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Smith Midland Corp (SMID) stock

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NASDAQ: SMID Nasdaq Construction Materials Next results ~November 12, 2026

Smith Midland Corp is a US-listed company in the construction materials industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Smith Midland Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 1 selling2 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds22 adding, 24 cuttingOf 3 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Smith Midland files

Where Smith Midland stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $89m, down 1.6% on a year earlier, against growth of 9.3% a quarter earlier. Free-cash-flow margin rose to 4.7% from 0.6% a year earlier. Operating margin narrowed to 12.1% from 17.2%. It passes 7 of our 7 financial-health checks.

Our model value for Smith Midland is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Smith Midland Corp's trailing-twelve-month revenue fell 1.6% year on year, with a free-cash-flow margin of 4.7%.

Our discounted-cash-flow model values the business at ~$16 per share in the base case (~$12–$20 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Balance sheet growing far ahead of sales: Total assets grew 106696% year over year while revenue fell 2% — the balance sheet is expanding 106698 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Smith Midland Corp's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 1.6% over the last 12 months.
  • Growth slowing. The growth rate is 11.0 points lower than a quarter earlier.
  • Margins narrowing. Operating margin is down 5.1 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 0.9 against the S&P 500.
  • Gross margin slipping. Gross margin is down 4.8 points on a year ago.
  • Weak cash conversion. Free cash flow was 54% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 14, 2026
Revenue
$23m, down 10.8% on a year earlier
Share reaction
+2.8% in the first session after the results on August 14, 2026, against -0.7% for the S&P 500
Next report
November 12, 2026

Smith Midland's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.9%
  • 1 week+12.5%
  • 1 month+7.4%
  • This year-34.4%
  • 1 year-34.6%
  • 5 years+22.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$89.5M
Operating margin
12.1%
Net margin
8.6%

Growth

Revenue growth
−1.6%
Change in growth rate
−11.0 pts

Cash

Free cash flow (TTM)
$4.2M
FCF margin
4.7%
Stock pay % of revenue
0.1%

Earnings

Last results
August 14, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Smith Midland Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Smith Midland Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$27 ~$21–$35 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$15 ~$11–$20 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$16 ~$14–$19 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Smith Midland Corp with Construction Materials in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$3.17$5.22$6.73$7.41$6.00$9.45$47.00$20.50$39.50$44.46$36.34
Market value$16m$26m$34m$38m$31m$49m$246m$108m$209m$235m$193m
+ Net debt (− = net cash)−$1m$410000$143000$0$4m−$4m−$9m−$378000−$3m−$2m−$7m
Enterprise value$15m$27m$34m$38m$35m$45m$237m$107m$206m$233m$185m
Multiples
Price / sales 0.5x0.7x0.8x0.9x0.7x1.1x4.9x2.1x3.5x3.0x2.1x
Price / earnings 15.0x9.3x12.7x22.4x15.8x18.4x32.5x134.6xn/m30.6x15.4x
Price / free cash flow —105.8x184.9x11.7x—10.1x65.4x—76.8x—38.8x
EV / EBITDA 6.5x5.2x7.4x10.9x8.0x7.3x26.8x28.7x58.5x18.5x9.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

33 /100

Weak moat

How hard Smith Midland's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.6% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 23.9%, moving by 5.3 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.8%; its worst year was -1.8%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 7 of 10 years, at a median 3.1% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 7.7% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026.

Analysts' consensus

No analyst estimates are published for Smith Midland Corp: too few analysts cover it.

Positioning

Short interest
6.6%
of tradable shares
Days to cover
16.29
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
59%
of shares
Held by insiders
14.0%
of shares
Employees
179
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −34.6%

$36.46 on October 31, 2025 to $23.84

ThenNowEffect
Revenue (last 12 months) $91m $89m −1.6%
Net margin 13.2% 8.6% −34.8%
P/E multiple 16.1x 16.4x +1.9%
Share count 5m 5m +0.1%

Biggest factor: net margin.

Last 3 years +18.0%

$20.21 on November 3, 2023 to $23.84

ThenNowEffect
Revenue (last 12 months) $54m $89m +65.8%
P/S multiple 2.0x 1.4x −28.3%
Share count 5m 5m −0.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SMID+397%−56%+93%+13%−18%−34%
Industry peers (median)+41%−20%+54%+22%+1%−5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SMID75%25%58%50%42%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SMID−47%−72%−37%−45%−42%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 72% from December 28, 2021 to July 6, 2022. Getting back needed a 262% gain, reached on November 27, 2024, 875 days after the low.

Price behaviour

52-week range
$21.20 – $39.82
From 52-week high
−40.1%
vs 50-day average
+0.8%
vs 200-day average
−19.6%
Volatility (1 year)
51%
Beta vs S&P 500
0.90

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±6.0%
After a week
6 up, 6 down
typical move ±6.9%
After a month
6 up, 6 down
typical move ±12.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 14, 2026 +2.8% −0.7% −0.2% −11.6%
June 9, 2026 +2.6% −1.9% +1.6% +4.2%
April 14, 2026 +2.4% +2.0% +6.1% −4.5%
March 24, 2026 +0.9% +0.2% +8.6% +10.0%
November 14, 2025 −7.6% −0.9% −11.7% −6.6%
August 14, 2025 −0.1% −0.2% −7.1% −1.0%
July 10, 2025 +10.6% −0.1% +11.3% +8.0%
May 28, 2025 +4.7% −0.2% −2.1% +11.7%
November 14, 2024 +9.0% −1.9% +20.9% +30.7%
August 14, 2024 +8.2% +2.0% +10.6% +21.7%
June 12, 2024 +9.8% +1.0% −1.4% −10.9%
May 23, 2024 −13.5% −0.1% −1.1% −25.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Smith Midland Corp
$50M $60M $70M $80M $90M $100M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $57.7M Revenue (TTM), FY23 Q4: $59.6M Revenue (TTM), FY24 Q1: $63.5M Revenue (TTM), FY24 Q2: $68.4M Revenue (TTM), FY24 Q3: $76.4M Revenue (TTM), FY24 Q4: $78.5M Revenue (TTM), FY25 Q1: $84.5M Revenue (TTM), FY25 Q2: $91M Revenue (TTM), FY25 Q3: $88.9M Revenue (TTM), FY25 Q4: $93.4M Revenue (TTM), FY26 Q1: $92.3M Revenue (TTM), FY26 Q2: $89.5M $89.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $57.7M
FY23 Q4 $59.6M
FY24 Q1 $63.5M
FY24 Q2 $68.4M
FY24 Q3 $76.4M
FY24 Q4 $78.5M
FY25 Q1 $84.5M
FY25 Q2 $91M
FY25 Q3 $88.9M
FY25 Q4 $93.4M
FY26 Q1 $92.3M
FY26 Q2 $89.5M
Revenue growth, TTM YoY Smith Midland Corp
-10% 0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 26.3% Revenue growth, TTM YoY, FY23 Q4: 18.8% Revenue growth, TTM YoY, FY24 Q1: 20.9% Revenue growth, TTM YoY, FY24 Q2: 26.8% Revenue growth, TTM YoY, FY24 Q3: 32.4% Revenue growth, TTM YoY, FY24 Q4: 31.8% Revenue growth, TTM YoY, FY25 Q1: 33.0% Revenue growth, TTM YoY, FY25 Q2: 33.0% Revenue growth, TTM YoY, FY25 Q3: 16.4% Revenue growth, TTM YoY, FY25 Q4: 19.0% Revenue growth, TTM YoY, FY26 Q1: 9.3% Revenue growth, TTM YoY, FY26 Q2: -1.6% -1.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 26.3%
FY23 Q4 18.8%
FY24 Q1 20.9%
FY24 Q2 26.8%
FY24 Q3 32.4%
FY24 Q4 31.8%
FY25 Q1 33.0%
FY25 Q2 33.0%
FY25 Q3 16.4%
FY25 Q4 19.0%
FY26 Q1 9.3%
FY26 Q2 -1.6%
Operating margin (TTM) Smith Midland Corp
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 0.9% Operating margin (TTM), FY23 Q4: 1.9% Operating margin (TTM), FY24 Q1: 4.1% Operating margin (TTM), FY24 Q2: 5.2% Operating margin (TTM), FY24 Q3: 7.7% Operating margin (TTM), FY24 Q4: 9.2% Operating margin (TTM), FY25 Q1: 12.0% Operating margin (TTM), FY25 Q2: 17.2% Operating margin (TTM), FY25 Q3: 17.6% Operating margin (TTM), FY25 Q4: 18.2% Operating margin (TTM), FY26 Q1: 15.5% Operating margin (TTM), FY26 Q2: 12.1% 12.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 0.9%
FY23 Q4 1.9%
FY24 Q1 4.1%
FY24 Q2 5.2%
FY24 Q3 7.7%
FY24 Q4 9.2%
FY25 Q1 12.0%
FY25 Q2 17.2%
FY25 Q3 17.6%
FY25 Q4 18.2%
FY26 Q1 15.5%
FY26 Q2 12.1%
FCF margin (TTM) Smith Midland Corp
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -4.6% FCF margin (TTM), FY23 Q4: 4.6% FCF margin (TTM), FY24 Q1: 4.5% FCF margin (TTM), FY24 Q2: 6.7% FCF margin (TTM), FY24 Q3: 6.8% FCF margin (TTM), FY24 Q4: 0.7% FCF margin (TTM), FY25 Q1: 5.6% FCF margin (TTM), FY25 Q2: 0.6% FCF margin (TTM), FY25 Q3: 5.8% FCF margin (TTM), FY25 Q4: 5.4% FCF margin (TTM), FY26 Q1: 5.4% FCF margin (TTM), FY26 Q2: 4.7% 4.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -4.6%
FY23 Q4 4.6%
FY24 Q1 4.5%
FY24 Q2 6.7%
FY24 Q3 6.8%
FY24 Q4 0.7%
FY25 Q1 5.6%
FY25 Q2 0.6%
FY25 Q3 5.8%
FY25 Q4 5.4%
FY26 Q1 5.4%
FY26 Q2 4.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Smith Midland took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $93.4M
  2. Cost of revenue $67.4M · 72.1%
  3. Gross profit $26M · 27.9%
  4. Selling, general and admin $5.7M · 6.1%
  5. Other operating costs $3.4M · 3.6%
  6. Operating income $17M · 18.2%
  7. Income tax $4.5M · 4.8%
  8. Net income $12.5M · 13.4%

Shares of revenue. Source: Smith Midland's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 27 25 28 22 29 40 42 40 47 44 51 50 60 79 93 89
Gross profit 5 5 7 4 7 10 11 10 10 11 14 9 11 20 26 21
EBITDA 0 1 2 −1 2 5 5 3 4 6 9 4 4 13 20 14
Operating income −0 1 1 −1 2 4 4 2 3 4 6 1 1 10 17 11
Net income −0 0 1 −1 1 3 3 2 2 3 8 1 1 8 13 8
Diluted EPS −$0.07 $0.08 $0.14 −$0.16 $0.21 $0.56 $0.53 $0.33 $0.38 $0.51 $1.45 $0.15 $0.15 $1.45 $2.36 —
Growth (year on year)
Revenue — −6.8% +11.3% −18.9% +30.0% +37.1% +4.2% −3.6% +16.1% −6.1% +15.5% −1.0% +18.8% +31.8% +19.0% −1.6%
EBITDA — — +40.6% −129.2% — +129.7% −10.0% −25.4% +25.3% +42.2% +43.2% −57.7% −5.8% +257.2% +58.3% —
Operating income — — +86.1% −193.4% — +175.0% −14.3% −40.3% +14.9% +47.6% +64.1% −86.2% — — +71.7% −30.8%
Net income — — — −216.4% — +171.5% −5.3% −37.1% +15.5% +36.7% +184.1% −89.4% — — +62.9% −35.8%
Diluted EPS — — — −214.3% — +166.7% −5.4% −37.7% +15.2% +34.2% +184.3% −89.7% — — +62.8% —
Margins
Gross margin 17.2% 21.9% 23.7% 17.1% 24.3% 25.8% 27.5% 26.1% 21.4% 25.2% 28.5% 18.9% 17.9% 25.5% 27.9% 23.5%
EBITDA margin 1.3% 5.5% 6.9% −2.5% 7.7% 12.9% 11.1% 8.6% 9.3% 14.1% 17.5% 7.5% 5.9% 16.0% 21.3% 16.1%
Operating margin −1.4% 2.8% 4.6% −5.3% 5.4% 10.8% 8.9% 5.5% 5.5% 8.6% 12.2% 1.7% 1.9% 12.6% 18.2% 12.1%
Net margin −1.3% 1.5% 2.5% −3.6% 3.6% 7.1% 6.4% 4.2% 4.2% 6.1% 14.9% 1.6% 1.3% 9.8% 13.4% 8.6%
Free-cash-flow margin −3.1% 11.2% −0.3% 4.3% −5.5% 0.6% 0.4% 8.1% −1.2% 11.1% 7.4% −18.1% 4.6% −1.3% 5.3% 4.7%
Cash flow
Cash from operations −0 3 1 1 0 4 3 8 4 7 9 −6 8 5 14 15
Capital spending 1 0 1 0 2 4 3 5 5 3 5 3 5 6 9 10
Free cash flow −1 3 −0 1 −2 0 0 3 −1 5 4 −9 3 −1 5 4
Stock-based pay 0 0 0 0 — 0 0 0 0 0 1 1 0 0 0 0
Free cash flow after stock pay −1 3 −0 1 — 0 −0 3 −1 5 3 −10 2 −1 5 4
Balance sheet
Cash 2 4 3 2 4 4 3 — 1 9 13 7 9 8 12 11
Total debt 3 3 3 3 3 4 4 4 5 5 4 6 6 5 4 4
Net debt (negative = net cash) 1 −1 −0 1 −1 0 0 — 4 −4 −9 −0 −3 −2 −7 −7
Diluted shares 5m 5m 5m 5m 5m 5m 5m 5m 5m 5m 5m 5m 5m 5m 5m —
Returned to shareholders
Dividends 0 0 0 0 0 0 0 0 0 0 0 — — — — —
Total returned 0 0 0 0 0 0 0 0 0 0 0 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $87m
Short-term assets $46mLonger-term assets $41m
What it owes, and who funded it · $87m
Short-term liabilities $11mLonger-term liabilities $18mShareholders' equity $57m
  • Short-term assets cover short-term liabilities $46m of assets due within a year against $11m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $46m short-term assets against $18m of longer-dated liabilities.
  • More cash than debt $11m of cash against $3m of debt.
  • Debt below 40% of shareholders' equity Debt is 6% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 12% to 6% over five years.
  • A year's operating cash flow covers at least 20% of debt $15m of operating cash flow against $3m of debt.
  • Operating profit covers interest at least five times over Operating income of $11m against $221,000 of interest.

From Smith Midland Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Days sales outstanding
93 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction materials
Last 12 months unless stated SMID USLM SND TTAM EXP KNF Median
Revenue, last 12 months $89m $381m $387m $1.7bn $2.3bn $3.3bn $2.3bn
Revenue growth, last 12 months −1.6% 4.5% 26.5% 1.8% 1.7% 12.1% 4.5%
Revenue growth, 3-year average 18.4% 11.6% 8.6% — 2.0% 8.3% 8.3%
Revenue growth, latest quarter −10.8% 4.1% 34.1% — 2.6% 12.6% 3.5%
Gross margin 23.5% 47.6% 13.5% 26.1% 27.0% 17.8% 27.0%
Operating margin 12.1% 41.2% 2.0% 16.1% 31.7% 8.3% 16.1%
Operating margin, 3-year average 11.5% 40.1% −0.1% — 31.6% 9.3% 16.6%
Net margin 8.6% 35.1% 2.7% 11.1% 17.3% 4.2% 11.1%
Cash from operations / revenue 16.3% 44.3% 12.1% 17.8% 27.2% 9.5% 17.8%
Free-cash-flow margin 4.7% 25.9% 8.9% 8.1% 7.3% 1.3% 8.1%
Free-cash-flow margin, 3-year average 4.0% 27.5% 3.5% — 13.5% 1.6% 9.1%
Stock pay / revenue 0.1% 1.9% 0.9% — 0.9% 0.3% 0.7%
Change in share count 1.1% 0.2% 1.6% 4.6% −4.8% 0.1% 0.1%

Median of all 9 companies we cover in construction materials. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Product Sales $48.3M 51.7% ▲ 5.8%
Service Revenue $45.2M 48.3% ▲ 37.4%

From Smith Midland Corp's 10-K filed April 14, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$87.7M
Institutions reporting
55
Shares held vs prior quarter
▼ 1.1%
Positions opened / closed
6 / 7

Top buyers and sellers, Q2 2026: 22 institutions bought and 24 sold ; the biggest buyer was Blackrock, Inc (+35K shares) and the biggest seller Vanguard Capital Management LLC (−43K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Thompson Davis & Co., Inc. $52.9M 1.8M 60.3% ▼ 1.0%
Needham Investment Management LLC $6.5M 225K 7.4% 0.0%
Blackrock, Inc. $5.7M 196K 6.5% ▲ 21.9%
Vanguard Capital Management LLC $4M 137K 4.5% ▼ 23.8%
Geode Capital Management, LLC $2.6M 90K 3.0% ▲ 8.3%
Bard Associates Inc $2.3M 80K 2.6% ▼ 0.6%
Rbf Capital, LLC $2.2M 74K 2.5% 0.0%
Rice Hall James & Associates, LLC $1.6M 54K 1.8% ▲ 5.1%
Dimensional Fund Advisors LP $1.5M 51K 1.7% ▲ 13.0%
State Street Corp $1.3M 46K 1.5% ▼ 1.1%
Heritage Investors Management Corp $1.1M 38K 1.3% 0.0%
Vanguard Fiduciary Trust Co $871,276 30K 1.0% ▲ 7.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Smith Midland Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $108,040 2 trades by 2 insiders, last 12 months Insider sales History → $22,151 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $85,889 net buying
Insider Date Trade Shares Price Value
Smith Matthew I Director September 2, 2026 Buy 2,000 $27.15 $54,300
Smith Ashley B Chief Executive Officer September 1, 2026 Buy 2,000 $26.87 $53,740
Gerhardt Richard Director November 24, 2025 Sell 666 $33.26 $22,151

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 14, 2026
  • June 9, 2026
  • April 14, 2026
  • March 24, 2026
  • November 14, 2025
  • August 14, 2025

Recent SEC filings

Data status

When each part of this page on Smith Midland Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Smith Midland Corp in brief

What does Smith Midland Corp do?
Smith Midland Corp is a US-listed company in the construction materials industry. Its financial year ends in December.
What is Smith Midland Corp's stock ticker?
Smith Midland Corp trades under the ticker SMID on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Smith Midland Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Smith Midland Corp reported revenue of $89.5M, 1.6% lower than a year earlier, according to its SEC filings.
What is Smith Midland Corp's free cash flow?
Smith Midland Corp's free-cash-flow margin is 4.7% of revenue over the trailing twelve months.
Who are Smith Midland Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Thompson Davis & Co., Inc., Needham Investment Management LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Smith Midland Corp's market cap?
On December 31, 2025, Smith Midland Corp's market capitalisation was about $193M, with a price-to-earnings ratio of 15.4 and net debt of -$7.4M. Market figures come from third-party market data and may be delayed.
How much debt does Smith Midland Corp have?
Smith Midland Corp's debt-to-equity ratio is 6.1%, from its latest balance sheet (11.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Smith Midland Corp's competitors?
In our Construction Materials peer group, the companies closest to Smith Midland Corp are United States Lime & Minerals Inc, Smart Sand, Inc., Titan America SA, Eagle Materials Inc and Knife River Corp. The side-by-side comparison below sets their revenue, margins and growth against Smith Midland Corp's.
Are insiders buying or selling Smith Midland Corp stock?
Over the last 12 months, Smith Midland Corp's directors and officers reported 2 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Smith Midland Corp's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Smith Midland Corp announces its own schedule.