M	-2.7M	-10.6M	-4.7M	-2.4M	-4.9M	-2.6M	-4.7M	-6.2M	—
Investing cash flow	-3.7M	-2.7M	-16.1M	-4.7M	-2.4M	-3.7M	-2.6M	-4.7M	-6.2M	—
Dividends paid	0	-49K	-256K	-281K	-282K	0	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-382K	-449K	714K	-1.3M	2.3M	-744K	2.2M	-619K	-635K	-647K
Net change in cash	-428.8K	-416K	-468K	-913K	5.9M	3.9M	-4.8M	2.7M	-3.5M	13.7M
Free cash flow	250K	185K	-2.3M	-939K	4.9M	3.8M	-9.1M	2.7M	-1M	5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.3M	230K	1.1M	2M	3.1M	1.4M	3.3M	4.2M	2.9M	2.1M	1.3M	1.4M
Depreciation & amortization	619K	604K	641K	653K	702K	668K	671K	631K	613K	972K	951K	1M
Stock-based compensation	90K	114K	5K	30K	5K	5K	4K	6K	3K	46K	15K	0
Change in working capital	210K	3.5M	-3.5M	869K	78K	-3.2M	-1.9M	-4M	4.7M	-426K	612K	-1.4M
Operating cash flow	2.1M	4M	-1.7M	3.5M	3.9M	-2.3M	2.1M	183K	9.3M	2.6M	3.1M	-485K
Capital expenditure	-1.1M	-785K	-1.4M	-2.1M	-2M	-632K	-595K	—	—	—	—	—
Investing cash flow	-1.1M	-785K	-1.4M	-2.1M	-2M	-632K	-595K	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-155K	-158K	-157K	-159K	-131K	-188K	-164K	-168K	-172K	-143K	-166K	-145K
Net change in cash	830K	3.1M	-3.3M	1.3M	1.8M	-3.1M	1.3M	15K	9.1M	2.4M	3M	-630K
Free cash flow	1.2M	3.4M	-2.6M	998K	1.8M	-1.3M	1.6M	-1.7M	6.4M	-1.4M	1.5M	-2.4M

Smith-Midland Corp. Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement