Smith-Midland Corporation

Smith-Midland Corporation

SMIDยทNASDAQ

$29.95

-4.6%
Basic MaterialsConstruction Materials

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. It offers SlenderWall, a patented, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction; Sierra Wall that provides sound and sight barrier for use alongside highways around residential, industrial, and commercial properties; J-J Hooks highway safety barriers for use 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. The company also provides Easi-Set utility vaults for house equipment, such as cable, telephone, or traffic signal equipment, and for underground storage, as well as custom-built utility vaults for special needs; SoftSound soundwall panels to absorb highway noise; Beach Prisms, an erosion control module for seawalls and jetties; and H2Out secondary drainage systems for panelized exterior cladding. In addition, it licenses its proprietary products in Canada, Australia, Belgium, Mexico, New Zealand, and Trinidad. The company markets its products through in-house sales force and independent sales representatives to 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. Smith-Midland Corporation was incorporated in 1960 and is based in Midland, Virginia.

At a Glance

Live Snapshot
Market Cap$158.93M
EPS2.3600
P/E Ratio12.69
Earnings Date05/25/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

High confidence

Valuation multiple is compressed (P/E 12.7).

Valuation inputs: P/E 12.7, earnings yield +7.9%, momentum -4.6%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is strong (ROE +23.0%, ROIC +16.9%).

Profitability stack: net margin +13.4%, ROE +23.0%, ROIC +16.9%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +38.1%, momentum -4.6%, net margin +13.4%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

smid

Smith-Midland Corporation Market vs Earnings Trajectory

SMID ยท NASDAQ

Loading price and EPS data...

Smith-Midland Corporation

Smith-Midland Corporation Fair Value Envelope

SMID ยท NASDAQ

Our analysis suggests that SMID has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $29.95, this represents a potential HIDDEN relative to our calculated worth for Smith-Midland Corporation.

Intrinsic Value
Current Price: $29.95
3Y+1473.0%
5Y+363.0%
10Y+314.0%
3Y+86.0%
5Y+113.0%
10Y+133.0%
3Y+1463.0%
5Y+369.0%
10Y+341.0%
3Y-326.0%
5Y+91.0%
10Y+258.0%
3Y-155.0%
5Y+2.0%
10Y+1885.0%
3Y+62.0%
5Y+89.0%
10Y+265.0%
Smith-Midland Corporation

Smith-Midland Corporation Profit Bridge

SMID ยท NASDAQ
Revenue93.45M
Cost of Goods Sold (67.41M)
Gross Profit26.04M
Operating Expenses (9.04M)
Operating Income16.99M
Interest Expense (225.00K)
Other Income/Expense32.00K
Pretax Income17.03M
Income Tax (4.52M)
Net Income12.51M
Net Income
12.51M

Profitability Analysis

Gross Margin

27.9%

Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.

Operating Margin

18.2%

Healthy operating margins demonstrate effective cost control and strong business fundamentals.

Net Profit Margin

13.4%

Strong net margins indicate efficient operations and favorable tax/interest management.

Effective Tax Rate

26.5%

Higher tax burden may reflect limited tax optimization or operations in high-tax jurisdictions.

Profitability Insight

Efficient profit conversion: Minimal margin compression from gross to net indicates lean operations and favorable tax/interest environment.

27.86%
Gross Profit Margin
9%
3Y+48.0%
5Y+11.0%
10Y+8.0%
18.19%
Operating Profit Margin
44%
3Y+968.0%
5Y+112.0%
10Y+68.0%
13.38%
Net Profit Margin
37%
3Y+739.0%
5Y+120.0%
10Y+89.0%
23.03%
Return on Equity
25%
3Y+852.0%
5Y+104.0%
10Y+16.0%
14.26%
Return on Assets
26%
3Y+868.0%
5Y+149.0%
10Y+21.0%
16.85%
Return on Invested Capital
17%
3Y+921.0%
5Y+145.0%
10Y+15.0%
SMID

Smith-Midland Corporation Cash Conversion Engine

SMID ยท NASDAQ
Net Income12.51M
Depreciation & Amortization2.89M
Stock-Based Compensation59.00K
Change in Working Capital-1.48M
Others-633.00K
Capital Expenditures-9.34M
Free Cash Flow4.96M

Cash Flow Quality Analysis

FCF Conversion Rate

39.7%

Weak cash conversion. Significant portion of earnings not converting to cashโ€”review working capital trends and capital intensity.

CapEx Intensity

65.3%

Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.

FCF Growth Trend

+574.9%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

-$1.48M

Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.

Cash Flow Quality Insight

Capital-intensive growth: Heavy reinvestment limits current cash available but may drive future returns. Assess whether CapEx supports compelling growth opportunities with adequate ROI.

smid

Smith-Midland Corporation Funding & Solvency Profile

SMID ยท NASDAQ
Cash & Cash Equivalents11.88M
Net Receivables28.40M
Inventory6.93M
Other Current Assets23.00K
Total Current Assets49 M
Property, Plant & Equipment38.48M
Goodwill & Intangible Assets0.00
Long-Term Investments0.00
Other Non-Current Assets504.00K
Total Non-Current Assets39 M
Total Assets
87.73M

Financial Health Analysis

Current Ratio

3.40x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.62x

Balanced capital structure with moderate leverage. Equity exceeds debt, suggesting healthy financial stability.

Working Capital

34 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

56% Current

Balanced asset mix between current and non-current assets, typical of many stable businesses.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

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Smith-Midland Corporation Street Expectations Map

SMID ยท NASDAQ

No Target Data

No analyst price targets available for smid.

smid

Smith-Midland Corporation Insider Positioning

SMID ยท NASDAQ

During the last 12 months, insiders have sold $875K worth of SMID shares, with no buying activity reported.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

6-9 Months

Bought

0

0.00

Sold

666

22.15K

Net Activity

-22K

-$22K

9-12 Months

Bought

0

0.00

Sold

21.0K

853.08K

Net Activity

-853K

-$853K

Top Buyers

No buying activity

Top Sellers

1
SRI

Smith Rodney I

10 Percent Owner

15.0K sharesโ€ข3 transactions

$619K

2
BJR

Bruner James Russell

Director

6.0K sharesโ€ข1 transactions

$234K

3
GR

Gerhardt Richard

Director

666 sharesโ€ข1 transactions

$22K

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $875K net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.00:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Insider Participation

High Selling

3 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.

0.00%
Dividend Yield
3Y-
5Y-100.0%
10Y-
ย 

smid Dividend History

SMID
10Y CAGR +1%
Latest $0.055
Annual $0.055
5 year growth trend
Last Period: +0%