Recent News
On September 24, 2025 the company’s President and CEO, Ashley Smith, earned placement on the Virginia 500 Power List, recognizing executive influence in manufacturing and regional business leadership.
On December 16, 2025 Smith-Midland announced production underway for underground precast utility vaults and manholes for a new data center in Mineral, VA, a contract valued at more than $1 million with delivery planned by early 2026.
Technical Analysis
Directional indicators: ADX reads 12.68, indicating no strong trend; however, DI+ at 21.63 sits above DI- at 18.05 and DI+ shows an increasing trend while DI- trends lower, producing a bullish directional tilt despite overall trend weakness. That implies price bias favors upside attempts but lacks strong trending confirmation.
MACD and momentum: MACD stands at -0.24 with the MACD signal at -0.59 and the MACD trend increasing; MACD sits above its signal line, which constitutes a bullish momentum cross. The negative absolute MACD value combined with the rising MACD suggests momentum recovering from prior weakness and supports near-term upside pressure on valuation.
MRO (Momentum/Regression Oscillator) sits at 16.88 and rising, indicating price above WMDST’s target and raising the probability of downward mean-reversion pressure; the positive and increasing MRO tempers bullish signals from DI+ and MACD by signaling potential short-term pullback risk if gains overextend.
RSI at 48.63 and rising shows neither overbought nor oversold conditions, supporting range-bound to modestly constructive action rather than an explosive move. Price trades above short- and medium-term averages: price close $36.24 versus the 20-day average $34.36, 50-day average $35.94, and 200-day average $34.85, while the 12-day EMA (34.80) trends up—collectively these show price sitting on short-term support and favor modest upward bias. Price lies between the Bollinger upper bands (upper 1σ $35.69; upper 2σ $37.02), indicating recent strength but limited immediate volatility room before upper-band resistance.
Ichimoku context places the cloud (Senkou A $38.44; Senkou B $38.67) above the current price, so upside faces overhead resistance in the mid-$38 area despite favorable shorter-term moving-average positioning; the super-trend upper at $37.22 marks a near-term technical cap to watch for momentum tests.
Fundamental Analysis
Revenue and margins: Reported total revenue $21,451,000. Reported revenue growth registers -18.08% (overall), quarter-over-quarter change -217.67%, and year-over-year change -190.06% as provided. Gross profit $5,759,000 produces a gross margin of 26.85% with gross margin down 3.75% YoY and down 9.71% QoQ. Operating income $3,854,000 and EBIT $3,915,000 translate to operating margin 17.97% and EBIT margin 18.25%, with EBIT margin up 10.36% YoY but down 13.80% QoQ. The operating and EBIT margins sit above the industry peer mean (operating margin mean 9.365%) and above the industry peer median, indicating superior per-dollar profitability versus peers on reported margins.
Cash flow and liquidity: Operating cash flow reached $9,314,000 and free cash flow $6,447,000, producing a cash flow margin of 34.55% and free cash flow yield 3.245%, above the industry peer mean of 1.669%. Cash and short-term investments total $13,376,000, supporting a cash ratio of 0.742 and a current ratio of 2.763—both well above the industry peer mean current ratio of 1.48976—providing material near-term liquidity cushion for operations and backlog conversion.
Capital structure and leverage: Total debt $4,690,000 yields debt-to-assets 5.49% and debt-to-equity 8.997%, substantially below the industry peer mean debt-to-equity of 0.66538 and the industry peer mean debt-to-assets of 0.21489. Interest expense remains minimal with an interest coverage ratio of 88.98, indicating ample capacity to service existing obligations.
Efficiency and working capital: Asset turnover 0.25749 sits below the industry peer mean of 0.37106, and receivables-turnover 0.73452 declined QoQ and YoY, while days-sales-outstanding at 124.23 and a cash conversion cycle of 132.97 days sit materially above the industry peer mean cash conversion cycle of 27.45 days. The extended working-capital cycle increases sensitivity to receivables and inventory timing despite healthy cash balances.
Returns and valuation: Return on equity 5.52% sits slightly below the industry peer mean of 6.19% while return on assets 3.45% exceeds the industry peer mean of 2.38%. Price-to-book 3.81 lies below the industry peer mean of 6.49, while price-to-sales 9.26 registers above the industry peer mean of 6.70. Enterprise multiple 41.96 falls under the industry peer mean enterprise multiple of 54.24. WMDST values the stock as under-valued based on the provided valuation metric set; price-target mean $39.88 compares to the current close $36.24, providing a quantified reference point for relative upside from current levels.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 7.1 M |
| Operating Cash Flow | $ 9.3 M | |
| Capital Expenditures | $ -2.87 M | |
| Change In Working Capital | $ 6.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 6.3 M | |
| End Period Cash Flow | $ 13.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 21.5 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 15.7 M | |
| Depreciation | $ 613.0 K | |
| Depreciation and Amortization | $ 613.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 17.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 5.8 M | |
| EBITDA | $ 4.5 M | |
| EBIT | $ 3.9 M | |
| Operating Income | $ 3.9 M | |
| Interest Income | $ 72.0 K | |
| Interest Expense | $ 44.0 K | |
| Net Interest Income | $ 28.0 K | |
| Income Before Tax | $ 3.9 M | |
| Tax Provision | $ 994.0 K | |
| Tax Rate | 26.0 % | |
| Net Income | $ 2.9 M | |
| Net Income From Continuing Operations | $ 2.9 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 85.4 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 52.1 M | |
| Total Current Assets | $ 49.8 M | |
| Cash and Short-Term Investments | $ 13.4 M | |
| Cash | $ 13.4 M | |
| Net Receivables | $ 26.9 M | |
| Inventory | $ 7.9 M | |
| Long-Term Investments | $ 505.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 5.7 M | |
| Short-Term Debt | $ 657.0 K | |
| Total Current Liabilities | $ 18.0 M | |
| Net Debt | — | |
| Total Debt | $ 4.7 M | |
| Total Liabilities | $ 33.3 M | |
| EQUITY | ||
| Total Equity | $ 52.1 M | |
| Retained Earnings | $ 44.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.83 | |
| Shares Outstanding | 5.305 M | |
| Revenue Per-Share | $ 4.04 | |
| VALUATION | Market Capitalization | $ 198.7 M |
| Enterprise Value | $ 190.0 M | |
| Enterprise Multiple | 41.964 | |
| Enterprise Multiple QoQ | 32.992 % | |
| Enterprise Multiple YoY | 14.269 % | |
| Enterprise Multiple IPRWA | high: 131.097 median: 59.103 mean: 54.244 SMID: 41.964 low: -45.941 |
|
| EV/R | 8.858 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.639 | |
| Asset To Liability | 2.565 | |
| Debt To Capital | 0.083 | |
| Debt To Assets | 0.055 | |
| Debt To Assets QoQ | -8.349 % | |
| Debt To Assets YoY | 461.822 % | |
| Debt To Assets IPRWA | high: 0.792 median: 0.241 mean: 0.215 SMID: 0.055 low: 0.002 |
|
| Debt To Equity | 0.09 | |
| Debt To Equity QoQ | -8.873 % | |
| Debt To Equity YoY | 457.435 % | |
| Debt To Equity IPRWA | high: 1.946 mean: 0.665 median: 0.591 SMID: 0.09 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.812 | |
| Price To Book QoQ | -4.755 % | |
| Price To Book YoY | -13.311 % | |
| Price To Book IPRWA | high: 11.745 mean: 6.493 median: 5.85 SMID: 3.812 low: -0.303 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 9.263 | |
| Price To Sales QoQ | 23.074 % | |
| Price To Sales YoY | 23.157 % | |
| Price To Sales IPRWA | high: 24.589 SMID: 9.263 mean: 6.697 median: 5.826 low: 0.204 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.625 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.257 | |
| Asset Turnover Ratio QoQ | -23.384 % | |
| Asset Turnover Ratio YoY | -28.659 % | |
| Asset Turnover Ratio IPRWA | high: 0.643 mean: 0.371 median: 0.342 SMID: 0.257 low: 0.019 |
|
| Receivables Turnover | 0.735 | |
| Receivables Turnover Ratio QoQ | -22.325 % | |
| Receivables Turnover Ratio YoY | -42.625 % | |
| Receivables Turnover Ratio IPRWA | high: 6.931 mean: 1.761 median: 1.639 SMID: 0.735 low: 0.72 |
|
| Inventory Turnover | 2.082 | |
| Inventory Turnover Ratio QoQ | -17.008 % | |
| Inventory Turnover Ratio YoY | -20.975 % | |
| Inventory Turnover Ratio IPRWA | high: 44.608 median: 24.647 mean: 18.317 SMID: 2.082 low: 0.269 |
|
| Days Sales Outstanding (DSO) | 124.23 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 132.971 | |
| Cash Conversion Cycle Days QoQ | 26.226 % | |
| Cash Conversion Cycle Days YoY | 70.85 % | |
| Cash Conversion Cycle Days IPRWA | high: 152.993 SMID: 132.971 mean: 27.447 median: 22.896 low: -36.642 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.675 | |
| CapEx To Revenue | -0.134 | |
| CapEx To Depreciation | -4.677 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 56.1 M | |
| Net Invested Capital | $ 56.7 M | |
| Invested Capital | $ 56.7 M | |
| Net Tangible Assets | $ 52.1 M | |
| Net Working Capital | $ 31.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.742 | |
| Current Ratio | 2.763 | |
| Current Ratio QoQ | -4.013 % | |
| Current Ratio YoY | -0.46 % | |
| Current Ratio IPRWA | high: 3.71 SMID: 2.763 mean: 1.49 median: 1.27 low: 0.103 |
|
| Quick Ratio | 2.325 | |
| Quick Ratio QoQ | -4.802 % | |
| Quick Ratio YoY | 1.959 % | |
| Quick Ratio IPRWA | high: 2.965 SMID: 2.325 mean: 1.472 median: 1.195 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.036 | |
| Cost Of Debt | 0.685 % | |
| Interest Coverage Ratio | 88.977 | |
| Interest Coverage Ratio QoQ | -0.494 % | |
| Interest Coverage Ratio YoY | 27.762 % | |
| Interest Coverage Ratio IPRWA | SMID: 88.977 high: 79.118 mean: 14.419 median: 7.704 low: -42.909 |
|
| Operating Cash Flow Ratio | 0.411 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.64 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.249 % | |
| Revenue Growth | -18.082 % | |
| Revenue Growth QoQ | -217.668 % | |
| Revenue Growth YoY | -190.063 % | |
| Revenue Growth IPRWA | high: 45.722 % median: 7.381 % mean: 6.558 % SMID: -18.082 % low: -30.219 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 26.847 % | |
| Gross Margin QoQ | -9.706 % | |
| Gross Margin YoY | -3.753 % | |
| Gross Margin IPRWA | high: 49.439 % SMID: 26.847 % median: 22.315 % mean: 20.28 % low: -13.331 % |
|
| EBIT Margin | 18.251 % | |
| EBIT Margin QoQ | -13.797 % | |
| EBIT Margin YoY | 10.358 % | |
| EBIT Margin IPRWA | high: 23.417 % SMID: 18.251 % median: 9.744 % mean: 9.662 % low: -14.014 % |
|
| Return On Sales (ROS) | 17.967 % | |
| Return On Sales QoQ | -14.735 % | |
| Return On Sales YoY | 8.641 % | |
| Return On Sales IPRWA | high: 19.158 % SMID: 17.967 % median: 9.431 % mean: 9.365 % low: -66.34 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 6.4 M | |
| Free Cash Flow Yield | 3.245 % | |
| Free Cash Flow Yield QoQ | -468.331 % | |
| Free Cash Flow Yield YoY | 213.83 % | |
| Free Cash Flow Yield IPRWA | high: 16.122 % SMID: 3.245 % mean: 1.669 % median: 1.549 % low: -15.175 % |
|
| Free Cash Growth | -471.157 % | |
| Free Cash Growth QoQ | 127.513 % | |
| Free Cash Growth YoY | -662.455 % | |
| Free Cash Growth IPRWA | high: 583.204 % mean: 60.123 % median: 49.671 % SMID: -471.157 % low: -490.961 % |
|
| Free Cash To Net Income | 2.241 | |
| Cash Flow Margin | 34.549 % | |
| Cash Flow To Earnings | 2.576 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.454 % | |
| Return On Assets QoQ | -35.475 % | |
| Return On Assets YoY | -28.355 % | |
| Return On Assets IPRWA | high: 6.641 % SMID: 3.454 % mean: 2.382 % median: 1.988 % low: -12.201 % |
|
| Return On Capital Employed (ROCE) | 5.808 % | |
| Return On Equity (ROE) | 0.055 | |
| Return On Equity QoQ | -34.841 % | |
| Return On Equity YoY | -29.325 % | |
| Return On Equity IPRWA | high: 0.131 median: 0.062 mean: 0.062 SMID: 0.055 low: -0.333 |
|
| DuPont ROE | 5.676 % | |
| Return On Invested Capital (ROIC) | 5.13 % | |
| Return On Invested Capital QoQ | -34.315 % | |
| Return On Invested Capital YoY | -113.414 % | |
| Return On Invested Capital IPRWA | high: 12.406 % mean: 5.355 % SMID: 5.13 % median: 3.699 % low: -6.036 % |
|