Smith-Midland (NASDAQ: SMID) financial statements
The consolidated income statement, balance sheet and cash flow statement of Smith-Midland for its last 10 fiscal years, as filed with the regulator, in millions of US dollars. At the end of fiscal 2025 it had $87.7m in total assets and $54.3m in equity.
Income statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.4m | $78.5m | $59.6m | $50.1m | $50.6m | $43.9m | $46.7m | $40.2m | $41.7m | $40.1m |
| Cost of sales | $67.4m | $58.5m | $48.9m | $40.7m | $36.2m | $32.8m | $36.7m | $29.7m | $30.3m | $29.7m |
| Gross profit | $26.0m | $20.0m | $10.7m | $9.5m | $14.4m | $11.0m | $10.0m | $10.5m | $11.5m | $10.3m |
| Operating profit | $17.0m | $9.9m | $1.1m | $0.9m | $6.2m | $3.8m | $2.5m | $2.2m | $3.7m | $4.3m |
| Finance costs | $0.2m | $0.2m | $0.3m | $0.3m | $0.2m | $0.2m | $0.2m | $0.2m | $0.2m | $0.2m |
| Profit before tax | $17.0m | $9.8m | $1.3m | $0.9m | $9.1m | $3.8m | $2.5m | $2.3m | $3.7m | $4.3m |
| Income tax | $4.5m | $2.1m | $0.5m | $0.1m | $1.5m | $1.1m | $0.5m | $0.6m | $1.1m | $1.5m |
| Net profit | $12.5m | $7.7m | $0.8m | $0.8m | $7.6m | $2.7m | $1.9m | $1.7m | $2.7m | $2.8m |
| Earnings per share | $2.36 | $1.45 | $0.15 | $0.15 | $1.45 | $0.51 | $0.38 | $0.33 | $0.53 | $0.57 |
| Diluted earnings per share | $2.36 | $1.45 | $0.15 | $0.15 | $1.45 | $0.51 | $0.38 | $0.33 | $0.53 | $0.56 |
| Depreciation and amortisation | $2.9m | $2.7m | $2.4m | $2.9m | $2.7m | $2.4m | $1.8m | $1.2m | $0.9m | $0.8m |
Balance sheet
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $87.7m | $68.0m | $61.3m | $54.3m | $53.3m | $46.5m | $42.1m | $41.4m | $29.2m | $23.4m |
| Current assets | $48.7m | $35.8m | $33.3m | $28.9m | $27.8m | $23.3m | $19.0m | $21.6m | $19.0m | $15.2m |
| Property, plant and equipment | $38.5m | $31.7m | $27.7m | $25.1m | $21.9m | $18.6m | $17.7m | $14.1m | $9.9m | $8.0m |
| Cash | $11.9m | $7.5m | $9.2m | $6.7m | $13.5m | $8.8m | $1.4m | — | — | — |
| Total liabilities | $33.4m | $26.3m | $27.2m | $21.3m | $21.5m | $22.9m | $21.3m | $22.5m | $12.0m | $9.2m |
| Current liabilities | $14.3m | $15.0m | $16.0m | $11.2m | $13.9m | $8.9m | $9.6m | $11.9m | $7.8m | $5.1m |
| Equity | $54.3m | $41.7m | $34.2m | $33.1m | $31.8m | $23.6m | $20.8m | $18.9m | $17.2m | $14.2m |
| Equity including minorities | $54.3m | $41.7m | $34.2m | $33.1m | $31.8m | $23.6m | $20.8m | $18.9m | $17.2m | $14.2m |
Cash flow statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14.3m | $5.2m | $7.7m | −$6.3m | $9.1m | $7.5m | $3.9m | $8.5m | $2.9m | $4.0m |
| Investing cash flow | −$9.3m | −$6.2m | −$4.7m | −$2.6m | −$3.7m | −$2.4m | −$4.7m | −$10.6m | −$2.7m | −$3.7m |
| Financing cash flow | −$0.6m | −$0.6m | −$0.6m | $2.2m | −$0.7m | $2.3m | $0.2m | $0.7m | −$0.3m | $1.5m |
| Capital expenditure | −$9.3m | −$6.2m | −$5.0m | −$2.7m | −$5.4m | −$2.6m | −$4.5m | −$5.2m | −$2.7m | −$3.7m |
| Dividends paid | — | — | — | — | $0.0m | −$0.3m | −$0.3m | −$0.3m | −$0.0m | $0.0m |
Where each figure comes from
From the annual report (Form 10-K) that Smith-Midland files with the SEC. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Smith-Midland page.
Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.