SMITH MIDLAND CORP
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $93.4M | $78.5M | $59.6M | $50.1M | $50.6M |
| Cost of revenue | $67.4M | $58.5M | $48.9M | $40.7M | $36.2M |
| Gross profit | $26.0M | $20.0M | $10.7M | $9.5M | $14.4M |
| Operating expenses | $9.0M | $10.1M | $9.5M | $8.6M | $8.3M |
| Operating income | $17.0M | $9.9M | $1.1M | $854,000 | $6.2M |
| Interest expense | $225,000 | $231,000 | $255,000 | $260,000 | $190,000 |
| Pretax income | $17.0M | $9.8M | $1.3M | $945,000 | $9.1M |
| Income tax expense | $4.5M | $2.1M | $528,000 | $145,000 | $1.5M |
| Net income | $12.5M | $7.7M | $795,000 | $800,000 | $7.6M |
| Balance Sheet | |||||
| Current assets | $48.7M | $35.8M | $33.3M | $28.9M | $27.8M |
| Total assets | $87.7M | $68.0M | $61.3M | $54.3M | $53.3M |
| Current liabilities | $14.3M | $15.0M | $16.0M | $11.2M | $13.9M |
| Total liabilities | $33.4M | $26.3M | $27.2M | $21.3M | $21.5M |
| Stockholders' equity | $54.3M | $41.7M | $34.2M | $33.1M | $31.8M |
| Cash Flow Statement | |||||
| Cash from operations | $14.3M | $5.2M | $7.7M | -$6.3M | $9.1M |
| Depreciation and amortization | $2.9M | $2.7M | $2.4M | $2.9M | $2.7M |
| Stock-based compensation | $59,000 | $45,000 | $375,000 | $505,000 | $531,000 |
| Capital expenditure | $9.3M | $6.2M | $5.0M | $2.7M | $5.4M |
| Free cash flow | $5.0M | -$1.0M | $2.7M | -$9.1M | $3.8M |
| Dividends paid | — | — | — | — | $0 |
Shares outstanding 5.3M · Free float 86.1%
Annual filing data through FY ended December 31, 2025; float as of July 3, 2026.