Smith-Midland Corporation — Earnings Quality Grade C
SMID · Basic Materials
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 14 days
AR growth 36.9% exceeds revenue growth 19.0%
Revenue 19.0%, CFFO 177.3%. Cash follows revenue
Expense Quality
Inventory 3.8% vs COGS 15.2%. Normal
CapEx growth 50.5% is >2x revenue growth 19.0%
SG&A/Gross Profit = 34.7%. Normal
Gross margin 27.9%, change +2.4pp. Stable
Cash Flow Quality
CFFO/NI = 1.14. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -2.0%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.2x. Healthy
Other assets 15.1% vs revenue 19.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.21 (grey zone)
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25