15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $93M | $13M | 27.9% | 18.2% | 23.0% | 14.3% | $5M | — | $12M |
| 2024 | $79M | $8M | 25.5% | 12.6% | 18.4% | 11.3% | -$1M | — | $8M |
| 2023 | $60M | $795000 | 17.9% | 1.9% | 2.3% | 1.3% | $3M | — | $9M |
| 2022 | $50M | $800000 | 18.9% | 1.7% | 2.4% | 1.5% | -$9M | — | $7M |
| 2021 | $51M | $8M | 28.5% | 12.2% | 23.8% | 14.2% | $4M | — | $13M |
| 2020 | $44M | $3M | 25.2% | 8.6% | 11.3% | 5.7% | $5M | — | $9M |
| 2019 | $47M | $2M | 21.4% | 5.5% | 9.4% | 4.6% | -$581000 | — | $1M |
| 2018 | $40M | $2M | 26.1% | 5.5% | 8.9% | 4.1% | $3M | — | — |
| 2017 | $42M | $3M | 27.5% | 8.9% | 15.6% | 9.2% | $185000 | — | — |
| 2016 | — | $3M | — | — | 19.9% | 12.1% | $250000 | — | — |
| 2015 | — | $1M | — | — | 9.2% | 5.5% | -$2M | — | — |
| 2014 | — | -$804838 | — | — | -7.7% | -4.9% | $960525 | — | — |
| 2013 | — | $691502 | — | — | 6.1% | 3.7% | -$88763 | — | — |
| 2012 | — | $376691 | — | — | 3.5% | 2.2% | $3M | — | — |
| 2011 | — | -$351680 | — | — | -3.3% | -2.0% | -$825841 | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $23M | $1M | 23.2% | 8.5% | 2.4% | 1.6% | -$2M | — | $11M |
| Mar '26 | $22M | $1M | 19.9% | 8.0% | 2.4% | 1.5% | $2M | — | $13M |
| Dec '25 | $23M | $2M | 23.9% | 14.0% | 3.9% | 2.4% | -$1M | — | $12M |
| Sep '25 | $21M | $3M | 26.8% | 18.0% | 5.5% | 3.4% | $6M | — | $13M |
| Jun '25 | $26M | $4M | 29.7% | 21.1% | 8.5% | 5138.2% | -$2M | — | $7M |
| Mar '25 | $23M | $3M | 30.7% | 19.3% | 7.4% | 4.5% | $2M | — | $9M |
| Dec '24 | $19M | $1M | 23.7% | 10.1% | 3.3% | 2.1% | -$1M | — | $8M |
| Sep '24 | $24M | $3M | 27.9% | 16.3% | 7.8% | 4.7% | $261574 | — | $9M |
| Jun '24 | $20M | $2M | 0.0% | 0.0% | 5.3% | 3.1% | $998000 | — | $7M |
| Mar '24 | $17M | $1M | 23.3% | 9.0% | 3.2% | 1.8% | -$3M | — | $7M |
| Dec '23 | $16M | $230000 | 19.1% | 3.3% | 0.7% | 0.4% | $3M | — | $9M |
| Sep '23 | $16M | $1M | 22.9% | 9.6% | 3.7% | 2.2% | $1M | — | $6M |
| Jun '23 | $15M | -$782000 | 12.2% | -6.7% | -2.4% | -1.4% | $827000 | — | $5M |
| Mar '23 | $13M | $80000 | 16.9% | 0.4% | 0.2% | 0.1% | -$3M | — | $4M |
| Dec '22 | $14M | $4000 | 17.3% | -0.5% | 0.0% | 0.0% | -$2M | — | $7M |
| Sep '22 | $12M | $5000 | 17.4% | 0.0% | 0.0% | 0.0% | -$2M | — | $11M |
| Jun '22 | $13M | $910000 | 24.4% | 8.3% | 2.8% | 1.7% | -$3M | — | $12M |
| Mar '22 | $10M | -$119000 | 15.8% | -1.7% | -0.4% | -0.2% | -$1M | — | $15M |
| Dec '21 | $10M | $24000 | 21.8% | -1.8% | 0.1% | 0.0% | -$3M | — | $13M |
| Sep '21 | $13M | $4M | 24.4% | 9.7% | 11.7% | 6.7% | $2M | — | $15M |
How the market has priced SMID against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, SMITH MIDLAND CORP's revenue has grown 16.3% per year, and net income grown 36.2% per year. These are computed facts, not advice.
As of FY2025, SMITH MIDLAND CORP reported — of total debt against $12M of cash; operating income covered interest expense 76×.
In FY2025, gross margin was 27.9%, operating margin 18.2%, and net margin 13.4%.
As of Sep '26, SMITH MIDLAND CORP traded at a price-to-earnings ratio of about 11.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.