Smith-Midland Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The operating business is solid and growing, the balance sheet is practically debt-free, and the auditor issued an unqualified opinion — there is no sign an actual misstatement has occurred. What remains open is a genuine operating question: whether management will actually close the material weaknesses it has documented for two years before a fourth late filing triggers a more serious Nasdaq response. Anyone watching should check every future report for three things: has the phrase "not remediated" finally disappeared, are filings arriving on time, and does backlog hold at its current level? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Smith-Midland shows two things that are both true at once: a growing, consistently profitable precast-concrete business (revenue more than doubled since 2020, backlog up 19% quarter over quarter) and an internal-controls weakness that has gone unremediated for two years, already triggering three late filings and Nasdaq deficiency notices. Both facts sit in the very same annual report. Not investment advice.
Operating growth
Revenue more than doubled from $43.9 million (2020) to $93.4 million (2025), profitable in all six years; net income rose 63% to $12.5 million in 2025. Backlog stood at $57.4 million as of 08/01/2026, up 19% quarter over quarter.
Internal controls & reporting quality
Material weaknesses disclosed since the 2024 annual report and, per the Form 10-Q for the quarter ended 06/30/2026, still unremediated — a finding across three consecutive filings; root cause includes a nine-month CFO vacancy (07/2024–04/2025).
Filing timeliness
Three Nasdaq deficiency notices for late required filings within thirteen months (2024 annual report, Q1 2025 quarterly report, Q1 2026 quarterly report); each cured ahead of the set deadline, but a recurring pattern.
Balance sheet & audit opinion
Practically debt-free ($4.1 million in debt against $57.0 million in equity, as of 06/30/2026); auditor BDO USA issued unqualified opinions on the 2024 and 2025 financial statements, no restatement of published figures.
Tradability & transparency
Very thin float (roughly 2.7 million shares), low trading volume, a single investment adviser holds roughly a third of shares in a fiduciary capacity; little analyst coverage, no earnings-call transcripts available.
Worth Noting
This analysis was triggered by the Form 10-Q for the quarter ended 06/30/2026 (filed 08/14/2026): a record year 2025 alongside still-unremediated material weaknesses — a contrast that only becomes visible by reading the full report, not the headline.
No earnings-call transcripts were available for this analysis (lookup on 08/28/2026 returned no results); the assessment of management's statements relies on the 2025 annual report and the most recent quarterly earnings releases.
Valuation figures are dated and evergreen: price $25.60 and ratios as of August 26–28, 2026; analyses are evergreen, daily prices are not a buy argument. The stock is thinly traded — small order sizes can move the price disproportionately.
Stock Watch
This analysis is as of August 28, 2026. Stock Watch will tell you what's changed at SMID since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 24.10 $ to 43.20 $ · Last price: 24.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Building Materials
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Smith-Midland Corp SMID | 0.1 | 12.6 | 8.3 | 23.5 | – | 19.0 | -41.1 |
| CRH public limited company CRH | 58.4 | 16.3 | 9.2 | 36.3 | 0.0 | 9.0 | -20.9 |
| Vulcan Materials Company VMC | 31.7 | 28.9 | 15.7 | 27.5 | 15.6 | 6.9 | -15.7 |
| Martin Marietta Materials Inc MLM | 29.7 | 31.2 | 20.1 | 28.2 | 12.7 | 0.1 | -18.1 |
| Amrize Ltd AMRZ | 20.9 | 16.7 | 10.7 | 25.1 | 20.3 | 1.0 | -28.8 |
| James Hardie Industries PLC JHX | 15.2 | 138.1 | 18.2 | 36.8 | 18.9 | 24.7 | 35.2 |
| Eagle Materials Inc EXP | 5.6 | 13.6 | 9.7 | 27.0 | 17.4 | 2.1 | -22.3 |
| United States Lime & Minerals Inc USLM | 3.5 | 24.7 | 16.2 | 55.3 | 40.7 | 17.3 | -10.3 |
| Knife River Corporation KNF | 3.1 | 21.3 | 9.8 | 17.8 | -20.5 | 8.5 | -27.4 |
| Median of companies shown | 15.2 | 21.3 | 10.7 | 27.5 | 16.5 | 8.5 | -20.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 40 | 4 | 3 | 0.56 | 4 | 14 | 24 |
| 2017 | 42 | 4 | 3 | 0.53 | 3 | 17 | 29 |
| 2018 | 40 | 2 | 2 | 0.33 | 8 | 19 | 41 |
| 2019 | 47 | 3 | 2 | 0.38 | 4 | 21 | 45 |
| 2020 | 44 | 4 | 3 | 0.51 | 7 | 24 | 47 |
| 2021 | 51 | 6 | 8 | 1.45 | 9 | 32 | 53 |
| 2022 | 50 | 1 | 1 | 0.15 | -6 | 33 | 54 |
| 2023 | 60 | 1 | 1 | 0.15 | 8 | 34 | 61 |
| 2024 | 79 | 10 | 8 | 1.45 | 5 | 42 | 68 |
| 2025 | 93 | 17 | 13 | 2.36 | 14 | 54 | 88 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.26 | 507.40 | 19 | 13.10 | 7.50 | -1 | -1 |
| 2025: Q1 | 0.62 | 195.20 | 23 | 35.10 | 14.70 | -1 | -1 |
| 2025: Q2 | 0.79 | 110.60 | 26 | 33.30 | 15.90 | 0 | -2 |
| 2025: Q3 | 0.54 | -8.70 | 22 | -9.00 | 13.40 | 9 | 6 |
| 2025: Q4 | 0.40 | 52.50 | 23 | 24.70 | 9.20 | 3 | -1 |
| 2026: Q1 | 0.25 | -59.70 | 22 | -4.80 | 6.20 | 3 | 2 |
| 2026: Q2 | 0.26 | -67.10 | 23 | -10.70 | 6.00 | -1 | -2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 14.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $4.2M |
|---|---|
| Market cap | $134.0M |
| Free cash flow in year ten | $15.7M |
| Terminal value as a share of market value | 61.6% |
For comparison: over the past five years free cash flow grew by 0.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Betonfertigteil-Hersteller ohne jede KI-Erwähnung in Geschäfts- oder Quartalsbericht — weder als Produkt, Werkzeug noch Risiko.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-04-14 · 10-Q 2026-08-14
Rated on August 28, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 23.1%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 0.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 24.3%
- Gross margin at 40% or higher and without meaningful erosion 27.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 7 m net cash
- Operating cash flow covers the profits of the last three years 6 m
- Return on capital at 15% or higher, or up versus two years ago 23.2%
- Insiders hold at least 10% or are net buyers 13.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 9.9%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% 16.4%
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT -0.4x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 86.2%
- Return on equity > 15% 23.0%
- ROCE > 15% 23.1%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 2, 2026 | Smith Matthew I | Director | Other | 2,000 | 27.15 | 54,300 |
| Sep 1, 2026 | Smith Ashley B | Chief Executive Officer | Other | 2,000 | 26.87 | 53,740 |
| Dec 7, 2018 | Smith Ashley B | Chief Executive Officer | Buy | 1,275 | 7.69 | 9,805 |
The company
About the Company
Smith-Midland Corporation erfindet, entwickelt, fertigt, vermarktet, vermietet, lizenziert, verkauft und installiert verschiedene Betonfertigteilprodukte und -systeme. Das Unternehmen bietet die SlenderWall-Leichtbauplatte, eine leichte Außenverkleidung für die Außenwände von Gebäuden; Sierra…
- Employees
- 179
- Headquarters
- Midland, VA
- Address
- 5119 Catlett Road, 22728 Midland, United States
- Phone
- 540 439 3266
- Website
- smithmidland.com
- IPO Date
- 12/13/1995
- ISIN
- US8321561032
Management
| Name | Title | Birth Year |
|---|---|---|
| Ashley B. Smith | Chairman of the Board of Directors, President & CEO | 1963 |
| Dominic L. Hunter | CFO, Secretary & Treasurer | 1963 |
| Matthew I. Smith | VP of Sales & Marketing, President of Concrete Safety Systems and Director | 1967 |
| Edward G. Broenniman | Advisor | 1936 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/25/2026 SMITH MIDLAND CORP (SMID): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/14/2026 SMITH MIDLAND CORP (SMID): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/22/2026 SMITH MIDLAND CORP (SMID): Submission of Matters to a Vote of Security Holders SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.