Here are the 10-K annual reports from Smith Douglas Homes Corp. (SDHC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SDHC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SDHC filings page.
Smith Douglas Homes Corp. details its business model and structure in its annual report. The company builds single-family homes for entry-level and empty-nest buyers in high-growth Southeastern and Southern U.S. markets using a land-light, option-based lot strategy that limits balance sheet risk. As of December 31, 2025, it controlled 22,268 lots, with 20,556 under option, and operated 100 active communities.
The builder emphasizes an efficient, schedule-driven production platform supported by its SMART Builder ERP system and Rteam partner model, producing average construction cycle times of about 57 business days and inventory turnover of 2.6x in 2025. Home closing gross margins were approximately 22% in 2025 versus 26% in 2024, with 2,908 homes closed and an average sales price of about $334,000.
The report explains its 2024 IPO and Up-C structure, dual-class high/low vote shares, and a Tax Receivable Agreement under which Continuing Equity Owners receive 85% of certain tax benefits. The company highlights conservative leverage, with debt-to-book capitalization of 9% and significant undrawn revolver capacity, and outlines growth plans to expand within existing and adjacent markets.