Smith Douglas Homes Corp. (SDHC) Cash Flow Statement
Where SDHC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$31.3M −263.8% vs 2024
- Capital expenditures
- $5.5M 0.6% of revenue
- Free cash flow
- −$36.9M −3.8% margin
- Returned to shareholders
- $28.4M
- Change in cash
- −$9.6M cash at year-end $12.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SDHC operating cash flow, capex and free cash flow
SDHC cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $30.9M2021 | −$31.3M2025 | — | |
| Capital expenditures | $730,0002021 | $5.5M2025 | +65.9%/yr | |
| Free cash flow | $30.1M2021 | −$36.9M2025 | — | |
| Free cash flow margin | 5.8%2021 | −3.8%2025 | −9.6 pts | |
| Operating cash flow / net income | 0.492021 | −2.932025 | −3.42 | |
| Stock-based compensation | $2.3M2023 | $858,0002025 | −38.4%/yr | |
| Dividends paid | $41.0M2021 | $28.4M2025 | −8.8%/yr | |
| Share buybacks (net) | $02023 | $02025 | — | |
| Capex / revenue | 0.1%2021 | 0.6%2025 | +0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SDHC cash flow by activity
SDHC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SDHC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $10.7M | $111.8M | $123.2M | $140.4M | $62.5M |
| Depreciation & amortization | $2.5M | $1.8M | $1.1M | $864,000 | $987,000 |
| Stock-based compensation | $858,000 | $3.0M | $2.3M | — | — |
| Change in working capital | −$113.9M | −$103.8M | −$51.5M | −$12.7M | −$30.4M |
| Other non-cash items | $68.4M | $6.2M | $1.2M | $3.5M | −$2.3M |
| Cash from operating activities | −$31.3M | $19.1M | $76.3M | $132.1M | $30.9M |
| Investing activities | |||||
| Capital expenditures | −$5.5M | −$3.9M | −$1.3M | −$1.0M | −$730,000 |
| Investments (net) | — | −$4.7M | −$76.8M | $361,000 | $847,000 |
| Acquisitions & other investing | −$1.1M | $3.9M | $1.3M | $1.0M | $730,000 |
| Cash from investing activities | −$6.6M | −$4.7M | −$76.8M | $361,000 | $847,000 |
| Financing activities | |||||
| Dividends paid | −$28.4M | −$40.0M | −$78.8M | −$71.4M | −$41.0M |
| Share repurchases & issuance (net) | $0 | −$2.6M | $0 | — | — |
| Net borrowing (repayment) | $60.2M | −$84.5M | $69.6M | −$56.2M | $4.4M |
| Shares issued | $0 | $172.8M | $0 | $0 | $0 |
| Other financing | −$3.5M | −$57.6M | −$85,000 | −$516,000 | −$2.0M |
| Cash from financing activities | $28.3M | −$11.8M | −$9.2M | −$128.2M | −$38.5M |
| Summary | |||||
| Net change in cash | −$9.6M | $2.6M | −$9.8M | $4.3M | −$6.8M |
| Cash at end of period | $12.7M | $22.4M | $19.8M | $29.6M | $25.3M |
| Free cash flow | −$36.9M | $15.2M | $74.9M | $131.1M | $30.1M |
| Free cash flow margin | −3.8% | 1.6% | 9.8% | 17.4% | 5.8% |
| Capex / revenue | 0.6% | 0.4% | 0.2% | 0.1% | 0.1% |
| Operating cash flow / net income | −2.93 | 0.17 | 0.62 | 0.94 | 0.49 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $5.3M | $565,000 | $17.0M | $16.2M | $16.4M | $18.7M | $28.8M | $37.8M | $3.6M | $20.5M | $29.7M | $33.9M |
| Depreciation & amortization | $915,000 | $857,000 | $783,000 | $700,000 | $580,000 | $486,000 | $697,000 | $419,000 | $368,000 | $341,000 | $283,000 | $295,000 |
| Stock-based compensation | $365,000 | $124,000 | $1.9M | $1.1M | $969,000 | $612,000 | $1.2M | $1.2M | $1.0M | $892,000 | — | $0 |
| Change in working capital | −$7.9M | −$7.4M | −$11.9M | $2.4M | −$47.5M | −$56.9M | −$26.4M | −$17.8M | −$27.3M | −$32.2M | −$10.1M | −$15.8M |
| Other non-cash items | $5.9M | $6.2M | $1.9M | $2.4M | $579,000 | $2.2M | $1.2M | $1.2M | $22.3M | $1.2M | $1.5M | $662,000 |
| Cash from operating activities | $4.5M | $338,000 | $9.8M | $22.8M | −$28.9M | −$34.9M | $5.5M | $22.9M | $39,000 | −$9.3M | $21.3M | $19.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$599,000 | −$540,000 | −$1.0M | −$1.4M | −$2.1M | −$1.0M | −$676,000 | −$638,000 | −$2.1M | −$435,000 | −$204,000 | −$618,000 |
| Investments (net) | — | — | — | −$1.3M | −$2.1M | −$2.1M | −$926,000 | −$627,000 | −$2.7M | −$430,000 | −$1.2M | −$75.5M |
| Acquisitions & other investing | $12,000 | −$25,000 | −$49,000 | $1.4M | $2.1M | $1.0M | $676,000 | $638,000 | $2.1M | $435,000 | — | $618,000 |
| Cash from investing activities | −$587,000 | −$565,000 | −$1.1M | −$1.3M | −$2.1M | −$2.1M | −$926,000 | −$627,000 | −$2.7M | −$430,000 | — | −$75.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.9M | −$7.1M | −$28.4M | −$4.4M | −$9.7M | −$13.9M | −$616,000 | −$11.3M | −$11.8M | −$16.3M | −$8.6M | −$22.1M |
| Share repurchases & issuance (net) | −$4.4M | −$5.7M | $0 | $0 | $0 | $0 | $0 | $2.6M | $0 | −$2.6M | — | $0 |
| Net borrowing (repayment) | −$11.3M | $29.4M | −$10.3M | −$17.8M | $47.1M | $41.3M | −$4.0M | −$4.6M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $172.8M | $0 | $0 |
| Other financing | −$104,000 | −$1.1M | $28.0M | −$1.3M | −$2.1M | −$75,000 | −$1.3M | −$2.6M | −$977,000 | −$131.2M | −$2.2M | $77.5M |
| Cash from financing activities | −$17.7M | $15.5M | −$10.7M | −$23.4M | $35.2M | $27.3M | −$5.9M | −$15.8M | −$12.8M | $22.7M | −$10.8M | $55.4M |
| Summary | ||||||||||||
| Net change in cash | −$13.8M | $15.2M | −$2.0M | −$2.0M | $4.1M | −$9.7M | −$1.4M | $6.4M | −$15.5M | $13.0M | $9.3M | −$952,000 |
| Cash at end of period | $14.2M | $28.0M | $12.7M | $14.8M | $16.8M | $12.7M | $22.4M | $23.7M | $17.3M | $32.8M | $19.8M | $10.4M |
| Free cash flow | $3.9M | −$202,000 | $8.7M | $21.4M | −$31.1M | −$35.9M | $4.8M | $22.3M | −$2.1M | −$9.7M | $21.1M | $18.4M |
| Free cash flow margin | 1.4% | −0.1% | 3.4% | 8.2% | −13.9% | −16.0% | 1.7% | 8.0% | −1.0% | −5.1% | 12.4% | 9.3% |
| Capex / revenue | 0.2% | 0.3% | 0.4% | 0.5% | 0.9% | 0.5% | 0.2% | 0.2% | 1.0% | 0.2% | 0.1% | 0.3% |
| Operating cash flow / net income | 0.86 | 0.60 | 0.57 | 1.40 | −1.76 | −1.87 | 0.19 | 0.61 | 0.01 | −0.45 | 0.72 | 0.56 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SDHC cash generation
In fiscal 2025 (ended December 31, 2025), Smith Douglas Homes generated -$31.3 million of cash from operations (down 263.8%) and spent $5.5 million on capital expenditures, leaving free cash flow of -$36.9 million, −3.8% of revenue. It returned $28.4 million to shareholders through dividends ($28.4 million) and net share buybacks ($0). Cash and equivalents fell by $9.6 million over the year.
Related: SDHC income statement, SDHC balance sheet. See the SDHC stock overview for the latest quote and news.
SDHC cash flow FAQ
What is Smith Douglas Homes's free cash flow?
Smith Douglas Homes's free cash flow was -$36.9 million in fiscal 2025: -$31.3 million of operating cash flow minus $5.5 million of capital expenditures It was $15.2 million a year earlier..
How much cash does Smith Douglas Homes generate from operations?
Smith Douglas Homes generated -$31.3 million of cash from operating activities in fiscal 2025, −2.93 times its net income of $10.7 million.
How much does Smith Douglas Homes spend on capital expenditures?
Smith Douglas Homes spent $5.5 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $3.9 million the year before.
How much does Smith Douglas Homes pay in dividends?
Smith Douglas Homes paid $28.4 million in dividends in fiscal 2025.