SMITH MIDLAND CORP(SMID)Stock Analysis
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Rank #527 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
SMID Stock Analysis & AI Quality Score
AI stock analysis and institutional research for SMITH MIDLAND CORP (SMID), a Materials sector company. 13F Pro's AI-powered ranking engine scores SMID at 66.4/100 on a 32-signal composite quality model, placing it at rank #527 of 2,879 stocks — the top 25% of the AI-ranked universe. SMID scores in the top quartile across earnings quality (95.4), balance sheet strength (91.5), revenue growth (83.9). Areas of concern include revenue scale (16.5) and institutional flow (23.6), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), SMITH MIDLAND CORP reports quarterly revenue of $21.6M, net income of $1.3M, free cash flow of $1.5M. Top institutional holders of SMID by reported 13-F value include THOMPSON DAVIS & CO.,, NEEDHAM INVESTMENT MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. SMID trades on the Nasdaq exchange and files with the SEC under CIK 924719. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate SMID daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for SMITH MIDLAND CORP directly from SEC EDGAR. SMITH MIDLAND CORP's 13F Pro composite quality score has ranged between 24 and 75 since 2021, currently 66.4 — a stable long-term trajectory across 28 quarterly and live scoring snapshots.
What's Driving SMID's Business? Latest 10-Q Breakdown
AI-extracted from SMITH MIDLAND CORP's 10-Q filed 2026-06-10 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Biggest Revenue Drivers
Total revenue: $21.6M-5% YoY
Increased customer demand for Easi-Set/Easi-Span buildings, utility products, and barrier sales; offset by lower soundwall sales due to timing of project production schedules.
Increased product sales including building, utility, and barrier products requiring installation and shipping services.
Absence of a large special barrier project that positively impacted Q1 2025; standard barrier rental activity expected to trend positively.
Large project generating higher royalties from one licensee in Q1 2025 did not recur in Q1 2026.
Largest Expense Items
Cost of sales as percentage of revenue increased to 83% from 72%, due to reduction in high-margin special barrier project revenue and relative increase in lower-margin product sales.
Increased personnel-related costs, professional fees, and costs associated with internal control and financial reporting remediation activities.
Lower commission expense associated with reduced barrier rental revenues.
Margins: Gross margin compressed significantly to 20% in Q1 2026 from 31% in Q1 2025, primarily due to the absence of high-margin special barrier projects and the mix shift toward lower-margin product sales. Operating margin fell to 8% from 19% as a result of revenue decline and cost of sales pressure.
Watch Items from the Filing
- Two customers represented 16% and 10% of Q1 2026 revenue; two customers exceeded 10% of outstanding receivables as of March 31, 2026.
- Company identified material weaknesses in internal controls over financial reporting related to control environment, risk assessment, and financial reporting processes; CFO turnover from July 2024 to April 2025 and accounting manager resignation in February 2026 delayed closing cycles.
- Sales backlog declined to $48.1M as of May 11, 2026 from $52.4M a year prior; company expects Q2 2026 to lack special barrier project present in Q2 2025, anticipating significant revenue decline.
- Company experienced ransomware incident in Q1 2025 with no ransom paid; continues addressing notifications and implementing network security improvements.
- Accounts receivable, net increased to $28.1M from $27.2M; company expects to invest over $12M in capital expenditures during 2026 for manufacturing expansion and barrier production capacity.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$21.6M
Net Income
Q1 2026
$1.3M
Free Cash Flow
Q1 2026
$1.5M
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+19.0% YoYNet Income
+62.9% YoYOperating Income
+71.7% YoYEPS (Diluted)
+62.8% YoYTotal Assets
+29.0% YoYOp. Cash Flow
+177.3% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $93.4M +19.0% | $78.5M +31.8% | $59.6M +18.8% | $50.1M -1.0% | $50.6M +15.5% | $43.9M |
| Net Income | $12.5M +62.9% | $7.7M +865.4% | $795.0K -0.6% | $800.0K -89.4% | $7.6M +184.1% | $2.7M |
| Operating Income | $17.0M +71.7% | $9.9M +785.4% | $1.1M +30.9% | $854.0K -86.2% | $6.2M +64.1% | $3.8M |
| EPS (Diluted) | $2.36 +62.8% | $1.45 +866.7% | $0.15 +0.0% | $0.15 -89.7% | $1.45 +184.3% | $0.51 |
| Total Assets | $87.7M +29.0% | $68.0M +10.8% | $61.3M +13.0% | $54.3M +1.9% | $53.3M +14.6% | $46.5M |
| Operating Cash Flow | $14.3M +177.3% | $5.2M -33.3% | $7.7M +222.1% | $-6.3M -169.4% | $9.1M +21.9% | $7.5M |
AI Insight: SMID Financial Trends
SMID swung from Q2 2025 losses to Q3 2025 profitability spike, but momentum has stalled into Q1 2026.
• Q3 2025 net income surged to $10M on $21M revenue, then collapsed to $1M in Q1 2026—volatile earnings with no sustained recovery.
• Operating cash flow turned negative in Q2 2025 (−$2M), recovered sharply to $12M in Q3 2025, but moderated to $3M by Q1 2026.
• Equity grew steadily from $37M (Q2 2024) to $56M (Q1 2026), driven by retained earnings despite earnings volatility.
⚠ Q2 2025 operating loss of −$4M marks the only negative op income on record; drivers and sustainability unclear from data.
⚠ Revenue has averaged $22.6M over last four quarters with no growth trend; Q3 2025 spike appears anomalous, not structural.
AI Insight: SMID Ratio Trends
Smith Midland's profitability has collapsed to multi-year lows in Q1 2026, with operating margin at 8.0% and ROIC at 12.4%, down sharply from strength in Q3 2025.
• Operating margin contracted from 14.0% in Q4 2025 to 8.0% in Q1 2026, lowest since Q2 2024. NPM fell to 6.2% from 9.2%.
• ROIC plummeted 11.4 percentage points Q4 2025 to Q1 2026 (23.8% → 12.4%), matching lowest levels in the dataset.
• Q3 2025 showed exceptional performance (OpMargin 64.1%, ROE 79.6%) but appears to be an outlier; TTM and Q1 2026 metrics lag far behind.
⚠ Quarterly volatility remains extreme: Q2 2025 losses (-16.7% OpMargin) followed by Q3 2025 spike (64.1%), then retreat. Earnings stability unclear.
⚠ ROA and ROE both at nine-quarter lows in Q1 2026 (5.8%, 9.6%). Deteriorating asset and equity efficiency warrants investigation into operational headwinds.
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Top Institutional Holders of SMID
THOMPSON DAVIS & CO., INC.
$59.9M1,841,775 shNEEDHAM INVESTMENT MANAGEMENT LLC
$7.3M225,000 shVANGUARD CAPITAL MANAGEMENT LLC
$5.9M180,313 shBlackRock, Inc.
$5.2M161,107 shGEODE CAPITAL MANAGEMENT, LLC
$2.7M82,900 shBARD ASSOCIATES INC
$2.6M80,333 shRBF Capital, LLC
$2.4M74,200 shRICE HALL JAMES & ASSOCIATES, LLC
$1.7M51,346 shSTATE STREET CORP
$1.5M46,233 shDIMENSIONAL FUND ADVISORS LP
$1.5M44,729 sh
| Fund | Value | Shares |
|---|---|---|
| THOMPSON DAVIS & CO., INC. | $59.9M | 1,841,775 |
| NEEDHAM INVESTMENT MANAGEMENT LLC | $7.3M | 225,000 |
| VANGUARD CAPITAL MANAGEMENT LLC | $5.9M | 180,313 |
| BlackRock, Inc. | $5.2M | 161,107 |
| GEODE CAPITAL MANAGEMENT, LLC | $2.7M | 82,900 |
| BARD ASSOCIATES INC | $2.6M | 80,333 |
| RBF Capital, LLC | $2.4M | 74,200 |
| RICE HALL JAMES & ASSOCIATES, LLC | $1.7M | 51,346 |
| STATE STREET CORP | $1.5M | 46,233 |
| DIMENSIONAL FUND ADVISORS LP | $1.5M | 44,729 |
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Popular Research
Is SMID a good stock to buy?
13F Pro's AI-powered analysis of SMITH MIDLAND CORP (SMID) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Materials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for SMID are available on the SMID stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own SMID?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling SMID. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of SMITH MIDLAND CORP's investment landscape.