What is the 13F Pro Quality Score for SMID?

13F Pro ranks SMITH MIDLAND CORP (SMID) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View SMID's current score at https://13fpro.ai/company/SMID (free sign-up required for the full ranking).

Which hedge funds own the most SMID stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of SMID include THOMPSON DAVIS & CO.,, NEEDHAM INVESTMENT MANAGEMENT, BlackRock,. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/SMID as soon as new 13F filings post.

Where does 13F Pro source SMID data?

All SMITH MIDLAND CORP fundamentals and ownership data come directly from SEC EDGAR. SMITH MIDLAND CORP files with the SEC under CIK 924719. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is SMID in?

SMITH MIDLAND CORP (SMID) is classified in the Materials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/materials.

What drives SMID's revenue?

Per SMITH MIDLAND CORP's latest 10-Q filed with the SEC on 2026-06-10, the biggest revenue drivers are: Product Sales ($11.8M, +29% YoY); Shipping and Installation Revenue ($6.8M, +45% YoY); Barrier Rentals ($2.2M, -74% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/SMID.

What are SMID's largest expenses?

SMITH MIDLAND CORP's latest 10-Q reports these as the largest expense items: Cost of Sales ($17.3M, +10% YoY); General and Administrative Expenses ($1.8M, +11% YoY); Selling Expenses ($0.8M, -18% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is SMID research updated on 13F Pro?

SMID's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

SMITH MIDLAND CORP(SMID)Stock Analysis

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13F Pro Quality Score

56.3/100

Rank #1,190 of 2,962 stocksTOP 50%

View Materials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

73.1/100

Profitability

46.2/100

Balance Sheet

95.0/100

Earnings Quality

72.6/100

Free Cash Flow

41.1/100

Institutional Flow

19.2/100

Revenue Scale

14.2/100

Dilution Risk

89.0/100

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Why SMID Scores 56/100

exact factor attribution · 2026-09-11

SMID's composite is driven by revenue growth and capital efficiency, held back by scale and institutional flow. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Revenue growth

+4.6 pts

73th pct

Capital efficiency

+4.5 pts

95th pct

Earnings quality

+2.3 pts

73th pct

Shareholder dilution

+1.9 pts

89th pct

Earnings growth

+1.8 pts

87th pct

Profitability

-0.6 pts

46th pct

Free cash flow

-1.3 pts

41th pct

Institutional flow

-1.5 pts

19th pct

Scale

-5.4 pts

14th pct

Latest change (2026-08-14): 70 → 63 · ↓ Free cash flow 57→29; ↓ Revenue growth 81→69

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

SMID Stock Analysis & AI Quality Score

Data updated 2026-09-11

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 56.3/100 on a 32-signal composite quality model, placing it at rank #1,190 of 2,962 stocks — the top half of the AI-ranked universe. SMID scores in the top quartile across balance sheet strength (95.0). Areas of concern include revenue scale (14.2) and institutional flow (19.2), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), SMITH MIDLAND CORP reports quarterly revenue of $23.4M, net income of $1.4M, free cash flow of $-2.4M. Top institutional holders of SMID by reported 13-F value include THOMPSON DAVIS, NEEDHAM INVESTMENT MANAGEMENT, BlackRock, 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 68 since 2021, currently 56.3 — a declining long-term trajectory across 66 quarterly and live scoring snapshots.

✦

Fun facts about SMITH MIDLAND CORP

Quirks, history, and lore behind SMID — the kind of stuff that makes a stock memorable.

1
The Basics
A U.S. small-cap manufacturer in the materials sector · listed on Nasdaq · headquartered in Virginia.
2
The Numbers
Annual revenue in the range of tens of millions of dollars — a true micro-cap, with a market cap that fits comfortably under $50 million.
3
The History
Founded in the 1960s, the company built its business around manufacturing precast concrete products — the unglamorous stuff that holds civilization together.
4
The Secret
It doesn't just pour concrete — it holds proprietary technology and licensed products, including innovations in sound barrier walls used along highways.
5
The Lore
Its products include the SlenderWall architectural panel system — a lightweight precast concrete facade that lets skyscrapers look sharp without crushing the structure below.
6
The Giveaway
The ticker is practically a love letter to its own name — SMID — and the company name itself fuses a famous blacksmith surname with the Virginia town it calls home.

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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

Product Sales$11.8M+29% 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.

Shipping and Installation Revenue$6.8M+45% YoY

Increased product sales including building, utility, and barrier products requiring installation and shipping services.

Biggest Revenue Drivers

Total revenue: $21.6M-5% YoY

Product Sales$11.8M+29% 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.

Shipping and Installation Revenue$6.8M+45% YoY

Increased product sales including building, utility, and barrier products requiring installation and shipping services.

Barrier Rentals$2.2M-74% YoY

Absence of a large special barrier project that positively impacted Q1 2025; standard barrier rental activity expected to trend positively.

Royalty Income$0.8M-8% YoY

Large project generating higher royalties from one licensee in Q1 2025 did not recur in Q1 2026.

Largest Expense Items

Cost of Sales$17.3M+10% YoY

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.

General and Administrative Expenses$1.8M+11% YoY

Increased personnel-related costs, professional fees, and costs associated with internal control and financial reporting remediation activities.

Selling Expenses$0.8M-18% YoY

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.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$23.4M

Net Income

Q2 2026

$1.4M

Free Cash Flow

Q2 2026

$-2.4M

ROIC

Q2 2026

13.9%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+19.0% YoY

$93.4MFY 2025

FY22 $50.1MFY23 $59.6MFY24 $78.5MFY25 $93.4M

Net Income

+62.9% YoY

$12.5MFY 2025

FY22 $800.0KFY23 $795.0KFY24 $7.7MFY25 $12.5M

Operating Income

+71.7% YoY

$17.0MFY 2025

FY22 $854.0KFY23 $1.1MFY24 $9.9MFY25 $17.0M

EPS (Diluted)

+62.8% YoY

$2.36FY 2025

FY22 $0.15FY23 $0.15FY24 $1.45FY25 $2.36

Total Assets

+29.0% YoY

$87.7MFY 2025

FY22 $54.3MFY23 $61.3MFY24 $68.0MFY25 $87.7M

Op. Cash Flow

+177.3% YoY

$14.3MFY 2025

FY22 $-6.3MFY23 $7.7MFY24 $5.2MFY25 $14.3M

Free Cash Flow

+574.9% YoY

$5.0MFY 2025

FY22 $-9.1MFY23 $2.7MFY24 $-1.0MFY25 $5.0M

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 +14.7%	$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
Free Cash Flow	$5.0M +574.9%	$-1.0M -138.4%	$2.7M +130.0%	$-9.1M -341.6%	$3.8M -22.7%	$4.9M

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Available Research

13F Pro tracks comprehensive data for SMITH MIDLAND CORP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of SMID

THOMPSON DAVIS & CO., INC.
$52.9M1,824,119 sh
NEEDHAM INVESTMENT MANAGEMENT LLC
$6.5M225,000 sh
BlackRock, Inc.
$5.7M196,437 sh
VANGUARD CAPITAL MANAGEMENT LLC
$4.0M137,332 sh
GEODE CAPITAL MANAGEMENT, LLC
$2.6M89,742 sh
BARD ASSOCIATES INC
$2.3M79,875 sh
RBF Capital, LLC
$2.2M74,200 sh
RICE HALL JAMES & ASSOCIATES, LLC
$1.6M53,979 sh
DIMENSIONAL FUND ADVISORS LP
$1.5M50,555 sh
STATE STREET CORP
$1.3M45,713 sh

Fund	Value	Shares
THOMPSON DAVIS & CO., INC.	$52.9M	1,824,119
NEEDHAM INVESTMENT MANAGEMENT LLC	$6.5M	225,000
BlackRock, Inc.	$5.7M	196,437
VANGUARD CAPITAL MANAGEMENT LLC	$4.0M	137,332
GEODE CAPITAL MANAGEMENT, LLC	$2.6M	89,742
BARD ASSOCIATES INC	$2.3M	79,875
RBF Capital, LLC	$2.2M	74,200
RICE HALL JAMES & ASSOCIATES, LLC	$1.6M	53,979
DIMENSIONAL FUND ADVISORS LP	$1.5M	50,555
STATE STREET CORP	$1.3M	45,713

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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. SMID is classified as a small company.

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.