Flagship explainer

What drives Smith-Midland Corporation’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity26%Tax burden73%net income ÷ pretax incomeInterest burden100%pretax ÷ operating incomeOperating margin18%operating income ÷ revenueAsset turnover1.20×revenue ÷ average assetsEquity multiplier1.62×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$12.5MFY2025
Income before tax$17MFY2025
Operating income$17MFY2025
$93.4MFY2025
Ending assets$87.7MFY2025
Beginning assets$68MFY2024
$54.3MFY2025
$41.7MFY2024
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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SMID dupont explainer — Buy Like Buffett · Buy Like Buffett