Smith Douglas Homes Corp.
SDHC NYSE Operative Builders Financials FY2023–FY2025
Last close · Oct 23, 2026
$10.44
3.0%
Revenue
Total sales reported in the income statement.
$971M
0.4%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$10.7M
33.5%
Free cash flow
Cash from operations minus capital spending.
−$36.9M
341.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$87.5M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
14.5x
On $0.72 EPS (TTM)
What Smith Douglas Homes Corp. does
No business description yet.
- Legal name
- Smith Douglas Homes Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001628280-26-017245
0001982518
Revenue and margins
Smith Douglas Homes Corp. had $971M of revenue in fiscal 2025, down 0.4% on the year before.
FY23
Revenue $765M
FY24
Revenue $975M
FY25
Revenue $971M
Q3 '23
Revenue $198M
Q4 '23
Revenue $217M
Q1 '24
Revenue $189M
Q2 '24
Revenue $221M
Q3 '24
Revenue $278M
Q4 '24
Revenue $287M
Q1 '25
Revenue $225M
Q2 '25
Revenue $224M
Q3 '25
Revenue $262M
Q4 '25
Revenue $260M
Q1 '26
Revenue $206M
Q2 '26
Revenue $273M
FY23
Gross 28.3%
Operating —
Net 16.1%
FCF 9.8%
FY24
Gross 26.2%
Operating —
Net 1.6%
FCF 1.6%
FY25
Gross 21.8%
Operating —
Net 1.1%
FCF −3.8%
Gross
Operating
Net
FCF
Q3 '23
Gross 28.9%
Operating —
Net 17.2%
FCF 9.3%
Q4 '23
Gross 26.7%
Operating —
Net 13.7%
FCF 9.7%
Q1 '24
Gross 26.1%
Operating —
Net 1.6%
FCF −5.1%
Q2 '24
Gross 26.7%
Operating —
Net 1.7%
FCF −1.0%
Q3 '24
Gross 26.5%
Operating —
Net 1.9%
FCF 8.0%
Q4 '24
Gross 25.5%
Operating —
Net 1.4%
FCF 1.7%
Q1 '25
Gross 23.8%
Operating —
Net 1.2%
FCF −16.0%
Q2 '25
Gross 23.2%
Operating —
Net 1.1%
FCF −13.9%
Q3 '25
Gross 21.0%
Operating —
Net 0.8%
FCF 8.2%
Q4 '25
Gross 19.9%
Operating —
Net 1.4%
FCF 3.4%
Q1 '26
Gross 19.6%
Operating —
Net 0.3%
FCF −0.1%
Q2 '26
Gross 17.6%
Operating —
Net 0.1%
FCF 1.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income $123M
FY24
Net income $16.1M
FY25
Net income $10.7M
Q3 '23
Net income $33.9M
Q4 '23
Net income $29.7M
Q1 '24
Net income $3.0M
Q2 '24
Net income $3.6M
Q3 '24
Net income $5.3M
Q4 '24
Net income $4.1M
Q1 '25
Net income $2.7M
Q2 '25
Net income $2.4M
Q3 '25
Net income $2.1M
Q4 '25
Net income $3.5M
Q1 '26
Net income $0.6M
Q2 '26
Net income $0.2M
FY23
Diluted EPS —
FY24
Diluted EPS $1.81
FY25
Diluted EPS $1.19
Q3 '23
Diluted EPS —
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS $0.33
Q2 '24
Diluted EPS $0.40
Q3 '24
Diluted EPS $0.58
Q4 '24
Diluted EPS $0.50
Q1 '25
Diluted EPS $0.30
Q2 '25
Diluted EPS $0.26
Q3 '25
Diluted EPS $0.24
Q4 '25
Diluted EPS $0.39
Q1 '26
Diluted EPS $0.06
Q2 '26
Diluted EPS $0.03
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets 34.9%
FY24
Return on capital —
Return on equity 43.6%
Return on assets 3.9%
FY25
Return on capital —
Return on equity 13.3%
Return on assets 2.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$36.9M in fiscal 2025, −3.8% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow $74.9M
FY24
Free cash flow $15.2M
FY25
Free cash flow −$36.9M
Q3 '23
Free cash flow $18.4M
Q4 '23
Free cash flow $21.1M
Q1 '24
Free cash flow −$9.7M
Q2 '24
Free cash flow −$2.1M
Q3 '24
Free cash flow $22.3M
Q4 '24
Free cash flow $4.8M
Q1 '25
Free cash flow −$35.9M
Q2 '25
Free cash flow −$31.1M
Q3 '25
Free cash flow $21.4M
Q4 '25
Free cash flow $8.7M
Q1 '26
Free cash flow −$0.2M
Q2 '26
Free cash flow $3.9M
FY23
Cash from operations $76.3M
Capital spending $1.3M
FY24
Cash from operations $19.1M
Capital spending $3.9M
FY25
Cash from operations −$31.3M
Capital spending $5.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations $19.1M
Capital spending $0.6M
Q4 '23
Cash from operations $21.3M
Capital spending $0.2M
Q1 '24
Cash from operations −$9.3M
Capital spending $0.4M
Q2 '24
Cash from operations $0.0M
Capital spending $2.1M
Q3 '24
Cash from operations $22.9M
Capital spending $0.6M
Q4 '24
Cash from operations $5.5M
Capital spending $0.7M
Q1 '25
Cash from operations −$34.9M
Capital spending $1.0M
Q2 '25
Cash from operations −$28.9M
Capital spending $2.1M
Q3 '25
Cash from operations $22.8M
Capital spending $1.4M
Q4 '25
Cash from operations $9.8M
Capital spending $1.0M
Q1 '26
Cash from operations $0.3M
Capital spending $0.5M
Q2 '26
Cash from operations $4.5M
Capital spending $0.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
Smith Douglas Homes Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 1.7%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares —
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Smith Douglas Homes Corp. can carry it.
FY23
Cash $19.8M
Debt —
FY24
Cash $22.4M
Debt —
FY25
Cash $12.7M
Debt —
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $19.8M | $22.4M | $12.7M |
| Total assets | $353M | $476M | $558M |
| Total liabilities | $144M | $74.2M | $113M |
| Shareholders' equity | $0.0M | $73.6M | $86.7M |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✕ |
| Return on assets rose | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | ✕ |
| Gross margin rose | — | ✕ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✕ |
| F-score | — / 3 | — / 6 | 1 / 7 |
| Accruals ratio | 13.3% | −0.7% | 8.1% |
| Altman Z'' | — | — | — |
3 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $765M | $975M | $971M |
| Gross profit | $216M | $256M | $212M |
| Interest expense | $1.7M | $2.5M | $3.2M |
| Pretax income | $123M | $117M | $70.9M |
| Income tax | $0.0M | $5.1M | $2.5M |
| Net income | $123M | $16.1M | $10.7M |
| Diluted EPS | — | $1.81 | $1.19 |
| Diluted shares | — | 0.01B | 0.01B |
| Cash flow | |||
| Cash from operations | $76.3M | $19.1M | −$31.3M |
| Capital expenditure | $1.3M | $3.9M | $5.5M |
| Free cash flow | $74.9M | $15.2M | −$36.9M |
| Depreciation and amortization | $1.1M | $1.8M | $2.5M |
| Stock-based compensation | $0.0M | $4.4M | $3.7M |
| Balance sheet | |||
| Cash and short-term investments | $19.8M | $22.4M | $12.7M |
| Property and equipment, net | $1.5M | $3.8M | $9.7M |
| Goodwill | $25.7M | $25.7M | $25.7M |
| Total assets | $353M | $476M | $558M |
| Total liabilities | $144M | $74.2M | $113M |
| Preferred stock | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $0.0M | $73.6M | $86.7M |
| Margins | |||
| Gross margin | 28.3% | 26.2% | 21.8% |
| Net margin | 16.1% | 1.6% | 1.1% |
| FCF margin | 9.8% | 1.6% | −3.8% |
| Returns | |||
| Return on equity | — | 43.6% | 13.3% |
| Return on assets | 34.9% | 3.9% | 2.1% |
| Return on tangible equity | — | 33.5% | 17.5% |
| Growth | |||
| Revenue growth | — | 27.6% | −0.4% |
| Net income growth | — | −87.0% | −33.5% |
| EPS growth | — | — | −34.3% |
| FCF growth | — | −79.7% | −341.8% |
| Share count change | — | — | 1.7% |
| Capital allocation | |||
| Capex / revenue | 0.2% | 0.4% | 0.6% |
| Stock comp / revenue | 0.0% | 0.4% | 0.4% |
| Quality scores | |||
| Piotroski F-score | — | — | 1.0 |
| Accruals ratio | 13.3% | −0.7% | 8.1% |
Source: SEC EDGAR XBRL filings (CIK 0001982518). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.