SMIDNasdaqConcrete Products, Except Block & BrickFiscal year ends December 31
SMITH MIDLAND CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 14, 2026
$22.05−0.60 (-2.65%)
Close on Oct 19, 2026
- Market cap
- $117.02M
- P/E (TTM)
- 9.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
27.9%+2.7 pts over 5 years
Operating margin
18.2%+9.6 pts over 5 years
Net margin
13.4%+7.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.0% | +23.1% | +16.3% | +12.3% | |
| Gross profit | +30.1% | +40.1% | +18.7% | +13.9% | |
| Operating income | +71.7% | +171.0% | +35.2% | +26.8% | |
| Net income | +62.9% | +150.0% | +36.2% | +28.2% | |
| EPS, diluted | +62.8% | +150.6% | +35.9% | +27.4% | |
| Free cash flow | – | – | +0.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 22.1% | 12.0% | 26.0% | |
| Return on assets | 13.4% | 6.0% | 16.1% | |
| Current ratio | 3.01 | 2.62 | 3.40 | |
| Debt to equity | 0.23 | 0.18 | 0.07 | |
| Net debt to EBITDA | -0.03× | -0.74× | -0.41× | |
| Interest coverage | 26.8× | 17.3× | 75.5× | |
| Capex to revenue | 9.4% | 6.0% | 10.0% | |
| Diluted shares | 5M | 5M | 5M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Smith Midland generated $42.65M from operations and spent $28.67M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$42.65M
Used
$28.67M
Capital expenditure$28.67M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin13.4%
×Asset turnover1.20×
×Equity multiplier1.62×
=Return on equity, FY202526.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 13.4% | 1.20× | 1.62× | 26.0% |
| FY2024 | 9.8% | 1.21× | 1.70× | 20.2% |
| FY2023 | 1.3% | 1.03× | 1.72× | 2.4% |
| FY2022 | 1.6% | 0.93× | 1.66× | 2.5% |
| FY2021 | 14.9% | 1.02× | 1.80× | 27.3% |
| FY2020 | 6.1% | 0.99× | 1.99× | 12.0% |
| FY2019 | 4.2% | 1.12× | 2.10× | 9.8% |
| FY2018 | 4.2% | 1.14× | 1.96× | 9.3% |
| FY2017 | 6.4% | 1.59× | 1.67× | 17.1% |
| FY2016 | 7.1% | 1.90× | 1.65× | 22.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$12.51M
- Cash generatingOperating cash flow above zero$14.30M
- Return on assets improvedROA up on the prior year12.5% → 18.4%
- Earnings backed by cashOperating cash flow above net income$14.30M vs $12.51M
- Less leverageLong-term debt to assets fell6.5% → 4.3%
- Better liquidityCurrent ratio rose2.39 → 3.40
- No dilutionShare count did not rise5M → 5M
- Gross margin improvedGross margin up on the prior year25.49% → 27.86%
- More efficientAsset turnover rose1.28 → 1.37