Smith-Midland Corporation invents, develops, manufactures, markets, leases, licenses, sells, and installs various precast concrete products and systems. The company offers SlenderWall lightweight construction panel, a lightweight exterior cladding used for the exterior walls of buildings; Sierra Wall that provides sound and sight barrier for use alongside highways around residential, industrial, and commercial properties; J-J Hooks highway safety barriers, which are used on roadways to separate lanes of traffic in construction work zone or traffic control purposes; and Easi-Set precast building and Easi-Span expandable precast buildings for use in housing communications operations, traffic control systems, and mechanical and electrical stations. It also provides Easi-Set utility vaults used to house equipment, such as cable, telephone, or traffic signal equipment, and for underground storage, as well as manufactures custom-built utility vaults for special needs; SoftSound soundwall panels that absorbs highway noise; Beach Prisms erosion control modules for seawalls and jetties; and H2Out secondary drainage and street level leak detection product for panelized exterior cladding. The company licenses its proprietary products in the United States, Canada, New Zealand, Australia, Belgium, Mexico, and Trinidad. It markets its products through in-house sales force and independent sales representatives; contractors performing public and private construction contracts, such as construction of commercial buildings, public and private roads and highways, airports, and municipal utilities; and federal, state, and local transportation authorities. The company serves construction, highway, utilities, and farming industries. Smith-Midland Corporation was founded in 1960 and is based in Midland, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $93M | $20M | $13M | $5M | 23.0% | 19.0% | 62.9% |
| 2024 | $79M | $13M | $8M | $-1M | 18.4% | 31.8% | 865.4% |
| 2023 | $60M | $4M | $1M | $3M | 2.3% | 18.8% | -0.6% |
| 2022 | $50M | $4M | $1M | $-9M | 2.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 50.13 | 59.58 | 78.51 | 93.45 |
| Cost Of Revenue | 40.66 | 48.93 | 58.50 | 67.41 |
| Gross Profit | 9.47 | 10.65 | 20.01 | 26.04 |
| Operating Expense | 8.62 | 9.53 | 10.11 | 9.04 |
| Operating Income | 0.85 | 1.12 | 9.90 | 16.99 |
| EBITDA | 4.09 | 3.98 | 12.71 | 20.14 |
| EBIT | 1.21 | 1.58 | 10.05 | 17.25 |
| Pretax Income | 0.94 | 1.32 | 9.82 | 17.03 |
| Tax Provision | 0.14 | 0.53 | 2.14 | 4.52 |
| Net Income | 0.80 | 0.80 | 7.67 | 12.51 |
| Net Income Common Stockholders | 0.80 | 0.80 | 7.67 | 12.51 |
| Total Expenses | 49.28 | 58.46 | 68.61 | 76.45 |
| Interest Expense | 0.26 | 0.26 | 0.23 | 0.23 |
| Interest Income | 0.01 | 0.02 | 0.05 | 0.17 |
| Selling General And Administration | 8.62 | 9.53 | 10.11 | 9.04 |
| Normalized EBITDA | 3.98 | 3.63 | 12.69 | 20.12 |
| Normalized Income | 0.71 | 0.59 | 7.66 | 12.49 |
| Basic EPS | 0.15 | 0.15 | 1.45 | 0 |
| Diluted EPS | 0.15 | 0.15 | 1.45 | 0 |
| Tax Effect Of Unusual Items | 0.02 | 0.14 | 0 | 0.01 |
| Tax Rate For Calcs | 0.15 | 0.40 | 0.22 | 0.27 |
| Total Unusual Items | 0.11 | 0.35 | 0.02 | 0.02 |
| Total Unusual Items Excluding Goodwill | 0.11 | 0.35 | 0.02 | 0.02 |
| Net Income From Continuing Operation Net Minority Interest | 0.80 | 0.80 | 7.67 | 12.51 |
| Reconciled Depreciation | 2.88 | 2.40 | 2.66 | 2.89 |
| Reconciled Cost Of Revenue | 40.66 | 48.93 | 58.50 | 67.41 |
| Net Interest Income | -0.25 | -0.23 | -0.18 | -0.06 |
| Net Income From Continuing And Discontinued Operation | 0.80 | 0.80 | 7.67 | 12.51 |
| Total Operating Income As Reported | 0.85 | 1.12 | 9.90 | 16.99 |
| Diluted Average Shares | 5.25 | 5.29 | 5.29 | 0 |
| Basic Average Shares | 5.23 | 5.26 | 5.29 | 0 |
| Diluted NI Availto Com Stockholders | 0.80 | 0.80 | 7.67 | 12.51 |
| Net Income Including Noncontrolling Interests | 0.80 | 0.80 | 7.67 | 12.51 |
| Net Income Continuous Operations | 0.80 | 0.80 | 7.67 | 12.51 |
| Other Income Expense | 0.34 | 0.44 | 0.10 | 0.09 |
| Other Non Operating Income Expenses | 0.23 | 0.09 | 0.08 | 0.07 |
| Special Income Charges | 0.11 | 0.35 | 0.02 | 0.02 |
| Gain On Sale Of Ppe | 0.11 | 0.35 | 0.02 | 0.02 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -0.25 | -0.23 | -0.18 | -0.06 |
| Interest Expense Non Operating | 0.26 | 0.26 | 0.23 | 0.23 |
| Interest Income Non Operating | 0.01 | 0.02 | 0.05 | 0.17 |
| Selling And Marketing Expense | 3.06 | 3.54 | 3.56 | 3.38 |
| General And Administrative Expense | 5.55 | 5.99 | 6.55 | 5.67 |
| Other Gand A | 5.55 | 5.99 | 6.55 | 5.67 |
| Operating Revenue | 50.13 | 59.58 | 78.51 | 93.45 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Smith-Midland Corporationthis co. | SMID | $176M | 14.05β discount | 3.24 | 23.0% | 8.48 |
| U.S. Gold Corp. | USAU | $262M | - | 4.97 | -177.4% | -13.59 |
| Hudson Technologies, Inc. | HDSN | $256M | 16.43 | 1.04 | 6.8% | 7.85 |
| Core Molding Technologies, Inc. | CMT | $252M | 21.23 | 1.47 | 7.1% | 8.18 |
| Clearwater Paper Corporation | CLW |
| $208M |
| - |
| 0.25 |
| -2.3% |
| 5.43 |
| Montauk Renewables, Inc. | MNTK | $206M | 144.00 | 0.79 | 0.7% | 8.84 |
| FutureFuel Corp. | FF | $198M | - | 1.28 | -31.9% | -3.38 |
| Friedman Industries, Incorporated | FRD | $142M | 8.96 | 1.00 | 4.6% | 10.15 |
| Ascent Industries Co. | ACNT | $134M | - | 1.57 | 1.0% | -33.80 |
| Peer Median | - | 18.83 | 1.16 | 0.8% | 6.64 | |