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

Smith Midland Corp (SMID) reported diluted earnings per share of $2.36 for fiscal year 2025. This represents a 62.8% 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 (SMID) Financials

SMID

Trailing 12 months to June 30, 2026

Revenue $89.5M -1.6% YoY

Net Income $7.7M -35.8% YoY

EPS (Diluted) $1.45 -36.1% YoY

Free Cash Flow $4.2M +459.8% YoY

Market Cap $138.4M as of Sep 2, 2026

Price / Sales 1.5x on $89.5M revenue, trailing 12 months to June 30, 2026

Price / Earnings 17.9x on $7.7M net income, trailing 12 months to June 30, 2026

Price / Book 2.4x on $57.0M equity, Q2 FY2026

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 Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE December

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 Corp (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).

Rhea AI SMID FY2025 2026-08-30

Scale is now converting into operating leverage, with margin expansion, stronger cash conversion, and a less debt-dependent balance sheet.

Operating margin widened from 12.6% in FY2024 to 18.2% in FY2025 while SG&A declined in dollars, indicating incremental sales were absorbed without proportional overhead. Operating cash flow rose to $14.3M while free cash flow turned positive despite substantial capital expenditures, so accounting improvement was accompanied by cash generation after reinvestment.

Balance-sheet expansion reached $87.7M of assets alongside $54.3M of equity, meaning growth was funded more by accumulated capital than by rising leverage. Debt-to-equity eased to 0.6x and the current ratio climbed to 3.4x, pairing lower financing dependence with greater short-term coverage.

Profit quality improved: net margin rose from 9.8% in FY2024 to 13.4% in FY2025, showing profit growth outpaced revenue growth. Free cash flow margin moved from -1.3% to 5.3%, indicating the stronger earnings profile was not solely non-cash.

Financial Health Signals

Financial Health Score 67/100

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 Corp'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.

Profitability

Smith Midland Corp 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.

Growth

Smith Midland Corp's revenue surged 19.0% year-over-year to $93.4M, reflecting rapid business expansion. This strong growth earns a score of 87/100.

Leverage

Smith Midland Corp has a moderate D/E ratio of 0.62. This balance of debt and equity financing earns a leverage score of 57/100.

Liquidity

With a current ratio of 3.40, Smith Midland Corp holds $3.40 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.

Cash Flow

Smith Midland Corp 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.

Returns

Smith Midland Corp 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.

Altman Z-Score Safe

5.40

Smith Midland Corp scores 5.40, 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.

Piotroski F-Score Partial

6/8

Smith Midland Corp 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.

Earnings Quality Cash-Backed

1.14x

For every $1 of reported earnings, Smith Midland Corp 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.

Interest Coverage Safe

75.53x

Smith Midland Corp 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

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Earnings & Revenue

Revenue

$23.4M

YoY-10.8%

QoQ+8.3%

5Y CAGR+13.7%

10Y CAGR+9.3%

Smith Midland Corp 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%.

EBITDA

$3.0M

YoY-50.9%

QoQ+12.7%

Smith Midland Corp'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%.

Net Income

$1.4M

YoY-66.9%

QoQ+3.1%

5Y CAGR+7.0%

10Y CAGR+12.7%

Smith Midland Corp 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%.

EPS (Diluted)

$0.26

YoY-67.1%

QoQ+4.0%

Smith Midland Corp 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

Free Cash Flow

-$2.4M

YoY-38.7%

QoQ-260.7%

Smith Midland Corp 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%.

Cash & Debt

$10.7M

YoY+50.2%

QoQ-19.3%

5Y CAGR-4.2%

10Y CAGR+29.9%

Smith Midland Corp held $10.7M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

YoY0.0%

QoQ0.0%

5Y CAGR+0.4%

10Y CAGR+0.8%

Smith Midland Corp had 5M shares outstanding in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

23.2%

YoY-6.5pp

QoQ+3.2pp

5Y CAGR-3.7pp

10Y CAGR+1.7pp

Smith Midland Corp'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.

Operating Margin

8.5%

YoY-12.6pp

QoQ+0.5pp

5Y CAGR-1.9pp

10Y CAGR+1.9pp

Smith Midland Corp'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.

Net Margin

5.9%

YoY-10.0pp

QoQ-0.3pp

5Y CAGR-2.1pp

10Y CAGR+1.6pp

Smith Midland Corp'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.

Return on Equity

2.4%

YoY-6.0pp

QoQ0.0pp

5Y CAGR-1.1pp

10Y CAGR-1.2pp

Smith Midland Corp'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

Capital Expenditures

$1.9M

YoY+0.3%

QoQ+18.1%

5Y CAGR+28.5%

10Y CAGR+20.7%

Smith Midland Corp 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%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

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.

SMID quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$89.5M	$93.4M+19.0%	$78.5M+31.8%	$59.6M+18.8%	$50.1M-1.0%	$50.6M+15.5%	$43.9M-6.1%	$46.7M+16.1%	$40.2M-3.6%	$41.7M+4.2%	$40.0M+37.1%	$29.2M+30.0%	$22.5M-18.9%	$27.7M+11.3%	$24.9M-6.8%	$26.7M
Cost of Revenue	$68.5M	$67.4M+15.2%	$58.5M+19.6%	$48.9M+20.3%	$40.7M+12.3%	$36.2M+10.4%	$32.8M-10.6%	$36.7M+23.5%	$29.7M-1.7%	$30.3M+1.9%	$29.7M+34.4%	$22.1M+18.6%	$18.6M-11.9%	$21.1M+8.7%	$19.4M-12.0%	$22.1M
Gross Profit	$21.0M	$26.0M+30.1%	$20.0M+87.9%	$10.7M+12.5%	$9.5M-34.3%	$14.4M+30.6%	$11.0M+10.8%	$10.0M-5.0%	$10.5M-8.5%	$11.5M+10.8%	$10.3M+45.5%	$7.1M+84.9%	$3.8M-41.5%	$6.6M+20.7%	$5.4M+18.4%	$4.6M
SG&A Expenses	$6.8M	$5.7M-13.5%	$6.6M+9.4%	$6.0M+7.9%	$5.6M+2.5%	$5.4M+8.6%	$5.0M+2.1%	$4.9M-13.9%	$5.7M+8.0%	$5.3M+35.0%	$3.9M+15.6%	$3.4M+12.9%	$3.0M-3.5%	$3.1M+16.0%	$2.7M-7.2%	$2.9M
Operating Income	$10.8M	$17.0M+71.7%	$9.9M+785.4%	$1.1M+30.9%	$854K-86.2%	$6.2M+64.1%	$3.8M+47.6%	$2.5M+14.9%	$2.2M-40.3%	$3.7M-14.3%	$4.3M+175.0%	$1.6M+232.0%	-$1.2M-193.4%	$1.3M+86.1%	$688K+288.5%	-$365K
EBITDA	N/A	$19.9M+58.3%	$12.6M+257.2%	$3.5M-5.8%	$3.7M-57.7%	$8.8M+43.2%	$6.2M+42.2%	$4.3M+25.3%	$3.5M-25.4%	$4.6M-10.0%	$5.2M+129.7%	$2.2M+502.1%	-$558K-129.2%	$1.9M+40.6%	$1.4M+291.4%	$348K
Interest Expense	$221K	$225K-2.6%	$231K-9.4%	$255K-1.9%	$260K+36.8%	$190K-12.4%	$217K+21.2%	$179K+1.7%	$176K-4.3%	$184K+13.6%	$162K+57.2%	$103K-11.3%	$116K-12.0%	$132K-2.1%	$135K-0.9%	$136K
Income Tax	$3.0M	$4.5M+110.9%	$2.1M+305.9%	$528K+264.1%	$145K-90.5%	$1.5M+35.2%	$1.1M+105.3%	$549K-4.0%	$572K-45.9%	$1.1M-27.7%	$1.5M+162.5%	$557K+211.8%	-$498K-227.4%	$391K+114.8%	$182K+233.8%	-$136K
Net Income	$7.7M	$12.5M+62.9%	$7.7M+865.4%	$795K-0.6%	$800K-89.4%	$7.6M+184.1%	$2.7M+36.7%	$1.9M+15.5%	$1.7M-37.1%	$2.7M-5.3%	$2.8M+171.5%	$1.0M+229.8%	-$805K-216.4%	$692K+83.6%	$377K+207.1%	-$352K
EPS (Basic)	N/A	$2.36+62.8%	$1.45+866.7%	$0.150.0%	$0.15-89.7%	$1.45+184.3%	$0.51+34.2%	$0.38+15.2%	$0.33-37.7%	$0.53-7.0%	$0.57+171.4%	$0.21+231.3%	-$0.16-214.3%	$0.14+75.0%	$0.08+214.3%	-$0.07
EPS (Diluted)	$1.45	$2.36+62.8%	$1.45+866.7%	$0.150.0%	$0.15-89.7%	$1.45+184.3%	$0.51+34.2%	$0.38+15.2%	$0.33-37.7%	$0.53-5.4%	$0.56+166.7%	$0.21+231.3%	-$0.16-214.3%	$0.14+75.0%	$0.08+214.3%	-$0.07
Diluted Shares (Avg)	N/A	5M+0.3%	5M-0.1%	5M+0.7%	5M+100301.4%	5,232-99.9%	5M+100677.2%	5,147+1.0%	5,096+0.3%	5,079-99.9%	5M+2.4%	5M+1.3%	5M0.0%	5M+0.3%	5M+1.6%	5M

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

SMID quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$87.7M+29.0%	$68.0M+10.8%	$61.3M+13.0%	$54.3M+1.9%	$53.3M+14.6%	$46.5M+10.4%	$42.1M+1.8%	$41.4M+41.6%	$29.2M+24.8%	$23.4M+24.2%	$18.9M+15.7%	$16.3M-12.6%	$18.7M+10.9%	$16.8M-4.1%	$17.5M
Current Assets	$48.7M+36.0%	$35.8M+7.6%	$33.3M+15.2%	$28.9M+4.3%	$27.8M+18.9%	$23.3M+22.6%	$19.0M-11.9%	$21.6M+13.5%	$19.0M+24.9%	$15.2M+12.8%	$13.5M+13.2%	$11.9M-15.0%	$14.0M+12.5%	$12.5M-1.7%	$12.7M
Cash & Equivalents	$11.9M+57.4%	$7.5M-17.7%	$9.2M+36.4%	$6.7M-50.1%	$13.5M+53.9%	$8.8M+542.5%	$1.4M-29.9%	$1.9M-42.6%	$3.4M-3.8%	$3.5M0.0%	$3.5M+102.9%	$1.7M-44.6%	$3.1M-28.2%	$4.4M+105.0%	$2.1M
Short-Term Investments	$0	$0	$0	$0	$0-100.0%	$1.2M+4.4%	$1.2M+6.2%	$1.1M+0.8%	$1.1M+4.6%	$1.1M+0.8%	$1.0M+2.8%	$1.0M+10.7%	$915K	$0	$0
Inventory	$5.2M+13.5%	$4.6M+63.0%	$2.8M+38.1%	$2.0M+20.0%	$1.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$27.2M+40.2%	$19.4M+12.8%	$17.2M+6.1%	$16.2M+62.0%	$10.0M+2.2%	$9.8M-23.0%	$12.7M+3.6%	$12.3M+37.0%	$9.0M+24.7%	$7.2M+5.8%	$6.8M+66.0%	$4.1M-43.9%	$7.3M+53.5%	$4.8M-33.9%	$7.2M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$33.4M+27.3%	$26.3M-3.4%	$27.2M+27.9%	$21.3M-1.2%	$21.5M-5.8%	$22.9M+7.3%	$21.3M-5.5%	$22.5M+87.4%	$12.0M+31.1%	$9.2M+22.9%	$7.5M+28.1%	$5.8M-19.5%	$7.2M+21.6%	$6.0M-12.4%	$6.8M
Current Liabilities	$14.3M-4.5%	$15.0M-6.3%	$16.0M+42.7%	$11.2M-19.3%	$13.9M+56.2%	$8.9M-7.3%	$9.6M-19.0%	$11.9M+51.4%	$7.8M+54.9%	$5.1M+11.7%	$4.5M+54.5%	$2.9M-27.9%	$4.1M+56.5%	$2.6M-13.0%	$3.0M
Non-Current Liabilities	$19.1M+69.8%	$11.2M+0.7%	$11.2M+11.3%	$10.0M+31.6%	$7.6M-45.4%	$13.9M+19.3%	$11.7M+9.7%	$10.7M+154.7%	$4.2M+1.8%	$4.1M+40.2%	$2.9M+1.3%	$2.9M-8.9%	$3.2M-5.4%	$3.4M-12.1%	$3.8M
Total Equity	$54.3M+30.1%	$41.7M+22.2%	$34.2M+3.3%	$33.1M+4.1%	$31.8M+34.3%	$23.6M+13.6%	$20.8M+10.3%	$18.9M+9.8%	$17.2M+20.8%	$14.2M+25.0%	$11.4M+8.7%	$10.5M-8.3%	$11.4M+5.1%	$10.9M+1.3%	$10.7M
Retained Earnings	$46.6M+36.7%	$34.1M+29.1%	$26.4M+2.8%	$25.7M+3.2%	$24.9M+43.8%	$17.3M+18.2%	$14.6M+12.9%	$13.0M+12.2%	$11.6M+26.6%	$9.1M+43.9%	$6.3M+15.5%	$5.5M-15.1%	$6.5M+9.2%	$5.9M+2.4%	$5.8M

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

SMID quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$14.5M	$14.3M+177.3%	$5.2M-33.3%	$7.7M+222.1%	-$6.3M-169.4%	$9.1M+21.9%	$7.5M+90.4%	$3.9M-53.6%	$8.5M+189.5%	$2.9M-26.8%	$4.0M+21048.8%	$19K-98.7%	$1.4M+74.0%	$820K-71.6%	$2.9M+3576.5%	-$83K
Depreciation & Amortization	N/A	$2.9M+8.4%	$2.7M+11.0%	$2.4M-16.7%	$2.9M+7.9%	$2.7M+10.7%	$2.4M+34.5%	$1.8M+43.8%	$1.2M+34.7%	$926K+12.8%	$821K+22.9%	$668K+4.9%	$637K+0.3%	$635K-5.8%	$674K-5.4%	$713K
Stock-Based Compensation	N/A	$59K+31.1%	$45K-88.0%	$375K-25.7%	$505K-4.9%	$531K+225.8%	$163K-39.6%	$270K+11.6%	$242K-41.1%	$411K	$0	N/A	$0	$0	$0-100.0%	$17K
Capital Expenditures	$10.4M	$9.3M+50.5%	$6.2M+23.8%	$5.0M+82.2%	$2.7M-48.8%	$5.4M+104.3%	$2.6M-41.8%	$4.5M-13.8%	$5.2M+91.0%	$2.7M-26.8%	$3.7M+129.0%	$1.6M+251.1%	$466K-48.7%	$909K+723.9%	$110K-85.2%	$743K
Free Cash Flow	$4.2M	$5.0M+574.9%	-$1.0M-138.4%	$2.7M+130.0%	-$9.1M-341.6%	$3.8M-22.7%	$4.9M+936.5%	-$581K-117.9%	$3.2M+1650.3%	$185K-26.0%	$250K+115.5%	-$1.6M-268.3%	$961K+1182.1%	-$89K-103.2%	$2.8M+436.5%	-$826K
Investing Cash Flow	-$10.4M	-$9.3M-51.5%	-$6.2M-31.9%	-$4.7M-77.3%	-$2.6M+28.0%	-$3.7M-50.9%	-$2.4M+48.9%	-$4.7M+55.5%	-$10.6M-290.2%	-$2.7M+26.5%	-$3.7M-125.1%	-$1.6M-231.1%	-$498K+73.4%	-$1.9M-91366.5%	$2K+100.3%	-$643K
Financing Cash Flow	-$626K	-$647K-1.9%	-$635K-2.6%	-$619K-128.1%	$2.2M+395.6%	-$744K-131.9%	$2.3M+928.2%	$227K-68.7%	$726K+318.7%	-$332K-122.1%	$1.5M+826.8%	-$207K+58.0%	-$492K-172.9%	-$180K+72.5%	-$654K-330.5%	$284K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$282K+0.4%	$281K+9.8%	$256K+422.4%	$49K	$0-100.0%	$194K+11.5%	$174K+20.6%	$144K-40.0%	$241K	$0

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.

SMID quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	27.9%+2.4pp	25.5%+7.6pp	17.9%-1.0pp	18.9%-9.6pp	28.5%+3.3pp	25.2%+3.8pp	21.3%-4.7pp	26.1%-1.4pp	27.5%+1.6pp	25.8%+1.5pp	24.3%+7.2pp	17.1%-6.6pp	23.7%+1.8pp	21.9%+4.6pp	17.2%
Operating Margin	18.2%+5.6pp	12.6%+10.7pp	1.9%+0.2pp	1.7%-10.5pp	12.2%+3.6pp	8.6%+3.1pp	5.5%-0.1pp	5.5%-3.4pp	8.9%-1.9pp	10.8%+5.4pp	5.4%+10.7pp	-5.3%-9.9pp	4.6%+1.9pp	2.8%+4.1pp	-1.4%
Net Margin	13.4%+3.6pp	9.8%+8.4pp	1.3%-0.3pp	1.6%-13.4pp	14.9%+8.9pp	6.1%+1.9pp	4.2%0.0pp	4.2%-2.2pp	6.4%-0.7pp	7.1%+3.5pp	3.6%+7.2pp	-3.6%-6.1pp	2.5%+1.0pp	1.5%+2.8pp	-1.3%
Return on Equity	23.0%+4.6pp	18.4%+16.1pp	2.3%-0.1pp	2.4%-21.4pp	23.8%+12.6pp	11.3%+1.9pp	9.4%+0.4pp	8.9%-6.7pp	15.6%-4.3pp	19.9%+10.7pp	9.2%+16.8pp	-7.7%-13.7pp	6.1%+2.6pp	3.5%+6.8pp	-3.3%
Return on Assets	14.3%+3.0pp	11.3%+10.0pp	1.3%-0.2pp	1.5%-12.7pp	14.2%+8.5pp	5.7%+1.1pp	4.6%+0.5pp	4.1%-5.1pp	9.2%-2.9pp	12.1%+6.6pp	5.5%+10.5pp	-4.9%-8.6pp	3.7%+1.5pp	2.2%+4.3pp	-2.0%
Current Ratio	3.40+1.0x	2.39+0.3x	2.08-0.5x	2.58+0.6x	2.00-0.6x	2.62+0.6x	1.98+0.2x	1.82-0.6x	2.43-0.6x	3.010.0x	2.98-1.1x	4.07+0.6x	3.45-1.4x	4.81+0.5x	4.26
Debt-to-Equity	0.620.0x	0.63-0.2x	0.80+0.2x	0.640.0x	0.68-0.3x	0.97-0.1x	1.02-0.2x	1.19+0.5x	0.70+0.1x	0.640.0x	0.65+0.1x	0.56-0.1x	0.63+0.1x	0.55-0.1x	0.63
Asset Turnover	1.07-0.1x	1.15+0.2x	0.970.0x	0.920.0x	0.950.0x	0.94-0.2x	1.11+0.1x	0.97-0.5x	1.43-0.3x	1.71+0.2x	1.55+0.2x	1.38-0.1x	1.490.0x	1.480.0x	1.52
FCF Margin	5.3%+6.6pp	-1.3%-5.9pp	4.6%+22.7pp	-18.1%-25.5pp	7.4%-3.7pp	11.1%+12.3pp	-1.2%-9.3pp	8.1%+7.6pp	0.4%-0.2pp	0.6%+6.2pp	-5.5%-9.8pp	4.3%+4.6pp	-0.3%-11.5pp	11.2%+14.3pp	-3.1%

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 Corp SMID	FY2025	$93.4M	$12.5M	13.4%	$138.4M	67/100
Cementos Pacasma 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	$10.7M	42/100
Capstone Holding Corp. CAPS	FY2025	$46.9M	-$21.2M	-45.3%	$3.8M	11/100

Where Smith Midland Corp Ranks

Frequently Asked Questions

What is Smith Midland Corp's annual revenue?

Smith Midland Corp (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 Corp's revenue growing?

Smith Midland Corp (SMID) revenue grew by 19.0% year-over-year, from $78.5M to $93.4M in fiscal year 2025.

Is Smith Midland Corp profitable?

Yes, Smith Midland Corp (SMID) reported a net income of $12.5M in fiscal year 2025, with a net profit margin of 13.4%.

What is Smith Midland Corp's EBITDA?

Smith Midland Corp (SMID) had EBITDA of $19.9M in fiscal year 2025, 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 27.9% in fiscal year 2025, 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 18.2% in fiscal year 2025, 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 13.4% in fiscal year 2025, 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 23.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Smith Midland Corp's free cash flow?

Smith Midland Corp (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 Corp's operating cash flow?

Smith Midland Corp (SMID) generated $14.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Smith Midland Corp's total assets?

Smith Midland Corp (SMID) had $87.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Smith Midland Corp's capital expenditures?

Smith Midland Corp (SMID) invested $9.3M in capital expenditures during fiscal year 2025, 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 2025.

What is Smith Midland Corp's current ratio?

Smith Midland Corp (SMID) had a current ratio of 3.40 as of fiscal year 2025, 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 0.62 as of fiscal year 2025, 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 14.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Smith Midland Corp's P/E ratio?

Smith Midland Corp (SMID) trades at 17.9x earnings, its market capitalization divided by net income of $7.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $138.4M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Smith Midland Corp's price-to-sales ratio?

Smith Midland Corp (SMID) trades at 1.5x sales, its market capitalization divided by revenue of $89.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $138.4M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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

Smith Midland Corp (SMID) has an Altman Z-Score of 5.40, 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 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 Corp's earnings high quality?

Smith Midland Corp (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 Corp cover its interest payments?

Smith Midland Corp (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 Corp?

Smith Midland Corp (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.