Smith-Midland Corporation

SMID

Construction Materials · Basic Materials

Price

$28.60

-0.64 (-2.19%)

Market Cap

$151.8M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+1.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.2M (2021) → 5.3M (2025)

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

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+53.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

13.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$12M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$12M cash & investments at current burn rate

Growth context

Smith-Midland Corporation is growing revenue at 25% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

23.9%

Thin — 23.9% gross margin

Operating Margin

14.0%

Healthy — 14.0% operating margin

ROCE

5.5%

Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+19.0%

Fast-growing sales (19.0% YoY)

EPS YoY

+63.9%

Earnings growing fast (63.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

114%

Turns 114% of profit into real cash

FCF Margin

5.3%

Thin free cash flow (5.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.08

Conservative — low debt load (0.08)

Interest Cover

75.53x

Comfortably covers interest (75.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

12.1x

Attractive valuation — P/E 12.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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