Smith-Midland Corporation (SMID) Key Metrics
SMID valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $120.1M
- Enterprise value
- $122.6M
- P/E (TTM)
- 15.6 10-yr median 20.5
- Forward P/E
- 17.0
- PEG ratio
- 1.20
- Price / sales
- 1.3 10-yr median 1.6
- Price / book
- 2.3 10-yr median 2.7
- EV / EBITDA
- 8.5 10-yr median 10.3
- Dividend yield
- —
- Beta
- 1.67
SMID key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSMID valuation Price multiples at each fiscal year-end price.
SMID returns How much profit the business earns on the capital it uses.
SMID per-share figures Results divided by the shares outstanding at year-end.
SMID financial health Debt, liquidity and how easily interest is covered.
SMID efficiency & capital use Working capital cycle and where the cash goes.
SMID valuation history
SMID returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SMID debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SMID cash returned to shareholders
SMID price vs earnings per share
SMID key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $192.8M | $235.8M | $209.0M | $107.7M | $245.9M | $49.0M | $30.9M | $38.1M | $34.8M | $27.1M |
| Enterprise value | $185.4M | $233.5M | $205.6M | $107.4M | $236.8M | $46.9M | $33.7M | $39.6M | $33.8M | $26.5M |
| P/E ratio | 15.4 | 30.7 | 262.9 | 134.6 | 32.5 | 18.4 | 15.8 | 22.6 | 13.0 | 9.6 |
| Price / sales | 2.1 | 3.0 | 3.5 | 2.1 | 4.9 | 1.1 | 0.7 | 0.9 | 0.8 | 0.7 |
| Price / book | 3.6 | 5.6 | 6.1 | 3.3 | 7.7 | 2.1 | 1.5 | 2.0 | 2.0 | 1.9 |
| Price / free cash flow | 38.8 | — | 76.8 | — | 65.4 | 10.1 | — | — | 188.1 | 108.4 |
| Price / operating cash flow | 13.5 | 45.7 | 27.0 | — | 26.9 | 6.5 | 7.9 | 4.5 | 11.9 | 6.8 |
| EV / sales | 2.0 | 3.0 | 3.5 | 2.1 | 4.7 | 1.1 | 0.7 | 1.0 | 0.8 | 0.7 |
| EV / EBITDA | 9.2 | 18.4 | 51.7 | 26.3 | 19.8 | 7.6 | 7.5 | 11.4 | 7.3 | 5.1 |
| EV / free cash flow | 37.4 | — | 75.5 | — | 63.0 | 9.7 | — | — | 182.9 | 105.9 |
| Earnings yield | 6.5% | 3.3% | 0.4% | 0.7% | 3.1% | 5.4% | 6.3% | 4.4% | 7.7% | 10.5% |
| Free cash flow yield | 2.6% | −0.4% | 1.3% | −8.4% | 1.5% | 9.9% | −3.0% | −6.0% | 0.5% | 0.9% |
| Dividend yield | — | — | — | — | 0.0% | 0.6% | 0.9% | 0.7% | 0.1% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | — | — | — | 0.0% | 0.6% | 0.9% | 0.7% | 0.1% | 0.0% |
| Share price at fiscal year-end | $36.34 | $44.46 | $39.50 | $20.50 | $47.00 | $9.45 | $6.00 | $7.48 | $6.85 | $5.35 |
| Per share | ||||||||||
| Revenue per share | $17.61 | $14.80 | $11.26 | $9.54 | $9.68 | $8.46 | $9.07 | $7.89 | $8.21 | $7.91 |
| Earnings per share | $2.36 | $1.45 | $0.15 | $0.15 | $1.45 | $0.51 | $0.38 | $0.33 | $0.53 | $0.56 |
| Operating cash flow per share | $2.70 | $0.97 | $1.46 | −$1.21 | $1.74 | $1.44 | $0.76 | $1.66 | $0.58 | $0.79 |
| Free cash flow per share | $0.94 | −$0.20 | $0.51 | −$1.73 | $0.72 | $0.94 | −$0.18 | −$0.45 | $0.04 | $0.05 |
| Cash per share | $2.24 | $1.42 | $1.73 | $1.28 | $2.58 | $1.93 | $0.49 | $0.60 | $0.88 | $0.90 |
| Book value per share | $10.24 | $7.87 | $6.46 | $6.29 | $6.07 | $4.56 | $4.05 | $3.70 | $3.39 | $2.81 |
| Tangible book value per share | $10.24 | $7.87 | $6.46 | $6.29 | $6.07 | $4.56 | $4.05 | $3.70 | $3.39 | $2.81 |
| Dividends per share | — | — | — | — | $0.00 | $0.05 | $0.05 | $0.05 | $0.01 | $0.00 |
| Capex per share | $1.76 | $1.17 | $0.95 | $0.52 | $1.03 | $0.51 | $0.95 | $2.11 | $0.54 | $0.74 |
| Debt per share | $0.86 | $0.98 | $1.09 | $1.23 | $0.83 | $1.53 | $1.05 | $0.88 | $0.70 | $0.78 |
| Shares outstanding | 5.3M | 5.3M | 5.3M | 5.3M | 5.2M | 5.2M | 5.1M | 5.1M | 5.1M | 5.1M |
| Change in shares outstanding | +0.0% | +0.2% | +0.7% | +0.4% | +0.9% | +0.8% | +1.0% | +0.3% | +0.3% | +2.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 26.0% | 20.2% | 2.4% | 2.5% | 27.3% | 12.0% | 9.8% | 9.4% | 17.1% | 22.1% |
| Return on invested capital (ROIC) | 28.9% | 22.1% | 2.1% | 2.6% | 23.2% | 11.7% | 9.0% | 9.1% | 17.9% | 23.1% |
| Return on assets (ROA) | 16.1% | 11.9% | 1.4% | 1.5% | 15.2% | 5.9% | 4.5% | 4.8% | 10.1% | 13.2% |
| Return on tangible assets | 14.3% | 11.3% | 1.3% | 1.5% | 14.2% | 5.7% | 4.4% | 4.1% | 9.2% | 11.8% |
| Free cash flow margin | 5.3% | −1.3% | 4.6% | −18.1% | 7.4% | 11.1% | −2.0% | −5.6% | 0.4% | 0.6% |
| Income quality (OCF / net income) | 1.14 | 0.67 | 9.73 | −7.92 | 1.21 | 2.81 | 2.02 | 5.02 | 1.09 | 1.41 |
| Financial health | ||||||||||
| Total debt | $4.5M | $5.2M | $5.8M | $6.5M | $4.4M | $7.9M | $5.4M | $4.5M | $3.5M | $3.9M |
| Cash & short-term investments | $11.9M | $7.5M | $9.2M | $6.7M | $13.5M | $10.0M | $2.5M | $3.1M | $4.5M | $4.6M |
| Net debt | −$7.3M | −$2.3M | −$3.4M | −$256,000 | −$9.1M | −$2.1M | $2.8M | $1.4M | −$955,000 | −$639,806 |
| Debt / equity | 0.08 | 0.12 | 0.17 | 0.20 | 0.14 | 0.34 | 0.26 | 0.24 | 0.21 | 0.28 |
| Debt / assets | 0.05 | 0.08 | 0.09 | 0.12 | 0.08 | 0.17 | 0.12 | 0.11 | 0.12 | 0.16 |
| Net debt / EBITDA | −0.36 | −0.18 | −0.86 | −0.06 | −0.76 | −0.34 | 0.64 | 0.42 | −0.21 | −0.12 |
| Current ratio | 3.40 | 2.39 | 2.08 | 2.58 | 2.00 | 2.62 | 1.98 | 1.84 | 2.43 | 3.14 |
| Quick ratio | 2.92 | 1.94 | 1.76 | 2.24 | 1.79 | 2.38 | 1.75 | 1.54 | 1.98 | 2.63 |
| Interest coverage | 75.5 | 42.9 | 4.4 | 3.3 | 32.5 | 17.3 | 14.2 | 12.6 | 20.2 | 26.7 |
| Working capital | $34.4M | $20.8M | $17.3M | $17.7M | $13.8M | $14.4M | $9.4M | $9.9M | $11.2M | $10.8M |
| Invested capital | $47.0M | $39.4M | $30.8M | $32.8M | $22.6M | $21.6M | $23.7M | $20.3M | $16.2M | $13.6M |
| Tangible asset value | $54.3M | $41.7M | $34.2M | $33.1M | $31.8M | $23.6M | $20.8M | $18.8M | $17.2M | $14.2M |
| Net current asset value | $15.3M | $9.6M | $6.1M | $7.7M | $6.2M | $491,000 | −$4.7M | −$926,000 | $7.0M | $6.1M |
| Graham number | $23.30 | $16.01 | $4.67 | $4.64 | $14.06 | $7.26 | $5.87 | $5.25 | $6.35 | $5.95 |
| Graham net-net per share | $0.61 | $0.04 | −$0.40 | $0.12 | $0.29 | −$0.74 | −$1.95 | −$1.34 | $0.42 | $0.33 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $0 | $282,000 | $281,000 | $256,000 | $49,000 | $0 |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | 0.0% | 10.6% | 14.4% | 15.2% | 1.8% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | — | — | 0.0% | 5.8% | — | — | 26.5% | 0.0% |
| Capex / revenue | 10.0% | 7.9% | 8.4% | 5.5% | 10.6% | 6.0% | 10.4% | 26.7% | 6.6% | 9.3% |
| Capex / operating cash flow | 65.3% | 120.3% | 64.8% | — | 58.8% | 35.1% | 123.9% | 126.8% | 93.7% | 93.7% |
| Capex / depreciation | 3.23 | 2.33 | 2.09 | 0.95 | 2.01 | 1.09 | 2.72 | 8.61 | 2.96 | 4.56 |
| Stock-based compensation / revenue | 0.1% | 0.1% | 0.6% | 1.0% | 1.0% | 0.4% | 0.6% | 0.6% | 1.0% | 1.1% |
| SG&A / revenue | 9.7% | 12.9% | 16.0% | 17.2% | 16.3% | 16.6% | 15.9% | 20.6% | 18.9% | 15.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 96.0 | 89.5 | 108.5 | 103.9 | 77.1 | 99.9 | 109.3 | 113.8 | 78.9 | 66.8 |
| Days of inventory on hand | 36.8 | 36.9 | 33.5 | 29.9 | 25.4 | 24.7 | 28.8 | 43.4 | 36.9 | 31.2 |
| Days payables outstanding | 27.7 | 37.7 | 49.1 | 35.4 | 19.8 | 28.1 | 36.7 | 44.6 | 31.2 | 23.6 |
| Cash conversion cycle (days) | 105.2 | 88.7 | 92.9 | 98.5 | 82.7 | 96.5 | 101.4 | 112.6 | 84.6 | 74.4 |
| Receivables turnover | 3.80 | 4.08 | 3.36 | 3.51 | 4.73 | 3.65 | 3.34 | 3.21 | 4.63 | 5.47 |
| Payables turnover | 13.19 | 9.69 | 7.44 | 10.31 | 18.40 | 13.01 | 9.94 | 8.18 | 11.70 | 15.49 |
| Inventory turnover | 9.91 | 9.89 | 10.91 | 12.21 | 14.38 | 14.80 | 12.66 | 8.40 | 9.89 | 11.71 |
| Asset turnover | 1.20 | 1.21 | 1.03 | 0.93 | 1.02 | 0.96 | 1.09 | 1.14 | 1.57 | 1.87 |
| Average receivables | $24.6M | $19.3M | $17.7M | $14.3M | $10.7M | $12.0M | $14.0M | $12.5M | $9.0M | $7.3M |
| Average payables | $5.1M | $6.0M | $6.6M | $3.9M | $2.0M | $2.5M | $3.7M | $3.6M | $2.6M | $1.9M |
| Average inventory | $6.8M | $5.9M | $4.5M | $3.3M | $2.5M | $2.2M | $2.9M | $3.5M | $3.0M | $2.5M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from SMID's annual financial statements (latest annual report filed April 14, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SMID valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Smith-Midland traded at 15.4 times earnings, against a 10-year median of 20.5. Based on the latest twelve months, the trailing P/E is 15.6 and the forward P/E is 17.0. Smith-Midland earned a return on equity of 26.0% and a return on invested capital of 28.9% in fiscal 2025. It ended the year with $4.5 million of debt and $11.9 million in cash and short-term investments, a net cash position of $7.3 million. The share count rose 4.7% from 5.1M to 5.3M over 9 years.
See the SMID income statement, the SMID chart for price history, or the SMID stock overview for the latest quote and news.
SMID key metrics FAQ
What is Smith-Midland's P/E ratio?
Smith-Midland's trailing P/E ratio is 15.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.0. At the end of fiscal 2025 it was 15.4, compared with a 10-year median of 20.5.
What is Smith-Midland's EV/EBITDA?
Smith-Midland's enterprise value was 9.2 times EBITDA at the end of fiscal 2025 (enterprise value $185.4 million, EBITDA $20.1 million); the current EV/EBITDA is 8.5.
What is Smith-Midland's return on equity?
Smith-Midland's return on equity (ROE) was 26.0% in fiscal 2025: net income of $12.5 million on average shareholders' equity of $48.0 million.
What is Smith-Midland's ROIC?
Smith-Midland's return on invested capital was 28.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Smith-Midland have?
Smith-Midland had total debt of $4.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.08 and more cash than debt.
What is Smith-Midland's free cash flow yield?
Smith-Midland generated $5.0 million of free cash flow in fiscal 2025, a free cash flow yield of 2.6% on its market value at year-end ($192.8 million).
What is Smith-Midland's current ratio?
Smith-Midland's current ratio was 3.40 at the end of fiscal 2025: current assets were 3.40 times current liabilities.