SMID · Smith Midland Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $93.45M | $78.51M | $59.58M | $50.13M | $50.64M | $43.86M |
| Cost of Revenue | $67.41M | $58.50M | $48.93M | $40.66M | $36.22M | $32.82M |
| Gross Profit | $26.04M | $20.01M | $10.65M | $9.47M | $14.42M | $11.04M |
| R&D | - | - | - | - | - | - |
| SG&A | $5.67M | $6.55M | $5.99M | $5.55M | $5.42M | $4.99M |
| Total Operating Expenses | $9.04M | $10.11M | $9.53M | $8.62M | $8.25M | $7.28M |
| D&A | $2.89M | $2.66M | $2.40M | $2.88M | $2.67M | $2.41M |
| Operating Income | $16.99M | $9.90M | $1.12M | $854.0K | $6.17M | $3.76M |
| Interest Expense | $225.0K | $231.0K | $255.0K | $260.0K | $190.0K | $217.0K |
| Income Tax | $4.52M | $2.14M | $528.0K | $145.0K | $1.52M | $1.13M |
| Net Income | $12.51M | $7.67M | $795.0K | $800.0K | $7.57M | $2.67M |
| EPS - Basic | $2.36 | $1.45 | $0.15 | $0.15 | $1.45 | $0.51 |
| EPS - Diluted | $2.36 | $1.45 | $0.15 | $0.15 | $1.45 | $0.51 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.88M | $7.55M | $9.18M | $6.73M | $13.49M | $8.76M |
| Accounts Receivable | $27.23M | $19.42M | - | $16.22M | $10.01M | $9.80M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $5.48M | $4.74M | $7.34M | $5.82M | $2.07M | $1.87M |
| Current Assets | $48.75M | $35.85M | $33.33M | $28.94M | $27.75M | $23.34M |
| Total Assets | $87.73M | $67.99M | $61.35M | $54.31M | $53.33M | $46.50M |
| Current Liabilities | $14.33M | $15.01M | $16.02M | $11.22M | $13.91M | $8.90M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $33.42M | $26.25M | $27.19M | $21.26M | $21.57M | $22.85M |
| Stockholders' Equity | $54.30M | $41.74M | $34.16M | $33.05M | $31.75M | $23.65M |
| Retained Earnings | $46.58M | $34.07M | $26.39M | $25.66M | $24.86M | $17.29M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $14.30M | $5.16M | $7.73M | ($6.33M) | $9.13M | $7.49M |
| Investing Cash Flow | ($9.32M) | ($6.15M) | ($4.66M) | ($2.63M) | ($3.65M) | ($2.42M) |
| Financing Cash Flow | ($647.0K) | ($635.0K) | ($619.0K) | $2.20M | ($744.0K) | $2.33M |
| CapEx | $9.34M | $6.20M | $5.01M | $2.75M | $5.37M | $2.63M |
| Free Cash Flow | $4.96M | ($1.04M) | $2.72M | ($9.08M) | $3.76M | $4.86M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 27.9% | 25.5% | 17.9% | 18.9% | 28.5% | 25.2% |
| Operating margin | 18.2% | 12.6% | 1.9% | 1.7% | 12.2% | 8.6% |
| EBITDA margin | 21.3% | 16.0% | 5.9% | 7.5% | 17.5% | 14.1% |
| Net margin | 13.4% | 9.8% | 1.3% | 1.6% | 14.9% | 6.1% |
| Free cash flow margin | 5.3% | -1.3% | 4.6% | -18.1% | 7.4% | 11.1% |
| FCF / Net income | 0.40 | -0.14 | 3.42 | -11.35 | 0.50 | 1.82 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 6.1% | 8.3% | 10.1% | 11.1% | 10.7% | 11.4% |
| Effective tax rate | 26.5% | 21.8% | 39.9% | 15.3% | 16.8% | 29.7% |
| Return on assets | 14.3% | 11.3% | 1.3% | 1.5% | 14.2% | 5.7% |
| Return on equity | 23.0% | 18.4% | 2.3% | 2.4% | 23.8% | 11.3% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 3.40 | 2.39 | 2.08 | 2.58 | 2.00 | 2.62 |
| Quick ratio | 3.40 | 2.39 | 2.08 | 2.58 | 2.00 | 2.62 |
| Cash ratio | 0.83 | 0.50 | 0.57 | 0.60 | 0.97 | 0.98 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 75.5x | 42.9x | 4.4x | 3.3x | 32.5x | 17.3x |
| Equity multiplier | 1.62 | 1.63 | 1.80 | 1.64 | 1.68 | 1.97 |
| Liabilities / Assets | 0.38 | 0.39 | 0.44 | 0.39 | 0.40 | 0.49 |
| Efficiency | ||||||
| Asset turnover | 1.07 | 1.15 | 0.97 | 0.92 | 0.95 | 0.94 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 106d | 90d | - | 118d | 72d | 82d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 30d | 30d | 55d | 52d | 21d | 21d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 15.4x | 30.7x | 263.3x | 136.7x | 32.4x | 18.5x |
| P / B | 3.6x | 5.6x | 6.1x | 0.0x | 7.7x | 0.0x |
| P / S | 2.1x | 3.0x | 3.5x | 0.0x | 4.9x | 0.0x |
| EV / EBITDA | 9.1x | 18.1x | 56.8x | -1.8x | 26.3x | -1.4x |
| Growth | ||||||
| Revenue growth (YoY) | 19.0% | 31.8% | 18.8% | -1.0% | 15.5% | -6.1% |
| Revenue CAGR (3y) | 23.1% | 15.7% | 10.7% | 2.4% | 6.7% | 1.7% |
| Revenue CAGR (5y) | 16.3% | 11.0% | 7.4% | 3.7% | 4.8% | 8.5% |
| Gross profit growth (YoY) | 30.1% | 87.9% | 12.5% | -34.3% | 30.6% | 10.8% |
| Operating income growth (YoY) | 71.7% | 785.4% | 30.9% | -86.2% | 64.1% | 47.6% |
| Net income growth (YoY) | 62.9% | 865.4% | -0.6% | -89.4% | 184.1% | 36.0% |
| EPS growth (YoY) | 62.8% | 866.7% | 0.0% | -89.7% | 184.3% | 34.2% |
| EPS CAGR (3y) | 150.6% | 0.0% | -33.5% | -26.6% | 63.8% | -1.3% |
| EPS CAGR (5y) | 35.9% | 30.7% | -14.6% | -22.3% | 21.0% | 19.4% |
| FCF growth (YoY) | - | - | - | - | -22.7% | - |
| FCF CAGR (5y) | 0.4% | - | -3.4% | - | 72.0% | - |
| Book value growth (YoY) | 30.1% | 22.2% | 3.3% | 4.1% | 34.3% | 13.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$34.34M totalService Revenue$19.70M · 57.4%
Product Sales$14.64M · 42.6%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
3.08
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Concrete Products, Except Block & Brick
Comparing SMITH MIDLAND CORP against the 3 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Dec 19, 2019 | $0.0550 |
| Dec 18, 2018 | $0.0550 |
| Dec 26, 2017 | $0.0500 |
| Dec 28, 2016 | $0.0100 |
| Dec 16, 2015 | $0.0400 |
| Dec 23, 2014 | $0.0350 |
| Dec 31, 2013 | $0.0300 |
| Dec 18, 2013 | $0.0300 |
| Dec 21, 2012 | $0.0500 |