Revenue has been volatile between $16.8M and $26.2M across the period while gross margin fell from 30.7% in 2025Q1 to 19.9% in 2026Q1 before recovering only to 23.2%, and operating margin compressed to 8.5% in 2026Q2 as SG&A rose to $3.4M.
Smith-Midland Corporation (SMID) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 89.5M | 93.45M | 78.51M | 59.58M | 50.13M | 50.64M | 43.86M | 46.69M | 40.22M | 41.72M | 40.05M | 29.2M | 22.47M | 27.71M | 24.89M | 26.7M | 31.71M | 29.52M | 29.86M | 31.52M | 29.36M | 23.79M | 22.12M | 18.16M | 22.6M | 26.01M | 16.01M | 14.43M | 14.43M | 12M | 11.41M |
| Revenue Growth % | -1.65% | 19.03% | 31.77% | 18.85% | -1.01% | 15.46% | -6.06% | 16.09% | -3.59% | 4.16% | 37.14% | 29.97% | -18.91% | 11.32% | -6.75% | -15.81% | 7.44% | -1.14% | -5.28% | 7.35% | 23.42% | 7.58% | 21.75% | -19.65% | -13.09% | 62.46% | 10.92% | -0.01% | 20.24% | 5.21% | 1.88% |
| Cost of Goods Sold | 68.5M | 67.41M | 58.5M | 48.93M | 40.66M | 36.22M | 32.82M | 36.72M | 29.73M | 30.14M | 29.7M | 22.09M | 18.63M | 21.14M | 19.45M | 22.09M | 22.68M | 20.88M | 23.18M | 23.86M | 24.75M | 17.57M | 17.14M | 15.5M | 16.93M | 20.47M | 11.66M | 11.19M | 12.02M | 9.09M | 8.53M |
| COGS % of Revenue | - | 72.14% | 74.51% | 82.12% | 81.11% | 71.53% | 74.83% | 78.65% | 73.92% | 72.24% | 74.16% | 75.65% | 82.89% | 76.28% | 78.12% | 82.76% | 71.53% | 70.73% | 77.63% | 75.7% | 84.29% | 73.84% | 77.51% | 85.32% | 74.9% | 78.69% | 72.87% | 77.5% | 83.25% | 75.73% | 74.71% |
| Gross Profit | 21M | 26.04M | 20.01M | 10.65M | 9.47M | 14.42M | 11.04M | 9.97M | 10.49M | 11.58M | 10.35M | 7.11M | 3.85M | 6.57M | 5.45M | 4.6M | 9.03M | 8.64M | 6.68M | 7.66M | 4.61M | 6.22M | 4.97M | 2.67M | 5.67M | 5.54M | 4.34M | 3.25M | 2.42M | 2.91M | 2.89M |
| Gross Margin % | 23.46% | 27.86% | 25.49% | 17.88% | 18.89% | 28.47% | 25.17% | 21.35% | 26.08% | 27.76% | 25.84% | 24.35% | 17.11% | 23.72% | 21.88% | 17.24% | 28.47% | 29.27% | 22.37% | 24.3% | 15.71% | 26.16% | 22.49% | 14.68% | 25.1% | 21.31% | 27.13% | 22.5% | 16.75% | 24.27% | 25.29% |
| Gross Profit Growth % | - | 30.12% | 87.85% | 12.49% | -34.33% | 30.59% | 10.76% | -4.97% | -9.42% | 11.91% | 45.55% | 84.89% | -41.48% | 20.66% | 18.36% | -49.02% | 4.5% | 29.35% | -12.8% | 66.07% | -25.9% | 25.15% | 86.55% | -53.01% | 2.35% | 27.6% | 33.79% | 34.26% | -17% | 0.99% | -6.93% |
| Operating Expenses | 10.2M | 9.04M | 10.11M | 9.53M | 8.62M | 8.25M | 7.28M | 7.42M | 8.27M | 7.87M | 6.01M | 5.53M | 5.2M | 5.41M | 4.87M | 5.21M | 5.16M | 5.51M | 5.72M | 5.11M | 5.49M | 4.25M | 4.31M | 4.88M | 4.11M | 3.9M | 3.2M | 2.97M | 2.92M | 2.6M | 3.03M |
| OpEx % of Revenue | - | 9.68% | 12.88% | 16% | 17.18% | 16.29% | 16.6% | 15.9% | 20.57% | 18.86% | 15.01% | 18.95% | 23.13% | 19.53% | 19.55% | 19.52% | 16.28% | 18.68% | 19.15% | 16.21% | 18.7% | 17.85% | 19.47% | 26.84% | 18.19% | 15.01% | 19.96% | 20.58% | 20.2% | 21.62% | 26.54% |
| Selling, General & Admin | 10.2M | 9.04M | 10.11M | 9.53M | 8.62M | 8.25M | 7.28M | 7.42M | 8.27M | 7.87M | 6.01M | 5.53M | 5.2M | 5.41M | 4.87M | 5.21M | 5.16M | 5.51M | 5.72M | 5.11M | 5.49M | 4.25M | 4.31M | 4.88M | 4.11M | 3.9M | 2.84M | 2.97M | 2.92M | 2.6M | 3.03M |
| SG&A % of Revenue | - | 9.68% | 12.88% | 16% | 17.18% | 16.29% | 16.6% | 15.9% | 20.57% | 18.86% | 15.01% | 18.95% | 23.13% | 19.53% | 19.55% | 19.52% | 16.28% | 18.68% | 19.15% | 16.21% | 18.7% | 17.85% | 19.47% | 26.84% | 18.19% | 15.01% | 17.71% | 20.58% | 20.2% | 21.62% | 26.54% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51K | 0 | 54.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 360.84K | 0 | 0 | 0 | 0 |
| Operating Income | 10.8M | 16.99M | 9.9M | 1.12M | 854K | 6.17M | 3.76M | 2.55M | 2.22M | 3.71M | 4.34M | 1.67M | -1.19M | 1.28M | 687.76K | -364.84K | 3.86M | 3.12M | 960.57K | 2.55M | -878.45K | 1.98M | 667.23K | -2.21M | 1.56M | 2.49M | 474.12K | 276.49K | -497.39K | 317.9K | -142.91K |
| Operating Margin % | 12.07% | 18.19% | 12.61% | 1.88% | 1.7% | 12.18% | 8.57% | 5.45% | 5.51% | 8.91% | 10.83% | 5.71% | -5.32% | 4.62% | 2.76% | -1.37% | 12.19% | 10.59% | 3.22% | 8.09% | -2.99% | 8.31% | 3.02% | -12.16% | 6.91% | 9.56% | 2.96% | 1.92% | -3.45% | 2.65% | -1.25% |
| Operating Income Growth % | - | 71.67% | 785.42% | 30.91% | -86.15% | 64.09% | 47.64% | 14.89% | -40.35% | -14.33% | 159.87% | 239.65% | -193.38% | 86.06% | 288.51% | -109.44% | 23.67% | 225.29% | -62.31% | 390.11% | -144.45% | 196.21% | 130.2% | -241.46% | -37.16% | 424.28% | 71.48% | 155.59% | -256.46% | 322.45% | 71.42% |
| EBITDA | 14.37M | 19.88M | 12.56M | 3.52M | 3.73M | 8.84M | 6.17M | 4.34M | 3.46M | 4.64M | 5.16M | 2.34M | -558.29K | 1.91M | 1.36M | 348K | 4.6M | 3.82M | 1.6M | 3.28M | -277.81K | 2.48M | 1.15M | -1.75M | 1.97M | 2.85M | 834.96K | 276.49K | -178.21K | 691.94K | 278.29K |
| EBITDA Margin % | 16.06% | 21.28% | 16% | 5.9% | 7.45% | 17.45% | 14.07% | 9.29% | 8.61% | 11.13% | 12.88% | 8% | -2.48% | 6.91% | 5.47% | 1.3% | 14.5% | 12.94% | 5.37% | 10.42% | -0.95% | 10.43% | 5.21% | -9.61% | 8.71% | 10.96% | 5.22% | 1.92% | -1.23% | 5.76% | 2.44% |
| EBITDA Growth % | -21.43% | 58.25% | 257.21% | -5.84% | -57.74% | 43.23% | 42.22% | 25.3% | -25.38% | -10.01% | 120.73% | 518.52% | -129.16% | 40.58% | 291.36% | -92.43% | 20.39% | 138.26% | -51.17% | 1281.98% | -111.19% | 115.38% | 166.02% | -188.64% | -30.88% | 241.27% | 201.99% | 255.15% | -125.75% | 148.64% | 119.88% |
| D&A (Non-Cash Add-back) | 3.57M | 2.89M | 2.66M | 2.4M | 2.88M | 2.67M | 2.41M | 1.79M | 1.25M | 926K | 821K | 667.9K | 636.64K | 634.87K | 674.16K | 712.83K | 735.01K | 695.5K | 642.8K | 735.22K | 600.64K | 506.06K | 485.35K | 463.61K | 407.56K | 363.73K | 360.84K | 0 | 319.19K | 374.04K | 421.2K |
| EBIT | 10.87M | 17.25M | 10.05M | 1.58M | 1.21M | 9.28M | 3.76M | 2.68M | 2.22M | 3.71M | 4.34M | 1.7M | -1.19M | 1.21M | 693.52K | -351.61K | 3.95M | 3.21M | 1.03M | 2.56M | -878.45K | 1.98M | 667.23K | -2.21M | 1.33M | 1.64M | 945.56K | 276.49K | -497.39K | 317.9K | -100K |
| Net Interest Income | 48K | -59K | -184K | -231K | -246K | -155K | -182K | -139K | -134K | -147K | -125K | -67.37K | -107.9K | -128.49K | -129.07K | -122.84K | -133.46K | -186.3K | -315.07K | -407.19K | -367.31K | -313.88K | -289.81K | -257.07K | -222.93K | -411.91K | -489.76K | 0 | 63.62K | 0 | 68.33K |
| Interest Income | 269K | 166K | 47K | 24K | 14K | 35K | 35K | 40K | 42K | 37K | 36.68K | 35.72K | 8.33K | 3.54K | 5.76K | 13.22K | 22.29K | 25.89K | 28.04K | 22.86K | 29.2K | 33.61K | 23.09K | 32.11K | 78.96K | 47.34K | 64.88K | 0 | 63.62K | 0 | 68.33K |
| Interest Expense | 221K | 225K | 231K | 255K | 260K | 190K | 217K | 179K | 176K | 184K | 162.53K | 103.09K | 116.23K | 132.03K | 134.83K | 136.07K | 155.75K | 212.19K | 343.11K | 430.05K | 396.51K | 347.5K | 312.89K | 289.17K | 301.89K | 459.25K | 554.64K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -30K | 32K | -81K | 205K | 91K | 2.93M | 33K | -48K | 43K | 26K | -39K | 24.43K | -107.9K | -197.17K | -129.07K | -122.84K | -133.46K | -123.6K | -271.58K | -420.09K | -381.36K | -213.51K | -150.78K | -183.45K | -153.08K | -463.14K | -563.08K | 240.96K | -350.11K | -99.89K | -223.88K |
| Pretax Income | 10.77M | 17.03M | 9.82M | 1.32M | 945K | 9.09M | 3.79M | 2.5M | 2.26M | 3.74M | 4.3M | 1.6M | -1.3M | 1.08M | 558.69K | -487.68K | 3.79M | 3M | 688.99K | 2.13M | -1.26M | 1.76M | 516.45K | -2.39M | 1.18M | 2.02M | 722.29K | 517.44K | -847.5K | 218.01K | -366.79K |
| Pretax Margin % | 12.04% | 18.22% | 12.51% | 2.22% | 1.89% | 17.96% | 8.65% | 5.35% | 5.62% | 8.97% | 10.73% | 5.48% | -5.8% | 3.91% | 2.24% | -1.83% | 11.97% | 10.17% | 2.31% | 6.75% | -4.29% | 7.41% | 2.34% | -13.17% | 5.22% | 7.78% | 4.51% | 3.59% | -5.87% | 1.82% | -3.21% |
| Income Tax | 3.04M | 4.52M | 2.14M | 528K | 145K | 1.52M | 1.13M | 549K | 572K | 1.06M | 1.46M | 557K | -498K | 391K | 182K | -136K | 1.38M | 1.19M | 268K | 876K | -444K | 412K | 24K | -492K | 579K | 28.61K | 554.64K | 475.17K | 286.49K | 54.1K | 155.55K |
| Effective Tax Rate % | 28.27% | 26.55% | 21.83% | 39.91% | 15.34% | 16.76% | 29.72% | 21.98% | 25.32% | 28.25% | 34.02% | 34.78% | 38.22% | 36.12% | 32.58% | 27.89% | 36.47% | 39.72% | 38.9% | 41.16% | 35.24% | 23.37% | 4.65% | 20.56% | 49.09% | 1.41% | 76.79% | 91.83% | -33.8% | 24.81% | -42.41% |
| Net Income | 7.73M | 12.51M | 7.67M | 795K | 800K | 7.57M | 2.67M | 1.95M | 1.69M | 2.68M | 2.84M | 1.04M | -804.84K | 691.5K | 376.69K | -351.68K | 2.41M | 1.81M | 420.99K | 1.25M | -815.81K | 1.35M | 492.45K | -1.9M | 600.51K | 1.99M | 593.37K | 42.27K | -783.88K | 263.8K | -298.46K |
| Net Margin % | 8.63% | 13.38% | 9.78% | 1.33% | 1.6% | 14.95% | 6.08% | 4.17% | 4.19% | 6.43% | 7.08% | 3.58% | -3.58% | 2.5% | 1.51% | -1.32% | 7.6% | 6.13% | 1.41% | 3.97% | -2.78% | 5.68% | 2.23% | -10.47% | 2.66% | 7.67% | 3.71% | 0.29% | -5.43% | 2.2% | -2.62% |
| Net Income Growth % | -35.84% | 62.94% | 865.41% | -0.63% | -89.43% | 184.05% | 36.74% | 15.53% | -37.15% | -5.33% | 171.49% | 229.75% | -216.39% | 83.57% | 207.11% | -114.59% | 33.26% | 329.71% | -66.38% | 253.51% | -160.39% | 174.32% | 125.91% | -416.55% | -69.88% | 236.04% | 1303.6% | 105.39% | -397.15% | 188.39% | 80.1% |
| Net Income (Continuing) | 7.73M | 12.51M | 7.67M | 795K | 800K | 7.57M | 2.67M | 1.95M | 1.69M | 2.68M | 2.83M | 1.04M | -804.84K | 691.5K | 376.69K | -351.68K | 2.41M | 1.81M | 420.99K | 1.25M | -815.81K | 1.35M | 492.45K | -1.9M | 600.51K | 1.99M | 593.37K | 42.27K | -783.88K | 263.8K | -300K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.46 | 2.36 | 1.45 | 0.15 | 0.15 | 1.45 | 0.51 | 0.38 | 0.33 | 0.53 | 0.56 | 0.21 | -0.16 | 0.14 | 0.08 | -0.07 | 0.50 | 0.38 | 0.09 | -0.18 | -0.18 | 0.29 | 0.11 | -0.43 | 0.16 | 0.58 | 0.19 | 0.01 | -0.26 | 0.09 | -0.10 |
| EPS Growth % | -35.4% | 62.76% | 866.67% | 0% | -89.66% | 184.31% | 34.21% | 15.15% | -37.74% | -5.36% | 166.67% | 231.25% | -214.29% | 75% | 208.99% | -114.68% | 31.58% | 322.22% | 150% | 0% | -162.07% | 163.64% | 125.58% | -368.75% | -72.41% | 205.26% | 1800% | 103.85% | -388.89% | 190.45% | 88.01% |
| EPS (Basic) | - | 2.36 | 1.45 | 0.15 | 0.15 | 1.45 | 0.51 | 0.38 | 0.33 | 0.53 | 0.57 | 0.21 | -0.16 | 0.14 | 0.08 | -0.07 | 0.51 | 0.39 | 0.09 | -0.18 | -0.18 | 0.30 | 0.11 | -0.43 | 0.16 | 0.65 | 0.19 | 0.01 | -0.26 | 0.09 | -0.10 |
| Diluted Shares Outstanding | 5.31M | 5.3M | 5.3M | 5.29M | 5.25M | 5.23M | 5.19M | 5.15M | 5.1M | 5.08M | 5.07M | 4.95M | 4.88M | 4.88M | 4.87M | 4.79M | 4.81M | 4.78M | 4.74M | 4.79M | 4.53M | 4.66M | 4.48M | 4.42M | 3.75M | 3.44M | 3.12M | 3.04M | 3.04M | 3.33M | 3M |
| Basic Shares Outstanding | 5.31M | 5.3M | 5.3M | 5.26M | 5.23M | 5.21M | 5.18M | 5.14M | 5.08M | 5.04M | 4.93M | 4.9M | 4.88M | 4.84M | 4.83M | 4.79M | 4.7M | 4.67M | 4.67M | 4.65M | 4.53M | 4.5M | 4.48M | 4.42M | 3.75M | 3.07M | 3.12M | 3.04M | 3.04M | 3.04M | 3M |
| Dividend Payout Ratio | - | - | - | - | - | - | 10.58% | 14.42% | 15.17% | 1.83% | - | 18.61% | - | 20.89% | 63.88% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SMID stock.
For fiscal year 2025, Smith-Midland Corporation (SMID) reported total revenue of $93.4M. This represents a 718.9% increase compared to $11.4M in 1996.
Smith-Midland Corporation (SMID) is profitable, generating $12.5M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
Smith-Midland Corporation (SMID) reported an operating income of $17.0M, resulting in an operating profit margin of 18.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Smith-Midland Corporation (SMID) generated $26.0M in gross profit for the year, representing a gross profit margin of 27.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue volatility and margin compression
Metrics are mathematically derived from official filings.
Volatile Revenue Trajectory Lacks Clear Momentum
Based on reported figures, SMID's quarterly revenue ranged from $16.8M to $26.2M over the ten quarters shown, with the most recent quarter at $23.4M reflecting a 10.8% year-over-year decline after a stretch of mixed growth readings.
The sequence of swings between sizable gains and declines suggests project-driven timing rather than a steady compounding demand base, which makes the trend difficult to extrapolate. The 2026Q2 contraction following the 2025Q2 peak of $26.2M indicates that the 2025 revenue level may have been partly non-recurring, warranting investor attention to backlog conversion. Without order or backlog data in the supplied set, the durability of current revenue cannot be confirmed.
Gross Margin Compression From Peak Levels
As reported in the financial statements, SMID's gross margin fell from a 30.7% peak in 2025Q1 to 19.9% in 2026Q1, before partially recovering to 23.2% in 2026Q2, indicating meaningful sensitivity to cost and pricing conditions.
The roughly 1,100 basis point compression from peak suggests that input costs or project mix may have eroded the pricing advantage the company enjoyed during 2025. The recovery in the most recent quarter is encouraging but remains below the 2024-2025 average, implying the margin may not yet have stabilized. Peer comparison is limited here, as the supplied peers operate with materially different gross margin structures, so the analysis rests on internal trend rather than relative pricing power.
Operating Leverage Reverses in Recent Quarters
Based on SMID's reported figures, operating margin peaked at 21.1% in 2025Q2 but compressed to 8.5% in 2026Q2 as SG&A rose to $3.4M against revenue that declined year over year, signaling negative operating leverage.
The gap between the gross margin decline and operating margin decline shows that overhead has not flexed down with volume, which is the expected mechanism when revenue softens. SG&A rose from $2.3M in 2025Q4 to $3.4M in 2026Q2 while gross profit fell, suggesting cost discipline has weakened. Investors should monitor whether overhead growth reflects deliberate investment or a fixed-cost base that is not scaling with the business.
Net Income Tracks Operations With Low Stock Compensation
According to the reported statements, SMID's net income moved closely with operating income across the period, and stock-based compensation remained minimal at $0 to $46K per quarter, limiting dilution-related distortion to earnings quality.
The close alignment between operating and net income suggests limited non-operating noise, which supports the reliability of the reported earnings base. Reported EPS of $0.21 to $0.79 per share mirrors the volatility in operating results rather than reflecting financial engineering. Tax rate and non-operating line items are not separately disclosed in the supplied data, so these conclusions are limited to what the top-line-to-EPS relationship shows.
Peak Earnings May Not Be Repeatable
Based on reported figures, the 2025 earnings peak with EPS of $0.79 in 2025Q2 reflects margins that have since fallen to $0.25 to $0.26 per share, raising questions about whether prior profitability was sustainable.
A skeptical reading would argue that 2025 profitability reflected a favorable project cycle or pricing environment that has since reversed, and that the current run rate better represents normalized earnings. The gross profit fall from $7.8M to $5.4M in just two quarters suggests high sensitivity to revenue timing. Investors should monitor whether the recent 2026Q2 margin recovery holds, as a sustained reversion to the lower 2024-2026 range would imply the prior peak was an outlier rather than a base case.