A Business at a Glance
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SMITH MIDLAND CORP
SMID
$160M
Mkt Cap
$30.28
+1.47%
SMITH MIDLAND CORP (SMID) has a current P/E ratio of 16.4, compared to its historical median P/E of 18.3. The stock is currently considered Fair based on its historical valuation range.
SMITH MIDLAND CORP (SMID) has a 5-year average return on invested capital (ROIC) of 16.2%. This indicates strong capital allocation and a potential competitive advantage.
SMITH MIDLAND CORP (SMID) has a market capitalization of $160M. It is classified as a small-cap stock.
SMITH MIDLAND CORP (SMID) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.93%.
Based on historical P/E analysis, SMITH MIDLAND CORP (SMID) appears fair. The current P/E of 16.4 is 11% below its historical median of 18.3. The estimated fair value CAGR (P/E method) is 7.9%.
SMITH MIDLAND CORP (SMID) operates in the Concrete Products, Except Block & Brick industry, within the Materials sector.
SMITH MIDLAND CORP (SMID) reported annual revenue of $93 million in its most recent fiscal year, based on SEC EDGAR filings.
SMITH MIDLAND CORP operates in the Concrete Products, Except Block & Brick industry, Materials sector. Full business description from SEC filing not yet available.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 93M | 93M | 79M | 60M | 50M | 51M |
| Net Income | 13M | 13M | 7.7M | 795K | 800K | 7.6M |
| EPS | $2.36 | $2.36 | $1.45 | $0.15 | $0.15 | $1.45 |
| Free Cash Flow | 5.0M | 5.0M | -1.0M | 2.7M | -9.1M | 3.8M |
| ROIC | 26.2% | 28.7% | 23.3% | 2.2% | 2.3% | 24.7% |
| Gross Margin | 27.9% | 27.9% | 25.5% | 17.9% | 18.9% | 28.5% |
| Debt/Equity | 0.10 | 0.10 | 0.14 | 0.19 | 0.17 | 0.20 |
| Dividends/Share | $0.00 | - | - | - | - | $0.00 |
| Operating Income | 17M | 17M | 9.9M | 1.1M | 854K | 6.2M |
| Operating Margin | 18.2% | 18.2% | 12.6% | 1.9% | 1.7% | 12.2% |
| ROE | 23.0% | 26.0% | 20.2% | 2.4% | 2.4% | 27.3% |
| Shares Outstanding | 5M | 5M | 5M | 5M | 5M | 5M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 22M | 29M | 40M | 42M | 40M | 47M | 44M | 51M | 50M | 60M | 79M | 93M | 93M |
| Gross Margin | 17.1% | 24.3% | 25.8% | 27.5% | 26.1% | 21.4% | 25.2% | 28.5% | 18.9% | 17.9% | 25.5% | 27.9% | 27.9% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 3.0M | 3.4M | 3.9M | 5.3M | 5.7M | 4.9M | 5.0M | 5.4M | N/A | 6.0M | 6.6M | 5.7M | 5.7M |
| EBIT | -1.2M | 1.6M | 4.3M | 3.7M | 2.2M | 2.5M | 3.8M | 6.2M | 854K | 1.1M | 9.9M | 17M | 17M |
| Op. Margin | -5.3% | 5.4% | 10.8% | 8.9% | 5.5% | 5.5% | 8.6% | 12.2% | 1.7% | 1.9% | 12.6% | 18.2% | 18.2% |
| Net Income | -805K | 1.0M | 2.8M | 2.7M | 1.7M | 2.0M | 2.7M | 7.6M | 800K | 795K | 7.7M | 13M | 13M |
| Net Margin | -3.6% | 3.6% | 7.1% | 6.4% | 4.2% | 4.2% | 6.1% | 14.9% | 1.6% | 1.3% | 9.8% | 13.4% | 13.4% |
| Non-Recurring | 0 | 17K | 32K | 51K | 126K | 46K | -133K | -311K | 109K | 346K | 19K | 20K | 20K |
| Returns on Capital | |||||||||||||
| ROIC | -6.3% | 10.1% | 24.3% | 18.9% | 9.3% | 10.2% | 13.7% | 24.7% | 2.3% | 2.2% | 23.3% | 28.7% | 26.2% |
| ROE | -7.4% | 9.6% | 22.1% | 17.1% | 9.3% | 9.9% | 12.0% | 27.3% | 2.4% | 2.4% | 20.2% | 26.0% | 23.0% |
| ROA | -4.6% | 5.9% | 13.4% | 10.2% | 4.8% | 4.7% | 6.0% | 15.2% | 1.5% | 1.4% | 11.9% | 16.1% | 14.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.4M | 19K | 4.0M | 2.9M | 8.5M | 3.9M | 7.5M | 9.1M | -6.3M | 7.7M | 5.2M | 14M | 14M |
| Free Cash Flow | 961K | -1.6M | 250K | 185K | 3.2M | -581K | 4.9M | 3.8M | -9.1M | 2.7M | -1.0M | 5.0M | 5.0M |
| Owner Earnings | 790K | -649K | 3.2M | 1.6M | 7.0M | 1.9M | 4.9M | 5.9M | -9.7M | 5.0M | 2.4M | 11M | 11M |
| CapEx | 466K | 1.6M | 3.7M | 2.7M | 5.2M | 4.5M | 2.6M | 5.4M | 2.7M | 5.0M | 6.2M | 9.3M | 9.3M |
| Maint. CapEx | 637K | 668K | 821K | 926K | 1.2M | 1.8M | 2.4M | 2.7M | 2.9M | 2.4M | 2.7M | 2.9M | 2.9M |
| Growth CapEx | 0 | 967K | 2.9M | 1.8M | 4.0M | 2.7M | 215K | 2.7M | 0 | 2.6M | 3.5M | 6.5M | 6.5M |
| D&A | 637K | 668K | 821K | 926K | 1.2M | 1.8M | 2.4M | 2.7M | 2.9M | 2.4M | 2.7M | 2.9M | 2.9M |
| CapEx/OCF | 32.7% | 8657.1% | 93.7% | 93.7% | 61.8% | 114.8% | 35.1% | 58.8% | N/A | 64.8% | 120.3% | N/A | 65.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 174K | 194K | 0 | 49K | 256K | 281K | 282K | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 1.7% | 1.6% | N/A | 0.1% | 0.6% | 0.7% | 0.9% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M | 1.5M | 1.5M | 1.5M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.9% |
| Stock-Based Comp | 0 | 0 | 0 | 411K | 242K | 270K | 163K | 531K | 505K | 375K | 45K | 59K | 59K |
| Debt Repayment | 373K | 531K | 1.8M | 584K | 660K | 769K | 2.9M | 793K | 581K | 619K | 635K | 647K | 647K |
| Balance Sheet | |||||||||||||
| Net Debt | 209K | 171K | -53K | -318K | 2.2M | 687K | -6.3M | -7.2M | -996K | -2.8M | -1.7M | -6.7M | -6.7M |
| Cash & Equiv. | 1.7M | 1.7M | 3.5M | 3.4M | 1.9M | 1.4M | 8.8M | 13M | N/A | 9.2M | 7.5M | 12M | 12M |
| Long-Term Debt | 2.6M | 2.5M | 3.9M | 3.5M | 4.5M | 1.9M | 2.2M | 1.7M | 5.7M | 5.7M | 5.1M | 4.4M | 4.4M |
| Debt/Equity | 0.28 | 0.26 | 0.32 | 0.24 | 0.28 | 0.15 | 0.16 | 0.20 | 0.17 | 0.19 | 0.14 | 0.10 | 0.10 |
| Interest Coverage | -10.3 | 15.3 | 26.8 | 20.2 | 12.6 | 14.2 | 17.3 | 32.5 | 3.3 | 4.4 | 42.9 | 75.5 | 75.5 |
| Equity | 10M | 11M | 14M | 17M | 19M | 21M | 24M | 32M | 33M | 34M | 42M | 54M | 54M |
| Total Assets | 16M | 19M | 23M | 29M | 41M | 42M | 46M | 53M | 54M | 61M | 68M | 88M | 88M |
| Total Liabilities | 5.8M | 7.5M | 9.2M | 12M | 23M | 21M | 23M | 22M | 21M | 27M | 26M | 33M | 33M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Retained Earnings | 5.5M | 6.3M | 9.1M | 12M | 13M | 15M | 17M | 25M | 26M | 26M | 34M | 47M | 47M |
| Working Capital | 9.0M | 9.0M | 10M | 11M | 9.7M | 9.4M | 14M | 14M | 18M | 17M | 21M | 34M | 34M |
| Current Assets | 12M | 14M | 15M | 19M | 22M | 19M | 23M | 28M | 29M | 33M | 36M | 49M | 49M |
| Current Liabilities | 2.9M | 4.5M | 5.1M | 7.8M | 12M | 9.6M | 8.9M | 14M | 11M | 16M | 15M | 14M | 14M |
| Per Share Data | |||||||||||||
| EPS | -0.16 | 0.21 | 0.56 | 0.53 | 0.33 | 0.38 | 0.51 | 1.45 | 0.15 | 0.15 | 1.45 | 2.36 | 2.36 |
| Owner EPS | 0.16 | -0.13 | 0.63 | 0.31 | 1.37 | 0.36 | 0.94 | 1.13 | -1.85 | 0.94 | 0.46 | 2.14 | 2.14 |
| Book Value | 2.08 | 2.29 | 2.81 | 3.40 | 3.69 | 4.04 | 4.53 | 6.08 | 6.28 | 6.45 | 7.89 | 10.25 | 10.25 |
| Cash Flow/Share | 0.28 | 0.00 | 0.79 | 0.58 | 1.66 | 0.76 | 1.43 | 1.75 | -1.20 | 1.46 | 0.97 | 2.70 | 2.90 |
| Dividends/Share | 0.03 | 0.04 | 0.00 | 0.01 | 0.05 | 0.05 | 0.05 | 0.00 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 5.0M | 5.0M | 5.1M | 5.1M | 5.1M | 5.2M | 5.2M | 5.2M | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 15.4 | 9.0 | 12.4 | 22.5 | 16.3 | 18.3 | 33.1 | 135.2 | 260.3 | 30.6 | N/A | 12.8 |
| P/FCF | 11.6 | N/A | 101.5 | 180.3 | 11.7 | N/A | 10.1 | 66.2 | N/A | 76.0 | N/A | N/A | 32.3 |
| EV/EBIT | N/A | 9.7 | 5.6 | 9.0 | 19.8 | 14.5 | 14.1 | 39.0 | 125.5 | 181.4 | 23.4 | N/A | 9.0 |
| Price/Book | 1.1 | 1.4 | 1.8 | 1.9 | 2.0 | 1.5 | 2.1 | 7.9 | 3.3 | 6.1 | 5.6 | N/A | 3.0 |
| Price/Sales | 0.4 | 0.4 | 0.4 | 0.8 | 1.0 | 0.8 | 0.7 | 1.9 | 2.2 | 1.9 | 2.5 | N/A | 1.7 |
| FCF Yield | 8.6% | -10.1% | 1.0% | 0.6% | 8.5% | -1.8% | 9.9% | 1.5% | -8.4% | 1.3% | -0.4% | N/A | 3.1% |
| Market Cap | 11M | 16M | 25M | 33M | 38M | 32M | 49M | 250M | 108M | 207M | 235M | 0 | 160M |
| Avg. Price | 1.99 | 2.43 | 3.04 | 6.79 | 8.16 | 7.70 | 6.05 | 17.99 | 21.02 | 21.53 | 37.19 | 0.00 | 30.28 |
| Year-End Price | 2.21 | 3.23 | 5.01 | 6.59 | 7.43 | 6.20 | 9.35 | 47.63 | 20.54 | 39.01 | 44.28 | 0.00 | 30.28 |
SMITH MIDLAND CORP passes 3 of 9 quality checks, indicating weak fundamentals.
SMITH MIDLAND CORP trades at 16.4x trailing earnings, compared to its 15-year median P/E of 18.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 51.0x vs a median of 38.9x. The company's 5-year average ROIC is 16.2% with a gross margin of 23.7%. Total shareholder yield (buybacks) is 0.9%. At current prices, the estimated annualized return to fair value is +2.4%.
SMITH MIDLAND CORP (SMID) has a net profit margin of 13.4%. This is a healthy margin.
SMITH MIDLAND CORP (SMID) generated $5 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SMITH MIDLAND CORP (SMID) has a debt-to-equity ratio of 0.10. This indicates a conservatively financed balance sheet.
SMITH MIDLAND CORP (SMID) reported earnings per share (EPS) of $2.36 in its most recent fiscal year.
SMITH MIDLAND CORP (SMID) has a return on equity (ROE) of 26.0%. This indicates the company generates strong returns for shareholders.
SMITH MIDLAND CORP (SMID) has a 5-year average gross margin of 23.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for SMITH MIDLAND CORP (SMID), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SMITH MIDLAND CORP (SMID) has a book value per share of $10.25, based on its most recent annual SEC filing.
No recent press releases.