SMID

MKT CAP:$179M

Smith-Midland Corporation

Market Cap

$179M

Basic Materials·Construction Materials·🇺🇸 United States·NASDAQ

Materials·Construction·🇺🇸·NASDAQ

Stock Price

$33.58-$3.91 (-10.43%)

Apr 22, 2026

Company Details

Smith-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...

CEO

Ashley Smith

IPO Date

Dec 13, 1995

Website

smithmidland.com

Key Metrics TTM

Revenue

$93M

+19.0% YoY

Net Income

$13M

EPS (Diluted)

$2.36

Free Cash Flow

$5M

Revenue / Share

$17.61

Gross Margin

27.9%

Operating Margin

18.2%

Net Margin

13.4%

FCF Margin

5.3%

P/S

1.9x

P/E

14.3x

Earnings Reports

FY 2025

Apr 14, 2026

NEW

$93M+19.0%EPS $2.36

Q4 2025

Apr 14, 2026

NEW

$23M+24.7%EPS $0.41

Q3 2025

Nov 14, 2025

$21M-9.0%EPS $0.54

Q2 2025

Aug 14, 2025

$26M+33.3%EPS $0.79

Q1 2025

Jul 10, 2025

$23M+35.5%EPS $0.62

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$10M	$2M	-$173.0K
Q2 22	$13M	$3M	$1M
Q3 22	$12M	$2M	$4.0K
Q4 22	$14M	$3M	-$74.0K
Q1 23	$13M	$2M	$54.0K
Q2 23	$15M	$2M	-$981.0K
Q3 23	$16M	$4M	$2M
Q4 23	$16M	$3M	$542.0K
Q1 24	$17M	$4M	$2M
Q2 24	$20M	$5M	$3M
Q3 24	$24M	$7M	$4M
Q4 24	$19M	$4M	$2M
Q1 25	$23M	$7M	$4M
Q2 25	$26M	$8M	$6M
Q3 25	$21M	$6M	$4M
Q4 25	$23M	$6M	$3M

Valuation

Quarter	P/S	P/E
Q1 22	2.3x	23.2x
Q2 22	1.6x	16.3x
Q3 22	3.2x	177.2x
Q4 22	2.1x	130.7x
Q1 23	1.9x	99.7x
Q2 23	2.4x	—
Q3 23	1.7x	175.5x
Q4 23	3.5x	263.5x
Q1 24	3.9x	132.9x
Q2 24	2.1x	30.8x
Q3 24	2.3x	27.3x
Q4 24	3.0x	30.3x
Q1 25	2.0x	16.7x
Q2 25	2.0x	14.8x
Q3 25	2.1x	15.9x
Q4 25	2.0x	15.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$1M	-$1M
Q2 22	-$1M	-$3M
Q3 22	-$648.0K	-$2M
Q4 22	-$3M	-$2M
Q1 23	-$2M	-$3M
Q2 23	$3M	$827.0K
Q3 23	$2M	$1M
Q4 23	$4M	$3M
Q1 24	-$777.0K	-$3M
Q2 24	$3M	$998.0K
Q3 24	$4M	$2M
Q4 24	-$645.0K	-$1M
Q1 25	$2M	$2M
Q2 25	$183.0K	-$2M
Q3 25	$9M	$6M
Q4 25	$3M	-$1M

Capital Expenditures

Quarter	CapEx
Q1 22	$196.0K
Q2 22	$2M
Q3 22	$2M
Q4 22	$990.0K
Q1 23	$1M
Q2 23	$2M
Q3 23	$1M
Q4 23	$879.0K
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$660.0K
Q1 25	$595.0K
Q2 25	$2M
Q3 25	$3M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-31.4%	-7.1%
Q2 22	+7.7%	+10.2%
Q3 22	-8.7%	+1.0%
Q4 22	+44.6%	+42.8%
Q1 23	+23.1%	+20.6%
Q2 23	+10.9%	+29.0%
Q3 23	+30.9%	+18.4%
Q4 23	+13.1%	+8.8%
Q1 24	+30.5%	+19.2%
Q2 24	+33.6%	+8.2%
Q3 24	+50.7%	+39.5%
Q4 24	+13.1%	+5.1%
Q1 25	+35.5%	+20.1%
Q2 25	+33.3%	+21.8%
Q3 25	-9.0%	-10.8%
Q4 25	+24.7%	+19.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$126.0K	1.2%
Q2 22	$127.0K	1.0%
Q3 22	$126.0K	1.1%
Q4 22	$126.0K	0.9%
Q1 23	$85.0K	0.7%
Q2 23	$86.0K	0.6%
Q3 23	$90.0K	0.6%
Q4 23	$114.0K	0.7%
Q1 24	$5.0K	0.0%
Q2 24	$30.0K	0.2%
Q3 24	$5.0K	0.0%
Q4 24	$5.0K	0.0%
Q1 25	$4.0K	0.0%
Q2 25	$6.0K	0.0%
Q3 25	$3.0K	0.0%
Q4 25	$46.0K	0.2%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	$1M	$662.0K	—
Q2 22	$1M	$725.0K	—
Q3 22	$1M	$849.0K	—
Q4 22	$2M	$828.0K	—
Q1 23	$1M	$762.0K	—
Q2 23	$2M	$883.0K	—
Q3 23	$1M	$888.0K	—
Q4 23	—	—	$3M
Q1 24	$2M	$853.0K	—
Q2 24	$2M	$791.0K	—
Q3 24	$2M	$1M	—
Q4 24	$2M	$902.0K	—
Q1 25	$2M	$1M	—
Q2 25	$2M	$754.0K	—
Q3 25	$1M	$805.0K	—
Q4 25	$1M	$813.0K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$15M	$0	$15M
Q2 22	$12M	$0	$12M
Q3 22	$11M	$0	$11M
Q4 22	$7M	$0	$7M
Q1 23	$4M	$0	$4M
Q2 23	$5M	$0	$5M
Q3 23	$6M	$0	$6M
Q4 23	$9M	$0	$9M
Q1 24	$7M	$0	$7M
Q2 24	$7M	$0	$7M
Q3 24	$9M	$0	$9M
Q4 24	$8M	$0	$8M
Q1 25	$9M	$0	$9M
Q2 25	$7M	$0	$7M
Q3 25	$13M	$0	$13M
Q4 25	$12M	$0	$12M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	5M	-0.9%	+0.4%
Q2 22	5M	+0.7%	+0.9%
Q3 22	5M	+0.4%	+1.3%
Q4 22	5M	-0.6%	-0.4%
Q1 23	5M	+0.6%	+1.1%
Q2 23	5M	-0.6%	-0.2%
Q3 23	5M	+0.8%	+0.2%
Q4 23	5M	-0.2%	+0.6%
Q1 24	5M	+1.1%	+1.1%
Q2 24	5M	-0.5%	+1.3%
Q3 24	5M	-0.4%	+0.1%
Q4 24	5M	0.0%	+0.3%
Q1 25	5M	+0.0%	-0.8%
Q2 25	5M	0.0%	-0.3%
Q3 25	5M	0.0%	+0.0%
Q4 25	5M	0.0%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$52.2K	200
Q2 22	$66.3K	200
Q3 22	$59.8K	200
Q4 22	$62.4K	232
Q1 23	$55.4K	232
Q2 23	$63.4K	232
Q3 23	$67.5K	232
Q4 23	$66.4K	247
Q1 24	$67.8K	247
Q2 24	$79.5K	247
Q3 24	$95.5K	247
Q4 24	$70.2K	264
Q1 25	$86.0K	264
Q2 25	$99.2K	264
Q3 25	$81.3K	264
Q4 25	$81.1K	285

Revenue / Employee