Revenue growth remains inconsistent, fluctuating between a 12.5% decline and an 11.6% increase, while gross margins have experienced severe volatility, bottoming out at 3.9% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 551.67M | 546.06M | 535.64M | 543.77M | 595.84M | 730.74M | 568.87M | 410.51M | 495.63M | 522.26M | 664.33M | 551.09M | 544.47M | 688.28M | 491.82M | 328.82M | 255.21M | 270.99M | 181.48M | 156.49M | 167.62M | 154.72M | 145.62M | 147.92M | 161.59M | 174.33M | 202.65M | 241.7M | 211.6M | 209.4M | 223.3M |
| Revenue Growth % | 3.2% | 1.94% | -1.49% | -8.74% | -18.46% | 28.45% | 38.58% | -17.18% | -5.1% | -21.39% | 20.55% | 1.22% | -20.89% | 39.94% | 49.57% | 28.84% | -5.82% | 49.32% | 15.97% | -6.64% | 8.34% | 6.25% | -1.55% | -8.46% | -7.31% | -13.98% | -16.15% | 14.22% | 1.05% | -6.22% | 16% |
| Cost of Goods Sold | 472.34M | 456.51M | 421.23M | 410.15M | 415.76M | 451.18M | 377.43M | 310.96M | 361.28M | 368.25M | 444.77M | 378.93M | 375.3M | 429.67M | 312.87M | 217.06M | 171.22M | 183.38M | 138.73M | 117.19M | 143.38M | 128.34M | 116.59M | 113.19M | 125.38M | 134.45M | 135.75M | 161.9M | 146.7M | 136.9M | 142.6M |
| COGS % of Revenue | - | 83.6% | 78.64% | 75.43% | 69.78% | 61.74% | 66.35% | 75.75% | 72.89% | 70.51% | 66.95% | 68.76% | 68.93% | 62.43% | 63.61% | 66.01% | 67.09% | 67.67% | 76.44% | 74.89% | 85.54% | 82.95% | 80.06% | 76.52% | 77.59% | 77.12% | 66.99% | 66.98% | 69.33% | 65.38% | 63.86% |
| Gross Profit | 79.33M | 89.55M | 114.42M | 133.62M | 180.09M | 279.56M | 191.44M | 99.55M | 134.36M | 154.01M | 219.55M | 172.16M | 169.17M | 258.61M | 178.95M | 111.76M | 83.98M | 87.61M | 42.75M | 39.3M | 24.24M | 26.38M | 29.03M | 34.73M | 36.21M | 39.88M | 66.9M | 79.8M | 64.9M | 72.5M | 80.7M |
| Gross Margin % | 14.38% | 16.4% | 21.36% | 24.57% | 30.22% | 38.26% | 33.65% | 24.25% | 27.11% | 29.49% | 33.05% | 31.24% | 31.07% | 37.57% | 36.39% | 33.99% | 32.91% | 32.33% | 23.56% | 25.11% | 14.46% | 17.05% | 19.94% | 23.48% | 22.41% | 22.88% | 33.01% | 33.02% | 30.67% | 34.62% | 36.14% |
| Gross Profit Growth % | - | -21.73% | -14.37% | -25.8% | -35.58% | 46.03% | 92.31% | -25.91% | -12.76% | -29.85% | 27.53% | 1.76% | -34.58% | 44.51% | 60.13% | 33.07% | -4.14% | 104.91% | 8.79% | 62.14% | -8.12% | -9.14% | -16.4% | -4.1% | -9.2% | -40.39% | -16.16% | 22.96% | -10.48% | -10.16% | 25.12% |
| Operating Expenses | 101.87M | 101.16M | 82.76M | 81.53M | 76.63M | 76.42M | 72.29M | 60.17M | 67.35M | 77.63M | 85.15M | 77.61M | 112.84M | 83.7M | 67.91M | 49.34M | 40.59M | 43.7M | 29.22M | 29.04M | 24.52M | 25.02M | 22.88M | 21.02M | 23.97M | 20.86M | 28.66M | 28M | 29.5M | 27.1M | 26.8M |
| OpEx % of Revenue | - | 18.53% | 15.45% | 14.99% | 12.86% | 10.46% | 12.71% | 14.66% | 13.59% | 14.86% | 12.82% | 14.08% | 20.72% | 12.16% | 13.81% | 15.01% | 15.9% | 16.13% | 16.1% | 18.56% | 14.63% | 16.17% | 15.71% | 14.21% | 14.84% | 11.97% | 14.14% | 11.58% | 13.94% | 12.94% | 12% |
| Selling, General & Admin | 101.87M | 93.26M | 82.76M | 81.54M | 76.67M | 76.55M | 72.34M | 60.12M | 67.36M | 77.63M | 85.15M | 77.73M | 112.84M | 84.1M | 67.91M | 49.66M | 40.17M | 42.48M | 30.06M | 28.77M | 24.02M | 24.54M | 22.88M | 21.02M | 20.66M | 20.86M | 19.91M | 19.3M | 19.2M | 17.9M | 19.2M |
| SG&A % of Revenue | - | 17.08% | 15.45% | 15% | 12.87% | 10.48% | 12.72% | 14.65% | 13.59% | 14.86% | 12.82% | 14.1% | 20.72% | 12.22% | 13.81% | 15.1% | 15.74% | 15.68% | 16.56% | 18.39% | 14.33% | 15.86% | 15.71% | 14.21% | 12.79% | 11.97% | 9.82% | 7.99% | 9.07% | 8.55% | 8.6% |
| Research & Development | 0 | 8.4M | 8.2M | 0 | 0 | 0 | 0 | 0 | 8.5M | 9.8M | 8.7M | 8.5M | 10.4M | 6.7M | 6.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.54% | 1.53% | - | - | - | - | - | 1.71% | 1.88% | 1.31% | 1.54% | 1.91% | 0.97% | 1.28% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -500K | -8.2M | -5K | -36K | -127K | -52K | 54K | 1.82M | 1.42M | 1.68M | 1.71M | 1.05M | 457K | 1.1M | 0 | 420K | 1.22M | 0 | 271K | 494K | 483K | 0 | 0 | 3.31M | 0 | 8.75M | 8.7M | 10.3M | 9.2M | 7.6M |
| Operating Income | -22.53M | -11.61M | 31.65M | 52.08M | 103.46M | 203.14M | 119.15M | 39.38M | 67.01M | 76.35M | 134.41M | 94.55M | 56.34M | 174.91M | 111.07M | 62.42M | 43.39M | 43.9M | 13.54M | 9.12M | 214K | 1.35M | 7.02M | 13.71M | 12.24M | 19.02M | 38.24M | 51.8M | 35.4M | 45.4M | 53.9M |
| Operating Margin % | -4.08% | -2.13% | 5.91% | 9.58% | 17.36% | 27.8% | 20.94% | 9.59% | 13.52% | 14.62% | 20.23% | 17.16% | 10.35% | 25.41% | 22.58% | 18.98% | 17% | 16.2% | 7.46% | 5.82% | 0.13% | 0.88% | 4.82% | 9.27% | 7.57% | 10.91% | 18.87% | 21.43% | 16.73% | 21.68% | 24.14% |
| Operating Income Growth % | - | -136.68% | -39.23% | -49.66% | -49.07% | 70.49% | 202.6% | -41.24% | -12.23% | -43.2% | 42.16% | 67.82% | -67.79% | 57.48% | 77.94% | 43.84% | -1.16% | 224.33% | 48.51% | 4159.35% | -84.19% | -80.72% | -48.77% | 12.04% | -35.64% | -50.28% | -26.17% | 46.33% | -22.03% | -15.77% | 32.76% |
| EBITDA | -5.23M | 11.26M | 53.72M | 74.47M | 129.25M | 229.29M | 146.72M | 68.71M | 98.98M | 110.61M | 169.76M | 130.78M | 93.04M | 195.27M | 125.95M | 74.56M | 52.6M | 51.2M | 18.9M | 13.49M | 4.07M | 6.79M | 12.85M | 19.64M | 19.73M | 27.17M | 46.99M | 60.5M | 45.7M | 54.6M | 61.5M |
| EBITDA Margin % | -0.95% | 2.06% | 10.03% | 13.69% | 21.69% | 31.38% | 25.79% | 16.74% | 19.97% | 21.18% | 25.55% | 23.73% | 17.09% | 28.37% | 25.61% | 22.68% | 20.61% | 18.9% | 10.42% | 8.62% | 2.43% | 4.39% | 8.82% | 13.27% | 12.21% | 15.58% | 23.19% | 25.03% | 21.6% | 26.07% | 27.54% |
| EBITDA Growth % | -111% | -79.04% | -27.86% | -42.38% | -43.63% | 56.27% | 113.55% | -30.59% | -10.52% | -34.84% | 29.81% | 40.56% | -52.35% | 55.03% | 68.92% | 41.76% | 2.73% | 170.89% | 40.15% | 231.7% | -40.15% | -47.13% | -34.55% | -0.47% | -27.38% | -42.19% | -22.32% | 32.39% | -16.3% | -11.22% | 29.47% |
| D&A (Non-Cash Add-back) | 17.3M | 22.87M | 22.06M | 22.38M | 25.79M | 26.15M | 27.58M | 29.33M | 31.97M | 34.26M | 35.35M | 36.23M | 36.71M | 20.36M | 14.89M | 12.15M | 9.21M | 7.3M | 5.37M | 4.37M | 3.85M | 5.44M | 5.83M | 5.92M | 7.49M | 8.15M | 8.75M | 8.7M | 10.3M | 9.2M | 7.6M |
| EBIT | -18.78M | -11.61M | 37.88M | 59.03M | 108.53M | 206.76M | 121.17M | 43.22M | 69.04M | 77.8M | 136.11M | 96.26M | 57.39M | 175.37M | 112.2M | 63.63M | 44.29M | 44.52M | 14.04M | 9.12M | -280K | 1.35M | 7.02M | 13.71M | 12.24M | 19.02M | 38.24M | 51.8M | 35.4M | 45.4M | 53.9M |
| Net Interest Income | 2.14M | 3.17M | 4.78M | 5.26M | 2.3M | -115K | 935K | 2.4M | -119K | -125K | -172K | -151K | -150K | -131K | -61K | -81K | -95K | -40K | 342K | 2.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.02M | 3.26M | 4.88M | 5.46M | 2.55M | 49K | 1.13M | 2.59M | 211K | 27K | 14K | 5K | 2K | 4K | 34K | 29K | 48K | 118K | 405K | 2.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 56K | 94K | 102K | 205K | 256K | 164K | 191K | 192K | 330K | 152K | 186K | 156K | 152K | 135K | 95K | 110K | 143K | 158K | 63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.55M | 4.45M | 6.12M | 6.74M | 4.82M | 3.46M | 1.83M | 3.65M | 1.71M | 1.3M | 296K | 1.55M | 2.51M | 326K | 1.04M | 1.1M | 756K | 456K | 441K | 7.54M | 1.63M | 88K | 1.03M | 6.93M | 1.9M | 3.18M | 6.23M | 3.6M | 3.9M | 1.3M | 3M |
| Pretax Income | -16.98M | -7.16M | 37.77M | 58.82M | 108.28M | 206.59M | 120.98M | 43.03M | 68.71M | 77.65M | 135.92M | 96.1M | 57.24M | 175.23M | 112.11M | 63.52M | 44.15M | 44.36M | 13.98M | 16.66M | 1.84M | 1.44M | 7.18M | 20.64M | 14.13M | 22.2M | 44.47M | 55.4M | 39.3M | 46.7M | 56.9M |
| Pretax Margin % | -3.08% | -1.31% | 7.05% | 10.82% | 18.17% | 28.27% | 21.27% | 10.48% | 13.86% | 14.87% | 20.46% | 17.44% | 10.51% | 25.46% | 22.79% | 19.32% | 17.3% | 16.37% | 7.7% | 10.65% | 1.1% | 0.93% | 4.93% | 13.95% | 8.75% | 12.73% | 21.95% | 22.92% | 18.57% | 22.3% | 25.48% |
| Income Tax | -4.95M | -2.77M | 7.21M | 10.61M | 19.95M | 50.7M | 30.58M | 10.74M | 17.78M | 25.5M | 48.45M | 33.97M | 18.61M | 63.96M | 41.48M | 23.5M | 15.89M | 16.86M | 5.31M | 6.33M | 739K | 578K | 2.88M | 8.28M | 5.67M | 8.7M | 17.43M | 21.7M | 15.9M | 18.9M | 22.5M |
| Effective Tax Rate % | 29.15% | 38.68% | 19.09% | 18.04% | 18.42% | 24.54% | 25.28% | 24.95% | 25.88% | 32.85% | 35.64% | 35.35% | 32.52% | 36.5% | 37% | 37% | 36% | 38% | 38% | 38% | 40.1% | 40.08% | 40.1% | 40.1% | 40.1% | 39.2% | 39.2% | 39.17% | 40.46% | 40.47% | 39.54% |
| Net Income | -12.03M | -4.39M | 30.56M | 48.22M | 88.33M | 155.9M | 90.4M | 32.29M | 50.93M | 52.14M | 87.47M | 62.13M | 38.63M | 111.27M | 70.63M | 40.02M | 28.25M | 27.5M | 8.67M | 10.33M | 1.1M | 864K | 4.3M | 12.36M | 8.47M | 13.5M | 27.04M | 33.7M | 23.4M | 27.8M | 34.4M |
| Net Margin % | -2.18% | -0.8% | 5.71% | 8.87% | 14.82% | 21.33% | 15.89% | 7.87% | 10.28% | 9.98% | 13.17% | 11.27% | 7.09% | 16.17% | 14.36% | 12.17% | 11.07% | 10.15% | 4.78% | 6.6% | 0.66% | 0.56% | 2.96% | 8.36% | 5.24% | 7.74% | 13.34% | 13.94% | 11.06% | 13.28% | 15.41% |
| Net Income Growth % | -138.5% | -114.37% | -36.61% | -45.42% | -43.34% | 72.46% | 179.95% | -36.6% | -2.32% | -40.39% | 40.8% | 60.83% | -65.29% | 57.54% | 76.51% | 41.62% | 2.73% | 217.37% | -16.1% | 835.6% | 27.78% | -79.93% | -65.19% | 46.03% | -37.27% | -50.09% | -19.76% | 44.02% | -15.83% | -19.19% | 31.3% |
| Net Income (Continuing) | -12.03M | -4.39M | 30.56M | 48.22M | 88.33M | 155.9M | 90.4M | 32.29M | 50.93M | 52.14M | 87.47M | 62.13M | 38.63M | 111.27M | 70.63M | 40.02M | 28.25M | 27.5M | 8.67M | 10.33M | 1.1M | 864K | 4.82M | 12.36M | 8.47M | 13.5M | 27.04M | 33.7M | 23.4M | 27.8M | 34.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.74 | -0.27 | 1.77 | 2.71 | 4.96 | 8.78 | 5.09 | 1.82 | 2.88 | 2.91 | 4.59 | 3.21 | 1.95 | 5.58 | 3.60 | 2.09 | 1.46 | 1.42 | 0.43 | 0.46 | 0.04 | 0.03 | 0.18 | 0.46 | 0.31 | 0.50 | 1.00 | 1.25 | 0.87 | 1.03 | 1.28 |
| EPS Growth % | -140.11% | -115.25% | -34.69% | -45.36% | -43.51% | 72.5% | 179.67% | -36.81% | -1.03% | -36.6% | 42.99% | 64.62% | -65.05% | 55% | 72.25% | 43.15% | 2.82% | 230.23% | -6.52% | 1050% | 33.33% | -83.33% | -60.87% | 48.39% | -38% | -50% | -20% | 43.68% | -15.53% | -19.53% | 30.61% |
| EPS (Basic) | - | -0.27 | 1.79 | 2.73 | 5.01 | 8.87 | 5.17 | 1.85 | 2.92 | 2.94 | 4.62 | 3.32 | 1.99 | 5.76 | 3.69 | 2.12 | 1.48 | 1.44 | 0.43 | 0.46 | 0.04 | 0.03 | 0.18 | 0.46 | 0.31 | 0.50 | 1.00 | 1.25 | 0.87 | 1.03 | 1.28 |
| Diluted Shares Outstanding | 16.25M | 16.24M | 17.27M | 17.81M | 17.79M | 17.76M | 17.77M | 17.78M | 17.69M | 17.94M | 19.05M | 19.35M | 19.84M | 19.94M | 19.64M | 19.15M | 19.3M | 19.32M | 20.08M | 22.76M | 27.6M | 28.8M | 26.94M | 26.91M | 27.31M | 26.99M | 27.04M | 26.96M | 26.9M | 26.99M | 33.41M |
| Basic Shares Outstanding | 15.95M | 16.24M | 17.09M | 17.68M | 17.65M | 17.59M | 17.49M | 17.46M | 17.44M | 17.73M | 18.93M | 18.71M | 19.37M | 19.32M | 19.16M | 18.88M | 19.03M | 19.06M | 20.07M | 22.44M | 27.6M | 28.8M | 26.79M | 26.88M | 27.31M | 26.99M | 27.04M | 26.96M | 26.9M | 26.99M | 26.88M |
| Dividend Payout Ratio | - | - | 38.7% | 229.78% | 48.36% | 37.91% | 125.99% | 44.34% | 37.7% | 45.85% | 37.51% | 33.11% | 81.41% | 36.92% | 157.9% | 20.39% | 22.36% | 21.15% | - | - | - | 934.38% | 375.14% | 174.13% | 254.27% | 159.51% | 79.62% | 63.8% | 91.88% | 77.34% | 62.5% |
Cyclical demand and margin compression
As reported in recent quarterly filings, Sturm, Ruger & Company's revenue growth has remained inconsistent, fluctuating between a 12.5% decline and an 11.6% increase, with the most recent quarter showing a modest 4.1% expansion that fails to signal a sustained recovery in core demand.
The erratic revenue trajectory suggests that the company is struggling to find a consistent growth floor in a post-pandemic environment. Investors should monitor whether the recent uptick is merely a reflection of channel inventory adjustments rather than a genuine strengthening of end-user demand for the core firearm portfolio.
Based on the provided financial data, the company's gross margin has experienced significant volatility, compressing from a high of 24.7% in 2023Q4 to a low of 3.9% in 2025Q2, indicating a potential loss of pricing power or severe under-absorption of fixed manufacturing costs.
The sharp contraction in gross margins suggests that the company's high fixed-cost base is becoming a liability during periods of lower volume. This trend warrants further investigation into whether the current cost structure is fundamentally misaligned with the prevailing market demand for its primary product lines.
According to the income statement history, the company's operating leverage has deteriorated, with operating margins swinging into negative territory as low as -15.6% in 2025Q2, demonstrating that SG&A expenses are not scaling efficiently against the current, highly volatile gross profit generation.
The inability to maintain positive operating income during recent quarters implies that the company's overhead is too rigid for its current revenue scale. This lack of operating flexibility may continue to pressure bottom-line results until management can successfully align its cost structure with lower production volumes.
As indicated by the recent financial statements, the company's reliance on a two-tier distribution model creates a risk where reported revenue may mask underlying demand weakness, potentially leading to future inventory write-downs if the current 19.9% gross margin fails to stabilize at higher levels.
Short-term observers might argue that the current margin compression is a temporary byproduct of integration costs, but the persistent volatility suggests a deeper structural challenge. The lack of consistent profitability raises questions about the long-term sustainability of the current business model in a cooling consumer market.
Quick answers to the most common questions about buying RGR stock.
For fiscal year 2025, Sturm, Ruger & Company, Inc. (RGR) reported total revenue of $546.1M. This represents a 144.5% increase compared to $223.3M in 1996.
Sturm, Ruger & Company, Inc. (RGR) reported a net loss of $4.4M for the fiscal year ending 2025.
Sturm, Ruger & Company, Inc. (RGR) reported an operating income of $-11.6M, resulting in an operating profit margin of -2.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Sturm, Ruger & Company, Inc. (RGR) generated $89.6M in gross profit for the year, representing a gross profit margin of 16.4%. This demonstrates the company's core pricing power and production efficiency.