Smith-Midland
SMIDNASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $26.16 Prior regular-session close from the quote source.
- $18.88–$26.07 Regular-session low and high so far today.
- 113.4K Regular-session shares traded · Nov 10, 4:00 PM ET.
- Nov 13 projected Projected for 2026-11-13 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $18.88–$40.00 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own SMID if its differentiated precast concrete systems and integrated sell/lease/license/install model turn infrastructure and construction demand into repeatable high-margin project revenue rather than a one-cycle profit spike.
SMID price history
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INVESTMENT THESIS
What must happen next
Infrastructure and construction customers continue choosing Smith-Midland’s precast systems because prefabricated products solve schedule, safety, and site-labor problems better than cast-in-place alternatives.StrengtheningMateriality: High
GAAP annual revenue increased from $50.1 million in FY2022 to $59.6 million in FY2023, $78.5 million in FY2024, and $93.4 million in FY2025. If this demand driver holds, plant utilization and project volume can keep compounding; if it breaks, the company reverts toward a lower-growth regional materials manufacturer.
Watch: State DOT, municipal, or contractor bid activity shifts away from precast solutions toward cast-in-place construction or cheaper local substitutes.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $50.1 million in FY2022 to $59.6 million in FY2023, $78.5 million in FY2024, and $93.4.
Open source ↗Smith-Midland’s product-development, licensing, leasing, and installation capabilities keep its precast offering from being priced like undifferentiated concrete.StrengtheningMateriality: High
GAAP annual gross profit rose from $9.5 million in FY2022 to $10.7 million in FY2023, $20.0 million in FY2024, and $26.0 million in FY2025. Durable product differentiation supports gross margin and pricing power; commoditization would make growth much less valuable.
Watch: Customers and public agencies change procurement rules to emphasize lowest-cost generic precast units rather than engineered systems or installed solutions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $9.5 million in FY2022 to $10.7 million in FY2023, $20.0 million in FY2024, and.
Open source ↗Higher project volume continues to produce operating leverage because Smith-Midland can run its manufacturing and installation base more efficiently without adding proportional overhead.StrengtheningMateriality: Medium
GAAP annual operating income increased from $0.9 million in FY2022 to $1.1 million in FY2023, $9.9 million in FY2024, and $17.0 million in FY2025. If operating leverage persists, incremental revenue can create disproportionate earnings; if execution or capacity costs rise first, growth may not translate into owner value.
Watch: The company must add new plants, crews, equipment, or overhead ahead of revenue, eliminating the fixed-cost leverage seen in FY2024-FY2025.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income increased from $0.9 million in FY2022 to $1.1 million in FY2023, $9.9 million in FY2024, and.
Open source ↗The company can fund growth without a working-capital squeeze because project collections, deposits, and execution discipline keep cash conversion positive despite growth.StrengtheningMateriality: Medium
GAAP annual operating cash flow improved from negative $6.3 million in FY2022 to positive $7.7 million in FY2023, $5.2 million in FY2024, and $14.3 million in FY2025. Revenue growth only creates per-share value if it converts to cash rather than being trapped in receivables, inventory, equipment needs, or dispute claims.
Watch: Large public or contractor projects stretch payment terms, increase retainage, or delay collections after production costs have already been incurred.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow improved from negative $6.3 million in FY2022 to positive $7.7 million in FY2023, $5.2 million.
Open source ↗
Full investment case & evidence
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Original research
Infrastructure and construction customers continue choosing Smith-Midland’s precast systems because prefabricated products solve schedule, safety, and site-labor problems better than cast-in-place alternatives. If this demand driver holds, plant utilization and project volume can keep compounding; if it breaks, the company reverts toward a lower-growth regional materials manufacturer.
Smith-Midland’s product-development, licensing, leasing, and installation capabilities keep its precast offering from being priced like undifferentiated concrete. Durable product differentiation supports gross margin and pricing power; commoditization would make growth much less valuable.
Higher project volume continues to produce operating leverage because Smith-Midland can run its manufacturing and installation base more efficiently without adding proportional overhead. If operating leverage persists, incremental revenue can create disproportionate earnings; if execution or capacity costs rise first, growth may not translate into owner value.
The company can fund growth without a working-capital squeeze because project collections, deposits, and execution discipline keep cash conversion positive despite growth. Revenue growth only creates per-share value if it converts to cash rather than being trapped in receivables, inventory, equipment needs, or dispute claims.
All standing thesis claims
Original report summary
its differentiated precast concrete systems and integrated sell/lease/license/install model turn infrastructure and construction demand into repeatable high-margin project revenue rather than a one-cycle profit spike.
BULL CASE / BEAR CASE
Bull case and bear case for Smith Midland
Where the evidence on Smith Midland stands: Strengthening on the latest evidence (Nov 4, 2026). Of its 4 thesis points, 4 strengthening.
Bull case: what the evidence supports
Infrastructure and construction customers continue choosing Smith-Midland’s precast systems because prefabricated products solve schedule, safety, and site-labor problems better than cast-in-place alternatives.
Smith-Midland’s product-development, licensing, leasing, and installation capabilities keep its precast offering from being priced like undifferentiated concrete.
Higher project volume continues to produce operating leverage because Smith-Midland can run its manufacturing and installation base more efficiently without adding proportional overhead.
The company can fund growth without a working-capital squeeze because project collections, deposits, and execution discipline keep cash conversion positive despite growth.
Bear case: what would count against it
State DOT, municipal, or contractor bid activity shifts away from precast solutions toward cast-in-place construction or cheaper local substitutes.
Customers and public agencies change procurement rules to emphasize lowest-cost generic precast units rather than engineered systems or installed solutions.
The company must add new plants, crews, equipment, or overhead ahead of revenue, eliminating the fixed-cost leverage seen in FY2024-FY2025.
Thesis-Break Engine
Thesis-break watch · Smith Midland
No break has crossed Smith Midland’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDRegulation FD disclosure.
Smith Midland filed an SEC 8-K on 2026-08-25: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
Smith Midland filed an SEC 8-K on 2026-08-14: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDRegulation FD disclosure.
Smith Midland filed an SEC 8-K on 2026-06-11: Regulation FD disclosure. It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- State DOT, municipal, or contractor bid activity shifts away from precast solutions toward cast-in-place construction or cheaper local substitutes.
- Customers and public agencies change procurement rules to emphasize lowest-cost generic precast units rather than engineered systems or installed solutions.
- The company must add new plants, crews, equipment, or overhead ahead of revenue, eliminating the fixed-cost leverage seen in FY2024-FY2025.
- Large public or contractor projects stretch payment terms, increase retainage, or delay collections after production costs have already been incurred.
SMID news
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FINANCIAL STATEMENTS
SMID income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
SMID: quick answers
- When does Smith Midland (SMID) report earnings next?
- Smith Midland's next results are projected for November 13, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 14, 2026. Earnings calendar
- What is SMID's short interest?
- As of October 30, 2026, 217,870 SMID shares were sold short, up 1.9% from the count before. At the stock's average daily volume that is 28 days to cover. FINRA publishes the count twice a month. SMID short interest history