Smith-Midland Corporation (SMID) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-91.9%

$1.93

vs $23.84 price

Levered DCF

$0.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.28

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.4×	30.66×	263.33×	136.67×	32.41×	18.53×	15.79×	22.46×
P/B	3.55×	5.65×	6.08×	3.25×	7.71×	2.07×	1.48×	2×
P/S	2.06×	3×	3.49×	2.14×	4.83×	1.12×	0.66×	0.94×
EV / EBITDA	9.21×	18.36×	51.37×	26.19×	19.7×	7.8×	7.8×	11.61×
Gross margin	27.9%	25.5%	17.9%	18.9%	28.5%	25.2%	21.4%	26.1%
Operating margin	18.2%	12.6%	1.9%	1.7%	12.2%	8.6%	5.5%	5.5%
Net margin	13.4%	9.8%	1.3%	1.6%	14.9%	6.1%	4.2%	4.2%
Current ratio	3.4×	2.39×	2.08×	2.58×	2×	2.62×	1.98×	1.84×
Debt / equity	0.08×	0.12×	0.17×	0.2×	0.14×	0.34×	0.26×	0.24×
Interest coverage	75.53×	42.85×	4.38×	3.28×	32.46×	17.32×	14.22×	12.59×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	0.9%	0.7%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	10.6%	14.4%	15.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.0%	18.4%	2.3%	2.4%	23.8%	11.3%	9.4%	9.0%
Return on invested capital	16.9%	14.4%	1.5%	1.7%	12.9%	6.9%	5.5%	5.3%
Return on assets	14.3%	11.3%	1.3%	1.5%	14.2%	5.7%	4.4%	4.1%
Free cash flow yield	2.6%	-0.4%	1.3%	-8.5%	1.5%	9.9%	-3.0%	-6.0%
Earnings yield	6.5%	3.3%	0.4%	0.7%	3.1%	5.4%	6.3%	4.5%
Enterprise value	$185.4M	$233.5M	$204.3M	$107M	$235.5M	$48.2M	$34.9M	$40.2M
Net debt / EBITDA	-0.36×	-0.18×	-0.86×	-0.06×	-0.76×	-0.14×	0.9×	0.74×
Cash conversion cycle (days)	119	109	92	111	86	91	96	124