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Smith-Midland Corp.

SMID Basic Materials Building Materials

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%
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 (at or above 1.5: strong)
Debt/Equity 0.06 (at or below 0.5: strong)
P/E ratio 15.62
Fwd P/E 137.00 (above 35: high)
P/S ratio 1.34
P/B ratio 2.11
Past 5Y EPS Growth 35.85% (at or above 15%: strong)
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (1.07%) (below 0%: weak)
Next 5Y EPS Growth —

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 1.3×; over the ten years it ranged from 0.3× in 2016 to 4.7× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Smith-Midland Corp. vs peers in Building Materials (Q) = latest quarter vs a year earlier

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.

Smith-Midland Corp. (SMID) Latest News

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stockrow.com/SMID · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com