1.Sales and profit
See section β- Smith Douglas Homes Corp. had $971M of revenue in fiscal 2025, down 0.4% on the year before.
- Smith Douglas Homes Corp. made $10.7M of net profit in fiscal 2025.
Smith Douglas Homes Corp.
SDHC NYSE Operative Builders Financials FY2023βFY2025
Smith Douglas Homes Corp. had $971M of revenue in fiscal 2025, down 0.4% on the year before.
Last close Β· Oct 23, 2026
$10.44
3.0%KIRAβs summary AI analyst
Hi! I read Smith Douglas Homes Corp.βs latest annual report (fiscal 2025). Here is what stands out:
1 strength 3 to watch
2.Cash and shareholders
See section β- Free cash flow was β$36.9M in fiscal 2025, β3.8% of revenue.
- In the last 12 months, insiders bought $0.8M of shares on the open market and sold none.
3.Financial health
See section β- Smith Douglas Homes Corp. passes 1 of 7 financial health tests (Piotroski F-score).
Smith Douglas Homes Corp. in 30 seconds
Good So-so Weak
Weak
Are sales growing?
β0.4%
No. Sales fell 0.4% last year.
So-so
Does it make a profit?
1.1%
A little. It keeps 1.1% of every sale as profit.
Weak
Does profit turn into cash?
β3.8%
No. It spent more cash than it brought in.
Weak
How healthy are the accounts?
1 / 7
Weak. It passes 1 of 7 health tests.
For information
How is the share priced?
14.5x
One share costs 14.5 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
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)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
KIRA Β· Smith Douglas Homes Corp. had $971M of revenue in fiscal 2025, down 0.4% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY23
Revenue $765M
FY24
Revenue $975M
FY25
Revenue $971M
Revenue
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
Margins, % of revenue
FY23
Gross 28.3%
Operating β
Net 16.1%
FCF 9.8%
FY24
Gross 26.2%
Operating β
Net 1.6%
FCF 1.6%
FY25
Gross 21.8%
Operating β
Net 1.1%
FCF β3.8%
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross 28.9%
Operating β
Net 17.2%
FCF 9.3%
Q4 '23
Gross 26.7%
Operating β
Net 13.7%
FCF 9.7%
Q1 '24
Gross 26.1%
Operating β
Net 1.6%
FCF β5.1%
Q2 '24
Gross 26.7%
Operating β
Net 1.7%
FCF β1.0%
Q3 '24
Gross 26.5%
Operating β
Net 1.9%
FCF 8.0%
Q4 '24
Gross 25.5%
Operating β
Net 1.4%
FCF 1.7%
Q1 '25
Gross 23.8%
Operating β
Net 1.2%
FCF β16.0%
Q2 '25
Gross 23.2%
Operating β
Net 1.1%
FCF β13.9%
Q3 '25
Gross 21.0%
Operating β
Net 0.8%
FCF 8.2%
Q4 '25
Gross 19.9%
Operating β
Net 1.4%
FCF 3.4%
Q1 '26
Gross 19.6%
Operating β
Net 0.3%
FCF β0.1%
Q2 '26
Gross 17.6%
Operating β
Net 0.1%
FCF 1.4%
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Smith Douglas Homes Corp. made $10.7M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY23
Net income $123M
FY24
Net income $16.1M
FY25
Net income $10.7M
Net income
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
Diluted EPS
FY23
Diluted EPS β
FY24
Diluted EPS $1.81
FY25
Diluted EPS $1.19
Diluted EPS
Q3 '23
Diluted EPS β
Q4 '23
Diluted EPS β
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
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$36.9M in fiscal 2025, β3.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY23
Free cash flow $74.9M
FY24
Free cash flow $15.2M
FY25
Free cash flow β$36.9M
Free cash flow
Q3 '23
Free cash flow $18.4M
Q4 '23
Free cash flow $21.1M
Q1 '24
Free cash flow β$9.7M
Q2 '24
Free cash flow β$2.1M
Q3 '24
Free cash flow $22.3M
Q4 '24
Free cash flow $4.8M
Q1 '25
Free cash flow β$35.9M
Q2 '25
Free cash flow β$31.1M
Q3 '25
Free cash flow $21.4M
Q4 '25
Free cash flow $8.7M
Q1 '26
Free cash flow β$0.2M
Q2 '26
Free cash flow $3.9M
Cash from operations vs capital spending
FY23
Cash from operations $76.3M
Capital spending $1.3M
FY24
Cash from operations $19.1M
Capital spending $3.9M
FY25
Cash from operations β$31.3M
Capital spending $5.5M
Cash from operations
Capital spending
Cash from operations vs 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 β$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 β$34.9M
Capital spending $1.0M
Q2 '25
Cash from operations β$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
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY23
Diluted shares β
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Insider trades
KIRA Β· In the last 12 months, insiders bought $0.8M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.8M
5 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Thomas L BradburyDirector, 10% owner | Bought | 19,360 | $10.31 | $0.2M | Form 4 |
| Sep 2, 2026 | Gregory S BennettSee Remarks, Director | Bought | 1,000 | $11.50 | $0.0M | Form 4 |
| Sep 1, 2026 | Gregory S BennettSee Remarks, Director | Bought | 1,000 | $12.20 | $0.0M | Form 4 |
| Aug 25, 2026 | Russell DevendorfSee Remarks | Bought | 1,000 | $12.34 | $0.0M | Form 4 |
| Aug 20, 2026 | Russell DevendorfSee Remarks | Bought | 1,000 | $12.68 | $0.0M | Form 4 |
| May 20, 2026 | Russell DevendorfSee Remarks | Bought | 2,000 | $10.88 | $0.0M | Form 4 |
| Mar 13, 2026 | George Ervin Perdue IIIDirector | Bought | 20,300 | $12.27 | $0.2M | Form 4 |
| Mar 13, 2026 | Neil B WedewerDirector | Bought | 700 | $11.38 | $0.0M | Form 4 |
| Mar 13, 2026 | Russell DevendorfSee Remarks | Bought | 1,000 | $11.56 | $0.0M | Form 4 |
| Mar 13, 2026 | Thomas L BradburyDirector, 10% owner | Bought | 22,618 | $11.36 | $0.3M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Smith Douglas Homes Corp. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY23
Cash $19.8M
Debt β
FY24
Cash $22.4M
Debt β
FY25
Cash $12.7M
Debt β
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 (β = net cash) | β | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY23
Return on capital β
Return on equity β
Return on assets 34.9%
FY24
Return on capital β
Return on equity 43.6%
Return on assets 3.9%
FY25
Return on capital β
Return on equity 13.3%
Return on assets 2.1%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Smith Douglas Homes Corp. passes 1 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 3 | β / 6 | 1 / 7 |
| Accruals ratio | 13.3% | β0.7% | 8.1% |
| Altman Z'' | β | β | β |
All figures
Every number, year by year.
3 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β | $1.81 | $1.19 |
| Diluted shares | β | 0.01B | 0.01B |
| Cash flow | |||
| Cash from operations | $76.3M | $19.1M | β$31.3M |
| Capital expenditure | $1.3M | $3.9M | $5.5M |
| Free cash flow | $74.9M | $15.2M | β$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% | β3.8% |
| Returns | |||
| Return on equity | β | 43.6% | 13.3% |
| Return on assets | 34.9% | 3.9% | 2.1% |
| Return on tangible equity | β | 33.5% | 17.5% |
| Growth | |||
| Revenue growth | β | 27.6% | β0.4% |
| Net income growth | β | β87.0% | β33.5% |
| EPS growth | β | β | β34.3% |
| FCF growth | β | β79.7% | β341.8% |
| Share count change | β | β | 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 | β | β | 1.0 |
| Accruals ratio | 13.3% | β0.7% | 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 β not investment advice. Check the original filings before relying on any figure.