SMITH MIDLAND CORP SMID

Industrials SIC 3272 - Concrete Products, Except Block & Brick NAICS Manufacturing › Nonmetallic Mineral Product Manufacturing › Cement and Concrete Product Manufacturing derived Nasdaq

Smith-Midland Corporation (the "Company") invents, develops, manufactures, markets, leases, licenses, sells, and installs a broad array of precast concrete products and systems for use primarily in the construction, highway, utilities and farming industries through its six wholly-owned subsidiaries. The Company's precast, licensing, and barrier rental customers are primarily general contractors and federal, state, and local transportation authorities located in the Mid-Atlantic, Northeastern, Midwestern and Southeastern regions of the United States. The Company's operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall®, a lightweight, energy efficient concrete and steel exterior wall panel for use in building construction; J-J Hooks® Highway Safety Barrier, a positive-connected highway safety barrier; SoftSound™, a proprietary sound absorptive finish used on the face of sound barriers to absorb traffic noise; Sierra Wall™, a sound barrier primarily for roadside use; and Easi-Set® and Easi-Span® transportable concrete buildings. In addition, the Company's precast subsidiaries produce farm products such as cattleguards and water and feed troughs, custom order precast concrete products with various architectural surfaces, and generic highway sound barriers, retaining walls and utility vaults. The Company's product lines include products that are proprietary and protected by patents, trademarks, crash tests, state and federal approvals, and other proprietary processes and systems, which are continually being developed and improved.

Last close 21.29 2026-10-23
Market cap $112.9M 2026-06-30 share count
52-week range 21.19 - 42.15

Valuation FY2025 figures against the last close

P/S1.2x
P/E9.0x
P/FCF22.8x
EV/EBITDA5.7x
Dividend yield—
Diluted EPS2.36

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $93.4M$78.5M$59.6M$50.1M$50.6M$43.9M$46.7M$40.2M$41.7M$40.0M
Cost of revenue $67.4M$58.5M$48.9M$40.7M$36.2M$32.8M$36.7M$29.7M$30.3M$29.7M
Gross profit $26.0M$20.0M$10.7M$9.5M$14.4M$11.0M$10.0M$10.5M$11.5M$10.3M
SG&A $5.7M$6.6M$6.0M$5.6M$5.4M$5.0M$4.9M$5.7M$5.3M$3.9M
Total operating expenses $9.0M$10.1M$9.5M$8.6M$8.3M$7.3M$7.4M$8.3M$7.7M$6.0M
Operating income $17.0M$9.9M$1.1M$854.0K$6.2M$3.8M$2.5M$2.2M$3.7M$4.3M
Interest expense $225.0K$231.0K$255.0K$260.0K$190.0K$217.0K$179.0K$176.0K$184.0K$162.0K
Pre-tax income $17.0M$9.8M$1.3M$945.0K$9.1M$3.8M$2.5M$2.3M$3.7M$4.3M
Income tax $4.5M$2.1M$528.0K$145.0K$1.5M$1.1M$549.0K$572.0K$1.1M$1.5M
Net income $12.5M$7.7M$795.0K$800.0K$7.6M$2.7M$1.9M$1.7M$2.7M$2.8M
EPS, basic 2.361.450.150.151.450.510.380.330.530.57
EPS, diluted 2.361.450.150.151.450.510.380.330.530.56
Shares, diluted (wtd. avg.) 5.3M5.3M5.3M5.3M5,2325.2M5,1475,0965,0795.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $11.9M$7.5M$9.2M$6.7M$13.5M$8.8M$1.4M—$3.4M$3.5M
Receivables $27.2M$19.4M$17.2M$16.2M$10.0M$9.8M$12.7M$12.3M$9.0M$7.2M
Total current assets $48.7M$35.8M$33.3M$28.9M$27.8M$23.3M$19.0M$21.6M$19.0M$15.2M
Property, plant and equipment $38.5M$31.7M$27.7M$25.1M$21.9M$18.6M$17.7M$14.1M$9.9M$8.0M
Total assets $87.7M$68.0M$61.3M$54.3M$53.3M$46.5M$42.1M$41.4M$29.2M$23.4M
Accounts payable $5.5M$4.7M$7.3M$5.8M$2.1M$1.9M$3.2M$4.2M$3.1M$2.1M
Total current liabilities $14.3M$15.0M$16.0M$11.2M$13.9M$8.9M$9.6M$11.9M$7.8M$5.1M
Total liabilities $33.4M$26.3M$27.2M$21.3M$21.5M$22.9M$21.3M$22.5M$12.0M$9.2M
Retained earnings $46.6M$34.1M$26.4M$25.7M$24.9M$17.3M$14.6M$13.0M$11.6M$9.1M
Total equity $54.3M$41.7M$34.2M$33.1M$31.8M$23.6M$20.8M$18.9M$17.2M$14.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $14.3M$5.2M$7.7M-$6.3M$9.1M$7.5M$3.9M$8.5M$2.9M$4.0M
Depreciation and amortisation $2.9M$2.7M$2.4M$2.9M$2.7M$2.4M$1.8M$1.2M$926.0K$821.0K
Stock-based compensation $59.0K$45.0K$375.0K$505.0K$531.0K$163.0K$270.0K$242.0K$411.0K$0
Capital expenditure $9.3M$6.2M$5.0M$2.7M$5.4M$2.6M$4.5M$5.2M$2.7M$3.7M
Investing cash flow -$9.3M-$6.2M-$4.7M-$2.6M-$3.7M-$2.4M-$4.7M-$10.6M-$2.7M-$3.7M
Financing cash flow -$647.0K-$635.0K-$619.0K$2.2M-$744.0K$2.3M$227.0K$726.0K-$332.0K$1.5M
Dividends paid ————$0$282.0K$281.0K$256.0K$49.0K$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001654954-26-003505.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 25M 50M 75M 100M Revenue, FY2016: 40M Gross profit, FY2016: 10.3M Net income, FY2016: 2.8M Revenue, FY2017: 41.7M Gross profit, FY2017: 11.5M Net income, FY2017: 2.7M Revenue, FY2018: 40.2M Gross profit, FY2018: 10.5M Net income, FY2018: 1.7M Revenue, FY2019: 46.7M Gross profit, FY2019: 10M Net income, FY2019: 1.9M Revenue, FY2020: 43.9M Gross profit, FY2020: 11M Net income, FY2020: 2.7M Revenue, FY2021: 50.6M Gross profit, FY2021: 14.4M Net income, FY2021: 7.6M Revenue, FY2022: 50.1M Gross profit, FY2022: 9.5M Net income, FY2022: 800K Revenue, FY2023: 59.6M Gross profit, FY2023: 10.7M Net income, FY2023: 795K Revenue, FY2024: 78.5M Gross profit, FY2024: 20M Net income, FY2024: 7.7M Revenue, FY2025: 93.4M Gross profit, FY2025: 26M Net income, FY2025: 12.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $40.0M $41.7M $40.2M $46.7M $43.9M $50.6M $50.1M $59.6M $78.5M $93.4M
Gross profit $10.3M $11.5M $10.5M $10.0M $11.0M $14.4M $9.5M $10.7M $20.0M $26.0M
Net income $2.8M $2.7M $1.7M $1.9M $2.7M $7.6M $800.0K $795.0K $7.7M $12.5M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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