SMITH & WESSON BRANDS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SMITH & WESSON BRANDS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	903	607	481	530	1,059	864	479	536	475	524
Cost of revenue	528	411	335	364	610	490	325	378	347	383
Gross profit	375	196	146	166	449	375	155	158	127	141
Research and development	10.2	11.4	8.01	7.36	7.48	7.26	7.55	7.26	9.57	10.3
Selling and marketing	49.3	55.8	27.7	42	42.6	43.2	37.1	40.6	41.3	41.6
General and administrative	116	102	67.1	66	79.3	72.5	61.6	63.1	54.9	60
Operating expenses	175	169	103	115	129	123	106	111	103	112
Operating income	200	27	43.5	50.3	320	252	48.4	47.1	23.9	29.2
Other non-operating income	-8.63	-9.43	-9.31	-11.1	-1.67	0.73	-0.18	4.62	-4.64	-4.14
Pre-tax income	191	17.6	34.2	39.2	318	252	48.2	51.7	19.2	25.1
Income tax	63.5	-2.51	9.28	11.5	74.4	57.9	11.4	10.4	5.82	6.59
Income from continuing operations	128		24.9	27.7	244	194	36.9
Net income	128	20.1	18.4	-61.2	252	194	36.9	41.4	13.4	18.5
EBITDA	250	79.1	72.6	82.3	351	282	79.8	79.7	55.7	60.5
EPS, basic	2.29	0.37	0.34	-1.11	4.62	4.12	0.80	0.90	0.30	0.42
EPS, diluted	2.25	0.37	0.33	-1.10	4.55	4.08	0.80	0.89	0.30	0.41
Shares, basic (weighted)	55.9	54.1	54.5	55	54.6	47.2	0.05	0.05	0.04	0.04
Shares, diluted (weighted)	56.9	54.8	55.2	55.7	55.4	47.7	0.05	0.05	0.04	0.04
Dividend per share						0.32	0.40	0.48	0.52	0.52

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	61.5	48.9	41	125	113	121	53.6	60.8	25.2	28.2
Receivables	108	56.7	84.9	60.9	67.4	62.7	55.2	59.1	55.9	40
Inventory	61.1	91.5	108	60.4	21.5	58.5	93.7	83.3	116	85.6
Other current assets	6.12	6.89	6.53	7.56	8.41	5.57	4.92	4.97	6.26	7.17
Total current assets	318	270	299	393	268	328	292	287	277	241
Property, plant and equipment	150	159	183	157	142	136	210	253	243	239
Lease right-of-use assets				8.57	4.76	3.54	1.84	1.35	0.41	0
Goodwill	169	191	182	19	19	19	19	19	19	19
Intangible assets	141	113	91.8	4.38	4.42	3.61	3.59	2.6	2.41	1.96
Other non-current assets	9.58	11.5	10.7	16.4	13.1	10.4	8.35	8.61	8.01	7.39
Total assets	788	745	767	730	446	497	541	577	560	513
Accounts payable	53.4	33.6	35.6	31.5	57.3	30	36.8	41.8	26.9	34.6
Accrued liabilities	51.7	41.6	21.5	12.4	17.4	17.4	18.6	17.1	9.06	15.2
Deferred revenue			12.2	14.7	2.91	0
Total current liabilities	151	101	111	130	126	88.9	87.2	94.4	66.6	75.4
Lease liabilities				7.49	3.63	2.3	0.8	0.57	0.32	0
Other non-current liabilities	7.35	6.89	6.45	10.6	14.7	10.4	7.71	7.85	7.72	9.56
Total liabilities	395	323	322	342	180	137	157	178	187	136
Paid-in capital	246	254	263	268	273	278	284	290	298	2.78
Retained earnings	369	389	403	342	325	505	523	542	533	374
Treasury stock	-222	-222	-222	-222	-332	-422	-422	-433	-458	0
Other comprehensive income	0.44	1.69	0.62	0.07	0.07	0.07	0.07	0.07	0
Shareholders' equity	393	422	444	387	266	361	385	400	372	377
Total equity	393	422	444	387	266	361	385	400	372	377
Total liabilities and equity	788	745	767	730	446	497	541	577	560	513
Shares outstanding	53.9	54.3	54.7	55.4	49.9	45.6	46	45.6	44.1	44.6

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	128	20.1	18.4	-61.2	252	194	36.9	41.4	13.4	18.5
Depreciation and amortization	50.2	52.1	29	32	31.6	30.1	31.4	32.6	31.8	31.3
Stock-based compensation	8.59	7.82	6.95	2.36	4.71	4.54	5.1	5.68	7.61	8.35
Deferred income tax	-7.84	-8.78	0.41	-0.26	0.45	-2.13	-6.86	0.86	-3.03	5.91
Change in receivables	-40.7	51.4	-29.1	-0.2	-5.82	4.06	7.57	-3.9	3.2	15.9
Change in inventory	-22.2	-17	7.67	-0.91	25.3	-58.2	-40.5	16.6	-29.3	33.6
Change in payables	1.23	-21	4.57	4.04	25.5	-27	-8.61	18.3	-14.8	5.37
Cash from operations	124	61.6	57.1	94.7	315	138	16.7	107	-7.22	114
Capital expenditures	-34.9	-18.5	-30.9	-12.4	-22.1	-24	-89.6	-90.8	-21.6	-23.7
Acquisitions	-211	-23.1	-1.77
Purchases of investments								0	0	-4.63
Cash from investing	-244	-42.2	-34.8	-14	-23.4	-24.1	-89.8	-81.5	-19.2	-28.2
Debt issued	100	150	50	228	25	0
Debt repaid	-56.3	-181	-81.3	-225	-185	0	0	-35	-35	-85
Share buybacks	-50.1			0	-110	-90	0	-10.2	-25.5	0
Dividends paid				0	-8.22	-15	-18.3	-22	-23.1	-23.2
Cash from financing	-9.56	-32.2	-30.5	3.38	-304	-106	5.88	-18	-9.21	-83
Net change in cash	-130	-12.7	-8.2	84.2	-12	7.71	-67.2	7.28	-35.6	2.96
Free cash flow	88.7	43.2	26.2	82.3	293	114	-72.8	16	-28.8	90.4
Interest paid	7.65	10.6	9.47	11.1	3.31	2.22	2.15	4.75	5.19	5.38
Income taxes paid	85.2	1.39	10.6	6.94	80.9	59.2	18.2	12.7	7.3	5.66

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $14.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.4%	Gross profit / revenue.
Operating margin	6.6%	Operating income / revenue.
EBITDA margin	12.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.0%	Pre-tax income / revenue.
Net margin	4.4%	Net income / revenue.
FCF margin	14.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.6%	Cash from operations / revenue.
Effective tax rate	26.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.7%	Net income / average total assets.
Return on invested capital (ROIC)	7.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.8%	Research and development expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.7%	Capital expenditures / revenue.
D&A / revenue	5.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-13.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-20.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	22.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-15.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-38.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-29.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	37.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-20.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-40.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	36.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-20.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-38.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	89.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-18.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-21.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	1.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-75.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.62x	Current assets / current liabilities.
Quick ratio	0.71x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	28.6%	Total liabilities / total assets.
Working capital	$179.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$352.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.05x	Revenue / average total assets.
Fixed asset turnover	2.27x	Revenue / average property, plant and equipment.
Inventory turnover	3.98x	Cost of revenue / average inventory.
Days inventory	92 days	365 x average inventory / cost of revenue.
Receivables turnover	18.6x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	77 days	Days inventory + days sales outstanding - days payables.
FCF conversion	335.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	27.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.12	Revenue / diluted weighted shares.
FCF per share	$1.80	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.49	Cash from operations / diluted weighted shares.
Book value per share	$8.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.87	Tangible book value / shares outstanding.
Cash per share	$0.42	(Cash + short-term investments) / shares outstanding.
Payout ratio	95.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$639.4M	Share price x shares outstanding.
Enterprise value	$620.7M	Market cap + total debt - cash - short-term investments.
P/E	26.1x	Market cap / net income. Only when net income is positive.
P/S	1.16x	Market cap / revenue.
P/B	1.71x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.81x	Market cap / tangible book value, when positive.
P/FCF	7.79x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.64x	Market cap / cash from operations, when positive.
EV/Sales	1.13x	Enterprise value / revenue.
EV/EBIT	17.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.27x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.56x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.8%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.6%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.

What was SMITH & WESSON BRANDS, INC.'s revenue in fiscal 2026?

SMITH & WESSON BRANDS, INC. reported revenue of $523.8M for fiscal 2026, 10.4% higher than the year before.

Was SMITH & WESSON BRANDS, INC. profitable in fiscal 2026?

Yes. Net income was $18.5M, a net margin of 3.5%.

How much free cash flow did SMITH & WESSON BRANDS, INC. generate in fiscal 2026?

Cash from operations of $114.2M minus capital expenditures of $23.7M left free cash flow of $90.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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