Smith & Wesson Brands Inc (NASDAQ: SWBI) is a firearms manufacturing company that designs and produces handguns, long guns, handcuffs, firearm suppressors, and related products. Revenue comes from transactional product sales across consumer, law enforcement, security, and military channels, plus manufacturing services sold to other businesses under the Smith & Wesson Precision Components brand to level-load factory capacity. The company sells under the Smith & Wesson and Gemtech brands and manufactures at facilities in Maryville, Tennessee; Springfield, Massachusetts; and Houlton, Maine. New products represented 42.8% of net sales for the fiscal year ended April 30, 2025, including six new pistols and six new long guns. Long gun sales declined $12.5 million, or 10.8%, from fiscal 2024, driven by lower consumer demand. Cash used in operating activities was $7.2 million in fiscal 2025, compared with $106.7 million provided in fiscal 2024, reflecting higher inventory build and lower net income. Capital expenditures were $21.6 million in fiscal 2025, with $25.0 to $30.0 million expected in fiscal 2026.

Revenue model

Transactional product sales of firearms and accessories to consumers, distributors, law enforcement, security agencies, and military customers, supplemented by business-to-business manufacturing services revenue under the Smith & Wesson Precision Components brand.

Products and services

Handguns (revolvers and pistols), modern sporting rifles (M&P and Volunteer series in calibers including 5.56mm NATO, .308 Winchester, 6.5 Creedmoor, 6mm ARC, and .22LR), pistol caliber carbines (M&P FPC and Response in 9mm, 40 S&W, and 10mm), lever-action rifles (Model 1854 and Stealth Hunter series in calibers including 45 Long Colt, 357 Magnum, and 45-70 Government), handcuffs, firearm suppressors, upper assemblies, and component parts. Brands include Smith & Wesson and Gemtech.

Customers and end markets

Firearm enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals seeking home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and internationally. Business-to-business customers purchase contract manufacturing services.

Value-chain role

Vertically integrated manufacturer and brand owner. Designs, manufactures, and sells finished firearms and accessories directly to distributors and end-market channels, and sells manufacturing capacity as a service to other businesses.

Geographic exposure

Primary manufacturing in the United States (Maryville, Tennessee; Springfield, Massachusetts; Houlton, Maine). Sales to customers in the United States and internationally, per the fiscal 2025 10-K filed 2025-06-20.

Source: SEC 10-K, filed 2025-06-20

Industry: Ordnance & Accessories, (No Vehicles/Guided Missiles) Peers: Outdoor Holding Company Clarus Corp Hasbro Inc Johnson Outdoors Inc Latham Group Inc Malibu Boats Inc Sturm Ruger & Company Inc Solo Brands Inc Vista Outdoor Inc. Yeti Holdings Inc