Is Smith-Midland Corp. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Smith-Midland Corp. has moved from fair to attractive, indicating a more favorable assessment of its worth. The company appears to be undervalued based on its strong financial metrics, including a P/E ratio of 21, an EV to EBITDA ratio of 12.73, and a PEG ratio of 0.02, which suggests significant growth potential relative to its price.
In comparison to its peers, Smith-Midland Corp. has a more attractive valuation profile than Northwest Pipe Co., which has a P/E of 15.18, and Smart Sand, Inc., which, despite being classified as attractive, has a much higher P/E of 87.38. Notably, Smith-Midland's return over the last five years has been an impressive 446.67%, significantly outperforming the S&P 500's 91.29% over the same period, reinforcing the case for its undervaluation.