SDHC on NYSE
Smith Douglas Homes Corp.
American operative builders company, incorporated in Delaware.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with LGI Homes, Green Brick Partners, Inc. or Beazer Homes USA, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
21.8%Gross margin2
1.1%Net margin2
-0.4%Revenue growth, 20252
12.3%Return on equity2
-$36.9MFree cash flow2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue78¢$758.9M
- Selling, general and admin14¢$139.8M
- Other costs6¢$59.2M
- Income tax0¢$2.5M
- Profit1¢$10.7M
Out of $971.1M in revenue.2
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Home closing revenue | $971.1M | $975.5M |
| Cost of home closings | $758.9M | $719.9M |
| Home closing gross profit | $212.2M | $255.5M |
| Selling, general and administrative costs | $139.8M | $136.4M |
| Equity in income from unconsolidated entities | -$2.1M | -$1.2M |
| Interest expense | $3.2M | $2.5M |
| Other expense, net | $374.0K | $938.0K |
| Income before income taxes | $70.9M | $116.9M |
| Provision for income taxes | $2.5M | $5.1M |
| Net income | $68.4M | $111.8M |
| Net income attributable to non-controlling interests and LLC members prior to IPO | $57.7M | $95.8M |
| Net income attributable to Smith Douglas Homes Corp. | $10.7M | $16.1M |
| Basic (in dollars per share) | $1.19 | $1.82 |
| Diluted (in dollars per share) | $1.19 | $1.81 |
| Basic (in shares) | 9.0M shares | 8.8M shares |
| Diluted (in shares) | 9.2M shares | 9.1M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $12.7M | $22.4M | |
| Real estate inventory | $298.6M | $277.8M | |
| Deposits on real estate under option or contract | $138.8M | $103.0M | |
| Real estate not owned | $28.1M | $5.8M | |
| Property and equipment, net | $9.7M | $3.8M | |
| Goodwill | $25.7M | $25.7M | |
| Deferred tax asset, net | $9.7M | $10.9M | |
| Other assets | $34.3M | $26.4M | |
| Total assets | $557.6M | $475.9M | |
| Accounts payable | $1.9M | $17.2M | |
| Customer deposits | $3.1M | $5.3M | |
| Notes payable | $44.1M | $3.1M | |
| Liabilities related to real estate not owned | $28.1M | $5.8M | |
| Accrued expenses and other liabilities | $26.4M | $32.3M | |
| Tax receivable agreement liability | $9.9M | $10.4M | |
| Total liabilities | $113.5M | $74.2M | |
| Preferred stock, $0.0001 par value 10,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024 | $0 | $0 | |
| Additional paid-in capital | $60.6M | $58.2M | |
| Retained earnings | $26.1M | $15.4M | |
| Total stockholders equity attributable to Smith Douglas Homes Corp. | $86.7M | $73.6M | |
| Non-controlling interests attributable to Smith Douglas Holdings LLC | $357.4M | $328.1M | |
| Total equity | $444.1M | $401.7M | $208.9M |
| Total liabilities and equity | $557.6M | $475.9M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $12.7M | $22.4M | |
| Real estate inventory | $298.6M | $277.8M | |
| Deposits on real estate under option or contract | $138.8M | $103.0M | |
| Real estate not owned | $28.1M | $5.8M | |
| Property and equipment, net | $9.7M | $3.8M | |
| Goodwill | $25.7M | $25.7M | |
| Deferred tax asset, net | $9.7M | $10.9M | |
| Other assets | $34.3M | $26.4M | |
| Total assets | $557.6M | $475.9M | |
| Accounts payable | $1.9M | $17.2M | |
| Customer deposits | $3.1M | $5.3M | |
| Notes payable | $44.1M | $3.1M | |
| Liabilities related to real estate not owned | $28.1M | $5.8M | |
| Accrued expenses and other liabilities | $26.4M | $32.3M | |
| Tax receivable agreement liability | $9.9M | $10.4M | |
| Total liabilities | $113.5M | $74.2M | |
| Preferred stock, $0.0001 par value 10,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024 | $0 | $0 | |
| Additional paid-in capital | $60.6M | $58.2M | |
| Retained earnings | $26.1M | $15.4M | |
| Total stockholders equity attributable to Smith Douglas Homes Corp. | $86.7M | $73.6M | |
| Non-controlling interests attributable to Smith Douglas Holdings LLC | $357.4M | $328.1M | |
| Total equity | $444.1M | $401.7M | $208.9M |
| Total liabilities and equity | $557.6M | $475.9M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income | $68.4M | $111.8M |
| Depreciation | $2.5M | $1.8M |
| Accrued incentive compensation expense | $858.0K | $3.0M |
| Share-based payment expense | $3.7M | $4.4M |
| Abandonment of lot option contracts | $2.3M | $0 |
| Impairment of real estate inventory | $2.6M | $0 |
| Amortization of debt issuance costs | $944.0K | $942.0K |
| Equity in earnings from unconsolidated entities | -$2.1M | -$1.2M |
| Distributions of income from unconsolidated entities | $1.9M | $1.1M |
| Non-cash lease expense | $658.0K | $630.0K |
| Provision for deferred income taxes | $1.2M | $353.0K |
| Change in value of TRA liability | -$544.0K | $0 |
| Other | $5.0K | $24.0K |
| Real estate inventory | -$46.2M | -$53.7M |
| Deposits on real estate under option or contract | -$37.4M | -$45.9M |
| Other assets | -$5.4M | -$6.7M |
| Accounts payable | -$15.3M | -$84.0K |
| Customer deposits | -$2.2M | -$1.9M |
| Accrued expenses and other liabilities | -$7.4M | $4.5M |
| Net cash (used in) provided by operating activities | -$31.3M | $19.1M |
| Purchases of property and equipment | -$5.5M | -$3.9M |
| Investments in unconsolidated entities | -$1.1M | -$855.0K |
| Other | $25.0K | $36.0K |
| Net cash used in investing activities | -$6.6M | -$4.7M |
| Issuance of Class A common stock in IPO, net of underwriting discount | $0 | $172.8M |
| Issuance of Class B common stock | $0 | $4.0K |
| Payment of offering costs | $0 | -$5.1M |
| Redemption of Class C and D units | $0 | -$2.6M |
| Purchase of LLC interests from Continuing Equity Owners | $0 | -$47.6M |
| Borrowings under revolving credit facility | $205.0M | $87.0M |
| Repayments under revolving credit facility | -$165.0M | -$158.0M |
| Payments on notes payable | -$1.7M | -$1.6M |
| Payments on notes payable - related party | -$288.0K | -$938.0K |
| Proceeds from sales of real estate not owned | $43.3M | $4.9M |
| Payments related to repurchases of real estate not owned | -$21.1M | -$15.9M |
| Distributions | -$28.4M | -$40.0M |
| Payment of debt issuance costs | -$2.2M | -$1.9M |
| Payment of shares withheld for taxes | -$1.3M | $0 |
| Payment of contingent consideration related to acquisition | $0 | -$3.0M |
| Net cash provided by (used in) financing activities | $28.3M | -$11.8M |
| Net (decrease) increase in cash and cash equivalents | -$9.6M | $2.6M |
| Cash paid for interest, net of amounts capitalized | $2.0M | $1.7M |
| Cash paid for income taxes | $3.6M | $4.3M |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $574.0K | $1.9M |
| Purchases of property, plant, and equipment through issuance of related party note payable | $3.0M | $0 |
| Offering costs prepaid in prior year | $0 | $1.7M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Smith Douglas Homes Corp., and when. Pick a name to see everywhere that person has worked.
Board members and other officers (9)
- OfficerBrett Allen Steele Jan 11, 2024 to now9
- OfficerRussell Devendorf Jan 11, 2024 to now10
- Board memberJanice E. Walker Jan 11, 2024 to now11
- Board memberJeffrey T. Jackson Jan 11, 2024 to now12
- Board memberJulie Bradbury Jan 11, 2024 to now13
- Board memberNeil B. Wedewer Jan 11, 2024 to now14
- Board memberNeill B. Faucett Jan 11, 2024 to now15
- Board memberSonny Perdue Jan 11, 2024 to now16
- Board memberThomas L. Bradbury Jan 11, 2024 to now17
Filings
171 filings to the SEC since October 2021: 3 annual reports, 8 quarterly reports, 17 major events, 71 insider forms, 47 large holders, 25 other. The latest 20:
- Oct 13, 2026SCHEDULE 13G/A EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Aug 26, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jun 10, 20268-K EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
The 171 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 47 such filings since October 2021, the latest 10:
- Oct 13, 2026SCHEDULE 13G/A
- Aug 13, 2026SCHEDULE 13G/A
- May 14, 2026SCHEDULE 13G/A
- May 14, 2026SCHEDULE 13G/A
- Apr 30, 2026SCHEDULE 13G
- Apr 7, 2026SCHEDULE 13G/A
- Apr 7, 2026SCHEDULE 13G/A
- Apr 6, 2026SCHEDULE 13G/A
- Mar 27, 2026SCHEDULE 13G/A
- Feb 17, 2026SCHEDULE 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 62. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Conifer Management, L.L.C. | 1,433,350 | $22.3M | 3.7% | No change |
| Kayne Anderson Rudnick Investment Management LLC | 974,282 | $15.1M | 0.0% | −366,939 |
| Beck Mack & Oliver LLC | 835,065 | $13.0M | 0.3% | −15,528 |
| First Eagle Investment Management, LLC | 808,548 | $12.6M | 0.0% | +423,774 |
| Wellington Management Group Llp | 622,625 | $9.7M | 0.0% | −136,171 |
| Wasatch Advisors LP | 531,223 | $8.3M | 0.1% | −55,532 |
| Vanguard Capital Management LLC | 364,949 | $5.7M | 0.0% | −31,816 |
| BlackRock, Inc. | 208,862 | $3.2M | 0.0% | +49,230 |
| Marshall Wace, Llp | 163,864 | $2.5M | 0.0% | +61,989 |
| Gilder Gagnon Howe & Co LLC | 161,307 | $2.5M | 0.0% | −21,393 |
| D. E. Shaw & Co., Inc. | 142,986 | $2.2M | 0.0% | +64,560 |
| Wells Fargo & Company/mn | 117,508 | $1.8M | 0.0% | −7,876 |
| Geode Capital Management, LLC | 103,146 | $1.6M | 0.0% | −5,350 |
| Jane Street Group, LLC | 84,735 | $1.3M | 0.0% | +2,559 |
| Trexquant Investment LP | 56,477 | $877.7K | 0.0% | +40,629 |
| Vanguard Fiduciary Trust Co | 54,044 | $839.8K | 0.0% | +364 |
| Jpmorgan Chase & Co | 51,376 | $770.1K | 0.0% | +19,817 |
| UBS Group AG | 47,622 | $740.0K | 0.0% | −647 |
| Goldman Sachs Group Inc | 46,618 | $724.4K | 0.0% | +15,934 |
| State Street Corp | 46,176 | $717.6K | 0.0% | +3,064 |
| Quent Capital, LLC | 45,000 | $699.3K | 0.0% | +15,000 |
| Dimensional Fund Advisors LP | 43,263 | $672.3K | 0.0% | +17,964 |
| Morgan Stanley | 32,795 | $509.6K | 0.0% | +22,487 |
| Verition Fund Management LLC | 32,000 | $497.3K | 0.0% | New |
| Squarepoint Ops LLC | 31,818 | $494.5K | 0.0% | +8,606 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9SEC EDGARBrett Allen Steele, Officer
- 10SEC EDGARRussell Devendorf, Officer
- 11SEC EDGARJanice E. Walker, Board member
- 12SEC EDGARJeffrey T. Jackson, Board member
- 13SEC EDGARJulie Bradbury, Board member
- 14SEC EDGARNeil B. Wedewer, Board member
- 15SEC EDGARNeill B. Faucett, Board member
- 16SEC EDGARSonny Perdue, Board member
- 17SEC EDGARThomas L. Bradbury, Board member