Logo

SDHC

Smith Douglas Homes Corp.

SDHC

Smith Douglas Homes Corp. • NYSE
$19.42 ▲ 0.26% (+0.05)
Market Cap $175.12 M
52w High $34.00
52w Low $15.00
Dividend Yield 0%
P/E 15.29
Volume 20.40K
Outstanding Shares 9.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $262.041M ▲ $36.088M ▲ $2.126M ▼ 0.811% ▼ $-0.56 ▼ $18.834M ▲
Q2-2025 $223.924M ▼ $34.702M ▲ $2.365M ▼ 1.056% ▼ $0.26 ▼ $18.531M ▼
Q1-2025 $224.722M ▼ $32.999M ▼ $2.683M ▼ 1.194% ▼ $0.3 ▼ $20.719M ▼
Q4-2024 $287.486M ▲ $42.895M ▲ $4.105M ▼ 1.428% ▼ $0.46 ▼ $31.319M ▼
Q3-2024 $277.835M $34.137M $5.347M 1.925% $0.6 $40.618M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.775M ▼ $571.559M ▲ $145.115M ▼ $82.179M ▲
Q2-2025 $16.777M ▲ $570.219M ▲ $155.387M ▲ $79.982M ▲
Q1-2025 $12.651M ▼ $513.919M ▲ $106.756M ▲ $76.865M ▲
Q4-2024 $22.363M ▼ $475.901M ▲ $74.174M ▼ $73.632M ▲
Q3-2024 $23.716M $460.05M $87.69M $68.435M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $16.215M ▼ $22.753M ▲ $-1.348M ▲ $-23.407M ▼ $-2.002M ▼ $21.397M ▲
Q2-2025 $16.435M ▼ $-28.942M ▲ $-2.119M ▼ $35.187M ▲ $4.126M ▲ $-31.063M ▲
Q1-2025 $18.71M ▼ $-34.905M ▼ $-2.106M ▼ $27.299M ▲ $-9.712M ▼ $-35.94M ▼
Q4-2024 $28.785M ▼ $5.477M ▼ $-926K ▼ $-5.904M ▲ $-1.353M ▼ $4.801M ▼
Q3-2024 $37.824M $22.889M $-627K $-15.844M $6.418M $22.251M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Central
Central
 $90.00M ▲$80.00M ▼$100.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last few years, showing that demand for Smith Douglas’s homes has been resilient. Operating profits have been fairly stable as a share of sales, which suggests the core business model is working and costs are reasonably controlled. However, net income and earnings per share have weakened more recently, likely reflecting a mix of higher financing costs, incentives to buyers, and possibly one-time items around becoming public. In simple terms: the business is selling more homes and still making money on each one, but the bottom line has become thinner and is something to watch.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been scaling up, with assets growing as it takes on more communities and inventory. Debt levels are relatively modest compared with the size of the business, which fits with management’s emphasis on financial discipline and a land-light approach. Cash on hand is not especially large, so the company relies on ongoing sales and credit access rather than on a big cash cushion. Equity has not grown in line with assets and even stepped down recently, which slightly narrows the buffer against future downturns. Overall, it looks prudent but not overly conservative, with some vulnerability if the housing cycle turns quickly.

Cash Flow

Cash Flow The business has generally produced positive cash flow from operations, indicating that profits are backed by real cash generation rather than just accounting gains. Free cash flow has also been positive, helped by very light capital spending since the company does not require heavy investment in fixed assets. More recently, operating cash flow has softened, likely due to money being tied up in land options, lots, and homes under construction. This is normal for a growing builder but means cash flow can swing with market conditions and the pace of sales. In short: cash generation has been solid but is becoming more sensitive to growth and inventory decisions.

Competitive Edge

Competitive Edge Smith Douglas is positioned as an efficient, value-oriented homebuilder focused on affordable homes for first-time buyers and downsizing households. Its land-light strategy helps reduce risk tied to large land banks, and its fast build times and standardized processes support lower costs. The company offers more personalization than many budget-focused peers, which strengthens its appeal without completely sacrificing efficiency. At the same time, it competes in a cyclical, highly competitive market against larger national builders with deeper pockets and broad geographic reach. Its edge rests on staying lean, fast, and affordable in its chosen price segment and regions.

Innovation and R&D

Innovation and R&D Innovation at Smith Douglas is mainly about process and customer experience rather than flashy new building technologies. The Rteam platform improves coordination with trade partners and helps shorten build times and reduce waste. The company’s careful prototyping of floor plans reduces errors during construction, and its online design tools make it easier for buyers to customize homes while keeping the selections process efficient. Standard energy-efficient features add value without radically changing the construction model. These are incremental, practical innovations that strengthen the business model, though they are not impossible for competitors to copy over time.

Summary

Smith Douglas combines a growing revenue base with a disciplined, efficiency-driven model focused on affordable housing. The company appears to have a clear niche and operational strengths, especially in build speed, cost control, and customer personalization. Financially, it has modest leverage and positive free cash flow, but limited cash reserves and a thinner equity cushion introduce some sensitivity to a downturn or slower sales. Recent pressure on net income highlights the impact of higher rates, buyer incentives, and public-company transition costs. Overall, this is a scaling homebuilder with a defined value proposition and sensible risk controls, operating in a cyclical sector where execution and market conditions will remain key swing factors.

NEWS

November 5, 2025 · 7:00 AM UTC

Smith Douglas Homes Reports Third Quarter 2025 Results

Read more

October 22, 2025 · 4:05 PM UTC

Smith Douglas Homes Schedules Third Quarter 2025 Earnings Release and Call

Read more