Is Smith-Midland Corp. overvalued or undervalued?

As of 14 November 2025, the valuation grade for Smith-Midland Corp. has moved from attractive to fair. Based on the current metrics, the company appears to be fairly valued. The P/E ratio stands at 21, which is higher than the peer average of 18.65, while the EV to EBITDA ratio of 12.73 also exceeds the peer average of 12.15. Additionally, the PEG ratio is notably low at 0.02, indicating potential undervaluation based on growth expectations.
In comparison to its peers, Northwest Pipe Co. has a P/E of 15.18 and an EV to EBITDA of 8.61, suggesting that Smith-Midland is trading at a premium relative to this competitor. Smart Sand, Inc. shows a much higher P/E of 87.38, but its EV to EBITDA is lower at 5.33, highlighting a disparity in valuation approaches among peers. While specific return data is unavailable, the lack of recent stock performance metrics against the S&P 500 limits a comprehensive assessment of relative performance.