Smith Midland Corp (SMID) Financial Statements
Industry: Concrete Products, Except Block & Brick
In fiscal 2025, Smith Midland reported revenue of $93.4M, up 19.0% from $78.5M the year before. Net income was $12.5M (a 13.4% net margin), or $2.36 per diluted share. Gross margin was 27.9% and operating margin was 18.2%. Operating activities generated $14.3M of cash, leaving $5.0M of free cash flow. At fiscal year end, Smith Midland held $87.7M in total assets against $33.4M in total liabilities.
Open the full interactive Smith Midland financials → Quarterly statements, key ratios, valuation history and price charts.
Smith Midland Key Stats
| Share Price | $22.37 |
|---|---|
| Market Cap | $118.7M |
| P/E Ratio | 9.5 |
| Revenue YoY Growth | +19.0% |
| 52-Week Range | $21.95 – $40.05 |
| Shares Outstanding | 5.3 million (basic, 2026 Q2) |
Smith Midland Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $43.9M | $50.6M | $50.1M | $59.6M | $78.5M | $93.4M |
| Cost of Goods Sold | $32.8M | $36.2M | $40.7M | $48.9M | $58.5M | $67.4M |
| Gross Profit | $11.0M | $14.4M | $9.5M | $10.7M | $20.0M | $26.0M |
| Operating Income | $3.8M | $6.2M | $854,000 | $1.1M | $9.9M | $17.0M |
| Pre-Tax Income | $3.8M | $9.1M | $945,000 | $1.3M | $9.8M | $17.0M |
| Income Tax | $1.1M | $1.5M | $145,000 | $528,000 | $2.1M | $4.5M |
| Net Income | $2.7M | $7.6M | $800,000 | $795,000 | $7.7M | $12.5M |
| Diluted EPS | $0.51 | $1.45 | $0.15 | $0.15 | $1.45 | $2.36 |
Smith Midland Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $21.5M | $23.1M | $21.6M | $23.4M |
| Net Income | $2.9M | $6.3M | $1.3M | $1.4M |
| Diluted EPS | $0.54 | $1.19 | $0.25 | $0.26 |
Smith Midland Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Current Assets | $23.3M | $27.8M | $28.9M | $33.3M | $35.8M | $48.7M |
| Total Assets | $46.5M | $53.3M | $54.3M | $61.3M | $68.0M | $87.7M |
| Current Liabilities | $8.9M | $13.9M | $11.2M | $16.0M | $15.0M | $14.3M |
| Total Long-Term Debt | $7.6M | $8.2M | $6.4M | $5.7M | $5.1M | $4.4M |
| Total Liabilities | $22.9M | $21.6M | $21.3M | $27.2M | $26.3M | $33.4M |
| Shareholders' Equity | $23.6M | $31.8M | $33.1M | $34.2M | $41.7M | $54.3M |
Smith Midland Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $7.5M | $9.1M | -$6.3M | $7.7M | $5.2M | $14.3M |
| Cash From Investing | -$2.4M | -$3.7M | -$2.6M | -$4.7M | -$6.2M | -$9.3M |
| Cash From Financing | $2.3M | -$744,000 | $2.2M | -$619,000 | -$635,000 | -$647,000 |
| Free Cash Flow | $4.9M | $3.8M | -$9.1M | $2.7M | -$1.0M | $5.0M |
Figures from Smith Midland's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Smith Midland financials page for every line item.
Smith Midland Company Profile
| Ticker | SMID |
|---|---|
| Exchange | Nasdaq |
| Industry | Concrete Products, Except Block & Brick |
| Headquarters | Midland, Virginia |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0000924719 |
Frequently Asked Questions
What was Smith Midland's revenue in fiscal 2025?
Smith Midland (SMID) reported revenue of $93.4M for fiscal 2025.
What is Smith Midland's annual revenue history?
Smith Midland's annual revenue by fiscal year: 2020: $43.9M; 2021: $50.6M; 2022: $50.1M; 2023: $59.6M; 2024: $78.5M; 2025: $93.4M.
What was Smith Midland's net income in fiscal 2025?
Smith Midland reported net income of $12.5M for fiscal 2025.
What was Smith Midland's earnings per share (EPS) in fiscal 2025?
Smith Midland's diluted EPS was $2.36 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Smith Midland generate in fiscal 2025?
Smith Midland generated $5.0M of free cash flow in fiscal 2025.
What was Smith Midland's revenue last quarter?
In its most recent reported quarter (2026 Q2), Smith Midland reported revenue of $23.4M.
How much debt does Smith Midland have?
Smith Midland reported $4.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Smith Midland are outstanding?
Smith Midland reported a weighted average of 5.3 million basic shares outstanding in 2026 Q2.
What is Smith Midland's market cap?
Based on its latest closing price, Smith Midland (SMID) has a market capitalization of about $118.7M.
When does Smith Midland's fiscal year end?
Smith Midland's fiscal year end, as registered with the SEC, is December 31.
Where is Smith Midland headquartered?
Smith Midland lists its business address in Midland, Virginia in its SEC filings.