Revenue growth remains highly erratic, swinging from a 33.3% expansion in 2025Q2 to a 5.0% contraction in 2026Q1, while operating margins have struggled to maintain momentum, falling to 8.0% in the most recent quarter.
| 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 | 92.32M | 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 % | 9.32% | 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 | 68.95M | 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 | 23.37M | 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 % | 25.31% | 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 | 9.03M | 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 | 9.03M | 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 | 14.34M | 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 % | 15.53% | 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 | 17.5M | 19.88M | 12.56M | 3.5M | 3.75M | 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 % | 18.96% | 21.28% | 16% | 5.87% | 7.47% | 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 % | 13.14% | 58.25% | 259.35% | -6.67% | -57.62% | 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) | 3.17M | 2.89M | 2.66M | 2.38M | 2.89M | 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 | 14.43M | 17.03M | 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 | 7K | -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 | 224K | 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 | 217K | 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 | 104K | 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 | 14.44M | 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 % | 15.64% | 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 | 3.92M | 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 % | 27.16% | 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 | 10.52M | 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 % | 11.39% | 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 % | 6.73% | 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) | 10.52M | 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) | 1.98 | 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 % | 8.15% | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project-based revenue volatility
As reported in recent financial filings, Smith-Midland's revenue growth has exhibited significant volatility, swinging from a 33.3% expansion in 2025Q2 to a 5.0% contraction in 2026Q1, reflecting the inherent unpredictability of project-based construction cycles and the timing of large-scale infrastructure contract completions within the Mid-Atlantic region.
The erratic top-line performance suggests that the company remains highly susceptible to the timing of project mobilization and completion rather than consistent, recurring demand. Investors should monitor whether the recent contraction indicates a broader slowdown in regional infrastructure spending or merely a temporary lull in the project pipeline.
Based on the provided income statement data, gross margins have fluctuated between 19.1% and 30.7% over the last ten quarters, suggesting that the company's profitability is highly sensitive to the specific mix of high-margin licensing royalties versus lower-margin, labor-intensive precast concrete manufacturing and installation projects.
The compression of gross margins to 19.9% in 2026Q1 from the 30.7% peak in 2025Q1 highlights the risk of relying on manufacturing-heavy revenue streams during periods of rising input costs. This variability implies that the company's pricing power may be limited by competitive pressures in the commodity-adjacent precast market.
According to historical income statements, Smith-Midland's operating margins have failed to scale linearly with revenue, dropping to 8.0% in 2026Q1 despite previous periods of strong growth, which indicates that fixed overhead costs and SG&A expenses continue to exert significant downward pressure on overall operating efficiency.
The inability to maintain double-digit operating margins during revenue dips suggests a high fixed-cost structure that may be difficult to rationalize in the short term. This lack of operating leverage warrants further investigation into whether management can optimize SG&A spending to protect profitability during cyclical downturns.
As evidenced by the recent 59.7% decline in EPS growth in 2026Q1, the company's bottom line appears vulnerable to even minor revenue fluctuations, suggesting that the market's perception of a stable, IP-driven licensing business may be overstated relative to the reality of its capital-intensive manufacturing operations.
Short-term observers may focus on the high correlation between revenue contraction and disproportionate earnings declines as a sign of limited downside protection. The reliance on public infrastructure spending creates a binary risk profile where any delay in government funding could lead to sustained margin compression and earnings volatility.
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.