SMITH MIDLAND CORP PP&E Disclosure
Property and equipment, net consists of the following (in thousands): |
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| December 31, |
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| 2025 |
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| 2024 |
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Land and land improvements |
| $ | 8,852 |
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| $ | 8,957 |
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Buildings and improvements |
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| 14,109 |
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| 13,461 |
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Machinery and equipment |
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| 23,096 |
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| 18,681 |
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Assets held for lease (Rental equipment) |
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| 16,667 |
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| 12,125 |
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Total property and equipment |
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| 62,724 |
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| 53,224 |
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Less: accumulated depreciation |
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| (24,246 | ) |
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| (21,520 | ) |
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Property and equipment, net of accumulated depreciation |
| $ | 38,478 |
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| $ | 31,704 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 14, 2026 | Showing above |
| 2024 | May 27, 2025 | |
| 2023 | May 23, 2024 | |
| 2022 | Apr 17, 2023 | |
| 2021 | Mar 31, 2022 | |
| 2020 | Mar 30, 2021 | |
| 2019 | Mar 26, 2020 | |
| 2018 | Mar 26, 2019 | |
| 2017 | Mar 29, 2018 | |
| 2016 | Mar 30, 2017 | |
| 2015 | Mar 28, 2016 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.