What is Smith Midland Corp's earnings per share (EPS)?

Smith Midland Corp (SMID) reported diluted earnings per share of $1.45 for fiscal year 2024. This represents a 866.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Smith Midland Corp Financials

SMID

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Smith Midland Corp (SMID) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 57/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Smith Midland Corp has an operating margin of 12.6%, meaning the company retains $13 of operating profit per $100 of revenue. This results in a moderate score of 50/100, indicating healthy but not exceptional operating efficiency. This is up from 1.9% the prior year.

Growth

Smith Midland Corp's revenue surged 31.8% year-over-year to $78.5M, reflecting rapid business expansion. This strong growth earns a score of 86/100.

Leverage

Smith Midland Corp carries a low D/E ratio of 0.63, meaning only $0.63 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Smith Midland Corp's current ratio of 2.39 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Smith Midland Corp generated $5.2M in operating cash flow, capex of $6.2M consumed most of it, leaving -$1.0M in free cash flow. This results in a low score of 22/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Smith Midland Corp's ROE of 18.4% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 2.3% the prior year.

Altman Z-Score Safe

6.16

Smith Midland Corp scores 6.16, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($151.1M) relative to total liabilities ($26.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

7/9

Smith Midland Corp passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

0.67x

For every $1 of reported earnings, Smith Midland Corp generates $0.67 in operating cash flow ($5.2M OCF vs $7.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe

42.9x

Smith Midland Corp earns $42.9 in operating income for every $1 of interest expense ($9.9M vs $231K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$78.5M

YoY+31.8%

5Y CAGR+11.0%

10Y CAGR+13.3%

Smith Midland Corp generated $78.5M in revenue in fiscal year 2024. This represents an increase of 31.8% from the prior year.

EBITDA

$12.6M

YoY+257.2%

5Y CAGR+23.7%

Smith Midland Corp's EBITDA was $12.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 257.2% from the prior year.

Net Income

$7.7M

YoY+865.4%

5Y CAGR+31.5%

Smith Midland Corp reported $7.7M in net income in fiscal year 2024. This represents an increase of 865.4% from the prior year.

EPS (Diluted)

$1.45

YoY+866.7%

5Y CAGR+30.7%

Smith Midland Corp earned $1.45 per diluted share (EPS) in fiscal year 2024. This represents an increase of 866.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$1.0M

YoY-138.4%

Smith Midland Corp generated -$1.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 138.4% from the prior year.

Cash & Debt

$7.5M

YoY-17.7%

5Y CAGR+40.8%

10Y CAGR+15.8%

Smith Midland Corp held $7.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY-0.1%

5Y CAGR+0.5%

10Y CAGR+0.8%

Smith Midland Corp had 5M shares outstanding in fiscal year 2024. This represents a decrease of 0.1% from the prior year.

Margins & Returns

Gross Margin

25.5%

YoY+7.6pp

5Y CAGR+4.1pp

10Y CAGR+8.4pp

Smith Midland Corp's gross margin was 25.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 7.6 percentage points from the prior year.

Operating Margin

12.6%

YoY+10.7pp

5Y CAGR+7.2pp

10Y CAGR+17.9pp

Smith Midland Corp's operating margin was 12.6% in fiscal year 2024, reflecting core business profitability. This is up 10.7 percentage points from the prior year.

Net Margin

9.8%

YoY+8.4pp

5Y CAGR+5.6pp

10Y CAGR+13.4pp

Smith Midland Corp's net profit margin was 9.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 8.4 percentage points from the prior year.

Return on Equity

18.4%

YoY+16.1pp

5Y CAGR+9.0pp

10Y CAGR+26.1pp

Smith Midland Corp's ROE was 18.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 16.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$6.2M

YoY+23.8%

5Y CAGR+6.6%

10Y CAGR+29.6%

Smith Midland Corp invested $6.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 23.8% from the prior year.

SMID Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$78.5M+31.8%	$59.6M+18.8%	$50.1M-1.0%	$50.6M+15.5%	$43.9M-6.1%	$46.7M
Cost of Revenue	$58.5M+19.6%	$48.9M+20.3%	$40.7M+12.3%	$36.2M+10.4%	$32.8M-10.6%	$36.7M
Gross Profit	$20.0M+87.9%	$10.7M+12.5%	$9.5M-34.3%	$14.4M+30.6%	$11.0M+10.8%	$10.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$6.6M+9.4%	$6.0M+7.9%	$5.6M+2.5%	$5.4M+8.6%	$5.0M+2.1%	$4.9M
Operating Income	$9.9M+785.4%	$1.1M+30.9%	$854K-86.2%	$6.2M+64.1%	$3.8M+47.6%	$2.5M
Interest Expense	$231K-9.4%	$255K-1.9%	$260K+36.8%	$190K-12.4%	$217K+21.2%	$179K
Income Tax	$2.1M+305.9%	$528K+264.1%	$145K-90.5%	$1.5M+35.2%	$1.1M+105.3%	$549K
Net Income	$7.7M+865.4%	$795K-0.6%	$800K-89.4%	$7.6M+184.1%	$2.7M+36.7%	$1.9M
EPS (Diluted)	$1.45+866.7%	$0.150.0%	$0.15-89.7%	$1.45+184.3%	$0.51+34.2%	$0.38

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$21.5M-18.1%	$26.2M+15.4%	$22.7M+22.5%	$18.5M-21.4%	$23.6M+20.1%	$19.6M+17.2%	$16.8M+2.2%	$16.4M
Cost of Revenue	$15.7M-14.7%	$18.4M+17.0%	$15.7M-45.1%	$28.6M+68.4%	$17.0M+117120.5%	$15K-99.9%	$12.8M-3.2%	$13.3M
Gross Profit	$5.8M-26.0%	$7.8M+11.6%	$7.0M+169.0%	-$10.1M-253.6%	$6.6M+128051.2%	$5K-99.9%	$3.9M+25.2%	$3.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.1M-27.3%	$1.5M-4.4%	$1.6M-51.8%	$3.3M+90.9%	$1.7M+102955.7%	$2K-99.9%	$1.5M-1.3%	$1.6M
Operating Income	$3.9M-30.2%	$5.5M+25.8%	$4.4M-3.4%	$4.5M+18.0%	$3.8M+143858.1%	$3K-99.8%	$1.5M+177.9%	$543K
Interest Expense	$44K-29.0%	$62K+12.7%	$55K-52.1%	$115K+105.3%	$56K+94815.3%	$59-99.9%	$60K-4.8%	$63K
Income Tax	$994K-24.2%	$1.3M+28.5%	$1.0M-6.5%	$1.1M+57.3%	$694K+109710.1%	$632-99.8%	$357K-3.0%	$368K
Net Income	$2.9M-99.9%	$4.2B+125268.2%	$3.3M+138.2%	$1.4M-55.7%	$3.1M+59.0%	$2.0M+72.7%	$1.1M+396.5%	$231K
EPS (Diluted)	$0.54-31.6%	$0.79+27.4%	$0.62	N/A	$0.59+59.5%	$0.37+76.2%	$0.21	N/A

SMID Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$68.0M+10.8%	$61.3M+13.0%	$54.3M+1.9%	$53.3M+14.6%	$46.5M+10.4%	$42.1M
Current Assets	$35.8M+7.6%	$33.3M+15.2%	$28.9M+4.3%	$27.8M+18.9%	$23.3M+22.6%	$19.0M
Cash & Equivalents	$7.5M-17.7%	$9.2M+36.4%	$6.7M-50.1%	$13.5M+53.9%	$8.8M+542.5%	$1.4M
Inventory	$4.6M+63.0%	$2.8M+38.1%	$2.0M+20.0%	$1.7M	N/A	N/A
Accounts Receivable	$19.4M+12.8%	$17.2M+6.1%	$16.2M+62.0%	$10.0M+2.2%	$9.8M-23.0%	$12.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$26.3M-3.4%	$27.2M+27.9%	$21.3M-1.2%	$21.5M-5.8%	$22.9M+7.3%	$21.3M
Current Liabilities	$15.0M-6.3%	$16.0M+42.7%	$11.2M-19.3%	$13.9M+56.2%	$8.9M-7.3%	$9.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$41.7M+22.2%	$34.2M+3.3%	$33.1M+4.1%	$31.8M+34.3%	$23.6M+13.6%	$20.8M
Retained Earnings	$34.1M+29.1%	$26.4M+2.8%	$25.7M+3.2%	$24.9M+43.8%	$17.3M+18.2%	$14.6M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$85.4M+5.2%	$81.2M+8.7%	$74.7M+9.8%	$68.0M+2.0%	$66.6M+4.0%	$64.0M-1.2%	$64.9M+5.7%	$61.3M
Current Assets	$49.8M+5.0%	$47.4M+14.1%	$41.6M+16.0%	$35.8M+2.4%	$35.0M+3.8%	$33.7M-5.5%	$35.7M+7.1%	$33.3M
Cash & Equivalents	$13.4M+88.4%	$7.1M-21.2%	$9.0M+19.3%	$7.5M-16.3%	$9.0M+23.7%	$7.3M+7.2%	$6.8M-25.9%	$9.2M
Inventory	$5.4M+5.8%	$5.1M-2.2%	$5.2M+13.3%	$4.6M+15.0%	$4.0M+0.3%	$4.0M-0.6%	$4.0M+42.2%	$2.8M
Accounts Receivable	$25.5M-16.0%	$30.3M+32.5%	$22.9M+17.8%	$19.4M+9.0%	$17.8M+3.7%	$17.2M-14.3%	$20.1M+16.5%	$17.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$33.3M+4.3%	$31.9M+7.9%	$29.6M+12.7%	$26.3M-0.1%	$26.3M-2.1%	$26.9M-9.1%	$29.5M+8.7%	$27.2M
Current Liabilities	$18.0M+9.4%	$16.5M-4.5%	$17.3M+14.9%	$15.0M+19.1%	$12.6M-15.3%	$14.9M-14.4%	$17.4M+8.5%	$16.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$52.1M+5.9%	$49.2M+9.3%	$45.1M+8.0%	$41.7M+3.5%	$40.3M+8.5%	$37.2M+5.3%	$35.3M+3.4%	$34.2M
Retained Earnings	$44.4M+6.9%	$41.6M+11.2%	$37.4M+9.8%	$34.1M+4.3%	$32.7M+10.7%	$29.5M+7.2%	$27.5M+4.3%	$26.4M

SMID Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$5.2M-33.3%	$7.7M+222.1%	-$6.3M-169.4%	$9.1M+21.9%	$7.5M+90.4%	$3.9M
Capital Expenditures	$6.2M+23.8%	$5.0M+82.2%	$2.7M-48.8%	$5.4M+104.3%	$2.6M-41.8%	$4.5M
Free Cash Flow	-$1.0M-138.4%	$2.7M+130.0%	-$9.1M-341.6%	$3.8M-22.7%	$4.9M+936.5%	-$581K
Investing Cash Flow	-$6.2M-31.9%	-$4.7M-77.3%	-$2.6M+28.0%	-$3.7M-50.9%	-$2.4M+48.9%	-$4.7M
Financing Cash Flow	-$635K-2.6%	-$619K-128.1%	$2.2M+395.6%	-$744K-131.9%	$2.3M+928.2%	$227K
Dividends Paid	N/A	N/A	N/A	$0-100.0%	$282K+0.4%	$281K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$11.7M+100.5%	-$2.2B-99991.7%	$2.2M+443.7%	-$645K-111.1%	$5.8M+644.7%	$779K+200.2%	-$777K-118.2%	$4.3M
Capital Expenditures	$5.4M+100.9%	-$592.5M-99677.3%	$595K-9.8%	$660K-88.1%	$5.5M+409.2%	-$1.8M-199.8%	$1.8M+104.2%	$879K
Free Cash Flow	$6.3M+100.2%	-$2.8B-173163.2%	$1.6M+224.3%	-$1.3M-598.9%	$262K+125.8%	-$1.0M+60.6%	-$2.6M-175.9%	$3.4M
Investing Cash Flow	-$5.4M-100.9%	$592.5M+99677.3%	-$595K+5.9%	-$632K+88.5%	-$5.5M-483.9%	$1.4M+199.8%	-$1.4M-83.4%	-$785K
Financing Cash Flow	-$504K-100.3%	$163.7M+99897.6%	-$164K+12.8%	-$188K+57.9%	-$447K-385.1%	$157K+199.8%	-$157K+0.6%	-$158K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SMID Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	25.5%+7.6pp	17.9%-1.0pp	18.9%-9.6pp	28.5%+3.3pp	25.2%+3.8pp	21.3%
Operating Margin	12.6%+10.7pp	1.9%+0.2pp	1.7%-10.5pp	12.2%+3.6pp	8.6%+3.1pp	5.5%
Net Margin	9.8%+8.4pp	1.3%-0.3pp	1.6%-13.4pp	14.9%+8.9pp	6.1%+1.9pp	4.2%
Return on Equity	18.4%+16.1pp	2.3%-0.1pp	2.4%-21.4pp	23.8%+12.6pp	11.3%+1.9pp	9.4%
Return on Assets	11.3%+10.0pp	1.3%-0.2pp	1.5%-12.7pp	14.2%+8.5pp	5.7%+1.1pp	4.6%
Current Ratio	2.39+0.3	2.08-0.5	2.58+0.6	2.00-0.6	2.62+0.6	1.98
Debt-to-Equity	0.63-0.2	0.80+0.2	0.64-0.0	0.68-0.3	0.97-0.1	1.02
FCF Margin	-1.3%-5.9pp	4.6%+22.7pp	-18.1%-25.5pp	7.4%-3.7pp	11.1%+12.3pp	-1.2%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	26.9%-2.9pp	29.7%-1.0pp	30.7%+85.3pp	-54.5%-82.4pp	27.9%+27.9pp	0.0%-23.3pp	23.3%+4.3pp	19.1%
Operating Margin	18.0%-3.1pp	21.1%+1.7pp	19.3%-5.2pp	24.5%+8.2pp	16.3%+16.3pp	0.0%-9.0pp	9.0%+5.7pp	3.3%
Net Margin	13.4%-15915.0pp	15928.4%+15913.7pp	14.7%+7.1pp	7.5%-5.8pp	13.4%+3.3pp	10.1%+3.2pp	6.9%+5.4pp	1.4%
Return on Equity	5.5%-8464.4pp	8469.9%+8462.5pp	7.4%+4.0pp	3.4%-4.5pp	7.8%+2.5pp	5.3%+2.1pp	3.3%+2.6pp	0.7%
Return on Assets	3.4%-5134.8pp	5138.2%+5133.8pp	4.5%+2.4pp	2.1%-2.7pp	4.7%+1.6pp	3.1%+1.3pp	1.8%+1.4pp	0.4%
Current Ratio	2.76-0.1	2.88+0.5	2.41+0.0	2.39-0.4	2.78+0.5	2.27+0.2	2.05-0.0	2.08
Debt-to-Equity	0.640.0	0.650.0	0.66+0.0	0.63-0.0	0.65-0.1	0.72-0.1	0.84+0.0	0.80
FCF Margin	29.5%+10749.3pp	-10719.8%-10726.9pp	7.1%+14.2pp	-7.0%-8.2pp	1.1%+6.3pp	-5.2%+10.2pp	-15.3%-36.0pp	20.7%

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Frequently Asked Questions

What is Smith Midland Corp's annual revenue?

Smith Midland Corp (SMID) reported $78.5M in total revenue for fiscal year 2024. This represents a 31.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Smith Midland Corp's revenue growing?

Smith Midland Corp (SMID) revenue grew by 31.8% year-over-year, from $59.6M to $78.5M in fiscal year 2024.

Is Smith Midland Corp profitable?

Yes, Smith Midland Corp (SMID) reported a net income of $7.7M in fiscal year 2024, with a net profit margin of 9.8%.

What is Smith Midland Corp's EBITDA?

Smith Midland Corp (SMID) had EBITDA of $12.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Smith Midland Corp's gross margin?

Smith Midland Corp (SMID) had a gross margin of 25.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Smith Midland Corp's operating margin?

Smith Midland Corp (SMID) had an operating margin of 12.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Smith Midland Corp's net profit margin?

Smith Midland Corp (SMID) had a net profit margin of 9.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Smith Midland Corp's return on equity (ROE)?

Smith Midland Corp (SMID) has a return on equity of 18.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Smith Midland Corp's free cash flow?

Smith Midland Corp (SMID) generated -$1.0M in free cash flow during fiscal year 2024. This represents a -138.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Smith Midland Corp's operating cash flow?

Smith Midland Corp (SMID) generated $5.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Smith Midland Corp's total assets?

Smith Midland Corp (SMID) had $68.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Smith Midland Corp's capital expenditures?

Smith Midland Corp (SMID) invested $6.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Smith Midland Corp have outstanding?

Smith Midland Corp (SMID) had 5M shares outstanding as of fiscal year 2024.

What is Smith Midland Corp's current ratio?

Smith Midland Corp (SMID) had a current ratio of 2.39 as of fiscal year 2024, which is generally considered healthy.

What is Smith Midland Corp's debt-to-equity ratio?

Smith Midland Corp (SMID) had a debt-to-equity ratio of 0.63 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Smith Midland Corp's return on assets (ROA)?

Smith Midland Corp (SMID) had a return on assets of 11.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Smith Midland Corp's Altman Z-Score?

Smith Midland Corp (SMID) has an Altman Z-Score of 6.16, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Smith Midland Corp's Piotroski F-Score?

Smith Midland Corp (SMID) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Smith Midland Corp's earnings high quality?

Smith Midland Corp (SMID) has an earnings quality ratio of 0.67x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Smith Midland Corp cover its interest payments?

Smith Midland Corp (SMID) has an interest coverage ratio of 42.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Smith Midland Corp?

Smith Midland Corp (SMID) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.