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Smith-Midland Corporation

SMID

Smith-Midland Corporation • NASDAQ
$34.82 ▲ 1.28% (+0.44)
Market Cap $184.71 M
52w High $51.96
52w Low $25.13
Dividend Yield 0%
P/E 15.61
Volume 3.83K
Outstanding Shares 5.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $21.451M ▼ $1.905M ▼ $2.877M ▼ 13.412% ▼ $0.54 ▼ $4.528M ▼
Q2-2025 $26.186M ▲ $2.268M ▼ $4.171M ▲ 15.928% ▲ $0.79 ▲ $6.175M ▲
Q1-2025 $22.698M ▲ $2.588M ▲ $3.327M ▲ 14.658% ▲ $0.63 ▲ $5.074M ▲
Q4-2024 $18.531M ▼ $2.518M ▼ $1.397M ▼ 7.539% ▼ $0.26 ▼ $2.581M ▼
Q3-2024 $23.582M $2.73M $3.15M 13.358% $0.59 $4.602M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.376M ▲ $85.437M ▲ $33.31M ▲ $52.127M ▲
Q2-2025 $7.101M ▼ $81.176M ▲ $31.931M ▲ $49.245M ▲
Q1-2025 $9.006M ▲ $74.657M ▲ $29.587M ▲ $45.07M ▲
Q4-2024 $7.548M ▼ $67.991M ▲ $26.252M ▼ $41.739M ▲
Q3-2024 $9.013M $66.626M $26.289M $40.337M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.877M ▼ $9.314M ▲ $-2.867M ▼ $-172K ▼ $6.275M ▲ $6.447M ▲
Q2-2025 $4.171M ▲ $183K ▼ $-1.92M ▼ $-168K ▼ $-1.905M ▼ $-1.737M ▼
Q1-2025 $3.327M ▲ $2.217M ▲ $-595K ▲ $-164K ▲ $1.458M ▲ $1.622M ▲
Q4-2024 $1.397M ▼ $-645K ▼ $-632K ▲ $-188K ▼ $-1.465M ▼ $-1.305M ▼
Q3-2024 $3.15M $3.873M $-2.017M $-131K $1.725M $1.834M

Revenue by Products

Product Q2-2020Q3-2020Q4-2020Q4-2021
Service Revenue
Service Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Shipping and Installation Revenue
Shipping and Installation Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the past five years, showing a gradual build rather than rapid swings. Profitability has improved, with the most recent year standing out as one of the stronger periods, after a couple of flatter years in the middle of the period. Margins look modest but seem to be moving in the right direction, which fits a specialty manufacturing business coming out of a softer cycle. Earnings per share, however, are clearly uneven from year to year, which signals that results are still sensitive to project timing and broader construction demand.

Balance Sheet

Balance Sheet The balance sheet looks relatively compact but healthier than five years ago. Total assets and shareholders’ equity have both grown, pointing to a business that is slowly building its capital base. Cash levels have remained fairly stable, suggesting no major liquidity stress in recent years. Debt exists but appears manageable and has not exploded relative to the size of the company. Overall, leverage does not look aggressive, but this is still a small industrial balance sheet that would be exposed if there were a sharp downturn in orders.

Cash Flow

Cash Flow Operating cash flow has generally been positive, with one weaker year where cash from the business dipped into negative territory. Free cash flow tends to hover around break-even after accounting for ongoing investment in equipment and facilities. That pattern is typical of a smaller manufacturer that must keep reinvesting to support future growth. The main takeaway is that the company is usually funding itself from its own operations, but there is not a large cash cushion coming from excess free cash flow, so execution and working capital management remain important risks to watch.

Competitive Edge

Competitive Edge Smith-Midland operates in a basic materials niche but behaves more like a specialized solutions provider than a commodity concrete producer. Its patented products—such as its lighter-weight wall systems and quick-connect highway barriers—give it a clear point of differentiation on speed, safety, and total project cost. The licensing model, where other precasters pay to use its designs, extends its reach without heavy capital needs and adds a higher-margin royalty stream. Its long history and reputation in precast add to its standing. The flip side is that it still competes within a cyclical construction and infrastructure market, where larger players and local producers can pressure pricing if projects slow.

Innovation and R&D

Innovation and R&D Innovation is a central part of the story. The company has turned standard concrete into branded systems with patents, such as SlenderWall panels, J-J Hooks barriers, modular Easi-Set buildings, and noise-reducing sound walls. Rather than chasing entirely new fields, Smith-Midland appears focused on steadily improving these platforms—better energy performance, safety features, and new applications—and then scaling them through licensees. Capital spending on new plant capacity and equipment supports this strategy by enabling it to deliver larger and more complex projects. R&D here looks very practical and customer-driven, aimed at saving time, labor, and lifecycle costs for builders.

Summary

Overall, Smith-Midland looks like a small but steadily maturing specialty materials company: revenue and equity are climbing, profitability has improved over the long view, but earnings can still be choppy. The balance sheet is not stretched, yet it is not overly cushioned either, which keeps the company sensitive to the construction cycle. Cash generation is generally adequate to fund operations and modest investment, though not consistently abundant. Its real strength lies in its portfolio of patented products, licensing network, and value-added solutions that differentiate it from commodity precast producers. Future performance will likely depend on how well it continues to grow high-margin licensing and rental revenues, execute on capacity expansions, and navigate cycles in infrastructure, data center, and broader construction demand.

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November 13, 2025 · 7:25 PM UTC

Smith-Midland Reports Third Quarter 2025 Financial Results

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November 12, 2025 · 4:40 PM UTC

Smith-Midland to Release Third Quarter 2025 Financial Results on November 13

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October 9, 2025 · 10:10 AM UTC

Smith-Midland Secures Over $2 Million in SlenderWall(R) Projects in Virginia and New York

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