Smith-Midland 過去の業績
過去 基準チェック /66
Smith-Midlandは、平均年間22.3%の収益成長を遂げていますが、 Basic Materials業界の収益は、年間 成長しています。収益は、平均年間13.7% 15.8%収益成長率で 成長しています。 Smith-Midlandの自己資本利益率は23%であり、純利益率は13.4%です。
主要情報
22.29%
収益成長率
21.64%
EPS成長率
| Basic Materials 業界の成長 | 19.98% |
| 収益成長率 | 15.77% |
| 株主資本利益率 | 23.03% |
| ネット・マージン | 13.38% |
| 前回の決算情報 | 31 Dec 2025 |
最近の業績更新
Recent updates
Seeking Alpha • Apr 30
Smith-Midland Still Deserves Caution Despite Continued Strong Growth
Summary Smith-Midland Corporation remains a 'Hold' as valuation is not yet compelling despite strong operational growth. Revenue grew 19% to $93.4 million, with barrier rentals surging 63.9%, driven by special projects and increased rental utilization. Profitability improved significantly, with net income up to $12.5 million and EBITDA reaching $19.9 million, but backlog declined to $53.1 million. SMID trades below peers on EV/EBITDA, but economic uncertainty and shrinking backlog warrant continued caution before upgrading. Read the full article on Seeking Alpha分析記事 • Sep 23
We Think Smith-Midland (NASDAQ:SMID) Can Stay On Top Of Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...分析記事 • Aug 16
Market Cool On Smith-Midland Corporation's (NASDAQ:SMID) Earnings
There wouldn't be many who think Smith-Midland Corporation's ( NASDAQ:SMID ) price-to-earnings (or "P/E") ratio of...分析記事 • Dec 20
Smith-Midland (NASDAQ:SMID) Seems To Use Debt Quite Sensibly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...分析記事 • Sep 14
Revenues Tell The Story For Smith-Midland Corporation (NASDAQ:SMID) As Its Stock Soars 26%
Smith-Midland Corporation ( NASDAQ:SMID ) shares have had a really impressive month, gaining 26% after a shaky period...Seeking Alpha • Sep 11
Smith-Midland: Volatility And Price Make This Prospect Unappealing
Summary Smith-Midland Corporation's stock is downgraded to a 'sell' due to volatile results and high valuation compared to similar firms. Despite revenue growth from $50.1 million in 2022 to $59.6 million in 2023, net profits remained flat at $0.8 million. The company's backlog dropped from $64.6 million in Q1 2024 to $59.2 million, indicating potential revenue normalization. Shares are expensive even under optimistic assumptions, making Smith-Midland a less attractive investment opportunity. Read the full article on Seeking Alpha分析記事 • Mar 20
Here's Why Smith-Midland (NASDAQ:SMID) Has A Meaningful Debt Burden
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...分析記事 • Dec 28
Smith-Midland Corporation's (NASDAQ:SMID) P/S Is Still On The Mark Following 26% Share Price Bounce
Despite an already strong run, Smith-Midland Corporation ( NASDAQ:SMID ) shares have been powering on, with a gain of...分析記事 • Dec 01
Smith-Midland (NASDAQ:SMID) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...分析記事 • Nov 15
Smith-Midland (NASDAQ:SMID) Takes On Some Risk With Its Use Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...分析記事 • Jun 27
Smith-Midland (NASDAQ:SMID) May Have Issues Allocating Its Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term...分析記事 • Mar 19
Returns On Capital At Smith-Midland (NASDAQ:SMID) Paint A Concerning Picture
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically...分析記事 • Dec 24
We Think Smith-Midland (NASDAQ:SMID) Is Taking Some Risk With Its Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Seeking Alpha • Sep 26
Smith-Midland Is A Good Company But It Is Extremely Overvalued
Summary SMID manufactures precast products, particularly for transportation infrastructure. The company enjoys a small moat in a competitive industry, has low capital requirements and no debt. SMID has shown that it is able to grow revenues following increases in government spending, and even to grow its share of that market. However, I believe that the company's stock is so highly priced that even under the most optimistic scenarios it is overvalued. If the optimistic scenarios do not materialize, the stock provides no margin of safety, in my opinion. Smith-Midland (SMID) is a manufacturer of precast concrete products, including walls, highway protection barriers and sound blocking barriers. The company operates in a competitive industry, with a little help from patented products. However, the company has been able to operate profitably for most of its history. SMID has also been able to more than double its revenues in the past two decades. SMID does not have a lot of debt and has been able to generate interesting cash flows, with low working capital or PP&E requirements. That is, SMID is a good company. However, for reasons that I cannot grasp, the company trades at what I consider an unjustifiable, extremely high price. Even under the most positive circumstances, I believe there is no way SMID can generate a level of business that is consistent with their current valuation. Note: Unless otherwise stated, all information has been obtained from SMID's filings with the SEC. Precast industry characteristics The precast industry is a low moat, high competition industry. The reasons are its low barriers to entry and the technical competence of its customers. Beginning with barriers to entry, precast is not a capital intensive industry like cement manufacturing is. Please don't get me wrong, precast manufacturers do need factories, but their cost is not even comparable to that of a cement manufacturer. With manufacturing processes that are free for public use, anyone with some capital can join the business. There are multiple products that can be manufactured by precasting concrete, the National Precast Concrete Association (NPCA) lists almost a hundred. That means some manufacturers can build a niche in specific applications. Precast is also affected by logistic costs, being a heavy product. That means that companies can build some moat by being close to their customers. Competitors may not be able to compete because their logistic costs are higher. In the case of SMID, the company has three manufacturing facilities, located in Virginia, North Carolina and South Carolina. The map below, obtained from the NPCA, is filtered to show only NPCA certified manufacturers of walls and highway barriers, SMID's two core products. The map shows that even in its home states, the company faces competition, and even more so outside of them. NPCA certified manufacturers of precast walls and highway barriers (National Precast Concrete Association) A second factor generating competition in the industry is that its customers are technically competent. Contractors purchase precast to apply in their construction projects. The purchase process is probably led by engineers that have a suite of metrics to compare the relative value of each competitor's products. SMID has tried to fight these factors (low barriers to entry and metric based competition) by developing patented products. These include Slender Wall, a precast wall for building construction, and J-J Hooks, a highway barrier, the company's star product. According to SMID these products enjoy enhanced technical characteristics that make installation easier and durable. The company also has trademarks or patents for its other product lines. These patented products do enjoy some competitive power. SMID has licensed them to several manufacturers in other US and abroad (Australia, Belgium, New Zealand and Trinidad). The company charges between 4% to 6% on sales as royalties. In 2021, SMID received $2.2 million in royalties, which would translate to approximately $44 million in products sold by its licensees. Finally, most of SMID's products are sold on a non recurring basis. Walls, highway barriers, sound barriers and precast buildings are all sold on a project by project basis. Each project can represent a significant portion of that year's revenues. This means that the product mix is also changing constantly. All in all, the dynamics of the industry affect SMID, whose gross profit margins have been relatively low and also variable, as the chart below shows. Data by YCharts Smith-Midland's cost and financial structure As the chart below shows, SMID's has been able to consistently grow revenues. Even during the financial crisis, the company was able to keep a consistent level of revenues. In the meantime, SMID was able to grow its gross profits, albeit these present higher variability because of product mix changes. Data by YCharts Variable gross margins generate substantial operating leverage at the operating income level. SMID's SG&A costs are not enormous, averaging 20% of revenue since the 2000s. The problem is that the 20% figure is too close to the company's gross margin. The result is extremely variable operating income. Fortunately, the company has rarely been operationally unprofitable. Data by YCharts On a more positive note, SMID requires little PP&E expending and also a low level of inventories that are turned quickly. The company manufactures mostly after a contractor places an order. The jump in PP&E below is substantial and will be explained in a different section, but still, $22 million in net PP&E for a $50 million revenue company is not substantial. Data by YCharts This has generated a good cash flow structure, where SMID is able to convert operating income into FCF. Low levels of investment also allow the company to avoid substantial debt. Data by YCharts Dependence on government spending Some readers may have noticed a sudden increase in revenue, gross profits, operating income and net PP&E beginning in 2015. In my opinion, this increase was caused by increased infrastructure spending by the US government, but also by SMID's gaining market share. The two charts below show that the fastest growing product categories after 2015 were barriers and sound-walls. These categories are almost exclusively demanded by the federal, state and local governments (indirectly through contractors). They are used in transportation infrastructure projects, highways in particular. In the service field, the increase in installation and rentals is also associated with barriers, and therefore to transportation infrastructure. The fastest growth stage for these services starts in 2018, cannibalizing a significant portion of barrier sales. The increase in barrier rental explains the jump in net PP&E, as barriers that are rented are considered company property. SMID's revenue by product and service (SMID's filings with the SEC) As the chart below shows, there has definitely been a significant increase in transportation construction since 2010 in the US. However, transportation construction spending and SMID's revenues do not go hand in hand. Between 2012 and 2014, spending grew but SMID's revenues decreased. Since 2015, SMID's revenues started growing before spending did. This all signals that although construction spending has become an important driver for SMID's business, the company can both lose and gain market share in this industry as well. Data by YCharts Going forward, an extreme valuation As a summary, I commented that the precast industry is relatively prone to rivalry, based on its low barriers to entrance and competent customers. Some protection against rivalry can be provided by geographic location (transportation costs) and patents.Seeking Alpha • Sep 15
Smith-Midland subsidiary gets license agreement with Critical Precast Structures
Easi-Set Worldwide, a subsidiary of Smith-Midland (NASDAQ:SMID) signed license agreement with Critical Precast Structures, a subsidiary of the Powell Noise Wall Group, in Ontario Canada. Critical will manufacture Easi-Set & Easi-Span modular buildings for the Ontario and Northern New York state markets. "This agreement with Critical widens and deepens our unique relationships across our family of Easi-Set Buildings licensees. Powered by the framework and actions of our licensing strategy, Smith-Midland continues to broaden its global footprint," said Art Miles, President, Easi-Set Industries.分析記事 • Sep 14
Is Smith-Midland (NASDAQ:SMID) Using Too Much Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...分析記事 • Jul 29
Returns On Capital Signal Tricky Times Ahead For Smith-Midland (NASDAQ:SMID)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want...Seeking Alpha • Jul 28
Smith-Midland nabs multiple contracts worth $8.9M
Smith-Midland (NASDAQ:SMID) secured $8.9M+ in orders in recent weeks through the projects which incorporate a variety of the company's precast products, including a $3.4M order for its Soundwall panels and posts. With the custom retaining wall contract for the HRBT project, Smith-Midland will have provided three separate precast concrete products for the largest highway construction project in Virginia. "There is growing demand for our offerings through increased commercial construction and infrastructure spending, and we look forward to announcing additional projects over the coming months," President and CEO Ashley Smith commented.分析記事 • Jun 07
Here's Why Smith-Midland (NASDAQ:SMID) Can Manage Its Debt Responsibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Seeking Alpha • Mar 31
Smith-Midland: The Triple Play - Macro Tailwinds, Governmental Mandates, And A Fundamental Business Shift
SMID is a precast concrete manufacturer that is positioned to capitalize on both macro-economic and governmental tailwinds that are afoot in their two main business lines, SlenderWall and J-J Hooks. SlenderWall is a precast modular wall panel for mid/high rise buildings that requires significantly less labor. J-J Hooks are freestanding moveable highway barriers that you see when highways are under construction. A major supply shortage of construction workers is forcing developers to find less-labor intensive ways of completing projects. We firmly believe this supply dynamic will lead them to SlenderWall. SMID recently shifted their J-J Hooks business from a lumpy sales-based business to a higher margin and recurring revenue rental-based business. SMID has expanded capacity from 30K ft. in 2015 to 300K ft. and is looking to double this by 2024/25. On top of this business shift, the recent MASH TL3 standard enacted by the NHS is forcing all national highway barriers to be updated over the next 5-7 years. We believe that this will lead to SMID seeing sustained high demand in their J-J Hooks rental business.分析記事 • Jan 27
If You Like EPS Growth Then Check Out Smith-Midland (NASDAQ:SMID) Before It's Too Late
Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...Seeking Alpha • Jan 21
Smith-Midland Corporation: Nothing Special
Smith-Midland Corporation has a mixed operating history but has consistently been cash flow positive. The company is seeing solid performance based on what data from 2021 is currently available. But shares are priced at levels that don't make sense relative to this recent performance.分析記事 • Dec 24
Smith-Midland (NASDAQ:SMID) Could Easily Take On More Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...分析記事 • Nov 18
Smith-Midland (NASDAQ:SMID) Has Some Way To Go To Become A Multi-Bagger
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a...Seeking Alpha • Oct 12
Smith-Midland: An Undiscovered Infrastructure Winner
SMID sells precast concrete products for the infrastructure industry. The company has grown its bottom line at more than 100% YTD, yet has an attractive EV/EBIT of below 9x. The recent move into the Californian market and increased infrastructure spending should pose strong tailwinds for the business. With no coverage by analysts and on Seeking Alpha so far, an investment in SMID could bring with it a first-mover advantage.分析記事 • Sep 14
Is Smith-Midland (NASDAQ:SMID) Using Too Much Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...分析記事 • Aug 10
Returns At Smith-Midland (NASDAQ:SMID) Are On The Way Up
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically...分析記事 • Jul 16
With EPS Growth And More, Smith-Midland (NASDAQ:SMID) Is Interesting
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...収支内訳
収支内訳
Smith-Midland の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。
収益と収入の歴史
| 日付 | 収益 | 収益 | G+A経費 | 研究開発費 |
|---|---|---|---|---|
| 31 Dec 25 | 93 | 13 | 9 | 0 |
| 30 Sep 25 | 89 | 12 | 9 | 0 |
| 30 Jun 25 | 91 | 12 | 10 | 0 |
| 31 Mar 25 | 84 | 10 | 10 | 0 |
| 31 Dec 24 | 79 | 8 | 10 | 0 |
| 30 Sep 24 | 76 | 7 | 10 | 0 |
| 30 Jun 24 | 68 | 5 | 10 | 0 |
| 31 Mar 24 | 63 | 2 | 10 | 0 |
| 31 Dec 23 | 60 | 1 | 10 | 0 |
| 30 Sep 23 | 58 | 1 | 10 | 0 |
| 30 Jun 23 | 54 | -1 | 10 | 0 |
| 31 Mar 23 | 53 | 1 | 9 | 0 |
| 31 Dec 22 | 50 | 1 | 9 | 0 |
| 30 Sep 22 | 46 | 1 | 8 | 0 |
| 30 Jun 22 | 47 | 5 | 8 | 0 |
| 31 Mar 22 | 46 | 5 | 8 | 0 |
| 31 Dec 21 | 51 | 8 | 8 | 0 |
| 30 Sep 21 | 52 | 8 | 8 | 0 |
| 30 Jun 21 | 51 | 6 | 8 | 0 |
| 31 Mar 21 | 49 | 6 | 8 | 0 |
| 31 Dec 20 | 44 | 3 | 7 | 0 |
| 30 Sep 20 | 45 | 3 | 7 | 0 |
| 30 Jun 20 | 46 | 2 | 7 | 0 |
| 31 Mar 20 | 46 | 2 | 7 | 0 |
| 31 Dec 19 | 47 | 2 | 7 | 0 |
| 30 Sep 19 | 46 | 2 | 8 | 0 |
| 30 Jun 19 | 42 | 2 | 8 | 0 |
| 31 Mar 19 | 41 | 2 | 8 | 0 |
| 31 Dec 18 | 40 | 2 | 8 | 0 |
| 30 Sep 18 | 39 | 1 | 8 | 0 |
| 30 Jun 18 | 40 | 1 | 8 | 0 |
| 31 Mar 18 | 41 | 1 | 8 | 0 |
| 31 Dec 17 | 42 | 3 | 8 | 0 |
| 30 Sep 17 | 42 | 3 | 7 | 0 |
| 30 Jun 17 | 43 | 4 | 7 | 0 |
| 31 Mar 17 | 41 | 4 | 7 | 0 |
| 31 Dec 16 | 40 | 3 | 6 | 0 |
| 30 Sep 16 | 38 | 2 | 6 | 0 |
| 30 Jun 16 | 36 | 2 | 6 | 0 |
| 31 Mar 16 | 33 | 1 | 6 | 0 |
| 31 Dec 15 | 29 | 1 | 6 | 0 |
| 30 Sep 15 | 26 | 0 | 5 | 0 |
| 30 Jun 15 | 22 | -1 | 5 | 0 |
質の高い収益: SMIDは 高品質の収益 を持っています。
利益率の向上: SMIDの現在の純利益率 (13.4%)は、昨年(9.8%)よりも高くなっています。
フリー・キャッシュフローと収益の比較
過去の収益成長分析
収益動向: SMIDの収益は過去 5 年間で年間22.3%増加しました。
成長の加速: SMIDの過去 1 年間の収益成長率 ( 62.9% ) は、5 年間の平均 ( 年間22.3%を上回っています。
収益対業界: SMIDの過去 1 年間の収益成長率 ( 62.9% ) はBasic Materials業界9.7%を上回りました。
株主資本利益率
高いROE: SMIDの 自己資本利益率 ( 23% ) は 高い とみなされます。
総資産利益率
使用総資本利益率
過去の好業績企業の発掘
企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/05/20 02:21 |
| 終値 | 2026/05/20 00:00 |
| 収益 | 2025/12/31 |
| 年間収益 | 2025/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
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| アナリストのコンセンサス予想 | +プラス3年 |
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| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
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* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
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業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Smith-Midland Corporation 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0