Cash conversion efficiency remains highly volatile, as demonstrated by an OCF/NI ratio of 4.60 in 2026Q4, which highlights the company's heavy reliance on working capital management to drive liquidity.
Smith & Wesson Brands, Inc. (SWBI) cash flow statement — 27-year operating, investing & financing cash flows
| Metric | TTM | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 113.46M | 114.19M | -7.22M | 106.74M | 16.73M | 137.81M | 315.33M | 94.96M | 57.45M | 61.64M | 123.58M | 168.56M | 114.81M | 90.21M | 98.1M | 37.85M | 39.29M | 23.09M | 53.06M | 6M | 15.81M | 12.45M | 6.44M | 906.7K | -1.52M | 3.3M | -1.74M | -1.09M |
| Operating CF Margin % | - | 21.8% | -1.52% | 19.92% | 3.49% | 15.95% | 29.77% | 14% | 9% | 10.16% | 13.68% | 23.32% | 20.8% | 14.4% | 16.7% | 9.19% | 10.01% | 5.69% | 15.84% | 2.03% | 6.68% | 7.78% | 5.12% | 0.76% | -1.52% | 4.31% | -12980.36% | - |
| Operating CF Growth % | 850.14% | 1680.99% | -106.77% | 537.93% | -87.86% | -56.3% | 232.07% | 65.29% | -6.8% | -50.12% | -26.69% | 46.82% | 27.27% | -8.04% | 159.18% | -3.66% | 70.14% | -56.48% | 783.8% | -62.03% | 27.03% | 93.24% | 610.49% | 159.74% | -146.03% | 290.05% | -59.61% | - |
| Net Income | 24.48M | 18.48M | 13.43M | 39.61M | 36.88M | 194.49M | 243.57M | -61.23M | 18.41M | 20.13M | 127.85M | 93.96M | 49.61M | 89.31M | 78.71M | 16.11M | -82.77M | 32.51M | -64.21M | 9.12M | 12.96M | 8.7M | 5.25M | 1.39M | 15.66M | -5.46M | -2.54M | -1.24M |
| Depreciation & Amortization | 30.58M | 31.31M | 31.84M | 32.56M | 31.44M | 30.07M | 31.57M | 31.97M | 53.43M | 52.08M | 50.21M | 41.24M | 30.89M | 21.7M | 16.73M | 16.73M | 14.94M | 13.62M | 12.67M | 12.55M | 7.47M | 4.37M | 2.76M | 1.71M | 987.67K | 927.5K | 44.54K | 7.74K |
| Stock-Based Compensation | 8.27M | 8.35M | 7.61M | 5.68M | 5.1M | 4.54M | 4.71M | 2.36M | 7.99M | 7.82M | 8.59M | 6.47M | 5.81M | 8.21M | 4.07M | 2.48M | 1.68M | 3.28M | 3.31M | 0 | 2.74B | 3.51M | 311.77B | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.24M | 5.91M | -3.03M | 835K | -6.86M | -2.13M | 447K | -12.01M | -2.79M | -8.78M | -7.84M | -4.45M | 2.34M | -1.46M | 4.01M | -1.56M | -480K | 6.93M | -23.92M | -3.6M | -2.24M | 3.99M | 3.02M | -226.27K | -12.45M | 0 | 0 | 0 |
| Other Non-Cash Items | -1.66M | -2.33M | -4.31M | -5.62M | -82K | 1.4M | -2.51M | 123.48M | 11.37M | -323K | 1.65M | 767K | 389K | -64K | 1.04M | 5.43M | 88.32M | -9.5M | 100.8M | 5.18M | -2.74B | 849.34K | -311.77B | 371.62K | 331.21K | 5.4M | 783K | 137.46K |
| Working Capital Changes | 46.55M | 52.47M | -52.76M | 33.67M | -49.74M | -90.56M | 37.55M | 10.39M | -30.96M | -9.28M | -56.89M | 30.57M | 25.76M | -27.49M | -6.47M | -1.34M | 17.61M | -23.75M | 24.41M | -17.25M | -5.14M | -8.97M | -4.86M | -2.33M | -6.05M | 2.43M | -20.56K | 10.73K |
| Change in Receivables | 11.6M | 15.85M | 3.2M | -3.9M | 7.57M | 4.06M | -5.82M | -8.63M | -29M | 51.38M | -40.71M | -2.25M | 10.98M | -9.59M | 1.5M | 7.8M | 7.33M | -14.87M | 3.62M | 0 | 32.18M | 31.23K | 52.88B | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 22.44M | 33.59M | -29.34M | 16.62M | -40.46M | -58.18M | 25.26M | -421K | -10.53M | -16.97M | -22.17M | -804K | 25.66M | -23.74M | -7.7M | -7.93M | -995K | -5.02M | 5.43M | -15.14M | -1.98M | -94.14K | -4M | -670.46K | 2.78M | 4.54M | 0 | 0 |
| Change in Payables | 14.83M | 5.37M | -14.77M | 18.34M | -8.61M | -26.96M | 25.54M | 3.68M | 3.39M | -21M | 1.23M | 13.05M | -7.34M | 6.47M | 2.6M | -8.52M | 10.86M | 3.7M | -987K | 0 | 4.21B | 1.53M | 2.43T | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -34.01M | -28.24M | -19.17M | -81.49M | -89.78M | -24.12M | -23.4M | -13.96M | -34.83M | -42.16M | -243.74M | -31.99M | -186.06M | -62.62M | -32.91M | -13.87M | -20.86M | -38.77M | -9.45M | -14.16M | -118.1M | -15.6M | 16.1M | -6.84M | -4.39M | 4.87M | -124.74K | 0 |
| Capital Expenditures | -31.4M | -23.75M | -21.61M | -90.76M | -89.9M | -24.25M | -22.68M | -14.74M | -34.47M | -19.05M | -35.51M | -30.92M | -28.59M | -62.79M | -41.52M | -14.59M | -20.91M | -17.72M | -9.48M | -14.07M | -15.76M | -15.66M | -8.42M | -5.68M | -4.3M | -2.44M | -24.74K | 0 |
| CapEx % of Revenue | 5.69% | 4.53% | 4.55% | 16.94% | 18.76% | 2.81% | 2.14% | 2.17% | 5.4% | 3.14% | 3.93% | 4.28% | 5.18% | 10.02% | 7.07% | 3.54% | 5.33% | 4.36% | 2.83% | 4.75% | 6.66% | 9.79% | 6.7% | 4.75% | 4.3% | 3.19% | 185.11% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 118K | 139K | 423K | 0 | -1.77M | -23.12M | -211.07M | -1.22M | -159.24M | 0 | 7.5M | 500K | 0 | -21.07M | 0 | -107.49K | -103.34M | 0 | 0 | 0 | 0 | 28.6M | -100K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 147K | 142K | 2.43M | 9.27M | -216K | -144K | -1.14M | 786K | 1.41M | 6K | 2.84M | 145K | 1.78M | 178K | 1.11M | 218K | 53K | 23K | 30K | 13.28K | 1.01M | 60.93K | 22.98M | -1.2M | 468.32K | 7.25M | 0 | 0 |
| Cash from Financing | -78.71M | -83M | -9.21M | -17.97M | 5.88M | -105.99M | -303.92M | 3.38M | -30.47M | -32.17M | -9.56M | 12.49M | 44.61M | -59.22M | -21.42M | -25.56M | 11K | 15.71M | -8.15M | 8.45M | 105.62M | -196.68K | -23.97M | -737.28K | -1.93M | 5.47M | 1.94M | 1.05M |
| Debt Issued (Net) | -55.42M | -60.2M | 39.82M | 13.62M | 23.75M | -1.09M | -161M | 2.73M | -32.04M | -31.95M | 43.14M | -321K | 74.4M | 55.84M | -7.04M | -30M | 0 | -20.41M | -41.82M | 4.27M | 107.4M | -1.59M | -24.29M | -1.09M | -2.36M | -20.63M | 1.21M | 209.5K |
| Equity Issued (Net) | 1.57M | 1.58M | -25.47M | -11.05M | 1.53M | -90M | -110M | 0 | 0 | -2.28M | -47.61M | 0 | -31.75M | -112.57M | -15.19M | 0 | 0 | 35.02M | 32.05M | 2.23M | 954.41K | 2.15M | 980.98K | 353.21K | 431.7K | 6.21M | 867.52K | 844.13K |
| Dividends Paid | -23.34M | -23.23M | -23.1M | -22.02M | -18.33M | -15.04M | -8.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -11K | 0 | -25.47M | -10.21M | -1.06M | -90M | -110M | -597K | -649K | -2.28M | -50.05M | -2.65M | -30.04M | -115.89M | -20M | 0 | 0 | 0 | 0 | 0 | -6.4M | -23.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.52M | -1.15M | -469K | 1.48M | 463K | 135K | -24.7M | 655K | 1.57M | 2.06M | -5.1M | 12.81M | 1.96M | -2.49M | 816K | 4.44M | 11K | 1.11M | 1.63M | 1.95M | -2.74M | -764.53K | -654.84K | 0 | 0 | 0 | -133K | 0 |
| Net Change in Cash | 735K | 2.96M | -35.61M | 7.28M | -67.17M | 7.71M | -11.99M | 84.38M | -7.84M | -12.69M | -129.73M | 149.06M | -26.64M | -31.63M | 43.77M | -1.57M | 18.44M | 33K | 35.46M | 293.53K | 3.33M | -3.35M | -1.43M | -6.67M | -7.83M | 13.63M | 82.12K | -33.48K |
| Free Cash Flow | 82.03M | 90.35M | -29.02M | 15.79M | -73.17M | 113.56M | 292.65M | 80.22M | 22.98M | 42.59M | 88.06M | 137.64M | 86.22M | 27.41M | 56.58M | 23.27M | 18.37M | 5.37M | 43.58M | -8.06M | 48.15K | -3.21M | -1.98M | -4.77M | -5.82M | 856.37K | -1.76M | -1.09M |
| FCF Margin % | 14.88% | 17.25% | -6.11% | 2.95% | -15.27% | 13.14% | 27.63% | 11.82% | 3.6% | 7.02% | 9.75% | 19.04% | 15.62% | 4.37% | 9.63% | 5.65% | 4.68% | 1.32% | 13.01% | -2.72% | 0.02% | -2.01% | -1.57% | -3.99% | -5.82% | 1.12% | -13165.47% | - |
| FCF Growth % | 3656.14% | 411.4% | -283.71% | 121.59% | -164.43% | -61.2% | 264.82% | 249% | -46.04% | -51.63% | -36.02% | 59.65% | 214.52% | -51.55% | 143.18% | 26.63% | 242.01% | -87.67% | 640.5% | -16846.73% | 101.5% | -62.25% | 58.47% | 18.05% | -779.66% | 148.66% | -61.88% | - |
| FCF per Share | 1.80 | 2.00 | -0.65 | 0.34 | -1.58 | 2.38 | 5.29 | 1.46 | 0.42 | 0.78 | 1.55 | 2.46 | 1.56 | 0.46 | 0.85 | 0.35 | 0.30 | 0.08 | 0.93 | -0.19 | 0.00 | -0.08 | -0.05 | -0.16 | -0.16 | 0.04 | -0.16 | -0.13 |
| FCF Conversion (FCF/Net Income) | 3.35x | 6.18x | -0.54x | 2.69x | 0.45x | 0.71x | 1.25x | -1.55x | 3.12x | 3.06x | 0.97x | 1.79x | 2.31x | 1.01x | 1.25x | 2.35x | -0.47x | 0.71x | -0.83x | 0.66x | 1.22x | 1.43x | 1.23x | 0.65x | -0.10x | -0.60x | 0.68x | 0.87x |
| Interest Paid | 4.42M | 5.38M | 5.19M | 4.75M | 2.15M | 2.22M | 3.31M | 11.1M | 9.47M | 10.62M | 7.65M | 13.01M | 8.62M | 7.69M | 5.29M | 5.87M | 3.82M | 3.61M | 4.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 3.7M | 0 | 7.29M | 12.66M | 18.21M | 59.18M | 80.87M | 6.93M | 10.57M | 1.39M | 85.22M | 50.92M | 16.93M | 48.78M | 44.09M | 3.96M | 2.15M | 16.73M | 5.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SWBI stock.
Smith & Wesson Brands, Inc. (SWBI) generated $114.2M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Smith & Wesson Brands, Inc. (SWBI) generated $90.4M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Smith & Wesson Brands, Inc. (SWBI) spent $23.7M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Smith & Wesson Brands, Inc. (SWBI) returned $23.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cyclical demand volatility
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Conversion
According to recent financial disclosures, SWBI's operating cash flow frequently decouples from net income, with the OCF/NI ratio reaching an extreme 4.60 in 2026Q4, suggesting that reported earnings significantly understate the actual cash-generating capacity of the underlying manufacturing operations during periods of inventory liquidation.
The wide variance between net income and operating cash flow indicates that non-cash charges and working capital swings are the primary drivers of cash volatility rather than core operational profitability. Investors should monitor this divergence, as it implies that the company's reported bottom line is a poor proxy for its immediate liquidity health.
Volatile Free Cash Flow Generation
As reported in quarterly filings, free cash flow margins have exhibited extreme swings, ranging from a negative 40.2% in 2025Q1 to a robust 39.1% in 2026Q4, reflecting the company's high sensitivity to sudden shifts in consumer demand and the resulting impact on cash conversion cycles.
The trajectory of free cash flow appears highly dependent on the timing of inventory sell-through, which often creates lumpy cash inflows. This inconsistency suggests that the business model remains structurally vulnerable to demand shocks, making long-term cash flow forecasting difficult for market participants.
Capital Intensity Post-Relocation
Based on the provided data, capital expenditures have stabilized following the Tennessee relocation, with CapEx/Revenue ratios moderating to 2.7% in 2026Q4, which may indicate that the company is entering a period of lower capital intensity after significant investment in its new manufacturing footprint.
The reduction in capital intensity suggests that the company is shifting from a phase of heavy infrastructure investment to one of operational optimization. If this trend persists, it may allow for improved free cash flow conversion, provided that maintenance requirements do not escalate unexpectedly.
Working Capital as Cash Driver
Analysis of recent statements reveals that working capital changes are the primary engine of cash flow volatility, with a significant $43.9 million inflow in 2026Q4 alone, highlighting how inventory management and distributor payment cycles dictate the company's short-term liquidity position more than actual sales growth.
The reliance on working capital swings to generate cash suggests that the company's liquidity is highly sensitive to channel inventory levels. Investors should be wary of periods where working capital becomes a cash drain, as this often precedes a contraction in operating cash flow.