Smith Douglas Homes Corp.

Listed Company

SDHCCIK 0001982518NYSEAcceleratedSmaller ReportingEmerging GrowthOperative BuildersDelawareFY ends Dec 31

Period

FY 2025

Revenue

$971.12M

Net Income

$10.69M

Total Assets

$557.59M

Equity

$86.73M

Shares Out

—

Op. Cash Flow

$-31.34M

Business

Smith Douglas Homes Corp. designs, constructs, and sells single-family homes using a land-light, production-focused business model. It offers value-engineered floor plans, move-in ready and build-to-order homes with personalization options, and title and closing services through a minority-owned title agency. Operations are organized into eight geographic divisions grouped into two reportable segments, Southeast and Central, and supported by its SMART Builder ERP and Rteam partnership model. The company markets primarily to entry-level and empty-nest homebuyers across high-growth markets in the Southeastern and Southern United States through digital channels, brokers, and on-site sales centers.

Summary from filing dated 2025-03-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Home closing revenue	971	975	765
Cost of home closings	759	720	548
Home closing gross profit	212	256	216
Selling, general and administrative costs	140	136	92
Equity in income from unconsolidated entities	−2	−1	−900,000
Interest expense	3	2	2
Other expense, net	374,000	938,000	−19,000
Income before income taxes	71	117	123
Provision for income taxes	3	5	0
Net income	68	112	123
Net income attributable to non-controlling interests and LLC members prior to IPO	58	96	—
Net income attributable to Smith Douglas Homes Corp.	11	16	—
Basic (in dollars per share)	1.19	1.82	—
Diluted (in dollars per share)	1.19	1.81	—
Basic (in shares)	9	9	—
Diluted (in shares)	9	9	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	13	22	20	—
Real estate inventory	299	278	213	—
Deposits on real estate under option or contract	139	103	57	—
Real estate not owned	28	6	17	—
Property and equipment, net	10	4	2	—
Goodwill	26	26	26	—
Deferred tax asset, net	10	11	0	—
Other assets	34	26	19	—
Total assets	558	476	353	—
Accounts payable	2	17	17	—
Customer deposits	3	5	7	—
Notes payable	44	3	76	—
Liabilities related to real estate not owned	28	6	17	—
Accrued expenses and other liabilities	26	32	27	—
Tax receivable agreement liability	10	10	0	—
Total liabilities	113	74	144	—
Commitments and Contingencies	—	—	—	—
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	61	58	—	—
Retained earnings	26	15	—	—
Total stockholders equity attributable to Smith Douglas Homes Corp.	87	74	—	—
Non-controlling interests attributable to Smith Douglas Holdings LLC	357	328	—	—
Total equity	444	402	209	165
Total liabilities and equity	558	476	353	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Depreciation	3	2	1
Accrued incentive compensation expense	858,000	3	2
Share-based payment expense	4	4	0
Abandonment of lot option contracts	2	0	—
Impairment of real estate inventory	3	0	—
Amortization of debt issuance costs	900,000	900,000	700,000
Distributions of income from unconsolidated entities	2	1	941,000
Non-cash lease expense	658,000	630,000	489,000
Provision for deferred income taxes	1	353,000	0
Change in value of TRA liability	−544,000	0	—
Other	5,000	24,000	48,000
Real estate inventory	−46	−54	−34
Deposits on real estate under option or contract	−37	−46	−17
Other assets	−5	−7	−5
Accounts payable	−15	−84,000	6
Customer deposits	−2	−2	−2
Accrued expenses and other liabilities	−7	5	323,000
Net cash (used in) provided by operating activities	−31	19	76
Purchases of property and equipment	−6	−4	−1
Investments in unconsolidated entities	−1	−900,000	0
Other	25,000	36,000	21,000
Net cash used in investing activities	−7	−5	−77
Issuance of Class A common stock in IPO, net of underwriting discount	0	173	0
Issuance of Class B common stock	0	4,000	0
Payment of offering costs	0	−5	0
Redemption of Class C and D units	0	−3	0
Purchase of LLC interests from Continuing Equity Owners	0	−48	0
Borrowings under revolving credit facility	205	87	150
Repayments under revolving credit facility	−165	−158	−94
Payments on notes payable	−2	−2	−7,000
Payments on notes payable - related party	−288,000	−938,000	−365,000
Proceeds from sales of real estate not owned	43	5	24
Payments related to repurchases of real estate not owned	−21	−16	−10
Distributions	−28	−40	−79
Payment of debt issuance costs	−2	−2	−85,000
Payment of shares withheld for taxes	−1	0	—
Payment of contingent consideration related to acquisition	0	−3	0
Net cash provided by (used in) financing activities	28	−12	−9
Net (decrease) increase in cash and cash equivalents	−10	3	−10
Cash paid for interest, net of amounts capitalized	2	2	669,000
Cash paid for income taxes	4	4	0
Right-of-use assets obtained in exchange for new operating lease liabilities	574,000	2	230,000
Purchases of property, plant, and equipment through issuance of related party note payable	3	0	—
Offering costs prepaid in prior year	0	2	0

Filings

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