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Smith-Midland (SMID) Financials

Smith-Midland logo
$29.97 +0.42 (+1.42%)
Closing price 07/10/2026 04:00 PM Eastern
Extended Trading
$29.94 -0.02 (-0.08%)
As of 07/10/2026 05:47 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Smith-Midland

Annual Income Statements for Smith-Midland

This table shows Smith-Midland's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1.04 2.84 2.68 1.69 1.95 11 7.57 0.80 0.80 7.68 13
Consolidated Net Income / (Loss)		 1.04 2.84 2.68 1.69 1.95 2.67 7.57 0.80 0.80 7.68 13
Net Income / (Loss) Continuing Operations		 1.04 2.84 2.68 1.69 1.95 11 7.57 0.80 0.80 7.68 13
Total Pre-Tax Income 		1.60 4.30 3.74 2.26 2.50 3.79 9.09 0.95 1.32 9.82 17
Total Operating Income		 1.58 4.34 3.72 2.22 2.55 3.76 6.17 0.85 1.12 9.90 17
Total Gross Profit		 7.11 10 11 10 9.97 11 14 9.47 11 20 26
Total Revenue		 29 40 42 40 47 52 51 50 60 79 93
Operating Revenue		 29 40 42 40 47 52 51 50 60 79 93
Total Cost of Revenue		 22 30 30 30 37 33 36 41 49 58 67
Operating Cost of Revenue		 22 30 30 30 37 33 36 41 49 58 67
Total Operating Expenses		 5.53 6.01 7.75 8.27 7.42 7.28 8.25 8.62 9.53 10 9.04
Selling, General & Admin Expense		 3.37 3.89 5.25 5.68 4.89 4.99 5.42 5.55 9.53 10 9.04
Total Other Income / (Expense), net		 0.02 -0.04 0.03 0.04 -0.05 0.03 2.93 0.09 0.21 -0.08 0.03
Interest Expense		 0.10 0.16 0.18 0.18 0.18 0.22 -2.50 0.26 0.26 0.23 0.23
Interest & Investment Income		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.01 0.02 0.05 0.17
Other Income / (Expense), net		 0.09 0.09 0.17 0.18 0.09 0.22 0.39 0.34 0.44 0.10 0.09
Income Tax Expense		 0.56 1.46 1.06 0.57 0.55 1.13 1.52 0.15 0.53 2.14 4.52
Basic Earnings per Share		 $0.21 $0.57 $0.53 $0.33 $0.38 $0.51 $1.45 $0.15 $0.15 $1.45 $2.36
Weighted Average Basic Shares Outstanding		 4.92M 4.99M 5.07M 5.13M 5.16M 5.23M 5.23M 5.26M - - 5.31M
Weighted Average Diluted Shares Outstanding		 4.92M 4.99M 5.07M 5.13M 5.16M 5.23M 5.23M 5.26M - - 5.31M
Weighted Average Basic & Diluted Shares Outstanding		 4.92M 4.99M 5.07M 5.13M 5.16M 5.23M 5.23M 5.26M - - 5.31M

Quarterly Income Statements for Smith-Midland

This table shows Smith-Midland's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 1.27 0.23 1.15 0.00 3.15 3.38 3.33 0.00 2.88 6.30 1.34
Consolidated Net Income / (Loss)		 1.27 0.23 1.15 0.00 3.15 3.38 3.33 0.00 2.88 6.30 1.34
Net Income / (Loss) Continuing Operations		 1.27 0.23 1.15 0.00 3.15 3.38 3.33 0.00 2.88 6.30 1.34
Total Pre-Tax Income 		1.51 0.60 1.50 0.00 3.84 4.47 4.35 0.01 3.87 8.80 1.76
Total Operating Income		 1.50 0.54 1.51 0.00 3.85 4.54 4.39 0.01 3.85 8.75 1.73
Total Gross Profit		 3.58 3.12 3.91 0.01 6.58 9.52 6.98 0.01 5.76 13 4.30
Total Revenue		 16 16 17 0.02 24 38 23 0.03 21 49 22
Operating Revenue		 16 16 17 0.02 24 38 23 0.03 21 49 22
Total Cost of Revenue		 12 13 13 0.01 17 29 16 0.02 16 36 17
Operating Cost of Revenue		 12 13 13 0.01 17 29 16 0.02 16 36 17
Total Operating Expenses		 2.08 2.58 2.40 0.00 2.73 4.98 2.59 0.00 1.91 4.55 2.58
Selling, General & Admin Expense		 2.08 2.58 2.40 0.00 2.73 4.98 2.59 0.00 1.91 4.55 2.58
Total Other Income / (Expense), net		 0.01 0.06 -0.01 -0.00 -0.02 -0.06 -0.04 -0.00 0.03 0.04 0.03
Interest Expense		 0.06 0.06 0.06 0.00 0.06 0.11 0.06 0.00 0.04 0.13 0.05
Interest & Investment Income		 0.01 0.01 0.01 0.00 0.02 0.02 0.01 0.00 0.07 0.09 0.07
Other Income / (Expense), net		 0.07 0.11 0.05 -0.00 0.02 0.04 0.01 0.00 0.00 0.08 0.02
Income Tax Expense		 0.25 0.37 0.36 0.00 0.69 1.09 1.02 0.00 0.99 2.50 0.42
Basic Earnings per Share		 $0.24 $0.04 $0.22 $0.37 $0.59 $0.27 $0.63 $0.79 $0.54 $0.40 $0.25
Weighted Average Basic Shares Outstanding		 5.26M 0.00 5.31M 5.32M 5.30M 0.00 5.30M 5.31M 5.31M 5.31M 5.31M
Diluted Earnings per Share		 - - $0.21 - - - $0.62 - - - $0.25
Weighted Average Diluted Shares Outstanding		 5.30M 0.00 5.35M 5.32M 5.30K 0.00 5.31M 5.31M 5.31K 5.31M 5.31M
Weighted Average Basic & Diluted Shares Outstanding		 5.26M 0.00 5.30M 5.35M 5.30M 0.00 - 5.30M 5.30M 5.31M 5.31M

Annual Cash Flow Statements for Smith-Midland

This table details how cash moves in and out of Smith-Midland's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1.84 1.79 -0.13 -1.44 -0.58 10 4.73 -6.77 1.26 -2.21 4.34
Net Cash From Operating Activities		 0.02 4.00 2.93 8.47 3.93 7.49 9.13 -6.33 7.73 5.16 14
Net Cash From Continuing Operating Activities		 0.02 4.00 2.93 8.47 3.93 2.71 20 -6.33 6.55 4.58 14
Net Income / (Loss) Continuing Operations		 1.04 2.84 2.68 1.69 1.95 2.67 7.57 0.80 0.80 7.68 13
Consolidated Net Income / (Loss)		 1.04 2.84 2.68 1.69 1.95 2.67 7.57 0.80 0.80 7.68 13
Depreciation Expense		 0.67 0.82 0.93 1.25 1.79 2.41 2.67 2.88 2.40 2.66 2.89
Non-Cash Adjustments To Reconcile Net Income		 -0.13 -0.06 0.36 0.12 0.23 0.27 3.58 0.75 0.03 0.22 -0.57
Changes in Operating Assets and Liabilities, net		 -1.57 0.40 -1.04 5.42 -0.04 -2.64 6.61 -11 3.32 -5.98 -0.52
Net Cash From Investing Activities		 -1.65 -3.71 -2.73 -11 -4.74 -2.42 -3.65 -2.63 -4.66 -6.15 -9.32
Net Cash From Continuing Investing Activities		 -1.65 -3.71 -2.73 -11 -4.74 -2.42 -3.65 -2.63 -4.66 -6.15 -9.32
Purchase of Property, Plant & Equipment		 -1.64 -3.75 -2.74 -5.23 -4.51 -2.63 -5.37 -2.75 -5.01 -6.20 -9.34
Sale of Property, Plant & Equipment		 0.02 0.06 0.05 0.13 0.16 0.24 0.49 0.12 0.35 0.05 0.02
Net Cash From Financing Activities		 -0.21 1.50 -0.33 0.73 0.23 2.33 -0.74 2.20 -0.62 -0.64 -0.65
Net Cash From Continuing Financing Activities		 -0.21 1.50 -0.33 0.73 0.23 9.73 -0.74 2.20 -0.62 -0.64 -0.65
Repayment of Debt		 -0.53 -2.26 -0.58 -0.66 -2.27 -2.87 -0.79 -0.58 -0.62 -0.64 -0.65
Cash Interest Paid		 0.16 0.18 0.18 0.18 0.18 0.22 0.19 0.26 0.26 0.22 0.23
Cash Income Taxes Paid		 0.77 1.29 1.29 0.05 0.07 0.02 0.92 2.26 0.19 2.26 3.49

Quarterly Cash Flow Statements for Smith-Midland

This table details how cash moves in and out of Smith-Midland's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/23/2024 9/30/2024 12/31/2024 3/31/2025 6/23/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 1.74 2.53 -2.37 2.37 -0.16 -2.05 1.46 -1.46 5.83 -1.49 1.33
Net Cash From Operating Activities		 2.38 4.27 -0.78 0.78 5.80 -0.65 2.22 -2.21 12 2.59 3.13
Net Cash From Continuing Operating Activities		 3.00 3.48 -0.78 0.78 5.80 -1.23 2.22 -2.21 12 2.59 3.13
Net Income / (Loss) Continuing Operations		 -1.27 1.36 1.15 -1.14 6.27 1.40 3.33 -3.32 10 2.13 1.34
Consolidated Net Income / (Loss)		 -1.27 1.36 1.15 -1.14 6.27 1.40 3.33 -3.32 10 2.13 1.34
Depreciation Expense		 0.62 0.60 0.64 -0.64 1.99 0.67 0.67 -0.67 1.91 0.97 0.95
Non-Cash Adjustments To Reconcile Net Income		 0.04 0.02 -0.20 0.20 0.15 0.07 0.10 -0.10 0.05 -0.62 0.13
Changes in Operating Assets and Liabilities, net		 3.61 1.49 -2.37 2.36 -2.62 -3.36 -1.88 1.87 -0.62 0.11 0.71
Net Cash From Investing Activities		 -1.10 -0.79 -1.44 1.44 -5.51 -0.63 -0.60 0.59 -5.38 -3.94 -1.63
Net Cash From Continuing Investing Activities		 -1.10 -0.79 -1.44 1.44 -5.51 -0.63 -0.60 0.59 -5.38 -3.94 -1.63
Purchase of Property, Plant & Equipment		 -1.16 -0.88 -1.80 1.79 -5.54 -0.66 -0.60 0.59 -5.38 -3.96 -1.63
Net Cash From Financing Activities		 -0.16 -0.16 -0.16 0.16 -0.45 -0.19 -0.16 0.16 -0.50 -0.14 -0.17
Net Cash From Continuing Financing Activities		 -0.16 -0.16 -0.16 0.16 -0.45 -0.19 -0.16 0.16 -0.50 -0.14 -0.17
Repayment of Debt		 -0.16 -0.16 -0.16 0.16 -0.45 -0.19 -0.16 0.16 -0.50 -0.14 -0.17
Cash Interest Paid		 0.06 0.06 0.06 -0.06 0.17 0.05 0.06 -0.05 0.16 0.06 0.05
Cash Income Taxes Paid		 -0.06 0.18 0.00 - 1.56 0.70 0.00 0.00 2.21 1.27 0.00

Annual Balance Sheets for Smith-Midland

This table presents Smith-Midland's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 19 23 29 41 42 46 53 54 61 68 88
Total Current Assets		 14 15 19 22 19 23 28 29 33 36 49
Cash & Equivalents		 1.74 3.52 3.39 1.95 1.36 8.76 13 6.73 9.18 7.55 12
Accounts Receivable		 6.99 7.46 9.22 14 13 11 10 17 18 21 28
Inventories, net		 2.49 2.58 3.52 3.56 2.24 2.19 2.85 3.82 5.15 6.68 6.93
Prepaid Expenses		 0.19 0.37 0.45 0.48 0.78 0.62 0.55 0.71 1.27 0.85 1.51
Current Deferred & Refundable Income Taxes		 1.05 0.25 1.36 0.91 0.43 0.00 0.41 0.48 0.00 0.02 0.02
Plant, Property, & Equipment, net		 5.07 8.01 9.87 14 18 19 22 25 28 32 38
Total Noncurrent Assets		 0.27 0.17 0.33 5.67 5.35 4.56 3.60 0.25 0.34 0.44 0.50
Other Noncurrent Operating Assets		 0.27 0.17 0.33 5.67 5.35 4.56 3.60 0.25 0.34 0.44 0.50
Total Liabilities & Shareholders' Equity		 19 23 29 41 42 46 53 54 61 68 88
Total Liabilities		 7.46 9.17 12 23 21 23 22 21 27 26 33
Total Current Liabilities		 4.53 5.06 7.83 12 9.60 8.90 14 11 16 15 14
Short-Term Debt		 0.44 0.59 0.64 1.71 0.93 0.74 0.46 0.62 0.64 0.66 0.65
Accounts Payable		 1.74 2.09 3.06 4.21 3.18 1.87 2.07 5.82 7.34 4.74 5.48
Accrued Expenses		 1.42 1.18 1.82 2.17 1.20 2.19 1.69 1.59 2.03 2.20 3.07
Customer Deposits		 0.92 0.43 0.92 1.66 1.08 0.57 1.33 0.74 2.78 1.54 2.38
Current Deferred Revenue		 - 0.72 1.14 1.83 1.89 2.37 6.23 2.24 2.72 4.31 1.13
Current Deferred & Payable Income Tax Liabilities		 - - - - 0.00 0.47 2.03 0.15 0.47 1.54 1.60
Other Current Liabilities		 - - - 0.00 1.05 0.09 0.09 0.08 0.04 0.02 0.02
Total Noncurrent Liabilities		 2.93 4.11 4.19 11 12 15 7.62 10 11 11 19
Long-Term Debt		 2.08 3.35 2.90 2.79 4.09 6.89 3.68 5.73 5.09 4.44 3.80
Noncurrent Deferred Revenue		 - - - 0.57 0.24 - 1.87 2.17 4.42 6.22 14
Noncurrent Deferred & Payable Income Tax Liabilities		 0.86 0.76 1.29 1.43 1.89 2.46 1.96 2.09 1.65 0.49 1.46
Other Noncurrent Operating Liabilities		 - - - 0.00 0.30 0.21 0.12 0.05 0.00 0.09 0.07
Total Equity & Noncontrolling Interests		 11 14 17 19 21 24 32 33 34 42 54
Total Preferred & Common Equity		 11 14 17 19 21 24 32 33 34 42 54
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 11 14 17 19 21 24 32 33 34 42 54
Common Stock		 5.16 5.24 5.77 6.02 6.29 6.46 6.99 7.49 7.87 7.77 7.83
Retained Earnings		 6.34 9.13 12 13 15 17 25 26 26 34 47
Treasury Stock		 -0.10 -0.10 -0.10 -0.10 -0.10 -0.10 -0.10 -0.10 -0.10 -0.10 -0.10

Quarterly Balance Sheets for Smith-Midland

This table presents Smith-Midland's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 58 65 64 67 75 0.08 85 92
Total Current Assets		 30 36 34 35 42 0.05 50 52
Cash & Equivalents		 5.85 6.80 7.29 9.01 9.01 0.01 13 13
Accounts Receivable		 18 21 18 19 24 0.03 27 30
Inventories, net		 4.21 6.95 6.67 6.24 7.49 0.01 7.89 7.22
Prepaid Expenses		 1.27 1.25 1.65 0.98 1.25 0.00 1.68 1.27
Current Deferred & Refundable Income Taxes		 0.48 - - 0.02 - - - 0.02
Plant, Property, & Equipment, net		 27 29 30 31 33 0.03 35 40
Total Noncurrent Assets		 0.35 0.34 0.45 0.44 0.43 0.00 0.51 0.61
Other Noncurrent Operating Assets		 0.35 0.34 0.45 0.44 0.43 0.00 0.51 0.61
Total Liabilities & Shareholders' Equity		 58 65 64 67 75 0.08 85 92
Total Liabilities		 24 30 27 26 30 0.03 33 37
Total Current Liabilities		 13 17 15 13 17 0.02 18 17
Short-Term Debt		 0.63 0.64 0.64 0.65 0.66 0.00 0.66 0.66
Accounts Payable		 5.48 6.94 5.40 5.43 5.81 0.01 5.74 8.27
Accrued Expenses		 1.18 2.77 2.30 2.23 1.58 0.00 2.58 2.61
Customer Deposits		 2.44 2.95 2.58 1.49 2.16 0.00 2.69 2.05
Current Deferred Revenue		 2.15 3.22 3.09 2.79 4.47 0.00 3.69 0.95
Current Deferred & Payable Income Tax Liabilities		 0.24 0.83 0.84 0.00 2.56 0.00 2.66 2.02
Other Current Liabilities		 0.04 0.03 0.02 0.01 0.02 0.00 0.02 0.02
Total Noncurrent Liabilities		 11 12 12 14 12 0.02 15 20
Long-Term Debt		 5.26 4.93 4.77 4.63 4.27 0.00 3.93 3.63
Noncurrent Deferred Revenue		 3.55 5.57 5.57 7.40 7.50 0.01 11 15
Noncurrent Deferred & Payable Income Tax Liabilities		 2.09 1.65 1.65 1.65 0.48 0.00 0.48 1.46
Other Noncurrent Operating Liabilities		 0.01 0.00 0.00 0.00 0.09 0.00 0.08 0.07
Total Equity & Noncontrolling Interests		 34 35 37 40 45 0.05 52 56
Total Preferred & Common Equity		 34 35 37 40 45 0.05 52 56
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 34 35 37 40 45 0.05 52 56
Common Stock		 7.76 7.87 7.76 7.77 7.78 0.01 7.78 7.85
Retained Earnings		 26 28 30 33 37 0.04 44 48
Treasury Stock		 -0.10 -0.10 -0.10 -0.10 -0.10 -0.00 -0.10 -0.10

Annual Metrics And Ratios for Smith-Midland

This table displays calculated financial ratios and metrics derived from Smith-Midland's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 4,852,628.00 4,918,628.00 5,013,228.00 5,080,395.00 5,134,492.00 5,183,991.00 5,229,658.00 5,230,658.00 5,257,413.00 5,304,606.00 5,304,606.00
DEI Adjusted Shares Outstanding		 4,852,628.00 4,918,628.00 5,013,228.00 5,080,395.00 5,134,492.00 5,183,991.00 5,229,658.00 5,230,658.00 5,257,413.00 5,304,606.00 5,304,606.00
DEI Earnings Per Adjusted Shares Outstanding		 0.22 0.58 0.54 0.33 0.38 2.16 1.45 0.15 0.15 1.45 2.36
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 29.97% 37.14% 4.16% -3.59% 16.09% 12.19% -3.32% -1.01% 18.85% 31.77% 19.03%
EBITDA Growth		 518.52% 124.39% -8.18% -24.39% 21.70% 44.15% 44.50% -55.87% -2.92% 220.41% 57.68%
EBIT Growth		 239.65% 165.00% -12.08% -38.45% 10.20% 50.70% 65.00% -81.84% 30.48% 543.63% 70.82%
NOPAT Growth		 222.94% 178.18% -6.83% -37.91% 20.04% 32.99% 94.35% -85.92% -7.07% 1,051.85% 61.31%
Net Income Growth		 229.75% 171.47% -5.33% -37.15% 15.53% 36.74% 184.05% -89.43% -0.63% 865.41% 62.94%
EPS Growth		 231.25% 166.67% -5.36% -37.74% 15.15% 34.21% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 -98.68% 21,048.76% -26.76% 189.54% -53.59% 90.41% 21.89% -169.41% 222.07% -33.29% 177.26%
Free Cash Flow Firm Growth		 -268.65% 120.69% -156.48% -4,294.35% 96.15% 1,702.51% 75.99% -206.01% 127.58% -131.60% 688.52%
Invested Capital Growth		 31.16% 22.71% 20.91% 60.25% 8.72% -8.62% -14.76% 45.88% -6.01% 27.91% 19.30%
Revenue Q/Q Growth		 12.62% 14.77% -6.39% 4.43% 1.57% -3.16% -16.12% 36.82% 3.30% 38.35% 13.51%
EBITDA Q/Q Growth		 123.93% 86.94% -32.37% 71.01% -1.45% 7.85% -30.43% 229.45% 15.96% 45.96% 29.55%
EBIT Q/Q Growth		 336.82% 114.00% -37.02% 126.49% -4.70% 8.64% -38.53% 175.09% 80.70% 64.57% 33.12%
NOPAT Q/Q Growth		 215.88% 117.46% -33.49% 56.09% -5.12% -4.38% -29.31% 180.93% 45.61% 72.18% 29.27%
Net Income Q/Q Growth		 311.51% 108.78% -32.31% 45.83% -7.01% -1.41% -8.34% -2.44% 39.96% 69.43% 30.49%
EPS Q/Q Growth		 320.00% 100.00% -32.05% 43.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 101.02% 62.38% -38.85% 21.58% -31.55% 8.19% 0.61% -258.06% 1,573.59% -48.79% 29.20%
Free Cash Flow Firm Q/Q Growth		 40.37% 113.56% -107.79% -63.33% 88.10% 6.55% -15.53% -36.58% 155.92% -147.71% 67.82%
Invested Capital Q/Q Growth		 -5.31% -12.09% -3.56% 13.76% 2.59% 1.12% -0.80% 13.92% -9.28% 7.32% 8.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 24.35% 25.84% 27.48% 26.08% 21.35% 21.08% 28.47% 18.89% 17.88% 25.49% 27.86%
EBITDA Margin		 8.00% 13.09% 11.54% 9.05% 9.49% 12.19% 18.22% 8.12% 6.63% 16.13% 21.37%
Operating Margin		 5.40% 10.83% 8.91% 5.51% 5.45% 7.18% 12.18% 1.70% 1.88% 12.61% 18.19%
EBIT Margin		 5.71% 11.04% 9.32% 5.95% 5.65% 7.59% 12.95% 2.38% 2.61% 12.74% 18.28%
Profit (Net Income) Margin		 3.58% 7.08% 6.43% 4.19% 4.17% 5.09% 14.95% 1.60% 1.33% 9.78% 13.38%
Tax Burden Percent		 65.22% 65.98% 71.75% 74.68% 78.02% 70.28% 83.24% 84.66% 60.09% 78.17% 73.45%
Interest Burden Percent		 95.96% 97.17% 96.22% 94.40% 94.73% 95.42% 138.69% 79.35% 85.14% 98.16% 99.65%
Effective Tax Rate		 34.78% 34.02% 28.25% 25.32% 21.98% 29.72% 16.76% 15.34% 39.91% 21.83% 26.55%
Return on Invested Capital (ROIC)		 10.49% 23.09% 17.68% 7.70% 7.20% 9.60% 21.10% 2.63% 2.12% 22.11% 28.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.08% 29.10% 14.78% 8.64% 6.71% 10.04% -51.38% 1.04% -4.32% 24.26% 28.50%
Return on Net Nonoperating Assets (RNNOA)		 -0.94% -0.97% -0.61% 1.65% 2.63% 2.39% 6.23% -0.16% 0.25% -1.89% -2.94%
Return on Equity (ROE)		 9.55% 22.12% 17.07% 9.36% 9.83% 11.99% 27.33% 2.47% 2.37% 20.22% 26.04%
Cash Return on Invested Capital (CROIC)		 -16.47% 2.70% -1.25% -38.60% -1.16% 18.61% 37.03% -34.69% 8.31% -2.38% 11.38%
Operating Return on Assets (OROA)		 9.50% 20.93% 14.77% 6.78% 6.32% 8.97% 13.14% 2.21% 2.69% 15.47% 21.94%
Return on Assets (ROA)		 5.94% 13.42% 10.20% 4.78% 4.67% 6.01% 15.17% 1.49% 1.37% 11.87% 16.06%
Return on Common Equity (ROCE)		 9.55% 22.12% 17.07% 9.36% 9.83% 11.99% 27.33% 2.47% 2.37% 20.22% 26.04%
Return on Equity Simple (ROE_SIMPLE)		 9.17% 19.90% 15.60% 8.95% 9.36% 11.27% 23.84% 2.42% 2.33% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1.03 2.86 2.67 1.65 1.99 2.64 5.13 0.72 0.67 7.74 12
NOPAT Margin		 3.52% 7.14% 6.39% 4.11% 4.25% 5.04% 10.14% 1.44% 1.13% 9.86% 13.36%
Net Nonoperating Expense Percent (NNEP)		 1.41% -6.01% 2.89% -0.93% 0.48% -0.44% 72.48% 1.58% 6.44% -2.15% 0.48%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 1.68% 16.52% 21.25%
Cost of Revenue to Revenue		 75.65% 74.16% 72.52% 73.92% 78.65% 62.66% 71.53% 81.11% 82.12% 74.51% 72.14%
SG&A Expenses to Revenue		 11.52% 9.72% 12.59% 14.11% 10.47% 9.52% 10.69% 11.07% 16.00% 12.88% 9.68%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 18.95% 15.01% 18.58% 20.57% 15.90% 13.90% 16.29% 17.19% 16.00% 12.88% 9.68%
Earnings before Interest and Taxes (EBIT)		 1.67 4.42 3.89 2.39 2.64 3.97 6.56 1.19 1.55 10 17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2.34 5.24 4.81 3.64 4.43 6.39 9.23 4.07 3.95 13 20
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.85 0.69 0.58 2.06 1.48 2.07 7.71 3.24 6.08 5.65 3.55
Price to Tangible Book Value (P/TBV)		 0.85 0.69 0.58 2.06 1.48 2.07 7.71 3.24 6.08 5.65 3.55
Price to Revenue (P/Rev)		 0.33 0.24 0.24 0.96 0.66 0.94 4.84 2.14 3.49 3.00 2.06
Price to Earnings (P/E)		 9.25 3.45 3.72 22.98 15.81 4.38 32.35 134.04 261.22 30.73 15.41
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 10.81% 28.96% 26.90% 4.35% 6.33% 22.83% 3.09% 0.75% 0.38% 3.25% 6.49%
Enterprise Value to Invested Capital (EV/IC)		 0.84 0.67 0.55 1.74 1.34 1.96 10.52 3.27 6.65 5.94 3.95
Enterprise Value to Revenue (EV/Rev)		 0.32 0.23 0.22 1.15 0.82 0.99 4.65 2.13 3.43 2.97 1.98
Enterprise Value to EBITDA (EV/EBITDA)		 4.02 1.74 1.87 12.66 8.68 8.08 25.53 26.24 51.66 18.43 9.28
Enterprise Value to EBIT (EV/EBIT)		 5.63 2.07 2.32 19.26 14.59 12.99 35.93 89.71 131.42 23.33 10.85
Enterprise Value to NOPAT (EV/NOPAT)		 9.13 3.20 3.38 27.85 19.36 19.54 45.88 147.80 303.98 30.16 14.85
Enterprise Value to Operating Cash Flow (EV/OCF)		 497.18 2.29 3.08 5.44 9.78 6.89 25.81 0.00 26.41 45.25 12.96
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 27.39 0.00 0.00 0.00 10.08 26.14 0.00 77.51 0.00 37.82
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.22 0.28 0.21 0.55 0.49 0.53 0.13 0.19 0.17 0.12 0.08
Long-Term Debt to Equity		 0.18 0.23 0.17 0.46 0.45 0.50 0.12 0.17 0.15 0.11 0.07
Financial Leverage		 -0.10 -0.03 -0.04 0.19 0.39 0.24 -0.12 -0.15 -0.06 -0.08 -0.10
Leverage Ratio		 1.61 1.65 1.67 1.96 2.10 1.99 1.80 1.66 1.72 1.70 1.62
Compound Leverage Factor		 1.54 1.60 1.61 1.85 1.99 1.90 2.50 1.32 1.47 1.67 1.62
Debt to Total Capital		 18.07% 21.64% 17.04% 35.51% 32.87% 34.80% 11.54% 16.11% 14.36% 10.88% 7.57%
Short-Term Debt to Total Capital		 3.13% 3.23% 3.07% 5.86% 2.98% 2.04% 1.29% 1.57% 1.59% 1.41% 1.10%
Long-Term Debt to Total Capital		 14.94% 18.41% 13.96% 29.65% 29.89% 32.76% 10.25% 14.54% 12.77% 9.47% 6.47%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 81.93% 78.36% 82.96% 64.49% 67.13% 65.20% 88.46% 83.89% 85.64% 89.12% 92.43%
Debt to EBITDA		 1.08 0.75 0.73 2.85 2.30 1.98 0.45 1.56 1.45 0.40 0.22
Net Debt to EBITDA		 -0.11 -0.12 -0.20 2.01 1.73 0.41 -1.01 -0.09 -0.87 -0.19 -0.37
Long-Term Debt to EBITDA		 0.89 0.64 0.60 2.38 2.09 1.86 0.40 1.41 1.29 0.35 0.19
Debt to NOPAT		 2.44 1.37 1.33 6.27 5.13 4.78 0.81 8.78 8.53 0.66 0.36
Net Debt to NOPAT		 -0.26 -0.22 -0.36 4.43 3.85 1.00 -1.82 -0.52 -5.13 -0.32 -0.60
Long-Term Debt to NOPAT		 2.02 1.17 1.09 5.24 4.67 4.50 0.72 7.93 7.58 0.57 0.30
Altman Z-Score		 3.66 4.04 3.38 2.92 2.94 3.59 9.15 5.07 6.58 8.10 6.38
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.98 3.01 2.43 1.82 1.98 2.62 2.00 2.58 2.08 2.39 3.40
Quick Ratio		 2.16 2.38 1.75 1.40 1.62 2.31 1.72 2.13 1.68 1.89 2.81
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1.61 0.33 -0.19 -8.29 -0.32 5.12 9.01 -9.55 2.63 -0.83 4.90
Operating Cash Flow to CapEx		 1.17% 108.35% 108.57% 166.05% 90.37% 313.00% 187.08% -240.75% 165.78% 83.87% 153.48%
Free Cash Flow to Firm to Interest Expense		 -15.66 2.06 -1.03 -47.10 -1.79 23.60 0.00 -36.75 10.33 -3.60 21.78
Operating Cash Flow to Interest Expense		 0.18 24.66 15.90 48.14 21.97 34.50 0.00 -24.36 30.32 22.33 63.56
Operating Cash Flow Less CapEx to Interest Expense		 -15.51 1.90 1.26 19.15 -2.34 23.48 0.00 -34.48 12.03 -4.29 22.15
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.66 1.90 1.59 1.14 1.12 1.18 1.02 0.93 1.03 1.21 1.20
Accounts Receivable Turnover		 5.16 5.54 5.00 3.53 3.51 4.44 4.82 3.62 3.41 4.08 3.80
Inventory Turnover		 10.47 11.71 9.93 8.40 12.66 14.80 14.38 12.21 10.91 9.89 9.91
Fixed Asset Turnover		 6.36 6.12 4.67 3.36 2.93 2.88 2.50 2.13 2.26 2.64 2.66
Accounts Payable Turnover		 15.26 15.49 11.75 8.18 9.94 13.01 18.40 10.31 7.44 9.69 13.19
Days Sales Outstanding (DSO)		 70.78 65.85 72.96 103.51 104.08 82.13 75.65 100.71 107.05 89.45 95.99
Days Inventory Outstanding (DIO)		 34.87 31.17 36.76 43.43 28.83 24.67 25.39 29.91 33.45 36.90 36.83
Days Payable Outstanding (DPO)		 23.93 23.56 31.07 44.63 36.74 28.06 19.84 35.40 49.06 37.68 27.68
Cash Conversion Cycle (CCC)		 81.72 73.46 78.65 102.31 96.17 78.74 81.20 95.22 91.44 88.67 105.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11 14 17 26 29 26 22 33 31 39 47
Invested Capital Turnover		 2.98 3.23 2.77 1.87 1.69 1.90 2.08 1.82 1.88 2.24 2.17
Increase / (Decrease) in Invested Capital		 2.64 2.53 2.85 9.95 2.31 -2.48 -3.88 10 -1.96 8.57 7.58
Enterprise Value (EV)		 9.39 9.15 9.02 46 38 52 236 107 204 233 185
Market Capitalization		 9.66 9.79 9.98 39 31 49 245 107 208 236 193
Book Value per Share		 $2.35 $2.90 $3.43 $3.71 $4.06 $4.56 $6.09 $6.32 $6.50 $7.87 $10.24
Tangible Book Value per Share		 $2.35 $2.90 $3.43 $3.71 $4.06 $4.56 $6.09 $6.32 $6.50 $7.87 $10.24
Total Capital		 14 18 21 29 31 36 36 39 40 47 59
Total Debt		 2.51 3.93 3.53 10 10 13 4.14 6.35 5.73 5.09 4.45
Total Long-Term Debt		 2.08 3.35 2.90 8.67 9.27 12 3.68 5.73 5.09 4.44 3.80
Net Debt		 -0.27 -0.64 -0.96 7.32 7.65 2.63 -9.35 -0.38 -3.45 -2.45 -7.44
Capital Expenditures (CapEx)		 1.62 3.69 2.70 5.10 4.35 2.39 4.88 2.63 4.66 6.15 9.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 6.64 6.19 7.35 8.39 7.81 5.19 0.82 12 8.77 14 23
Debt-free Net Working Capital (DFNWC)		 9.42 11 12 11 10 15 14 18 18 21 35
Net Working Capital (NWC)		 8.98 10 11 9.74 9.43 14 14 18 17 21 34
Net Nonoperating Expense (NNE)		 -0.02 0.03 -0.02 -0.03 0.04 -0.02 -2.44 -0.08 -0.12 0.06 -0.02
Net Nonoperating Obligations (NNO)		 -0.27 -0.59 -0.70 7.60 7.94 2.63 -9.35 -0.38 -3.45 -2.45 -7.44
Total Depreciation and Amortization (D&A)		 0.67 0.82 0.93 1.25 1.79 2.41 2.67 2.88 2.40 2.66 2.89
Debt-free, Cash-free Net Working Capital to Revenue		 22.73% 15.45% 17.61% 20.87% 16.74% 9.91% 1.62% 23.16% 14.72% 17.77% 24.80%
Debt-free Net Working Capital to Revenue		 32.24% 26.87% 28.37% 28.46% 22.18% 28.98% 28.26% 36.57% 30.12% 27.38% 37.52%
Net Working Capital to Revenue		 30.75% 25.40% 26.84% 24.21% 20.19% 27.57% 27.34% 35.34% 29.05% 26.54% 36.83%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.21 $0.57 $0.53 $0.33 $0.38 $0.51 $1.45 $0.15 $0.15 $1.45 $2.36
Adjusted Weighted Average Basic Shares Outstanding		 4.92M 4.99M 5.07M 5.13M 5.16M 5.20M 5.23M 5.26M 0.00 0.00 5.31M
Adjusted Diluted Earnings per Share		 $0.21 $0.56 $0.53 $0.33 $0.38 $0.51 $1.43 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 4.92M 4.99M 5.07M 5.13M 5.16M 5.20M 5.23M 5.26M 0.00 0.00 5.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.38 $0.51 $1.43 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 4.92M 4.99M 5.07M 5.13M 5.16M 5.20M 5.23M 5.26M 0.00 0.00 5.31M
Normalized Net Operating Profit after Tax (NOPAT)		 1.03 2.86 2.67 1.65 1.99 2.64 5.13 0.72 0.67 7.74 12
Normalized NOPAT Margin		 3.52% 7.14% 6.39% 4.11% 4.25% 5.04% 10.14% 1.44% 1.13% 9.86% 13.36%
Pre Tax Income Margin		 5.48% 10.73% 8.97% 5.62% 5.35% 7.24% 17.96% 1.89% 2.22% 12.51% 18.22%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 16.19 27.30 21.13 13.60 14.73 18.31 0.00 4.58 6.09 43.30 75.93
NOPAT to Interest Expense		 9.98 17.66 14.49 9.40 11.10 12.17 0.00 2.78 2.63 33.50 55.48
EBIT Less CapEx to Interest Expense		 0.50 4.54 6.48 -15.39 -9.58 7.29 0.00 -5.54 -12.20 16.68 34.52
NOPAT Less CapEx to Interest Expense		 -5.71 -5.10 -0.16 -19.59 -13.21 1.15 0.00 -7.34 -15.66 6.88 14.06
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 18.61% 0.00% 1.83% 15.17% 14.42% 10.58% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 18.61% 0.00% 1.83% 15.17% 14.42% 10.58% 0.00% 3.13% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Smith-Midland

This table displays calculated financial ratios and metrics derived from Smith-Midland's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 5,256,413.00 5,257,413.00 5,257,413.00 5,296,659.00 5,345,759.00 5,304,606.00 5,304,606.00 5,304,606.00 5,304,606.00 5,304,606.00 5,306,554.00
DEI Adjusted Shares Outstanding		 5,256,413.00 5,257,413.00 5,257,413.00 5,296,659.00 5,345,759.00 5,304,606.00 5,304,606.00 5,304,606.00 5,304,606.00 5,304,606.00 5,306,554.00
DEI Earnings Per Adjusted Shares Outstanding		 0.24 0.04 0.22 0.00 0.59 0.64 0.63 0.00 0.54 1.19 0.25
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 30.91% 13.13% 30.48% -99.87% 50.67% 132.78% 35.46% 33.34% -9.04% 29.15% -4.96%
EBITDA Growth		 178.63% 76.08% 190.99% -153.80% 167.52% 316.79% 130.59% -4.26% -1.55% 86.81% -46.82%
EBIT Growth		 2,562.71% 1,779.49% 866.46% 100.32% 145.96% 599.14% 182.46% 107.80% -0.26% 92.83% -60.34%
NOPAT Growth		 44,785.56% 509.79% 2,643.84% 100.30% 150.90% 1,538.17% 191.78% 107.17% -9.16% 82.43% -60.87%
Net Income Growth		 25,220.00% 5,675.00% 1,333.75% 100.25% 148.82% 1,361.48% 190.06% 110.55% -8.67% 86.55% -59.75%
EPS Growth		 0.00% 0.00% 950.00% 0.00% 0.00% 0.00% 195.24% 0.00% 0.00% 0.00% -59.68%
Operating Cash Flow Growth		 467.44% 242.25% 50.03% -70.46% 143.64% -115.11% 385.33% -384.31% 101.89% 501.09% 41.18%
Free Cash Flow Firm Growth		 35.79% 121.03% 129.68% 79.27% 110.32% -336.63% -243.11% 2,406.34% -1,057.67% 74.25% -24.20%
Invested Capital Growth		 18.04% -6.01% -3.76% 4.53% 8.12% 27.91% 20.28% -99.87% 18.40% 19.30% 13.97%
Revenue Q/Q Growth		 6.48% 4.72% 2.24% -99.88% 119,977.40% 61.78% -40.50% -99.88% 81,817.82% 129.69% -56.22%
EBITDA Q/Q Growth		 972.51% -42.51% 74.50% -129.00% 1,019.67% -10.44% -3.46% -113.11% 968.42% 69.95% -72.52%
EBIT Q/Q Growth		 288.60% -58.31% 137.56% -99.83% 144,890.62% 18.51% -4.03% -99.87% 69,491.91% 129.12% -80.26%
NOPAT Q/Q Growth		 283.02% -83.34% 449.57% -99.82% 155,502.16% 8.79% -2.11% -99.88% 68,125.16% 118.48% -79.00%
Net Income Q/Q Growth		 261.89% -81.75% 396.54% -99.83% 158,910.60% 7.18% -1.45% -99.87% 68,876.26% 118.90% -78.74%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 -9.71% 79.29% -118.20% 200.25% 644.75% -111.12% 443.72% -199.89% 628.84% -77.91% 20.99%
Free Cash Flow Firm Q/Q Growth		 46.90% 155.47% 14.29% -161.58% 126.44% -1,371.56% 30.88% 1,092.45% -110.98% 65.81% -233.36%
Invested Capital Q/Q Growth		 0.24% -9.28% 10.97% 3.59% 3.68% 7.32% 4.35% -99.89% 92,299.69% 8.14% -0.31%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 22.85% 19.06% 23.34% 26.14% 27.89% 24.94% 30.73% 29.73% 26.85% 26.99% 19.95%
EBITDA Margin		 13.99% 7.68% 13.11% -3,243.75% 24.84% 13.75% 22.32% -2,536.32% 26.89% 19.90% 12.49%
Operating Margin		 9.60% 3.31% 9.01% 13.61% 16.32% 11.90% 19.33% 21.07% 17.97% 17.75% 8.01%
EBIT Margin		 10.04% 4.00% 9.29% 13.57% 16.39% 12.00% 19.36% 21.15% 17.97% 17.92% 8.08%
Profit (Net Income) Margin		 8.09% 1.41% 6.85% 10.09% 13.36% 8.85% 14.66% 15.93% 13.41% 12.78% 6.21%
Tax Burden Percent		 83.67% 38.56% 76.26% 75.81% 81.95% 75.57% 76.52% 76.09% 74.32% 71.55% 76.04%
Interest Burden Percent		 96.31% 91.45% 96.66% 98.05% 99.48% 97.56% 98.93% 98.99% 100.44% 99.67% 101.03%
Effective Tax Rate		 16.33% 61.44% 23.74% 24.19% 18.05% 24.43% 23.46% 23.91% 25.68% 28.46% 23.96%
Return on Invested Capital (ROIC)		 14.81% 2.40% 12.55% 14.58% 21.54% 20.17% 33.28% 76.60% 27.50% 27.55% 12.82%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.37% 1.27% 11.81% 14.60% 21.72% 22.01% 34.44% 76.61% 27.30% 26.75% 12.44%
Return on Net Nonoperating Assets (RNNOA)		 -0.91% -0.07% 0.18% -0.12% -1.08% -1.71% -2.27% -3.86% -3.70% -2.76% -1.61%
Return on Equity (ROE)		 13.91% 2.33% 12.73% 14.47% 20.46% 18.46% 31.01% 72.74% 23.81% 24.80% 11.21%
Cash Return on Invested Capital (CROIC)		 -15.07% 8.31% 8.89% 3.10% 4.95% -2.38% 8.08% 255.75% 7.31% 11.38% 10.75%
Operating Return on Assets (OROA)		 10.34% 4.12% 9.72% 11.06% 14.96% 14.57% 23.44% 55.71% 19.45% 21.51% 8.94%
Return on Assets (ROA)		 8.34% 1.45% 7.16% 8.22% 12.20% 10.74% 17.75% 41.96% 14.52% 15.34% 6.87%
Return on Common Equity (ROCE)		 13.91% 2.33% 12.73% 14.47% 20.46% 18.46% 31.01% 72.74% 23.81% 24.80% 11.21%
Return on Equity Simple (ROE_SIMPLE)		 1.68% 0.00% 5.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1.26 0.21 1.15 0.00 3.15 3.43 3.36 0.00 2.86 6.26 1.31
NOPAT Margin		 8.03% 1.28% 6.87% 10.32% 13.37% 8.99% 14.79% 16.03% 13.35% 12.70% 6.09%
Net Nonoperating Expense Percent (NNEP)		 0.44% 1.13% 0.74% -0.02% -0.18% -1.84% -1.16% 0.00% 0.20% 0.80% 0.39%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.53% 2.81% 0.00% 6.91% 7.32% 6.72% 7.77% 5.05% 10.65% 2.19%
Cost of Revenue to Revenue		 77.15% 80.94% 76.66% 73.86% 72.11% 75.06% 69.27% 70.27% 73.15% 73.01% 80.05%
SG&A Expenses to Revenue		 13.26% 15.74% 14.34% 12.53% 11.58% 13.04% 11.40% 8.66% 8.88% 9.23% 11.94%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 13.26% 15.74% 14.34% 12.53% 11.58% 13.04% 11.40% 8.66% 8.88% 9.23% 11.94%
Earnings before Interest and Taxes (EBIT)		 1.57 0.66 1.56 0.00 3.86 4.58 4.40 0.01 3.85 8.83 1.74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2.19 1.26 2.20 -0.64 5.86 5.25 5.07 -0.66 5.77 9.80 2.69
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.95 6.08 6.99 3.94 4.43 5.65 3.66 3,615.04 3.76 3.55 3.10
Price to Tangible Book Value (P/TBV)		 2.95 6.08 6.99 3.94 4.43 5.65 3.66 3,615.04 3.76 3.55 3.10
Price to Revenue (P/Rev)		 1.73 3.49 3.89 3.00 3.15 3.00 1.95 2.11 2.38 2.06 1.87
Price to Earnings (P/E)		 175.92 261.22 132.65 55.43 39.40 30.73 16.72 18.06 20.42 15.41 16.41
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.57% 0.38% 0.75% 1.80% 2.54% 3.25% 5.98% 5.54% 4.90% 6.49% 6.10%
Enterprise Value to Invested Capital (EV/IC)		 2.95 6.65 7.21 4.10 4.77 5.94 3.92 3,795.26 4.31 3.95 3.50
Enterprise Value to Revenue (EV/Rev)		 1.73 3.43 3.87 2.97 3.08 2.97 1.90 2.11 2.27 1.98 1.77
Enterprise Value to EBITDA (EV/EBITDA)		 29.32 51.66 45.55 28.91 20.14 18.43 10.35 11.48 12.13 9.28 9.30
Enterprise Value to EBIT (EV/EBIT)		 116.23 131.42 83.34 38.26 28.75 23.33 12.52 13.86 14.57 10.85 11.34
Enterprise Value to NOPAT (EV/NOPAT)		 216.66 303.98 139.73 55.67 38.89 30.16 16.16 17.90 19.36 14.85 15.67
Enterprise Value to Operating Cash Flow (EV/OCF)		 216.37 26.41 28.88 21.77 17.35 45.25 19.72 34.51 16.89 12.96 10.75
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 77.51 79.51 135.36 100.14 0.00 52.97 3.94 64.02 37.82 34.71
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.17 0.17 0.16 0.15 0.13 0.12 0.11 0.10 0.09 0.08 0.08
Long-Term Debt to Equity		 0.16 0.15 0.14 0.13 0.11 0.11 0.09 0.08 0.08 0.07 0.07
Financial Leverage		 -0.06 -0.06 0.02 -0.01 -0.05 -0.08 -0.07 -0.05 -0.14 -0.10 -0.13
Leverage Ratio		 1.68 1.72 1.77 1.72 1.68 1.70 1.74 1.72 1.64 1.62 1.66
Compound Leverage Factor		 1.62 1.57 1.71 1.69 1.67 1.66 1.72 1.71 1.65 1.62 1.67
Debt to Total Capital		 14.83% 14.36% 13.63% 12.71% 11.58% 10.88% 9.86% 8.82% 8.09% 7.57% 7.14%
Short-Term Debt to Total Capital		 1.58% 1.59% 1.57% 1.51% 1.43% 1.41% 1.32% 1.23% 1.16% 1.10% 1.09%
Long-Term Debt to Total Capital		 13.25% 12.77% 12.06% 11.19% 10.15% 9.47% 8.54% 7.59% 6.93% 6.47% 6.05%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 85.17% 85.64% 86.37% 87.29% 88.42% 89.12% 90.14% 91.18% 91.91% 92.43% 92.86%
Debt to EBITDA		 1.73 1.45 1.03 1.08 0.61 0.40 0.32 0.00 0.30 0.22 0.24
Net Debt to EBITDA		 0.01 -0.87 -0.23 -0.37 -0.43 -0.19 -0.26 0.00 -0.57 -0.37 -0.51
Long-Term Debt to EBITDA		 1.54 1.29 0.91 0.95 0.53 0.35 0.27 0.00 0.26 0.19 0.21
Debt to NOPAT		 12.76 8.53 3.17 2.08 1.18 0.66 0.50 0.00 0.48 0.36 0.41
Net Debt to NOPAT		 0.08 -5.13 -0.70 -0.72 -0.83 -0.32 -0.41 0.00 -0.91 -0.60 -0.86
Long-Term Debt to NOPAT		 11.40 7.58 2.80 1.83 1.03 0.57 0.43 0.00 0.41 0.30 0.35
Altman Z-Score		 4.59 6.53 7.01 5.04 6.21 7.84 5.76 4,386.95 5.81 6.07 5.08
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.31 2.08 2.05 2.27 2.78 2.39 2.41 2.88 2.76 3.40 3.11
Quick Ratio		 1.85 1.68 1.58 1.71 2.20 1.89 1.90 2.34 2.23 2.81 2.60
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3.92 2.17 2.48 -1.53 0.40 -5.14 -3.55 35 -3.87 -1.32 -4.41
Operating Cash Flow to CapEx		 215.67% 543.82% -53.96% 0.00% 105.20% -102.06% 372.61% 0.00% 217.71% 65.73% 192.02%
Free Cash Flow to Firm to Interest Expense		 -61.19 34.48 41.38 -25,914.81 7.22 -44.72 -64.60 568,762.78 -87.99 -10.51 -93.90
Operating Cash Flow to Interest Expense		 37.20 67.76 -12.95 13,202.20 103.59 -5.61 40.31 -35,719.35 266.17 20.54 66.60
Operating Cash Flow Less CapEx to Interest Expense		 19.95 55.30 -36.95 37,549.64 5.12 -11.11 29.49 -26,163.15 143.91 -10.71 31.91
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.03 1.03 1.05 0.82 0.91 1.21 1.21 2.63 1.08 1.20 1.11
Accounts Receivable Turnover		 3.66 3.41 3.09 2.76 3.08 4.08 3.79 9.31 3.61 3.80 3.44
Inventory Turnover		 11.63 10.91 8.56 6.69 8.25 9.89 8.50 18.39 8.50 9.91 9.38
Fixed Asset Turnover		 2.24 2.26 2.33 1.72 1.94 2.64 2.75 5.65 2.48 2.66 2.54
Accounts Payable Turnover		 9.48 7.44 7.64 6.89 7.91 9.69 9.62 22.71 10.76 13.19 9.80
Days Sales Outstanding (DSO)		 99.79 107.05 118.11 132.02 118.42 89.45 96.22 39.19 101.07 95.99 106.19
Days Inventory Outstanding (DIO)		 31.38 33.45 42.65 54.55 44.22 36.90 42.93 19.84 42.94 36.83 38.91
Days Payable Outstanding (DPO)		 38.51 49.06 47.80 52.95 46.14 37.68 37.93 16.07 33.93 27.68 37.26
Cash Conversion Cycle (CCC)		 92.66 91.44 112.96 133.62 116.50 88.67 101.21 42.97 110.08 105.14 107.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 34 31 34 35 37 39 41 0.05 43 47 47
Invested Capital Turnover		 1.84 1.88 1.83 1.41 1.61 2.24 2.25 4.78 2.06 2.17 2.11
Increase / (Decrease) in Invested Capital		 5.17 -1.96 -1.33 1.53 2.75 8.57 6.91 -35 6.74 7.58 5.73
Enterprise Value (EV)		 100 204 246 145 175 233 161 178 187 185 164
Market Capitalization		 100 208 247 147 178 236 165 178 196 193 173
Book Value per Share		 $6.43 $6.50 $6.72 $7.02 $7.61 $7.87 $8.50 $0.01 $9.83 $10.24 $10.49
Tangible Book Value per Share		 $6.43 $6.50 $6.72 $7.02 $7.61 $7.87 $8.50 $0.01 $9.83 $10.24 $10.49
Total Capital		 40 40 41 43 46 47 50 0.05 57 59 60
Total Debt		 5.89 5.73 5.57 5.41 5.28 5.09 4.93 0.00 4.59 4.45 4.28
Total Long-Term Debt		 5.26 5.09 4.93 4.77 4.63 4.44 4.27 0.00 3.93 3.80 3.63
Net Debt		 0.04 -3.45 -1.23 -1.88 -3.73 -2.45 -4.08 -0.00 -8.79 -7.44 -8.94
Capital Expenditures (CapEx)		 1.10 0.79 1.44 -1.44 5.51 0.63 0.60 -0.59 5.38 3.94 1.63
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 12 8.77 12 12 14 14 16 0.02 19 23 22
Debt-free Net Working Capital (DFNWC)		 18 18 19 19 23 21 25 0.03 32 35 36
Net Working Capital (NWC)		 17 17 18 19 22 21 24 0.03 32 34 35
Net Nonoperating Expense (NNE)		 -0.01 -0.02 0.00 0.00 0.00 0.05 0.03 0.00 -0.01 -0.04 -0.03
Net Nonoperating Obligations (NNO)		 0.04 -3.45 -1.23 -1.88 -3.73 -2.45 -4.08 -0.00 -8.79 -7.44 -8.94
Total Depreciation and Amortization (D&A)		 0.62 0.60 0.64 -0.64 1.99 0.67 0.67 -0.67 1.91 0.97 0.95
Debt-free, Cash-free Net Working Capital to Revenue		 20.36% 14.72% 19.12% 24.97% 24.71% 17.77% 18.91% 0.03% 23.15% 24.80% 24.35%
Debt-free Net Working Capital to Revenue		 30.51% 30.12% 29.83% 39.90% 40.59% 27.38% 29.58% 0.04% 39.40% 37.52% 38.66%
Net Working Capital to Revenue		 29.42% 29.05% 28.83% 38.58% 39.45% 26.54% 28.79% 0.04% 38.60% 36.83% 37.95%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.24 $0.04 $0.22 $0.37 $0.59 $0.27 $0.63 $0.79 $0.54 $0.40 $0.25
Adjusted Weighted Average Basic Shares Outstanding		 5.26M 0.00 5.31M 5.32M 5.30M 0.00 5.30M 5.31M 5.31M 5.31M 5.31M
Adjusted Diluted Earnings per Share		 $0.24 $0.00 $0.21 $0.00 $0.00 $0.00 $0.62 $0.00 $0.00 $0.00 $0.25
Adjusted Weighted Average Diluted Shares Outstanding		 5.30M 0.00 5.35M 5.32K 5.30M 0.00 5.31M 5.31M 5.31K 5.31M 5.31M
Adjusted Basic & Diluted Earnings per Share		 $0.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 5.26M 0.00 5.30M 5.35M 5.30M 0.00 0.00 5.30M 5.30M 5.31M 5.31M
Normalized Net Operating Profit after Tax (NOPAT)		 1.26 0.38 1.15 0.00 3.15 3.43 3.36 0.00 2.86 6.26 1.31
Normalized NOPAT Margin		 8.03% 2.32% 6.87% 10.32% 13.37% 8.99% 14.79% 16.03% 13.35% 12.70% 6.09%
Pre Tax Income Margin		 9.67% 3.65% 8.98% 13.31% 16.30% 11.71% 19.16% 20.93% 18.05% 17.86% 8.16%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 24.55 10.40 25.93 45.17 69.00 39.84 79.91 89.32 87.59 70.12 37.09
NOPAT to Interest Expense		 19.64 3.32 19.18 34.35 56.31 29.84 61.05 67.72 65.10 49.69 27.96
EBIT Less CapEx to Interest Expense		 7.30 -2.06 1.93 24,392.61 -29.47 34.34 69.09 9,645.53 -34.67 38.86 2.40
NOPAT Less CapEx to Interest Expense		 2.39 -9.14 -4.82 24,381.79 -42.16 24.35 50.23 9,623.93 -57.16 18.44 -6.73
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Smith-Midland’s latest quarter showed continued profitability, solid operating cash generation, and a stronger balance sheet than a year ago. At the same time, results were mixed sequentially, with revenue and earnings down from the unusually strong Q4 2025 level, and working capital swings continuing to play a big role in cash flow.

  • Revenue growth remains strong year over year. Q1 2026 revenue rose to $21.6 million from $16.8 million in Q1 2025, showing the business is still expanding.
  • Profitability improved sharply versus the prior year. Q1 2026 net income was $1.34 million, up from $1.15 million in Q1 2025, while operating income also increased to $1.73 million from $1.51 million.
  • Operating cash flow was healthy. The company generated $3.13 million in operating cash flow in Q1 2026, indicating earnings are still translating into cash.
  • Balance sheet equity increased. Total equity rose to $55.7 million in Q1 2026 from $45.1 million in Q1 2025, a meaningful improvement in book value.
  • Liquidity improved materially. Cash and equivalents climbed to $13.2 million in Q1 2026 from $9.0 million a year earlier.
  • Debt levels remain manageable. Total debt stood at about $4.3 million in Q1 2026, modest relative to assets and equity.
  • Seasonality and project timing make quarter-to-quarter comparisons noisy. Q4 2025 was exceptionally strong, with $49.3 million in revenue and $6.3 million in net income, so the Q1 2026 slowdown looks more like normalization than a collapse.
  • Capex remained elevated but not alarming. The company spent $1.63 million on property and equipment in Q1 2026, versus $3.96 million in Q4 2025, suggesting ongoing investment in capacity.
  • Working capital swings continue to affect cash flow. Changes in operating assets and liabilities helped Q1 2026 cash flow, but this line has been volatile across periods.
  • Gross margin remains solid but not expanding dramatically. Q1 2026 gross profit was $4.3 million on $21.6 million of revenue, which is healthy, though not enough on its own to suggest a major margin breakout.
  • Revenue and earnings fell sequentially from Q4 2025. Q1 2026 revenue declined from $49.3 million in Q4 2025, and net income dropped from $6.3 million to $1.34 million.
  • Operating income was lower than the prior quarter. Q1 2026 operating income of $1.73 million was well below Q4 2025’s $8.75 million.
  • Current liabilities increased. Total current liabilities rose to $16.6 million in Q1 2026 from $13.5 million at the start of the year, driven in part by higher payables and deferred revenue balances.
  • Accounts receivable are still sizable. Receivables were $29.9 million in Q1 2026, a large balance relative to quarterly revenue and something investors should watch for collection efficiency.

Longer-term, the trend is encouraging. Compared with 2024, Smith-Midland has grown revenue, expanded equity, and generally improved cash generation. The main watch items are the company’s reliance on project timing, the size of receivables, and whether margins can remain steady as revenue normalizes from peak quarters.

07/11/26 05:05 PM ETAI Generated. May Contain Errors.

Smith-Midland Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Smith-Midland's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Smith-Midland's net income appears to be on an upward trend, with a most recent value of $12.51 million in 2025, rising from $1.04 million in 2015. The previous period was $7.68 million in 2024. See Smith-Midland's forecast for analyst expectations on what's next for the company.

Smith-Midland's total operating income in 2025 was $16.99 million, based on the following breakdown:
  • Total Gross Profit: $26.04 million
  • Total Operating Expenses: $9.04 million

Over the last 10 years, Smith-Midland's total revenue changed from $29.20 million in 2015 to $93.45 million in 2025, a change of 220.0%.

Smith-Midland's total liabilities were at $33.43 million at the end of 2025, a 27.3% increase from 2024, and a 348.1% increase since 2015.

In the past 10 years, Smith-Midland's cash and equivalents has ranged from $1.36 million in 2019 to $13.49 million in 2021, and is currently $11.88 million as of their latest financial filing in 2025.

Over the last 10 years, Smith-Midland's book value per share changed from 2.35 in 2015 to 10.24 in 2025, a change of 336.1%.


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Financial statements for NASDAQ:SMID last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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