Smith-Midland 과거 순이익 실적
과거 기준 점검 6/6
Smith-Midland은 연평균 22.3%의 비율로 수입이 증가해 온 반면, Basic Materials 산업은 수입이 13.7% 증가했습니다. 매출은 연평균 15.8%의 비율로 증가했습니다. Smith-Midland의 자기자본이익률은 23%이고 순이익률은 13.4%입니다.
핵심 정보
22.29%
순이익 성장률
21.64%
주당순이익(EPS) 성장률
| Basic Materials 산업 성장률 | 19.98% |
| 매출 성장률 | 15.77% |
| 자기자본이익률 | 23.03% |
| 순이익률 | 13.38% |
| 최근 순이익 업데이트 | 31 Dec 2025 |
최근 과거 실적 업데이트
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 Alpha분석 기사 • 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...분석 기사 • 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...분석 기사 • 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...분석 기사 • 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 Alpha분석 기사 • 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...분석 기사 • 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...분석 기사 • 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...분석 기사 • 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...분석 기사 • 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...분석 기사 • 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...분석 기사 • 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.분석 기사 • 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...분석 기사 • 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.분석 기사 • 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.분석 기사 • 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.분석 기사 • 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...분석 기사 • 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.분석 기사 • 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...분석 기사 • 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...분석 기사 • 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...매출 및 비용 세부 내역
매출 및 비용 세부 내역
Smith-Midland가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.
순이익 및 매출 추이
| 날짜 | 매출 | 순이익 | 일반관리비 | 연구개발비 |
|---|---|---|---|---|
| 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 |
양질의 수익: SMID는 고품질 수익을 보유하고 있습니다.
이익 마진 증가: SMID의 현재 순 이익률 (13.4%)은 지난해 (9.8%)보다 높습니다.
잉여현금흐름 대비 순이익 분석
과거 순이익 성장 분석
수익추이: SMID의 수익은 지난 5년 동안 연평균 22.3%로 크게 증가했습니다.
성장 가속화: 지난 1년간 SMID 의 수익 증가율(62.9%)은 연간 평균(22.3%)을 초과합니다.
수익 대 산업: SMID의 지난 1년 수익 증가율(62.9%)은 Basic Materials 업계의 9.7%를 상회했습니다.
자기자본이익률
높은 ROE: SMID의 자본 수익률(23%)은 높음으로 평가됩니다.
총자산이익률
투하자본수익률
우수한 과거 실적 기업을 찾아보세요
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2026/05/20 02:21 |
| 종가 | 2026/05/20 00:00 |
| 수익 | 2025/12/31 |
| 연간 수익 | 2025/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
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| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
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* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.
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산업 및 섹터 지표
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분석가 소스
Smith-Midland Corporation는 0명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.