Latest Ratios: P/E Ratio 17.9x · EV/EBITDA 9.1x · ROE 26.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $139M | $193M | $236M | $209M | $108M | $246M | $49M | $31M | $38M | $34M | $26M |
| Enterprise Value | $131M | $185M | $233M | $206M | $107M | $237M | $48M | $35M | $40M | $34M | $27M |
| P/E Ratio → | 17.93 | 15.40 | 30.66 | 263.33 | 136.67 | 32.41 | 18.53 | 15.79 | 22.46 | 12.71 | 9.33 |
| P/S Ratio | 1.55 | 2.06 | 3.00 | 3.51 | 2.15 | 4.86 | 1.12 | 0.66 | 0.94 | 0.82 | 0.66 |
| P/B Ratio | 2.55 | 3.55 | 5.65 | 6.12 | 3.26 | 7.75 | 2.07 | 1.48 | 2.00 | 1.99 | 1.86 |
| P/FCF | 33.24 | 38.84 | — | 76.79 | — | 65.42 | 10.09 | — | — | 184.98 | 105.85 |
| P/OCF | 9.69 | 13.48 | 45.72 | 27.03 | — | 26.95 | 6.55 | 7.85 | 4.46 | 11.70 | 6.62 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.98 | 2.97 | 3.45 | 2.14 | 4.68 | 1.10 | 0.75 | 1.00 | 0.82 | 0.67 |
| EV / EBITDA | 9.13 | 9.33 | 18.58 | 58.47 | 28.76 | 26.79 | 7.81 | 8.04 | 11.64 | 7.40 | 5.21 |
| EV / EBIT | 7.72 | 10.75 | 23.23 | 130.31 | 89.15 | 25.50 | 12.82 | 13.04 | 18.20 | 9.25 | 6.20 |
| EV / FCF | — | 37.36 | — | 75.54 | — | 62.99 | 9.91 | — | — | 185.76 | 107.50 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.9% | 27.9% | 25.5% | 17.9% | 18.9% | 28.5% | 25.2% | 21.4% | 26.1% | 27.8% | 25.8% |
| Operating Margin | 18.2% | 18.2% | 12.6% | 1.9% | 1.7% | 12.2% | 8.6% | 5.5% | 5.5% | 8.9% | 10.8% |
| Net Profit Margin | 13.4% | 13.4% | 9.8% | 1.3% | 1.6% | 14.9% | 6.1% | 4.2% | 4.2% | 6.4% | 7.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.0% | 26.0% | 20.2% | 2.4% | 2.5% | 27.3% | 12.0% | 9.8% | 9.4% | 17.1% | 22.1% |
| ROA | 16.1% | 16.1% | 11.9% | 1.4% | 1.5% | 15.2% | 5.9% | 4.5% | 4.8% | 10.1% | 13.2% |
| ROIC | 29.5% | 29.5% | 21.2% | 2.6% | 2.3% | 20.4% | 11.8% | 8.3% | 8.6% | 17.4% | 24.3% |
| ROCE | 26.9% | 26.9% | 20.1% | 2.5% | 2.1% | 16.0% | 10.4% | 7.9% | 8.7% | 18.4% | 26.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.12 | 0.17 | 0.20 | 0.14 | 0.34 | 0.26 | 0.24 | 0.21 | 0.28 |
| Debt / EBITDA | 0.23 | 0.23 | 0.41 | 1.64 | 1.73 | 0.49 | 1.28 | 1.24 | 1.30 | 0.76 | 0.76 |
| Net Debt / Equity | — | -0.14 | -0.06 | -0.10 | -0.01 | -0.29 | -0.04 | 0.19 | 0.14 | 0.01 | 0.03 |
| Net Debt / EBITDA | -0.37 | -0.37 | -0.19 | -0.97 | -0.07 | -1.03 | -0.14 | 0.93 | 0.74 | 0.03 | 0.08 |
| Debt / FCF | — | -1.48 | — | -1.25 | — | -2.43 | -0.17 | — | — | 0.77 | 1.64 |
| Interest Coverage | 76.67 | 76.67 | 43.50 | 6.19 | 4.63 | 48.86 | 17.32 | 14.96 | 12.59 | 20.19 | 26.68 |
Net cash position: cash ($12M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.40 | 3.40 | 2.39 | 2.08 | 2.58 | 2.00 | 2.62 | 1.98 | 1.84 | 2.43 | 3.14 |
| Quick Ratio | 2.92 | 2.92 | 1.94 | 1.76 | 2.24 | 1.79 | 2.38 | 1.75 | 1.54 | 1.98 | 2.63 |
| Cash Ratio | 0.83 | 0.83 | 0.50 | 0.57 | 0.60 | 0.97 | 1.12 | 0.26 | 0.26 | 0.57 | 0.90 |
| Asset Turnover | — | 1.07 | 1.15 | 0.97 | 0.92 | 0.95 | 0.94 | 1.05 | 0.97 | 1.43 | 1.67 |
| Inventory Turnover | 9.73 | 9.73 | 8.76 | 9.50 | 10.65 | 12.73 | 14.96 | 16.38 | 8.35 | 8.57 | 11.52 |
| Days Sales Outstanding | — | 110.93 | 96.56 | 108.64 | 128.80 | 78.29 | 87.71 | 105.26 | 131.62 | 92.54 | 67.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.6% | 0.9% | 0.7% | 0.1% | — |
| Payout Ratio | — | — | — | — | — | — | 10.6% | 14.4% | 15.2% | 1.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 6.5% | 3.3% | 0.4% | 0.7% | 3.1% | 5.4% | 6.3% | 4.5% | 7.9% | 10.7% |
| FCF Yield | 3.0% | 2.6% | — | 1.3% | — | 1.5% | 9.9% | — | — | 0.5% | 0.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% | 0.9% | 0.7% | 0.1% | 0.0% |
| Shares Outstanding | — | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SMID stock.
Smith-Midland Corporation's current P/E ratio is 17.9x. The historical average is 21.0x. This places it at the 68th percentile of its historical range.
Smith-Midland Corporation's current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
Smith-Midland Corporation's return on equity (ROE) is 26.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 9.7%.
Based on historical data, Smith-Midland Corporation is trading at a P/E of 17.9x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Smith-Midland Corporation has 27.9% gross margin and 18.2% operating margin. Operating margin between 10-20% is typical for established companies.
Smith-Midland Corporation's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression and operating deleverage
Metrics are mathematically derived from official filings.
Low Multiples Reflect Earnings Uncertainty
Based on reported figures, SMID trades at a 11.06 trailing P/E and 6.60 EV/EBITDA, multiples that look undemanding but may reflect skepticism about whether recent earnings levels can be sustained.
The 0.31 PEG ratio suggests the market is pricing little growth, which may be rational given that quarterly ROE has fallen from 8.8% in 2025Q2 to 2.5% in 2026Q2. A 2.55 P/B against a sub-4% ROE indicates the stock is valued mainly on tangible asset backing rather than on current earning power. Investors should monitor whether a stabilized margin base can justify the book premium before treating the discount as a value opportunity.
Margin Compression Erodes Earning Power
As reported in the financial statements, SMID's operating margin fell from 21.1% in 2025Q2 to 8.5% in 2026Q2, while net margin declined from 15.9% to 5.9% over the same span.
The gap between gross margin recovery to 23.2% and the much weaker operating margin suggests SG&A growth is absorbing gains at the gross line. Net margin tracks operating margin closely, indicating limited non-operating distortion. Operating margin, rather than net margin, appears the better indicator of underlying earning power in this period.
Minimal Debt Limits Financial Risk
According to SMID's reported figures, debt-to-equity has declined from 0.16 in 2024Q1 to 0.07 in 2026Q2, and interest coverage stands at 30.08 in the latest quarter.
Low leverage implies that debt service is not a near-term constraint, though the sharp swing in interest coverage across quarters, from 1.05 to 30.08, reflects volatile operating income rather than changes in the debt load. D/EBITDA of 1.40 is moderate, but it is elevated relative to the very thin recent EBITDA base. Refinancing risk appears limited based on reported figures, though this conclusion depends on continued earnings stability.
Lengthening Cash Conversion Cycle Signals Strain
Based on SMID's reported figures, the cash conversion cycle expanded from 78 days in 2024Q3 to 111 days in 2026Q2, driven mainly by a rise in days sales outstanding to 106.
Rising DSO combined with stable DPO near 35 days suggests the company is financing customer receivables for longer, which may pressure working capital. Asset turnover has remained low, consistent with a capital-intensive manufacturing profile. Investors should monitor collection trends to determine whether the lengthening cycle reflects timing or a structural shift in customer payment behavior.
Peak Returns May Not Be Repeatable
Based on reported figures, ROIC peaked at 9.4% in 2025Q2 but has since fallen to 3.1%, raising questions about whether the earlier return profile reflected cyclical strength rather than durable economics.
The ratio most commonly misapplied to a small construction materials producer is trailing P/E, since peak-period earnings can make a stock appear cheap on a forward-looking basis that does not materialize. Using normalized or average margin over a full cycle, rather than the most recent quarter, would give a more reliable basis for valuation. The reported figures do not establish whether the decline is temporary or structural.