Smith Douglas Homes Corp.
Business
Smith Douglas Homes Corp. designs, constructs, and sells single-family homes in high-growth Southeastern and Southern markets, targeting entry-level and empty-nest homebuyers. The company operates through a land-light model using lot-option contracts from third-party developers, paired with a production-focused, schedule-driven construction process called Rteam and supported by a proprietary ERP system called SMART Builder. The company is organized into ten geographic divisions spanning two reportable segments, with strong home-closing gross margins and rapid construction cycle times.
Summary from 10-K filed 2026-03-12
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Smith Douglas Homes Corp.'s CIK number?
Smith Douglas Homes Corp.'s SEC CIK number is 0001982518 (1982518). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Smith Douglas Homes Corp.'s SEC filings?
All of Smith Douglas Homes Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Smith Douglas Homes Corp. last report earnings?
Smith Douglas Homes Corp. (SDHC) most recently filed an earnings 8-K with the SEC on Apr 29, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-028106). This is Smith Douglas Homes Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Smith Douglas Homes Corp.'s most recent earnings 8-K?
Smith Douglas Homes Corp.'s latest earnings 8-K (Item 2.02) was filed Apr 29, 2026 under accession 0001628280-26-028106. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Smith Douglas Homes Corp.'s latest earnings 8-K →
Look up any company's CIK number →