NASDAQ · Financial Statements

Smith-Midland Corporation (SMID) Financial Statements

$21.29 NASDAQ: SMID Market Cap $112.91M

Smith-Midland Corporation most recently reported annual revenue of $93.0M, net profit of $13.0M. Revenue grew at an average annual rate of 16.1% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Smith-Midland Corporation: Revenue rose from $40.0M in 2016 to $93.0M in 2025, a change of +132.5% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 10.8% to 18.2%, a shift of +7.4 percentage points; the most recent year shows net profit of $13.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$40.0M$42.0M$40.0M$47.0M$44.0M$51.0M$50.0M$60.0M$79.0M$93.0M
Operating Expenses$36.0M$38.0M$38.0M$44.0M$40.0M$44.0M$49.0M$58.0M$69.0M$76.0M
Operating Profit$4.0M$4.0M$2.0M$3.0M$4.0M$6.0M$1.0M$1.0M$10.0M$17.0M
Operating Margin10.8%8.9%5.5%5.5%8.6%12.2%1.7%1.9%12.6%18.2%
Other Income$0$0$0$0$0$3.0M$0$0$0$0
Interest$0$0$0$0$0$0$0$0$0$0
Depreciation$1.0M$1.0M$1.0M$2.0M$2.0M$3.0M$3.0M$2.0M$3.0M$3.0M
Profit Before Tax$4.0M$4.0M$2.0M$2.0M$4.0M$9.0M$1.0M$1.0M$10.0M$17.0M
Tax$34.0M$28.3M$25.3M$22.0M$29.7M$16.8M$15.3M$39.9M$21.8M$26.6M
Net Profit$3.0M$3.0M$2.0M$2.0M$3.0M$8.0M$1.0M$1.0M$8.0M$13.0M
EPS$0.56$0.53$0.33$0.38$0.51$1.45$0.15$0.15$1.45$2.36
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$16.0M$16.0M$17.0M$20.0M$24.0M$19.0M$23.0M$26.0M$21.0M$23.0M$22.0M$23.0M
Operating Expenses$14.0M$16.0M$15.0M$17.0M$20.0M$17.0M$18.0M$21.0M$18.0M$20.0M$20.0M$21.0M
Operating Profit$2.0M$1.0M$2.0M$3.0M$4.0M$2.0M$4.0M$6.0M$4.0M$3.0M$2.0M$2.0M
Operating Margin9.6%3.3%9.0%13.6%16.3%10.1%19.3%21.1%18.0%14.0%8.0%8.5%
Interest$0$0$0$0$0$0$0$0$0$0$0$0
Profit Before Tax$2.0M$1.0M$2.0M$3.0M$4.0M$2.0M$4.0M$5.0M$4.0M$3.0M$2.0M$2.0M
Tax$16.3M$61.5M$23.7M$24.2M$18.1M$24.8M$23.5M$23.9M$25.7M$35.9M$24.0M$23.9M
Net Profit$1.0M$0$1.0M$2.0M$3.0M$1.0M$3.0M$4.0M$3.0M$2.0M$1.0M$1.0M
EPS$0.24$0.04$0.21$0.37$0.59$0.26$0.62$0.79$0.54$0.41$0.25$0.26

Over the 10 years reported for Smith-Midland Corporation, borrowings increased from $4.0M in 2016 to $5.0M in 2025, cash stood at $12.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 3.50 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$24.0M$29.0M$41.0M$45.0M$46.0M$53.0M$54.0M$61.0M$68.0M$88.0M
Current Assets$16.0M$19.0M$22.0M$19.0M$23.0M$28.0M$29.0M$33.0M$36.0M$49.0M
Cash$4.0M$3.0M$2.0M$1.0M$9.0M$13.0M$7.0M$9.0M$8.0M$12.0M
Inventory$3.0M$4.0M$4.0M$2.0M$2.0M$3.0M$4.0M$5.0M$7.0M$7.0M
Receivables$7.0M$11.0M$15.0M$13.0M$11.0M$11.0M$18.0M$18.0M$21.0M$28.0M
Fixed Assets$8.0M$10.0M$14.0M$18.0M$19.0M$22.0M$25.0M$28.0M$32.0M$38.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$1.0M$1.0M$1.0M$1.0M$1.0M$0$0$0$0$0
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$10.0M$12.0M$23.0M$24.0M$23.0M$22.0M$21.0M$27.0M$26.0M$33.0M
Current Liabilities$5.0M$8.0M$12.0M$10.0M$9.0M$14.0M$11.0M$16.0M$15.0M$14.0M
Borrowings$4.0M$4.0M$5.0M$5.0M$8.0M$4.0M$6.0M$6.0M$5.0M$5.0M
Other Liabilities$6.0M$8.0M$18.0M$18.0M$15.0M$17.0M$15.0M$21.0M$21.0M$29.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$14.0M$17.0M$19.0M$21.0M$24.0M$32.0M$33.0M$34.0M$42.0M$54.0M

For Smith-Midland Corporation, operating cash flow was positive in 9 of 10 reported years; free cash flow in the latest year was $5.0M; free cash flow was positive in 4 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$4.0M$3.0M$8.0M$4.0M$7.0M$9.0M$-6.0M$8.0M$5.0M$14.0M
Investing Cash Flow$-7.0M$-5.0M$-21.0M$-10.0M$-5.0M$-9.0M$-5.0M$-10.0M$-12.0M$-19.0M
Financing Cash Flow$0$0$0$0$0$0$0$0$0$0
Net Cash Flow$2.0M$0$-1.0M$-1.0M$7.0M$5.0M$-7.0M$2.0M$-2.0M$4.0M
Free Cash Flow$0$0$-2.0M$-1.0M$5.0M$4.0M$-9.0M$3.0M$-1.0M$5.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.42
EV / EBITDA7.71
FCF Yield3.54%
Quick Ratio3.31
Interest Coverage48.88
Return 1Y-22.34%
Return 3Y20.65%
Return 5Y52.98%

Smith-Midland Corporation (SMID) financials — frequently asked questions

What is Smith-Midland Corporation's annual revenue?

Smith-Midland Corporation (SMID) reported annual revenue of $93.0M in its most recent fiscal year.

What is Smith-Midland Corporation's net profit?

Smith-Midland Corporation (SMID) reported net profit of $13.0M in its most recent fiscal year.

What is SMID EV/EBITDA?

Smith-Midland Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 7.71.

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