SMID
Smith-Midland CorporationBasic Materials·Construction Materials
$32.05
$170M market cap
Revenue
$23.1M
Free Cash Flow
$-1.4M
Rev Growth
+0.0%
FCF Margin
-5.9%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Smith-Midland Corporation, through its subsidiaries, invents, develops, manufactures, markets, leases, licenses, sells, and installs precast concrete products primarily for use in the construction, highway, utilities, and farming industries. It offers SlenderWall, a patented, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction; Sierra Wall that provides sound and sight barrier for use alongside highways around residential, industrial, and commerc
2-Year Price History
$29.45-13.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2025-Q4 | 23.1 | 1.3 | 3.2 | 2.1 | 2.6 | -1.4 | -4.0 | 11.9 | 4.5 | 5.3 | 19.0% | 19.5x | -- |
Valuation & Metrics
Market Stats
Price$32.05
Market Cap$170M
Enterprise Value$163M
P/S Ratio7.4x
P/FCF--
EV/FCF--
FCF Margin (TTM)-5.9%
FCF Yield-0.8%
Dividend Yield (TTM)0.2%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$23.1M
Net Income$2.1M
Free Cash Flow$-1.4M
Revenue Growth (YoY)+0.0%
EBITDA Margin5.4%
Net Margin9.2%
FCF Margin-5.9%
CapEx % of Revenue17.1%
SBC % of Revenue0.2%
ROIC19.0%
WC Change % Rev0.0%
Interest Coverage19.5x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover20.8
Change (vs Prior)+0.4%
Need at least 2 settlement dates for chart
Employees
Headcount172
Revenue / Employee$134,366
Gross Profit / Employee$32,081
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
50.8%(+1.8% YoY)
45 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
12.2%(-1.9% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.1% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| THOMPSON DAVIS & CO., INC. | $59.9M | $33.49 | +$242K | +$971K | +0.9% | $150M |
| NEEDHAM INVESTMENT MANAGEMENT LLC | $7.3M | $33.15 | +$0 | +$455K | -0.2% | $1.95B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $5.9M | $32.53 | +$5.9M | +$5.9M | — | $4.04T |
| BlackRock, Inc.Passive | $5.2M | $33.63 | −$160K | −$2.8M | -0.2% | $5.69T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $2.7M | $28.81 | −$67K | −$678K | +2.3% | $1.61T |
| BARD ASSOCIATES INC | $2.6M | $14.99 | −$6K | −$157K | -7.2% | $398M |
| RBF Capital, LLC | $2.4M | $14.00 | +$0 | +$0 | +0.1% | $2.03B |
| RICE HALL JAMES & ASSOCIATES, LLC | $1.7M | $30.85 | +$25K | +$77K | -1.4% | $1.80B |
| STATE STREET CORPPassive | $1.5M | $29.95 | −$7K | −$169K | -0.2% | $2.89T |
| DIMENSIONAL FUND ADVISORS LPPassive | $1.5M | $35.36 | +$143K | +$257K | -0.4% | $480.92B |
| HERITAGE INVESTORS MANAGEMENT CORP | $1.2M | $16.93 | +$0 | +$0 | -0.1% | $3.29B |
| Corient Private Wealth LLC | $1.1M | $20.50 | +$0 | −$553K | -0.9% | $69.47B |
| NORTHERN TRUST CORPPassive | $913K | $35.66 | −$10K | −$496K | -0.2% | $755.34B |
| VANGUARD FIDUCIARY TRUST COPassive | $910K | $32.53 | +$910K | +$910K | — | $395.83B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $534K | $32.53 | +$534K | +$534K | — | $1.91T |
| MORGAN STANLEY | $421K | $31.60 | −$43K | +$27K | -0.3% | $1.65T |
| INTRUST BANK NA | $394K | $14.00 | +$0 | +$0 | -0.0% | $1.23B |
| Bank of New York Mellon Corp | $350K | $37.60 | −$20K | −$13K | -0.2% | $543.21B |
| Waverly Advisors, LLC | $325K | $36.90 | +$0 | +$325K | -0.2% | $13.31B |
| LAZARD ASSET MANAGEMENT LLC | $293K | $42.46 | +$9K | −$100K | -0.3% | $60.69B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
+0.18%
avg per quarter
Holders (ex-self)
+0.38%
excl. this stock
Buyers (this Q)
-0.27%
12 buyers · $0.01B in
Sellers (this Q)
-1.99%
21 sellers · $0.00B out
alpha coverage: 93% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-4.9%
how holders react when this stock falls
On quiet Qs
-20.0%
−10% to +10% baseline
On rallies (+10%+)
+6.6%
how they react when this stock rises
Holders' portfolio flow this Q
-3.2%
outflows — trims may be forced
Sellers' portfolio flow this Q
+0.9%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.7%
Holder mid (any stock)
-2.9%
Holder rally (any stock)
-2.1%
Biggest decreases this quarter
STIFEL FINANCIAL CORPexited−$604KHRT FINANCIAL LPexited−$216KBlackRock, Inc.−$160Kα-0.2BANK OF AMERICA CORP /DE/exited−$114KLOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC−$85Kα-0.0GEODE CAPITAL MANAGEMENT, LLC−$67Kα+2.3MORGAN STANLEY−$43Kα-0.3CHARLES SCHWAB INVESTMENT MANAGEMENT INC−$37Kα+0.7Bank of New York Mellon Corp−$20Kα-0.2GOLDMAN SACHS GROUP INC−$18Kα-0.2
New buyers this quarter
Top-5 holders · 81.5%
THOMPSON DAVIS & CO., INC.--
NEEDHAM INVESTMENT MANAGEMENT LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
BlackRock, Inc.--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
THOMPSON DAVIS & CO., INC.1.8MBARD ASSOCIATES INC80KNEEDHAM INVESTMENT MANAGEMENT LLC225KInvesco Ltd.—RBF Capital, LLC74KPUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.—Corient Private Wealth LLC35KMILLENNIUM MANAGEMENT LLC—INVERNESS COUNSEL LLC /NY/—RICE HALL JAMES & ASSOCIATES, LLC51K
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$257K
2 txns · 2 insiders · 6,666 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$619K
3 txns · 1 insider · 15,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-11-24 | SELL | Gerhardt Richard | director | 666 | $33.26 | $22K | $171K |
| 2025-08-22 | SELL | SMITH RODNEY I | 10 percent owner | 13,656 | $41.36 | $565K | $22.11M |
| 2025-08-21 | SELL | SMITH RODNEY I | 10 percent owner | 1,290 | $40.00 | $52K | $21.93M |
| 2025-08-20 | SELL | Bruner James Russell | director | 6,000 | $39.06 | $234K | $258K |
| 2025-08-19 | SELL | SMITH RODNEY I | 10 percent owner | 54 | $42.76 | $2K | $23.49M |
Order Flow (FINRA, ~3w lag)
51.1%retail-0.9pp
9.5%dark-0.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Smith-Midland Corporation: Strong Rental Growth Tempered by Collection Sluggishness and Covenant Friction
Overall Risk
3/10
Fraud
2/10
Dilution
2/10
Insolvency
3/10
Earnings Overstated
4/10
Hidden Liabilities
2/10
Legal
2/10
Audit Warnings
3/10
Hidden Upside
7/10
Contextually Acceptable
8/10