SWBISMITH & WESSON BRANDS, INC.

Ordnance & Accessories, (no Vehicles/guided Missiles)

Revenue: $524M; 10% YoY
Operating margin: 5.6%; 11% YoY
EBITDA: $61M; 8.6% YoY
Market cap: $591M
Employees: 1,386; $378K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
618% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$378K · 37th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$591M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$864M	$479M	$536M	$475M	$524M	10%
Operating income	$252M	$48M	$47M	$24M	$29M	22%
Net income	$194M	$37M	$41M	$13M	$18M	38%
Operating cash flow	$138M	$17M	$107M	−$7M	$114M	1681%
Capex	$24M	$90M	$91M	$22M	$24M	9.9%
Stock-based comp	$5M	$5M	$6M	$8M	$8M	9.7%
Buybacks	$90M	$0	$10M	$25M	$0	100%
Dividends	$15M	$18M	$22M	$23M	$23M	0.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 28, 2026	JDH Capital I, L.P.	SCHEDULE 13D	16.7%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	107	81
FY2025	—	—	63	54
FY2024	—	—	107	69
FY2023	—	—	73	71
FY2022	—	—	80	82