Saturday 17 October 2026 Export SMID’s income statement to Excel — free account

Smith-Midland Corp.

Smith-Midland Corp.’s revenue for fiscal 2025 (year ended December 2025) was $93.4 million, up 19.0% from fiscal 2024. In the quarter to June 2026, revenue fell 10.8%, EPS fell 67.1%, free cash flow fell 38.7% and total debt fell 15.2%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three; insiders bought in the last twelve months.

22.65 0.18 −0.79%

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Market cap: $121.1M
P/E: 15.6×
Fwd P/E: 137×
Dividend yield: —
F-score: 7/9
Altman Z: 6.38
Beneish M: −2.21
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.11

Total sells 0.02

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	2	—
Sell	1	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 14.08%

Capital & Financial Ratios $m

Market Cap 121.10

Revenue 89.50

Net Income 7.73

Free Cash Flow 4.19

Net Debt (7.19)

Current Ratio 4.06

Debt/Equity 0.06

P/E ratio 15.62

Fwd P/E 137.00

P/S ratio 1.34

P/B ratio 2.11

Past 5Y EPS Growth 35.85%

This Y EPS Growth —

Next Y EPS Growth —

Next Y revenue growth (1.07%)

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 32.80%

10-year low 10-year high

P/S against its own 10 years 48.65%

10-year low 10-year high

P/B against its own 10 years 29.64%

10-year low 10-year high

EV/Sales against its own 10 years 48.21%

10-year low 10-year high

EV/FCF against its own 10 years 48.30%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2020	Powerpack
2019	0.00	0.06
2018	0.00	0.06
2017	0.00	0.05

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	9	8	12	11
Receivables	18	21	28	26
Inventory	5	7	7	9
Other	—	—	—	—
	33	36	49	46

	2023	2024	2025	Q'26
Payables	7	5	5	6
ST’ Debt	—	—	—	—
Other	3	2	2	1
	16	15	14	11

Compound Annual Growth %

	10y	5y	3y
Sales	12.33%	16.33%	23.07%
Cash Flow	94.04%	13.82%	0.00%
Earnings	28.18%	36.23%	150.04%
Book Value	16.90%	18.09%	18.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	22	23	—	—	—
’25	23	26	21	23	93
’24	17	20	24	19	79
’23	13	15	16	16	60
’22	10	13	12	14	50
’21	15	12	13	10	51
’20	10	10	13	11	44

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3	0	—	—	—
’25	2	0	9	3	14
’24	(1)	3	4	(1)	5
’23	(2)	3	2	4	8
’22	(1)	(1)	(1)	(3)	(6)
’21	4	1	2	2	9
’20	1	1	3	2	7

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	2	(2)	—	—	—
’25	2	(2)	6	(1)	5
’24	(2)	1	2	(1)	(1)
’23	(3)	1	1	3	3
’22	(1)	(3)	(2)	(2)	(9)
’21	4	1	2	(3)	4
’20	1	0	3	1	5

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.25	0.26	—	—	—
’25	0.62	0.79	0.54	0.40	2.36
’24	0.21	0.37	0.59	0.27	1.45
’23	0.02	(0.15)	0.24	0.04	0.15
’22	(0.02)	0.17	0.00	0.00	0.15
’21	0.55	0.19	0.71	0.00	1.45
’20	(0.01)	0.09	0.30	0.13	0.51

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	1.77	5.25	6.38	5.40	2.95	8.84	13.00	14.00	25.03	25.13	Analyst estimates 2026–2028 Powerpack
	High	5.45	9.00	9.84	9.53	9.45	47.99	47.99	40.87	51.96	45.52
People
People	Employees	203	242	220	232	200	200	232	247	264	285
	Revenue/emp, $m	0.20	0.17	0.18	0.20	0.22	0.25	0.22	0.24	0.30	0.33
Income, $m
Income, $m	Revenue	40	42	40	47	44	51	50	60	79	93
	Gross margin, %	25.84	27.48	26.08	21.35	25.17	28.47	18.89	17.88	25.49	27.86
	EBT	4	4	2	2	4	9	1	1	10	17
	EBT margin, %	10.73	8.97	5.62	5.35	8.65	17.96	1.89	2.22	12.51	18.22
	Net income	3	3	2	2	3	8	1	1	8	13
	Depreciation	1	1	1	2	2	3	3	2	3	3
Per share, $
Per share, $	Revenue	8.12	8.27	7.92	9.08	8.46	9.73	9.58	11.33	14.84	17.61
	Earnings	0.57	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45	2.36
	Cash flow	0.81	0.58	1.67	0.76	1.44	1.75	(1.21)	1.47	0.98	2.70
	Capex	(0.75)	(0.53)	(1.00)	(0.85)	(0.46)	(0.94)	(0.50)	(0.89)	(1.16)	(1.76)
	Free cash flow	0.06	0.05	0.66	(0.08)	0.98	0.82	(1.71)	0.58	(0.19)	0.94
	Book value	2.89	3.41	3.71	4.05	4.56	6.10	6.32	6.50	7.89	10.24
	Shares, m	5	5	5	5	5	5	5	5	5	5
Valuation, ×
Valuation, ×	P/E	9.30	13.00	22.00	16.22	18.43	32.33	134.67	271.14	30.66	15.46
	P/S	0.65	0.83	0.94	0.66	1.12	4.83	2.13	3.47	3.00	2.06
	P/B	1.84	2.02	2.02	1.48	2.07	7.71	3.23	6.06	5.63	3.55
	EV/Sales	0.62	0.79	1.08	0.83	1.15	4.69	2.17	3.45	2.99	2.01
	EV/FCF	80.92	143.50	12.94	(92.09)	9.91	55.91	(12.11)	67.02	(236.62)	37.61
Cash, $m
Cash, $m	Operating cash flow	4	3	8	4	7	9	(6)	8	5	14
	Capex	(4)	(3)	(5)	(4)	(2)	(5)	(3)	(5)	(6)	(9)
	Free cash flow	0	0	3	0	5	4	(9)	3	(1)	5
Balance, $m
Balance, $m	Working capital	10	11	10	9	14	14	18	17	21	34
	Total debt	3	3	9	9	11	4	6	5	4	4
	Net debt	(1)	(2)	6	7	1	(10)	(1)	(4)	(3)	(8)
	Shareholders’ equity	14	17	19	21	24	32	33	34	42	54
Returns, %
Returns, %	ROA	13.42	10.20	4.78	4.67	6.01	15.17	1.49	1.37	11.87	16.06
	ROIC	20.82	14.87	5.66	5.78	9.65	17.57	1.66	2.32	16.02	22.98
	ROE	22.12	17.07	9.36	9.83	11.99	27.33	2.47	2.37	20.22	26.04

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
USLM United States Lime & Minerals, Inc.	$3.1B	22.6×	24.3×	+8.31% (above 0%: growing)	+11.11% (above 0%: growing)	+0.98% (above 0%: growing)	47.13%	41.01%	Compare
KNF Knife River Corporation	$2.8B	20.4×	22.4×	+12.57% (above 0%: growing)	−13.48% (below 0%: shrinking)	+19.76% (above 0%: growing)	17.34%	8.64%	Compare
TTAM Titan America SA	$2.5B	14.2×	14.4×	+9.64% (above 0%: growing)	−17.86% (below 0%: shrinking)	−14.52% (below 0%: shrinking)	24.04%	13.33%	Compare
TGLS Tecnoglass Holdings Inc.	$1.7B	13.4×	15.6×	+15.55% (above 0%: growing)	−41.49% (below 0%: shrinking)	−111.60% (below 0%: shrinking)	37.26%	12.38%	Compare
LOMA Loma Negra Compania Industrial Argentina S.A. Sponsored ADR	$1.2B	34.6×	17.5×	+6.10% (above 0%: growing)	+1,566.67% (above 0%: growing)	+116.93% (above 0%: growing)	19.18%	7.91%	Compare
CPAC Cementos Pacasmayo S.A.A.	$1.1B	17.6×	—	+22.91% (above 0%: growing)	+73.33% (above 0%: growing)	+516.57% (above 0%: growing)	39.57%	24.41%	Compare
RMIX Suncrete, Inc.	$740.7M	—	—	—	n/m	—	29.12%	(8.98%)	Compare
SMID Smith-Midland Corp.	$121.1M	15.6×	137×	−10.78% (below 0%: shrinking)	−67.09% (below 0%: shrinking)	−38.74% (below 0%: shrinking)	23.19%	8.50%
RETO ReTo Eco-Solutions, Inc.	$7.6M	— (loss-making)	— (loss-making)	−45.95% (below 0%: shrinking)	−146.15% (below 0%: shrinking)	+62.10% (above 0%: growing)	7.59%	0.00%	Compare
Median of peers	$1.4B	19.0×	17.5×	+9.64%	−13.48%	+19.76%	26.58%	10.51%

All 18 Building Materials stocks →

Smith-Midland Corp. (SMID) key facts

Strength: Smith-Midland Corp.’s revenue for fiscal 2025 (year ended December 2025) was $93.4 million, up 19.0% from fiscal 2024.
Smith-Midland Corp. (SMID) is a Building Materials company in the Basic Materials sector, listed on Nasdaq.
As of October 16, 2026, SMID traded at $22.65, a market capitalization of $121.1 million.
Return on equity was 26.0% and debt-to-equity 0.06.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 6.38 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.