Smith-Midland Corporation (SMID) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 17, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SMID SEC filings page.
Smith-Midland Corporation (SMID) reported $89.5M in revenue over the twelve months to Jun 30, 2026, down 1.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
By FY2025, rapid growth was translating into wider margins and internally funded expansion, but heavy reinvestment still absorbs cash.
In FY2025, operating cash flow of$14.3M exceeded net income of$12.5M , so reported profit was accompanied by cash generation rather than merely accounting accruals. After negative free cash flow in FY2024,$9.3M of capital spending still left$5.0M available in FY2025, showing that expansion consumes a meaningful share of operating cash.
Operating leverage became visible as operating margin widened from
The balance sheet became more flexible: a 3.4x current ratio alongside 0.6x debt-to-equity in FY2025 indicates substantial short-term coverage without a heavily leveraged funding structure. Total assets of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Smith-Midland Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Smith-Midland Corporation has an operating margin of 18.2%, meaning the company retains $18 of operating profit per $100 of revenue. This strong profitability earns a score of 65/100, reflecting efficient cost management and pricing power. This is up from 12.6% the prior year.
Smith-Midland Corporation's revenue surged 19.0% year-over-year to $93.4M, reflecting rapid business expansion. This strong growth earns a score of 87/100.
Smith-Midland Corporation has a moderate D/E ratio of 0.62. This balance of debt and equity financing earns a leverage score of 56/100.
With a current ratio of 3.40, Smith-Midland Corporation holds $3.40 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
Smith-Midland Corporation has a free cash flow margin of 5.3%, earning a moderate score of 37/100. The company generates positive cash flow after capital investments, but with room for improvement.
Smith-Midland Corporation earns a strong 23.0% return on equity (ROE), meaning it generates $23 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 73/100. This is up from 18.4% the prior year.
Smith-Midland Corporation scores 5.08, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Smith-Midland Corporation passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Smith-Midland Corporation generates $1.14 in operating cash flow ($14.3M OCF vs $12.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Smith-Midland Corporation earns $75.53 in operating income for every $1 of interest expense ($17.0M vs $225K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Smith-Midland Corporation generated $23.4M in revenue in Q2 2026. This represents a decrease of 10.8% from the same quarter a year earlier. Against the prior quarter it is up 8.3%.
Smith-Midland Corporation's EBITDA was $3.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 50.9% from the same quarter a year earlier. Against the prior quarter it is up 12.7%.
Smith-Midland Corporation reported $1.4M in net income in Q2 2026. This represents a decrease of 66.9% from the same quarter a year earlier. Against the prior quarter it is up 3.1%.
Smith-Midland Corporation earned $0.26 per diluted share (EPS) in Q2 2026. This represents a decrease of 67.1% from the same quarter a year earlier. Against the prior quarter it is up 4.0%.
Cash & Balance Sheet
Smith-Midland Corporation recorded an outflow of $2.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 38.7% from the same quarter a year earlier. Against the prior quarter it is down 260.7%.
Smith-Midland Corporation held $10.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Smith-Midland Corporation's gross margin was 23.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 6.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.2 percentage points.
Smith-Midland Corporation's operating margin was 8.5% in Q2 2026, reflecting core business profitability. This is down 12.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.
Smith-Midland Corporation's net profit margin was 5.9% in Q2 2026, showing the share of revenue converted to profit. This is down 10.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.
Smith-Midland Corporation's ROE was 2.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 6.0 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.
Capital Allocation
Smith-Midland Corporation invested $1.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 0.3% from the same quarter a year earlier. Against the prior quarter it is up 18.1%.
Not reported for Q2 2026.
Not reported for Q2 2026.
SMID Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $23.4M-10.8% | $21.6M-5.0% | $23.1M+24.7% | $21.5M-9.0% | $26.2M+33.3% | $22.7M+35.5% | $18.5M+13.1% | $23.6M+50.7% |
| Cost of Revenue | $17.9M-2.5% | $17.3M+9.8% | $17.6M-38.6% | $15.7M-7.7% | $18.4M+126744.1% | $15.7M+22.4% | $28.6M+115.8% | $17.0M+40.8% |
| Gross Profit | $5.4M-30.4% | $4.3M-38.3% | $5.5M+154.6% | $5.8M-12.5% | $7.8M+151585.2% | $7.0M+78.3% | -$10.1M-423.5% | $6.6M+83.9% |
| SG&A Expenses | $2.5M+64.0% | $1.8M+10.7% | $1.5M-55.2% | $1.1M-36.0% | $1.5M+90613.0% | $1.6M+2.3% | $3.3M+109.3% | $1.7M+44.9% |
| Operating Income | $2.0M-64.0% | $1.7M-60.6% | $3.2M-28.7% | $3.9M+0.2% | $5.5M+206334.7% | $4.4M+190.7% | $4.5M+736.0% | $3.8M+156.2% |
| EBITDA | $3.0M-50.9% | $2.7M-47.0% | $4.2M-19.2% | $4.5M-23.5% | $6.1M+1065.3% | $5.1M+135.3% | $5.2M+354.0% | $5.8M+175.5% |
| Interest Expense | $66K+6.5% | $47K-14.5% | $64K-44.3% | $44K-21.4% | $62K+104984.7% | $55K-8.3% | $115K+82.4% | $56K-12.5% |
| Income Tax | $434K-66.9% | $422K-58.6% | $1.2M+9.5% | $994K+43.2% | $1.3M+207336.7% | $1.0M+185.7% | $1.1M+196.6% | $694K+181.0% |
| Net Income | $1.4M-66.9% | $1.3M-59.8% | $2.1M+52.5% | $2.9M-8.7% | $4.2M+110.6% | $3.3M+190.1% | $1.4M+504.8% | $3.1M+148.8% |
| EPS (Basic) | $0.26-67.1% | $0.25-60.3% | $0.40+48.1% | $0.54-8.5% | $0.79+113.5% | $0.63+186.4% | $0.27+575.0% | $0.59+145.8% |
| EPS (Diluted) | $0.26-67.1% | $0.25-59.7% | $0.40+48.1% | $0.54-8.5% | $0.79+113.5% | $0.62+195.2% | $0.27 | $0.59 |
| Diluted Shares (Avg) | 5M0.0% | 5M0.0% | N/A | 5,3050.0% | 5M-0.3% | 5M-0.8% | N/A | 5,304-99.9% |
Not reported in any period shown, so not listed: R&D Expenses.
SMID Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $86.7M+6.8% | $92.2M+23.5% | $87.7M+29.0% | $85.4M+28.2% | $81.2M+26.7% | $74.7M+15.1% | $68.0M+10.8% | $66.6M+15.6% |
| Current Assets | $46.1M-2.9% | $51.6M+24.2% | $48.7M+36.0% | $49.8M+42.3% | $47.4M+40.7% | $41.6M+16.5% | $35.8M+7.6% | $35.0M+17.1% |
| Cash & Equivalents | $10.7M+50.2% | $13.2M+46.8% | $11.9M+57.4% | $13.4M+48.4% | $7.1M-2.6% | $9.0M+32.4% | $7.5M-17.7% | $9.0M+54.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $6.6M+28.7% | $5.5M+5.1% | $5.2M+13.5% | $5.4M+34.9% | $5.1M+27.8% | $5.2M+29.9% | $4.6M+63.0% | $4.0M+78.2% |
| Accounts Receivable | $22.8M-24.8% | $28.1M+22.6% | $27.2M+40.2% | $25.5M+42.9% | $30.3M+76.5% | $22.9M+14.1% | $19.4M+12.8% | $17.8M+5.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $29.7M-7.1% | $36.5M+23.5% | $33.4M+27.3% | $33.3M+26.7% | $31.9M+18.9% | $29.6M+0.2% | $26.3M-3.4% | $26.3M+10.3% |
| Current Liabilities | $11.3M-31.1% | $16.6M-3.9% | $14.3M-4.5% | $18.0M+43.0% | $16.5M+10.8% | $17.3M-0.8% | $15.0M-6.3% | $12.6M-2.5% |
| Non-Current Liabilities | $18.3M+18.5% | $20.0M+61.8% | $19.1M+69.8% | $15.3M+11.7% | $15.4M+28.9% | $12.3M+1.5% | $11.2M+0.7% | $13.7M+25.4% |
| Total Equity | $57.0M+15.8% | $55.7M+23.5% | $54.3M+30.1% | $52.1M+29.2% | $49.2M+32.4% | $45.1M+27.6% | $41.7M+22.2% | $40.3M+19.3% |
| Retained Earnings | $49.3M+18.6% | $47.9M+28.1% | $46.6M+36.7% | $44.4M+36.0% | $41.6M+40.8% | $37.4M+35.8% | $34.1M+29.1% | $32.7M+24.9% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
SMID Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$485K-365.0% | $3.1M+41.2% | $2.6M+501.1% | $9.3M+60.6% | $183K-76.5% | $2.2M+385.3% | -$645K-115.1% | $5.8M+143.6% |
| Depreciation & Amortization | $1.0M+64.0% | $951K+41.7% | $972K+45.5% | $613K-69.3% | $631K+198.6% | $671K+4.7% | $668K+10.6% | $2.0M+222.2% |
| Stock-Based Compensation | N/A | $15K+275.0% | N/A | N/A | $4K-86.7% | $4K-20.0% | N/A | N/A |
| Capital Expenditures | $1.9M+0.3% | $1.6M+173.9% | $4.0M+499.4% | $2.9M-48.2% | $1.9M+7.2% | $595K-66.9% | $660K-24.9% | $5.5M+378.8% |
| Free Cash Flow | -$2.4M-38.7% | $1.5M-7.5% | -$1.4M-4.9% | $6.4M+2364.7% | -$1.7M-71.5% | $1.6M+163.1% | -$1.3M-138.5% | $262K-78.6% |
| Investing Cash Flow | -$1.9M-0.3% | -$1.6M-173.9% | -$3.9M-522.8% | -$2.9M+48.0% | -$1.9M-233.7% | -$595K+58.7% | -$632K+19.5% | -$5.5M-399.5% |
| Financing Cash Flow | -$145K+13.7% | -$166K-1.2% | -$143K+23.9% | -$172K+61.5% | -$168K-207.2% | -$164K-4.5% | -$188K-19.0% | -$447K-188.2% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SMID Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.2%-6.5pp | 20.0%-10.8pp | 23.9%+78.4pp | 26.9%-1.0pp | 29.7%+29.7pp | 30.7%+7.4pp | -54.5%-73.6pp | 27.9%+5.0pp |
| Operating Margin | 8.5%-12.6pp | 8.0%-11.3pp | 14.0%-10.5pp | 18.0%+1.6pp | 21.1%+21.1pp | 19.3%+10.3pp | 24.5%+21.2pp | 16.3%+6.7pp |
| Net Margin | 5.9%-10.0pp | 6.2%-8.5pp | 9.2%+1.7pp | 13.4%+0.1pp | 15.9%+5.8pp | 14.7%+7.8pp | 7.5%+6.1pp | 13.4%+5.3pp |
| Return on Equity | 2.4%-6.0pp | 2.4%-5.0pp | 3.9%+0.6pp | 5.5%-2.3pp | 8.5%+3.1pp | 7.4%+4.1pp | 3.4%+2.7pp | 7.8%+4.1pp |
| Return on Assets | 1.6%-3.6pp | 1.5%-3.0pp | 2.4%+0.4pp | 3.4%-1.4pp | 5.1%+2.1pp | 4.5%+2.7pp | 2.1%+1.7pp | 4.7%+2.5pp |
| Current Ratio | 4.06+1.2x | 3.11+0.7x | 3.40+1.0x | 2.760.0x | 2.88+0.6x | 2.41+0.4x | 2.39+0.3x | 2.78+0.5x |
| Debt-to-Equity | 0.52-0.1x | 0.660.0x | 0.620.0x | 0.640.0x | 0.65-0.1x | 0.66-0.2x | 0.63-0.2x | 0.65-0.1x |
| Asset Turnover | 0.27-0.1x | 0.23-0.1x | 0.260.0x | 0.25-0.1x | 0.320.0x | 0.300.0x | 0.270.0x | 0.35+0.1x |
| FCF Margin | -10.3%-3.7pp | 7.0%-0.2pp | -5.9%+1.1pp | 30.0%+28.9pp | -6.6%-1.5pp | 7.1%+22.5pp | -7.0%-27.7pp | 1.1%-6.7pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Smith-Midland Corporation SMID | FY2025 | $93.4M | $12.5M | 13.4% | $120.1M | 67/100 |
| CEMENTOS PACASMAYO S.A.A. CPAC | FY2025 | N/A | N/A | N/A | $1.1B | — |
| Captivision Inc. CAPT | FY2023 | $14.6M | -$77.0M | N/A | $2.0M | — |
| ReTo Eco-Solutions, Inc. RETO | FY2025 | $3.4M | -$12.3M | N/A | $2.1M | 34/100 |
| Capstone Holding Corp. CAPS | FY2025 | $46.9M | -$21.2M | -45.3% | $77K | 11/100 |
Where Smith-Midland Corporation Ranks
Frequently Asked Questions
What is Smith-Midland Corporation's annual revenue?
Smith-Midland Corporation (SMID) reported $93.4M in total revenue for fiscal year 2025. This represents a 19.0% 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 Corporation's revenue growing?
Smith-Midland Corporation (SMID) revenue grew by 19.0% year-over-year, from $78.5M to $93.4M in fiscal year 2025.
Is Smith-Midland Corporation profitable?
Yes, Smith-Midland Corporation (SMID) reported a net income of $12.5M in fiscal year 2025, with a net profit margin of 13.4%.
What is Smith-Midland Corporation's EBITDA?
Smith-Midland Corporation (SMID) had EBITDA of $19.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Smith-Midland Corporation's gross margin?
Smith-Midland Corporation (SMID) had a gross margin of 27.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Smith-Midland Corporation's operating margin?
Smith-Midland Corporation (SMID) had an operating margin of 18.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Smith-Midland Corporation's net profit margin?
Smith-Midland Corporation (SMID) had a net profit margin of 13.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Smith-Midland Corporation's return on equity (ROE)?
Smith-Midland Corporation (SMID) has a return on equity of 23.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Smith-Midland Corporation's free cash flow?
Smith-Midland Corporation (SMID) generated $5.0M in free cash flow during fiscal year 2025. This represents a 574.9% 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 Corporation's operating cash flow?
Smith-Midland Corporation (SMID) generated $14.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Smith-Midland Corporation's total assets?
Smith-Midland Corporation (SMID) had $87.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Smith-Midland Corporation's capital expenditures?
Smith-Midland Corporation (SMID) invested $9.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Smith-Midland Corporation's current ratio?
Smith-Midland Corporation (SMID) had a current ratio of 3.40 as of fiscal year 2025, which is generally considered healthy.
What is Smith-Midland Corporation's debt-to-equity ratio?
Smith-Midland Corporation (SMID) had a debt-to-equity ratio of 0.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Smith-Midland Corporation's return on assets (ROA)?
Smith-Midland Corporation (SMID) had a return on assets of 14.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Smith-Midland Corporation's P/E ratio?
Smith-Midland Corporation (SMID) trades at 15.5x earnings, its market capitalization divided by net income of $7.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $120.1M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Smith-Midland Corporation's price-to-sales ratio?
Smith-Midland Corporation (SMID) trades at 1.3x sales, its market capitalization divided by revenue of $89.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $120.1M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Smith-Midland Corporation's Altman Z-Score?
Smith-Midland Corporation (SMID) has an Altman Z-Score of 5.08, 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 Corporation's Piotroski F-Score?
Smith-Midland Corporation (SMID) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Smith-Midland Corporation's earnings high quality?
Smith-Midland Corporation (SMID) has an earnings quality ratio of 1.14x, considered cash-backed (high 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 Corporation cover its interest payments?
Smith-Midland Corporation (SMID) has an interest coverage ratio of 75.53x, 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 Corporation?
Smith-Midland Corporation (SMID) scores 67 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.