Smith Douglas Homes Corp. SDHC
We are engaged in the design, construction, and sale of single-family homes in some of the highest growth and most desirable markets in the Southeastern and Southern United States. We employ an efficient land-light, production focused, and conservatively leveraged business model, which we believe results in a compelling combination of strong home closing gross margins, construction cycle times, and returns. Our communities are primarily targeted to entry-level and empty-nest homebuyers. We offer our homebuyers an attractive value proposition by providing a personalized home buying experience at affordable price points. With the goal of becoming one of the most dominant homebuilders in the Southeastern and Southern United States, we intend to grow operations within our existing footprint and to expand into new markets where we can most effectively implement our business strategy and maximize our profit and returns.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $971.1M | $975.5M | $764.6M | — |
| Cost of revenue | $758.9M | $719.9M | $548.3M | — |
| Gross profit | $212.2M | $255.5M | $216.3M | — |
| SG&A | $139.8M | $136.4M | $92.4M | — |
| Interest expense | $3.2M | $2.5M | $1.7M | — |
| Pre-tax income | $70.9M | $116.9M | $123.2M | — |
| Income tax | $2.5M | $5.1M | $0 | — |
| Net income | $10.7M | $16.1M | $123.2M | — |
| EPS, basic | 1.19 | 1.82 | — | — |
| EPS, diluted | 1.19 | 1.81 | — | — |
| Shares, diluted (wtd. avg.) | $9.2M | $9.1M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $12.7M | $22.4M | $19.8M | $29.6M |
| Property, plant and equipment | $9.7M | $3.8M | $1.5M | — |
| Goodwill | $25.7M | $25.7M | $25.7M | — |
| Total assets | $557.6M | $475.9M | $352.7M | — |
| Total liabilities | $113.5M | $74.2M | $143.8M | — |
| Retained earnings | $26.1M | $15.4M | — | — |
| Total equity | $86.7M | $73.6M | $208.9M | $164.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$31.3M | $19.1M | $76.3M | — |
| Depreciation and amortisation | $2.5M | $1.8M | $1.1M | — |
| Stock-based compensation | $3.7M | $4.4M | $0 | — |
| Capital expenditure | $5.5M | $3.9M | $1.3M | — |
| Investing cash flow | -$6.6M | -$4.7M | -$76.8M | — |
| Financing cash flow | $28.3M | -$11.8M | -$9.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-017245.
Others in SIC 1531
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