Smith-Midland Corporation (SMID) 10-Year Financial Performance & Capital Metrics

SMID • • Industrial / General

Basic MaterialsConstruction MaterialsSpecialty Building ProductsPrecast Concrete Systems

AboutSmith-Midland Corporation, through its subsidiaries, invents, develops, manufactures, markets, leases, licenses, sells, and installs precast concrete products primarily for use in the construction, highway, utilities, and farming industries. It offers SlenderWall, a patented, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction; Sierra Wall that provides sound and sight barrier for use alongside highways around residential, industrial, and commercial properties; J-J Hooks highway safety barriers for use on roadways to separate lanes of traffic in construction work zone or traffic control purposes; and Easi-Set precast building and Easi-Span expandable precast buildings for use in housing communications operations, traffic control systems, and mechanical and electrical stations. The company also provides Easi-Set utility vaults for house equipment, such as cable, telephone, or traffic signal equipment, and for underground storage, as well as custom-built utility vaults for special needs; SoftSound soundwall panels to absorb highway noise; Beach Prisms, an erosion control module for seawalls and jetties; and H2Out secondary drainage systems for panelized exterior cladding. In addition, it licenses its proprietary products in Canada, Australia, Belgium, Mexico, New Zealand, and Trinidad. The company markets its products through in-house sales force and independent sales representatives to contractors performing public and private construction contracts, such as construction of commercial buildings, public and private roads and highways, airports, and municipal utilities; and federal, state, and local transportation authorities. Smith-Midland Corporation was incorporated in 1960 and is based in Midland, Virginia.Show more

Revenue $79M +31.8%
EBITDA $13M +259.4%
Net Income $8M +865.4%
EPS (Diluted) 1.45 +866.7%
Gross Margin 25.49% +42.6%
EBITDA Margin 16% +172.7%
Operating Margin 12.61% +571.9%
Net Margin 9.78% +632.7%
ROE 20.22% +755.0%
ROIC 21.17% +702.2%
Debt/Equity 0.12 -26.2%
Interest Coverage 42.85 +877.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 31.5%
✓Strong Piotroski F-Score: 7/9
✓Strong 5Y sales CAGR of 11.0%
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.33%

5Y10.95%

3Y15.74%

TTM16.37%

Profit (Net Income) CAGR

10Y-

5Y31.54%

3Y0.46%

TTM80.89%

EPS CAGR

10Y-

5Y30.71%

3Y0%

TTM82.12%

ROCE

10Y Avg12.42%

5Y Avg10.22%

3Y Avg8.25%

Latest20.14%

Peer Comparison

Precast Concrete Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SMIDSmith-Midland Corporation	198.98M	37.51	25.87	31.77%	13.25%	22.58%		0.12
RETOReTo Eco-Solutions, Inc.	2.29M	1.23	-0.08	-43.49%	-291.88%	-183.45%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	29.2M	40.05M	41.72M	40.22M	46.69M	43.86M	50.64M	50.13M	59.58M	78.51M
Revenue Growth %	0.3%	0.37%	0.04%	-0.04%	0.16%	-0.06%	0.15%	-0.01%	0.19%	0.32%
Cost of Goods Sold+	22.09M	29.7M	30.14M	29.73M	36.72M	32.82M	36.22M	40.66M	48.93M	58.5M
COGS % of Revenue	0.76%	0.74%	0.72%	0.74%	0.79%	0.75%	0.72%	0.81%	0.82%	0.75%
Gross Profit+	7.11M	10.35M	11.58M	10.49M	9.97M	11.04M	14.42M	9.47M	10.65M	20.01M
Gross Margin %	0.24%	0.26%	0.28%	0.26%	0.21%	0.25%	0.28%	0.19%	0.18%	0.25%
Gross Profit Growth %	0.85%	0.46%	0.12%	-0.09%	-0.05%	0.11%	0.31%	-0.34%	0.12%	0.88%
Operating Expenses+	5.53M	6.01M	7.87M	8.27M	7.42M	7.28M	8.25M	8.62M	9.53M	10.11M
OpEx % of Revenue	0.19%	0.15%	0.19%	0.21%	0.16%	0.17%	0.16%	0.17%	0.16%	0.13%
Selling, General & Admin	5.53M	6.01M	7.87M	8.27M	7.42M	7.28M	8.25M	8.62M	9.53M	10.11M
SG&A % of Revenue	0.19%	0.15%	0.19%	0.21%	0.16%	0.17%	0.16%	0.17%	0.16%	0.13%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	54.46K	0	51K	0	0	0	0	0	0
Operating Income+	1.67M	4.34M	3.71M	2.22M	2.55M	3.76M	6.17M	854K	1.12M	9.9M
Operating Margin %	0.06%	0.11%	0.09%	0.06%	0.05%	0.09%	0.12%	0.02%	0.02%	0.13%
Operating Income Growth %	2.4%	1.6%	-0.14%	-0.4%	0.15%	0.48%	0.64%	-0.86%	0.31%	7.85%
EBITDA+	2.34M	5.16M	4.64M	3.46M	4.34M	6.17M	8.84M	3.75M	3.5M	12.56M
EBITDA Margin %	0.08%	0.13%	0.11%	0.09%	0.09%	0.14%	0.17%	0.07%	0.06%	0.16%
EBITDA Growth %	5.19%	1.21%	-0.1%	-0.25%	0.25%	0.42%	0.43%	-0.58%	-0.07%	2.59%
D&A (Non-Cash Add-back)	667.9K	821K	926K	1.25M	1.79M	2.41M	2.67M	2.89M	2.38M	2.66M
EBIT	1.7M	4.34M	3.71M	2.22M	2.68M	3.76M	9.28M	1.21M	1.58M	10.05M
Net Interest Income+	-67.37K	-125K	-147K	-134K	-139K	-182K	-155K	-246K	-231K	-184K
Interest Income	35.72K	36.68K	37K	42K	40K	35K	35K	14K	24K	47K
Interest Expense	103.09K	162.53K	184K	176K	179K	217K	190K	260K	255K	231K
Other Income/Expense	24.43K	-39K	26K	43K	-48K	33K	2.93M	91K	205K	-81K
Pretax Income+	1.6M	4.3M	3.74M	2.26M	2.5M	3.79M	9.09M	945K	1.32M	9.82M
Pretax Margin %	0.05%	0.11%	0.09%	0.06%	0.05%	0.09%	0.18%	0.02%	0.02%	0.13%
Income Tax+	557K	1.46M	1.06M	572K	549K	1.13M	1.52M	145K	528K	2.14M
Effective Tax Rate %	0.65%	0.66%	0.72%	0.75%	0.78%	0.7%	0.83%	0.85%	0.6%	0.78%
Net Income+	1.04M	2.84M	2.68M	1.69M	1.95M	2.67M	7.57M	800K	795K	7.67M
Net Margin %	0.04%	0.07%	0.06%	0.04%	0.04%	0.06%	0.15%	0.02%	0.01%	0.1%
Net Income Growth %	2.3%	1.71%	-0.05%	-0.37%	0.16%	0.37%	1.84%	-0.89%	-0.01%	8.65%
Net Income (Continuing)	1.04M	2.83M	2.68M	1.69M	1.95M	2.67M	7.57M	800K	795K	7.67M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.21	0.56	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45
EPS Growth %	2.31%	1.67%	-0.05%	-0.38%	0.15%	0.34%	1.84%	-0.9%	0%	8.67%
EPS (Basic)	0.21	0.57	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45
Diluted Shares Outstanding	4.95M	5.07M	5.08M	5.1M	5.15M	5.19M	5.23M	5.25M	5.29M	5.3M
Basic Shares Outstanding	4.9M	4.93M	5.04M	5.08M	5.14M	5.18M	5.21M	5.23M	5.26M	5.3M
Dividend Payout Ratio	0.19%	-	0.02%	0.15%	0.14%	0.11%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	13.51M	15.87M	19.03M	21.6M	19.03M	23.34M	27.75M	28.94M	33.33M	35.85M
Cash & Short-Term Investments	2.78M	4.57M	4.49M	3.05M	2.54M	9.99M	13.49M	6.73M	9.18M	7.55M
Cash Only	1.74M	3.52M	3.39M	1.95M	1.36M	8.76M	13.49M	6.73M	9.18M	7.55M
Short-Term Investments	1.04M	1.05M	1.1M	1.11M	1.18M	1.23M	0	0	0	0
Accounts Receivable	7.19M	7.46M	10.58M	14.5M	13.46M	10.54M	10.86M	17.69M	17.73M	20.77M
Days Sales Outstanding	89.86	67.98	92.54	131.62	105.26	87.71	78.29	128.8	108.64	96.56
Inventory	2.49M	2.58M	3.52M	3.56M	2.24M	2.19M	2.85M	3.82M	5.15M	6.68M
Days Inventory Outstanding	41.21	31.69	42.57	43.71	22.28	24.4	28.67	34.27	38.42	41.66
Other Current Assets	1.05M	251K	0	0	784K	0	0	0	0	0
Total Non-Current Assets+	5.34M	8.18M	10.19M	19.77M	25.57M	23.16M	25.52M	25.37M	28.02M	32.14M
Property, Plant & Equipment	5.07M	8.01M	9.87M	14.1M	17.73M	18.6M	21.93M	25.12M	27.68M	31.7M
Fixed Asset Turnover	5.76x	5.00x	4.23x	2.85x	2.63x	2.36x	2.31x	2.00x	2.15x	2.48x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	268.72K	173.09K	326K	5.67M	5.35M	4.56M	3.6M	249K	343K	438K
Total Assets+	18.85M	24.05M	29.23M	41.37M	44.6M	46.5M	53.27M	54.31M	61.35M	67.99M
Asset Turnover	1.55x	1.67x	1.43x	0.97x	1.05x	0.94x	0.95x	0.92x	0.97x	1.15x
Asset Growth %	0.16%	0.28%	0.22%	0.42%	0.08%	0.04%	0.15%	0.02%	0.13%	0.11%
Total Current Liabilities+	4.53M	5.06M	7.83M	11.71M	9.6M	8.9M	13.9M	11.22M	16.02M	15.01M
Accounts Payable	1.74M	2.09M	3.06M	4.21M	3.18M	1.87M	2.07M	5.82M	7.34M	4.74M
Days Payables Outstanding	28.81	25.7	37.05	51.71	31.61	20.75	20.87	52.21	54.73	29.58
Short-Term Debt	435.72K	587K	637K	1.71M	1.01M	740K	462K	618K	636K	658K
Deferred Revenue (Current)	923.94K	431.48K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	449.72K	1.2M	1.76M	2.55M	1.48M	2.52M	4.81M	788K	3.61M	1.77M
Current Ratio	2.98x	3.14x	2.43x	1.84x	1.98x	2.62x	2.00x	2.58x	2.08x	2.39x
Quick Ratio	2.43x	2.63x	1.98x	1.54x	1.75x	2.38x	1.79x	2.24x	1.76x	1.94x
Cash Conversion Cycle	102.26	73.97	98.07	123.61	95.94	91.36	86.09	110.86	92.33	108.64
Total Non-Current Liabilities+	2.93M	4.75M	4.19M	10.81M	14.18M	13.95M	7.62M	10.03M	11.17M	11.24M
Long-Term Debt	2.08M	3.35M	2.9M	2.79M	4.09M	6.89M	3.68M	5.73M	5.09M	4.44M
Capital Lease Obligations	0	0	0	-6.59M	296K	211K	122K	45K	2K	90K
Deferred Tax Liabilities	855K	1.4M	1.29M	1.43M	4.37M	2.46M	1.96M	2.08M	1.65M	494K
Other Non-Current Liabilities	0	0	0	0	0	3.79M	0	0	0	0
Total Liabilities	7.46M	9.81M	12.02M	22.52M	23.78M	22.85M	21.52M	21.26M	27.19M	26.25M
Total Debt+	2.51M	3.93M	3.53M	4.5M	5.39M	7.92M	4.35M	6.47M	5.77M	5.21M
Net Debt	776.77K	410.41K	143K	2.56M	4.02M	-840K	-9.14M	-256K	-3.4M	-2.34M
Debt / Equity	0.22x	0.28x	0.21x	0.24x	0.26x	0.34x	0.14x	0.20x	0.17x	0.12x
Debt / EBITDA	1.08x	0.76x	0.76x	1.30x	1.24x	1.28x	0.49x	1.73x	1.65x	0.41x
Net Debt / EBITDA	0.33x	0.08x	0.03x	0.74x	0.93x	-0.14x	-1.03x	-0.07x	-0.97x	-0.19x
Interest Coverage	16.19x	26.68x	20.19x	12.59x	14.22x	17.32x	32.46x	3.28x	4.38x	42.85x
Total Equity+	11.39M	14.24M	17.2M	18.85M	20.82M	23.65M	31.75M	33.05M	34.16M	41.74M
Equity Growth %	0.09%	0.25%	0.21%	0.1%	0.1%	0.14%	0.34%	0.04%	0.03%	0.22%
Book Value per Share	2.30	2.81	3.39	3.70	4.05	4.56	6.07	6.29	6.46	7.87
Total Shareholders' Equity	11.39M	14.24M	17.2M	18.85M	20.82M	23.65M	31.75M	33.05M	34.16M	41.74M
Common Stock	49.2K	49.82K	51K	51K	52K	52K	53K	53K	54K	54K
Retained Earnings	6.34M	9.13M	11.56M	12.96M	14.63M	17.29M	24.86M	25.66M	26.39M	34.07M
Treasury Stock	-102.3K	-102K	-102K	-102K	-102K	-102K	-102K	-102K	-102K	-102K
Accumulated OCI	-9.36K	-24.91K	-19K	-37K	-10K	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	18.89K	3.99M	2.93M	8.47M	3.93M	7.49M	9.13M	-6.33M	7.73M	5.16M
Operating CF Margin %	0%	0.1%	0.07%	0.21%	0.08%	0.17%	0.18%	-0.13%	0.13%	0.07%
Operating CF Growth %	-0.99%	210.46%	-0.27%	1.9%	-0.54%	0.9%	0.22%	-1.69%	2.22%	-0.33%
Net Income	1.04M	2.84M	2.68M	1.69M	1.96M	2.67M	7.57M	800K	795K	7.67M
Depreciation & Amortization	667.9K	821.04K	926K	1.25M	1.79M	2.41M	2.67M	2.88M	2.4M	2.66M
Stock-Based Compensation	7.07K	433.03K	411K	242K	270K	163K	531K	505K	375K	45K
Deferred Taxes	-32K	574K	526K	153K	459K	575K	-506K	130K	-434K	-1.16M
Other Non-Cash Items	-24.45K	-494K	-190K	-120K	73K	-92K	-2.97M	249K	-366K	177K
Working Capital Changes	-1.64M	-174.78K	-1.43M	5.26M	-622K	1.76M	1.83M	-10.9M	4.96M	-4.25M
Change in Receivables	-2.7M	-363.58K	-1.62M	-3.32M	-561K	2.86M	-364K	-7.17M	-68K	-3.36M
Change in Inventory	-767.74K	-84.53K	-937K	-45K	1.32M	48K	-651K	-987K	-1.35M	-1.54M
Change in Payables	591.44K	395.81K	969K	1.15M	-1.03M	-1.31M	205K	3.75M	1.52M	-3.02M
Cash from Investing+	-1.65M	-3.71M	-2.73M	-10.64M	-4.74M	-2.42M	-3.65M	-2.63M	-4.66M	-6.15M
Capital Expenditures	-1.64M	-3.74M	-2.74M	-10.74M	-4.87M	-2.63M	-5.37M	-2.75M	-5.01M	-6.2M
CapEx % of Revenue	0.06%	0.09%	0.07%	0.27%	0.1%	0.06%	0.11%	0.05%	0.08%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	18.02K	57.8K	46K	132K	162K	235K	489K	118K	346K	53K
Cash from Financing+	-206.8K	1.5M	-332K	726K	227K	2.33M	-744K	2.2M	-619K	-635K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-194.34K	0	-49K	-256K	-281K	-282K	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	69.34K	83K	117K	12K	0	0	0	-25K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.62M	249.97K	185K	-2.27M	-939K	4.86M	3.76M	-9.08M	2.72M	-1.04M
FCF Margin %	-0.06%	0.01%	0%	-0.06%	-0.02%	0.11%	0.07%	-0.18%	0.05%	-0.01%
FCF Growth %	-2.68%	1.15%	-0.26%	-13.26%	0.59%	6.18%	-0.23%	-3.42%	1.3%	-1.38%
FCF per Share	-0.33	0.05	0.04	-0.45	-0.18	0.94	0.72	-1.73	0.51	-0.20
FCF Conversion (FCF/Net Income)	0.02x	1.41x	1.09x	5.02x	2.02x	2.81x	1.21x	-7.92x	9.73x	0.67x
Interest Paid	103.09K	163K	184K	176K	179K	217K	190K	260K	255K	223K
Taxes Paid	679.43K	770K	1.29M	49K	73K	22K	917K	2.26M	189K	2.26M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.55%	22.12%	17.07%	9.36%	9.83%	11.99%	27.33%	2.47%	2.37%	20.22%
Return on Invested Capital (ROIC)	11.55%	24.25%	17.41%	8.58%	8.26%	11.83%	20.37%	2.31%	2.64%	21.17%
Gross Margin	24.35%	25.84%	27.76%	26.08%	21.35%	25.17%	28.47%	18.89%	17.88%	25.49%
Net Margin	3.58%	7.08%	6.43%	4.19%	4.17%	6.08%	14.95%	1.6%	1.33%	9.78%
Debt / Equity	0.22x	0.28x	0.21x	0.24x	0.26x	0.34x	0.14x	0.20x	0.17x	0.12x
Interest Coverage	16.19x	26.68x	20.19x	12.59x	14.22x	17.32x	32.46x	3.28x	4.38x	42.85x
FCF Conversion	0.02x	1.41x	1.09x	5.02x	2.02x	2.81x	1.21x	-7.92x	9.73x	0.67x
Revenue Growth	29.97%	37.14%	4.16%	-3.59%	16.09%	-6.06%	15.46%	-1.01%	18.85%	31.77%

Revenue by Segment

	2020
Shipping and Installation Revenue	8.52M
Shipping and Installation Revenue Growth	-

Frequently Asked Questions

Valuation & Price

Smith-Midland Corporation (SMID) has a price-to-earnings (P/E) ratio of 25.9x. This suggests investors expect higher future growth.

Growth & Financials

Smith-Midland Corporation (SMID) reported $88.9M in revenue for fiscal year 2024. This represents a 233% increase from $26.7M in 2011.

Smith-Midland Corporation (SMID) grew revenue by 31.8% over the past year. This is strong growth.

Yes, Smith-Midland Corporation (SMID) is profitable, generating $11.8M in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

Smith-Midland Corporation (SMID) has a return on equity (ROE) of 20.2%. This is excellent, indicating efficient use of shareholder capital.

Smith-Midland Corporation (SMID) generated $5.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Smith-Midland Corporation (SMID) 10-Year Financial Performance & Capital Metrics

SMID • • Industrial / General

Basic MaterialsConstruction MaterialsSpecialty Building ProductsPrecast Concrete Systems

Revenue $79M +31.8%
EBITDA $13M +259.4%
Net Income $8M +865.4%
EPS (Diluted) 1.45 +866.7%
Gross Margin 25.49% +42.6%
EBITDA Margin 16% +172.7%
Operating Margin 12.61% +571.9%
Net Margin 9.78% +632.7%
ROE 20.22% +755.0%
ROIC 21.17% +702.2%
Debt/Equity 0.12 -26.2%
Interest Coverage 42.85 +877.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 31.5%
✓Strong Piotroski F-Score: 7/9
✓Strong 5Y sales CAGR of 11.0%
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.33%

5Y10.95%

3Y15.74%

TTM16.37%

Profit (Net Income) CAGR

10Y-

5Y31.54%

3Y0.46%

TTM80.89%

EPS CAGR

10Y-

5Y30.71%

3Y0%

TTM82.12%

ROCE

10Y Avg12.42%

5Y Avg10.22%

3Y Avg8.25%

Latest20.14%

Peer Comparison

Precast Concrete Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SMIDSmith-Midland Corporation	198.98M	37.51	25.87	31.77%	13.25%	22.58%		0.12
RETOReTo Eco-Solutions, Inc.	2.29M	1.23	-0.08	-43.49%	-291.88%	-183.45%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	29.2M	40.05M	41.72M	40.22M	46.69M	43.86M	50.64M	50.13M	59.58M	78.51M
Revenue Growth %	0.3%	0.37%	0.04%	-0.04%	0.16%	-0.06%	0.15%	-0.01%	0.19%	0.32%
Cost of Goods Sold+	22.09M	29.7M	30.14M	29.73M	36.72M	32.82M	36.22M	40.66M	48.93M	58.5M
COGS % of Revenue	0.76%	0.74%	0.72%	0.74%	0.79%	0.75%	0.72%	0.81%	0.82%	0.75%
Gross Profit+	7.11M	10.35M	11.58M	10.49M	9.97M	11.04M	14.42M	9.47M	10.65M	20.01M
Gross Margin %	0.24%	0.26%	0.28%	0.26%	0.21%	0.25%	0.28%	0.19%	0.18%	0.25%
Gross Profit Growth %	0.85%	0.46%	0.12%	-0.09%	-0.05%	0.11%	0.31%	-0.34%	0.12%	0.88%
Operating Expenses+	5.53M	6.01M	7.87M	8.27M	7.42M	7.28M	8.25M	8.62M	9.53M	10.11M
OpEx % of Revenue	0.19%	0.15%	0.19%	0.21%	0.16%	0.17%	0.16%	0.17%	0.16%	0.13%
Selling, General & Admin	5.53M	6.01M	7.87M	8.27M	7.42M	7.28M	8.25M	8.62M	9.53M	10.11M
SG&A % of Revenue	0.19%	0.15%	0.19%	0.21%	0.16%	0.17%	0.16%	0.17%	0.16%	0.13%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	54.46K	0	51K	0	0	0	0	0	0
Operating Income+	1.67M	4.34M	3.71M	2.22M	2.55M	3.76M	6.17M	854K	1.12M	9.9M
Operating Margin %	0.06%	0.11%	0.09%	0.06%	0.05%	0.09%	0.12%	0.02%	0.02%	0.13%
Operating Income Growth %	2.4%	1.6%	-0.14%	-0.4%	0.15%	0.48%	0.64%	-0.86%	0.31%	7.85%
EBITDA+	2.34M	5.16M	4.64M	3.46M	4.34M	6.17M	8.84M	3.75M	3.5M	12.56M
EBITDA Margin %	0.08%	0.13%	0.11%	0.09%	0.09%	0.14%	0.17%	0.07%	0.06%	0.16%
EBITDA Growth %	5.19%	1.21%	-0.1%	-0.25%	0.25%	0.42%	0.43%	-0.58%	-0.07%	2.59%
D&A (Non-Cash Add-back)	667.9K	821K	926K	1.25M	1.79M	2.41M	2.67M	2.89M	2.38M	2.66M
EBIT	1.7M	4.34M	3.71M	2.22M	2.68M	3.76M	9.28M	1.21M	1.58M	10.05M
Net Interest Income+	-67.37K	-125K	-147K	-134K	-139K	-182K	-155K	-246K	-231K	-184K
Interest Income	35.72K	36.68K	37K	42K	40K	35K	35K	14K	24K	47K
Interest Expense	103.09K	162.53K	184K	176K	179K	217K	190K	260K	255K	231K
Other Income/Expense	24.43K	-39K	26K	43K	-48K	33K	2.93M	91K	205K	-81K
Pretax Income+	1.6M	4.3M	3.74M	2.26M	2.5M	3.79M	9.09M	945K	1.32M	9.82M
Pretax Margin %	0.05%	0.11%	0.09%	0.06%	0.05%	0.09%	0.18%	0.02%	0.02%	0.13%
Income Tax+	557K	1.46M	1.06M	572K	549K	1.13M	1.52M	145K	528K	2.14M
Effective Tax Rate %	0.65%	0.66%	0.72%	0.75%	0.78%	0.7%	0.83%	0.85%	0.6%	0.78%
Net Income+	1.04M	2.84M	2.68M	1.69M	1.95M	2.67M	7.57M	800K	795K	7.67M
Net Margin %	0.04%	0.07%	0.06%	0.04%	0.04%	0.06%	0.15%	0.02%	0.01%	0.1%
Net Income Growth %	2.3%	1.71%	-0.05%	-0.37%	0.16%	0.37%	1.84%	-0.89%	-0.01%	8.65%
Net Income (Continuing)	1.04M	2.83M	2.68M	1.69M	1.95M	2.67M	7.57M	800K	795K	7.67M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.21	0.56	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45
EPS Growth %	2.31%	1.67%	-0.05%	-0.38%	0.15%	0.34%	1.84%	-0.9%	0%	8.67%
EPS (Basic)	0.21	0.57	0.53	0.33	0.38	0.51	1.45	0.15	0.15	1.45
Diluted Shares Outstanding	4.95M	5.07M	5.08M	5.1M	5.15M	5.19M	5.23M	5.25M	5.29M	5.3M
Basic Shares Outstanding	4.9M	4.93M	5.04M	5.08M	5.14M	5.18M	5.21M	5.23M	5.26M	5.3M
Dividend Payout Ratio	0.19%	-	0.02%	0.15%	0.14%	0.11%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	13.51M	15.87M	19.03M	21.6M	19.03M	23.34M	27.75M	28.94M	33.33M	35.85M
Cash & Short-Term Investments	2.78M	4.57M	4.49M	3.05M	2.54M	9.99M	13.49M	6.73M	9.18M	7.55M
Cash Only	1.74M	3.52M	3.39M	1.95M	1.36M	8.76M	13.49M	6.73M	9.18M	7.55M
Short-Term Investments	1.04M	1.05M	1.1M	1.11M	1.18M	1.23M	0	0	0	0
Accounts Receivable	7.19M	7.46M	10.58M	14.5M	13.46M	10.54M	10.86M	17.69M	17.73M	20.77M
Days Sales Outstanding	89.86	67.98	92.54	131.62	105.26	87.71	78.29	128.8	108.64	96.56
Inventory	2.49M	2.58M	3.52M	3.56M	2.24M	2.19M	2.85M	3.82M	5.15M	6.68M
Days Inventory Outstanding	41.21	31.69	42.57	43.71	22.28	24.4	28.67	34.27	38.42	41.66
Other Current Assets	1.05M	251K	0	0	784K	0	0	0	0	0
Total Non-Current Assets+	5.34M	8.18M	10.19M	19.77M	25.57M	23.16M	25.52M	25.37M	28.02M	32.14M
Property, Plant & Equipment	5.07M	8.01M	9.87M	14.1M	17.73M	18.6M	21.93M	25.12M	27.68M	31.7M
Fixed Asset Turnover	5.76x	5.00x	4.23x	2.85x	2.63x	2.36x	2.31x	2.00x	2.15x	2.48x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	268.72K	173.09K	326K	5.67M	5.35M	4.56M	3.6M	249K	343K	438K
Total Assets+	18.85M	24.05M	29.23M	41.37M	44.6M	46.5M	53.27M	54.31M	61.35M	67.99M
Asset Turnover	1.55x	1.67x	1.43x	0.97x	1.05x	0.94x	0.95x	0.92x	0.97x	1.15x
Asset Growth %	0.16%	0.28%	0.22%	0.42%	0.08%	0.04%	0.15%	0.02%	0.13%	0.11%
Total Current Liabilities+	4.53M	5.06M	7.83M	11.71M	9.6M	8.9M	13.9M	11.22M	16.02M	15.01M
Accounts Payable	1.74M	2.09M	3.06M	4.21M	3.18M	1.87M	2.07M	5.82M	7.34M	4.74M
Days Payables Outstanding	28.81	25.7	37.05	51.71	31.61	20.75	20.87	52.21	54.73	29.58
Short-Term Debt	435.72K	587K	637K	1.71M	1.01M	740K	462K	618K	636K	658K
Deferred Revenue (Current)	923.94K	431.48K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	449.72K	1.2M	1.76M	2.55M	1.48M	2.52M	4.81M	788K	3.61M	1.77M
Current Ratio	2.98x	3.14x	2.43x	1.84x	1.98x	2.62x	2.00x	2.58x	2.08x	2.39x
Quick Ratio	2.43x	2.63x	1.98x	1.54x	1.75x	2.38x	1.79x	2.24x	1.76x	1.94x
Cash Conversion Cycle	102.26	73.97	98.07	123.61	95.94	91.36	86.09	110.86	92.33	108.64
Total Non-Current Liabilities+	2.93M	4.75M	4.19M	10.81M	14.18M	13.95M	7.62M	10.03M	11.17M	11.24M
Long-Term Debt	2.08M	3.35M	2.9M	2.79M	4.09M	6.89M	3.68M	5.73M	5.09M	4.44M
Capital Lease Obligations	0	0	0	-6.59M	296K	211K	122K	45K	2K	90K
Deferred Tax Liabilities	855K	1.4M	1.29M	1.43M	4.37M	2.46M	1.96M	2.08M	1.65M	494K
Other Non-Current Liabilities	0	0	0	0	0	3.79M	0	0	0	0
Total Liabilities	7.46M	9.81M	12.02M	22.52M	23.78M	22.85M	21.52M	21.26M	27.19M	26.25M
Total Debt+	2.51M	3.93M	3.53M	4.5M	5.39M	7.92M	4.35M	6.47M	5.77M	5.21M
Net Debt	776.77K	410.41K	143K	2.56M	4.02M	-840K	-9.14M	-256K	-3.4M	-2.34M
Debt / Equity	0.22x	0.28x	0.21x	0.24x	0.26x	0.34x	0.14x	0.20x	0.17x	0.12x
Debt / EBITDA	1.08x	0.76x	0.76x	1.30x	1.24x	1.28x	0.49x	1.73x	1.65x	0.41x
Net Debt / EBITDA	0.33x	0.08x	0.03x	0.74x	0.93x	-0.14x	-1.03x	-0.07x	-0.97x	-0.19x
Interest Coverage	16.19x	26.68x	20.19x	12.59x	14.22x	17.32x	32.46x	3.28x	4.38x	42.85x
Total Equity+	11.39M	14.24M	17.2M	18.85M	20.82M	23.65M	31.75M	33.05M	34.16M	41.74M
Equity Growth %	0.09%	0.25%	0.21%	0.1%	0.1%	0.14%	0.34%	0.04%	0.03%	0.22%
Book Value per Share	2.30	2.81	3.39	3.70	4.05	4.56	6.07	6.29	6.46	7.87
Total Shareholders' Equity	11.39M	14.24M	17.2M	18.85M	20.82M	23.65M	31.75M	33.05M	34.16M	41.74M
Common Stock	49.2K	49.82K	51K	51K	52K	52K	53K	53K	54K	54K
Retained Earnings	6.34M	9.13M	11.56M	12.96M	14.63M	17.29M	24.86M	25.66M	26.39M	34.07M
Treasury Stock	-102.3K	-102K	-102K	-102K	-102K	-102K	-102K	-102K	-102K	-102K
Accumulated OCI	-9.36K	-24.91K	-19K	-37K	-10K	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	18.89K	3.99M	2.93M	8.47M	3.93M	7.49M	9.13M	-6.33M	7.73M	5.16M
Operating CF Margin %	0%	0.1%	0.07%	0.21%	0.08%	0.17%	0.18%	-0.13%	0.13%	0.07%
Operating CF Growth %	-0.99%	210.46%	-0.27%	1.9%	-0.54%	0.9%	0.22%	-1.69%	2.22%	-0.33%
Net Income	1.04M	2.84M	2.68M	1.69M	1.96M	2.67M	7.57M	800K	795K	7.67M
Depreciation & Amortization	667.9K	821.04K	926K	1.25M	1.79M	2.41M	2.67M	2.88M	2.4M	2.66M
Stock-Based Compensation	7.07K	433.03K	411K	242K	270K	163K	531K	505K	375K	45K
Deferred Taxes	-32K	574K	526K	153K	459K	575K	-506K	130K	-434K	-1.16M
Other Non-Cash Items	-24.45K	-494K	-190K	-120K	73K	-92K	-2.97M	249K	-366K	177K
Working Capital Changes	-1.64M	-174.78K	-1.43M	5.26M	-622K	1.76M	1.83M	-10.9M	4.96M	-4.25M
Change in Receivables	-2.7M	-363.58K	-1.62M	-3.32M	-561K	2.86M	-364K	-7.17M	-68K	-3.36M
Change in Inventory	-767.74K	-84.53K	-937K	-45K	1.32M	48K	-651K	-987K	-1.35M	-1.54M
Change in Payables	591.44K	395.81K	969K	1.15M	-1.03M	-1.31M	205K	3.75M	1.52M	-3.02M
Cash from Investing+	-1.65M	-3.71M	-2.73M	-10.64M	-4.74M	-2.42M	-3.65M	-2.63M	-4.66M	-6.15M
Capital Expenditures	-1.64M	-3.74M	-2.74M	-10.74M	-4.87M	-2.63M	-5.37M	-2.75M	-5.01M	-6.2M
CapEx % of Revenue	0.06%	0.09%	0.07%	0.27%	0.1%	0.06%	0.11%	0.05%	0.08%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	18.02K	57.8K	46K	132K	162K	235K	489K	118K	346K	53K
Cash from Financing+	-206.8K	1.5M	-332K	726K	227K	2.33M	-744K	2.2M	-619K	-635K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-194.34K	0	-49K	-256K	-281K	-282K	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	69.34K	83K	117K	12K	0	0	0	-25K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.62M	249.97K	185K	-2.27M	-939K	4.86M	3.76M	-9.08M	2.72M	-1.04M
FCF Margin %	-0.06%	0.01%	0%	-0.06%	-0.02%	0.11%	0.07%	-0.18%	0.05%	-0.01%
FCF Growth %	-2.68%	1.15%	-0.26%	-13.26%	0.59%	6.18%	-0.23%	-3.42%	1.3%	-1.38%
FCF per Share	-0.33	0.05	0.04	-0.45	-0.18	0.94	0.72	-1.73	0.51	-0.20
FCF Conversion (FCF/Net Income)	0.02x	1.41x	1.09x	5.02x	2.02x	2.81x	1.21x	-7.92x	9.73x	0.67x
Interest Paid	103.09K	163K	184K	176K	179K	217K	190K	260K	255K	223K
Taxes Paid	679.43K	770K	1.29M	49K	73K	22K	917K	2.26M	189K	2.26M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.55%	22.12%	17.07%	9.36%	9.83%	11.99%	27.33%	2.47%	2.37%	20.22%
Return on Invested Capital (ROIC)	11.55%	24.25%	17.41%	8.58%	8.26%	11.83%	20.37%	2.31%	2.64%	21.17%
Gross Margin	24.35%	25.84%	27.76%	26.08%	21.35%	25.17%	28.47%	18.89%	17.88%	25.49%
Net Margin	3.58%	7.08%	6.43%	4.19%	4.17%	6.08%	14.95%	1.6%	1.33%	9.78%
Debt / Equity	0.22x	0.28x	0.21x	0.24x	0.26x	0.34x	0.14x	0.20x	0.17x	0.12x
Interest Coverage	16.19x	26.68x	20.19x	12.59x	14.22x	17.32x	32.46x	3.28x	4.38x	42.85x
FCF Conversion	0.02x	1.41x	1.09x	5.02x	2.02x	2.81x	1.21x	-7.92x	9.73x	0.67x
Revenue Growth	29.97%	37.14%	4.16%	-3.59%	16.09%	-6.06%	15.46%	-1.01%	18.85%	31.77%

Revenue by Segment

	2020
Shipping and Installation Revenue	8.52M
Shipping and Installation Revenue Growth	-

Frequently Asked Questions

Valuation & Price

Smith-Midland Corporation (SMID) has a price-to-earnings (P/E) ratio of 25.9x. This suggests investors expect higher future growth.

Growth & Financials

Smith-Midland Corporation (SMID) reported $88.9M in revenue for fiscal year 2024. This represents a 233% increase from $26.7M in 2011.

Smith-Midland Corporation (SMID) grew revenue by 31.8% over the past year. This is strong growth.

Yes, Smith-Midland Corporation (SMID) is profitable, generating $11.8M in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

Smith-Midland Corporation (SMID) has a return on equity (ROE) of 20.2%. This is excellent, indicating efficient use of shareholder capital.

Smith-Midland Corporation (SMID) generated $5.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.