Smith-Midland Corporation (SMID) Balance Sheet
SMID balance sheet, 2025
December 31, 2025 · U.S. dollars$87.7M assets = $33.4M liabilities + $54.3M equity
Both columns are drawn to the same scale: what SMID owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SMID financial health
Descriptive bands, not a rating. Fiscal 2025.
SMID balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $24.1M2016 | $87.7M2025 | +15.5%/yr | |
| Total liabilities | $9.8M2016 | $33.4M2025 | +14.6%/yr | |
| Shareholders’ equity | $14.2M2016 | $54.3M2025 | +16.0%/yr | |
| Cash & short-term investments | $4.6M2016 | $11.9M2025 | +11.2%/yr | |
| Total debt | $3.9M2016 | $4.5M2025 | +1.6%/yr | |
| Net cash (debt) | $639,8062016 | $7.3M2025 | +$6.7M | |
| Working capital | $10.8M2016 | $34.4M2025 | +$23.6M | |
| Book value per share | $2.812016 | $10.242025 | +15.4%/yr | |
| Current ratio | 3.142016 | 3.402025 | +0.26 | |
| Debt / equity | 0.282016 | 0.082025 | −0.19 | |
| Shares outstanding | 5.1M2016 | 5.3M2025 | +0.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SMID assets
SMID liabilities and equity
SMID debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SMID balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $11.9M | $7.5M | $9.2M | $6.7M | $13.5M | $10.0M | $2.5M | $3.1M | $4.5M | $4.6M |
| Cash & equivalents | $11.9M | $7.5M | $9.2M | $6.7M | $13.5M | $8.8M | $1.4M | $1.9M | $3.4M | $3.5M |
| Short-term investments | — | — | — | — | $0 | $1.2M | $1.2M | $1.1M | $1.1M | $1.1M |
| Receivables | $28.4M | $20.8M | $17.7M | $17.7M | $10.9M | $10.5M | $13.5M | $14.5M | $10.6M | $7.5M |
| Inventory | $6.9M | $6.7M | $5.2M | $3.8M | $2.8M | $2.2M | $2.2M | $3.6M | $3.5M | $2.6M |
| Other current assets | $1.5M | $854,000 | $1.3M | $706,000 | $551,000 | $615,000 | $784,000 | $480,000 | $452,000 | $1.3M |
| Total current assets | $48.7M | $35.8M | $33.3M | $28.9M | $27.8M | $23.3M | $19.0M | $21.6M | $19.0M | $15.9M |
| Property, plant & equipment (net) | $38.5M | $31.7M | $27.7M | $25.1M | $21.9M | $18.6M | $17.7M | $14.1M | $9.9M | $8.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $504,000 | $438,000 | $343,000 | $249,000 | $3.6M | $4.6M | $7.8M | $5.7M | $326,000 | $173,086 |
| Total assets | $87.7M | $68.0M | $61.3M | $54.3M | $53.3M | $46.5M | $44.6M | $41.4M | $29.2M | $24.1M |
| Liabilities | ||||||||||
| Accounts payable | $5.5M | $4.7M | $7.3M | $5.8M | $2.1M | $1.9M | $3.2M | $4.2M | $3.1M | $2.1M |
| Short-term debt | $668,000 | $679,000 | $679,000 | $695,000 | $551,000 | $825,000 | $1.0M | $1.7M | $637,000 | $587,000 |
| Deferred revenue | $1.1M | $5.9M | $2.7M | $3.0M | $3.8M | $2.3M | $2.9M | $3.3M | $1.1M | $431,480 |
| Total current liabilities | $14.3M | $15.0M | $16.0M | $11.2M | $13.9M | $8.9M | $9.6M | $11.7M | $7.8M | $5.1M |
| Long-term debt | $3.8M | $4.4M | $5.1M | $5.7M | $3.7M | $6.9M | $4.1M | $2.8M | $2.9M | $3.3M |
| Lease obligations | $90,000 | $111,000 | $45,000 | $122,000 | $211,000 | $296,000 | $377,000 | $6.6M | — | — |
| Other long-term liabilities | $15.3M | $6.8M | $6.1M | $4.3M | $3.9M | $7.1M | $10.1M | $8.0M | $1.3M | $1.4M |
| Total liabilities | $33.4M | $26.3M | $27.2M | $21.3M | $21.5M | $22.9M | $23.8M | $22.5M | $12.0M | $9.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $54,000 | $54,000 | $54,000 | $53,000 | $53,000 | $52,000 | $52,000 | $51,000 | $51,000 | $49,823 |
| Retained earnings (deficit) | $46.6M | $34.1M | $26.4M | $25.7M | $24.9M | $17.3M | $14.6M | $13.0M | $11.6M | $9.1M |
| Treasury stock | — | — | — | −$102,000 | — | −$102,000 | −$102,000 | −$102,000 | −$102,000 | −$102,000 |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | −$10,000 | −$37,000 | −$19,000 | −$24,913 |
| Total shareholders' equity | $54.3M | $41.7M | $34.2M | $33.1M | $31.8M | $23.6M | $20.8M | $18.8M | $17.2M | $14.2M |
| Key figures | ||||||||||
| Total debt | $4.5M | $5.2M | $5.8M | $6.5M | $4.4M | $7.9M | $5.4M | $4.5M | $3.5M | $3.9M |
| Net cash (debt) | $7.3M | $2.3M | $3.4M | $256,000 | $9.1M | $2.1M | −$2.8M | −$1.4M | $955,000 | $639,806 |
| Working capital | $34.4M | $20.8M | $17.3M | $17.7M | $13.8M | $14.4M | $9.4M | $9.9M | $11.2M | $10.8M |
| Tangible book value | $54.3M | $41.7M | $34.2M | $33.1M | $31.8M | $23.6M | $20.8M | $18.8M | $17.2M | $14.2M |
| Book value per share | $10.24 | $7.87 | $6.46 | $6.29 | $6.07 | $4.56 | $4.05 | $3.70 | $3.39 | $2.81 |
| Shares outstanding | 5.3M | 5.3M | 5.3M | 5.3M | 5.2M | 5.2M | 5.1M | 5.1M | 5.1M | 5.1M |
| Current ratio | 3.40 | 2.39 | 2.08 | 2.58 | 2.00 | 2.62 | 1.98 | 1.84 | 2.43 | 3.14 |
| Quick ratio | 2.81 | 1.89 | 1.68 | 2.18 | 1.75 | 2.31 | 1.67 | 1.50 | 1.92 | 2.38 |
| Debt / equity | 0.08 | 0.12 | 0.17 | 0.20 | 0.14 | 0.34 | 0.26 | 0.24 | 0.21 | 0.28 |
| Equity / assets | 61.9% | 61.4% | 55.7% | 60.9% | 59.6% | 50.9% | 46.7% | 45.6% | 58.9% | 59.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $10.7M | $13.2M | $11.9M | $13.4M | $7.1M | $7.5M | $7.5M | $9.0M | $7.3M | $6.8M | $9.2M | $5.8M |
| Cash & equivalents | $10.7M | $13.2M | $11.9M | $13.4M | $7.1M | $7.5M | $7.5M | $9.0M | $7.3M | $6.8M | $9.2M | $5.8M |
| Receivables | $24.6M | $29.9M | $28.4M | $26.9M | $31.6M | $20.8M | $20.7M | $18.8M | $18.1M | $20.7M | $17.7M | $18.6M |
| Inventory | $8.5M | $7.2M | $6.9M | $7.9M | $7.2M | $6.7M | $6.7M | $6.2M | $6.7M | $7.0M | $5.2M | $4.2M |
| Other current assets | $2.3M | $1.3M | $1.5M | $1.7M | $1.6M | $854,000 | $877,000 | $979,000 | $1.7M | $1.2M | $1.3M | $1.3M |
| Total current assets | $46.1M | $51.6M | $48.7M | $49.8M | $47.4M | $35.8M | $35.8M | $35.0M | $33.7M | $35.7M | $33.3M | $29.9M |
| Property, plant & equipment (net) | $40.0M | $40.0M | $38.5M | $35.1M | $33.2M | $31.7M | $31.7M | $31.2M | $29.9M | $28.8M | $27.7M | $27.4M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $601,000 | $605,000 | $504,000 | $505,000 | $535,000 | $438,000 | $438,000 | $444,000 | $451,000 | $337,000 | $343,000 | $349,000 |
| Total assets | $86.7M | $92.2M | $87.7M | $85.4M | $81.2M | $68.0M | $68.0M | $66.6M | $64.0M | $64.9M | $61.3M | $57.7M |
| Liabilities | ||||||||||||
| Accounts payable | $5.6M | $8.3M | $5.5M | $5.7M | $5.8M | $4.7M | $4.7M | $5.4M | $5.4M | $6.9M | $7.3M | $5.5M |
| Short-term debt | $682,000 | $676,000 | — | $677,000 | $685,000 | $679,000 | — | $677,000 | $692,000 | $674,000 | — | $669,000 |
| Deferred revenue | $1.5M | $3.0M | — | $6.4M | $6.1M | $5.9M | — | $2.8M | $3.1M | $6.2M | — | $4.6M |
| Total current liabilities | $11.3M | $16.6M | $14.3M | $18.0M | $16.5M | $15.0M | $15.0M | $12.6M | $14.9M | $17.4M | $16.0M | $12.9M |
| Long-term debt | $3.5M | $3.6M | $3.8M | $3.9M | $4.1M | $4.3M | $4.4M | $4.6M | $4.8M | $4.9M | $5.1M | $5.3M |
| Lease obligations | $80,000 | $86,000 | $90,000 | $100,000 | $100,000 | $104,000 | $111,000 | $13,000 | $24,000 | $34,000 | $45,000 | $55,000 |
| Other long-term liabilities | $14.8M | $16.3M | $15.3M | $11.3M | $11.3M | $7.0M | $6.8M | $9.1M | $7.2M | $7.2M | $6.1M | $5.7M |
| Total liabilities | $29.7M | $36.5M | $33.4M | $33.3M | $31.9M | $26.3M | $26.3M | $26.3M | $26.9M | $29.5M | $27.2M | $23.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $54,000 | $54,000 | — | $54,000 | $54,000 | $54,000 | — | $54,000 | $54,000 | $54,000 | — | $54,000 |
| Retained earnings (deficit) | $49.3M | $47.9M | $46.6M | $44.4M | $41.6M | $34.1M | $34.1M | $32.7M | $29.5M | $27.5M | $26.4M | $26.2M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | $0 | $0 | $0 | — | $0 |
| Total shareholders' equity | $57.0M | $55.7M | $54.3M | $52.1M | $49.2M | $41.7M | $41.7M | $40.3M | $37.2M | $35.3M | $34.2M | $33.8M |
| Key figures | ||||||||||||
| Total debt | $4.2M | $4.4M | $3.8M | $4.7M | $4.9M | $5.2M | $4.4M | $5.3M | $5.4M | $5.6M | $5.1M | $5.9M |
| Net cash (debt) | $6.4M | $8.9M | $8.1M | $8.7M | $2.2M | $2.3M | $3.1M | $3.7M | $1.9M | $1.2M | $4.1M | −$93,000 |
| Working capital | $34.7M | $35.0M | $34.4M | $31.8M | $31.0M | $20.8M | $20.8M | $22.4M | $18.8M | $18.3M | $17.3M | $17.0M |
| Tangible book value | $57.0M | $55.7M | $54.3M | $52.1M | $49.2M | $41.7M | $41.7M | $40.3M | $37.2M | $35.3M | $34.2M | $33.8M |
| Book value per share | $10.75 | $10.49 | $10.23 | $9.83 | $9.28 | $7.87 | $7.87 | $7.61 | $6.99 | $6.60 | $6.43 | $6.38 |
| Shares outstanding | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M | 5.3M |
| Current ratio | 4.06 | 3.11 | 3.40 | 2.76 | 2.88 | 2.39 | 2.39 | 2.78 | 2.27 | 2.05 | 2.08 | 2.31 |
| Quick ratio | 3.10 | 2.60 | 2.81 | 2.23 | 2.34 | 1.89 | 1.89 | 2.20 | 1.71 | 1.58 | 1.68 | 1.89 |
| Debt / equity | 0.07 | 0.08 | 0.07 | 0.09 | 0.10 | 0.12 | 0.11 | 0.13 | 0.15 | 0.16 | 0.15 | 0.18 |
| Equity / assets | 65.8% | 60.4% | 61.9% | 61.0% | 60.7% | 61.4% | 61.4% | 60.5% | 58.1% | 54.5% | 55.7% | 58.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 14, 2026); data from EODHD.
SMID financial position
At the end of fiscal 2025 (December 31, 2025), Smith-Midland had total assets of $87.7 million (up 29.0% from a year earlier), total liabilities of $33.4 million and shareholders' equity of $54.3 million. It held $11.9 million in cash and short-term investments against $4.5 million of debt, a net cash position of $7.3 million. Its current ratio was 3.40. In the latest quarter (ended June 30, 2026) total assets were $86.7 million and equity $57.0 million.
Related: SMID income statement, SMID cash flow statement, SMID key metrics. See the SMID stock overview for the latest quote and news.
SMID balance sheet FAQ
What are Smith-Midland's total assets?
Smith-Midland reported total assets of $87.7 million at the end of fiscal 2025 (December 31, 2025), compared with $68.0 million a year earlier.
How much debt does Smith-Midland have?
Smith-Midland had $4.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.08.
How much cash does Smith-Midland have?
Smith-Midland held $11.9 million in cash and short-term investments at the end of fiscal 2025; with $4.5 million of debt that is net cash of $7.3 million.
What is Smith-Midland's book value?
Smith-Midland's shareholders' equity (book value) was $54.3 million at the end of fiscal 2025, or $10.24 per share.
What is Smith-Midland's current ratio?
Smith-Midland had current assets of $48.7 million and current liabilities of $14.3 million, a current ratio of 3.40 (it can cover its short-term obligations).