The business behind the dividend
| Measure | SWBI | Median | Formula |
|---|---|---|---|
| Return on equity | 4.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $26.04m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $90.45m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 5.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 3.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 5.43x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.20x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 6.18x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -18.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 4.9% | 3.6% | 10.3% | 9.6% | 53.9% | 94.6% | -15.8% | 4.1% | 4.8% | 32.5% | 4.9% |
| Operating margin | 5.6% | 5.0% | 8.8% | 10.1% | 29.1% | 30.2% | 9.5% | 9.0% | 4.5% | 22.1% | 9.0% |
| Net margin | 3.5% | 2.8% | 7.7% | 7.7% | 22.5% | 23.8% | -11.6% | 3.8% | 3.3% | 14.2% | 3.8% |
| Current ratio | 3.20x | 4.16x | 3.04x | 3.35x | 3.68x | 2.13x | 3.03x | 2.68x | 2.69x | 2.11x | 3.03x |
| Cash conversion | 6.18x | -0.54x | 2.58x | 0.45x | 0.71x | 1.25x | — | 3.10x | 3.06x | 0.97x | 1.25x |
How it compares in industrials
Among the 289 industrials companies here measured on free cash flow, Smith & Wesson Brands pays out less than 133 of them. The median for that group is 24.4%, against this company’s 25.7%.
Closest on free cash flow
- Badger Meter (BMI) 25.7%
- NU Skin Enterprises (NUS) 25.7%
- Franklin Electric (FELE) 25.8%
- UL Solutions (ULS) 25.8%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →