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Side-by-side financial comparison of Red Cat Holdings, Inc. (RCAT) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
SMITH & WESSON BRANDS, INC. is the larger business by last-quarter revenue ($124.7M vs $9.6M, roughly 12.9× Red Cat Holdings, Inc.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -166.0%, a 167.6% gap on every dollar of revenue. On growth, Red Cat Holdings, Inc. posted the faster year-over-year revenue change (988.2% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-24.5M).
Mega Cat Studios is an American video game development and publishing company located in Pittsburgh, Pennsylvania. It was founded in 2015 by James Deighan, Nick Mann, and Zack Manko.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
RCAT vs SWBI — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.6M | $124.7M |
| Net Profit | $-16.0M | $1.9M |
| Gross Margin | 6.6% | 24.3% |
| Operating Margin | -181.7% | 3.3% |
| Net Margin | -166.0% | 1.5% |
| Revenue YoY | 988.2% | -3.9% |
| Net Profit YoY | -29.0% | -53.6% |
| EPS (diluted) | $-0.16 | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $124.7M | ||
| Q3 25 | $9.6M | $85.1M | ||
| Q2 25 | — | $140.8M | ||
| Q1 25 | $1.6M | $115.9M | ||
| Q4 24 | $0 | $129.7M | ||
| Q3 24 | — | $88.3M | ||
| Q2 24 | — | $159.1M | ||
| Q1 24 | $5.8M | $137.5M |
| Q4 25 | — | $1.9M | ||
| Q3 25 | $-16.0M | $-3.4M | ||
| Q2 25 | — | $8.6M | ||
| Q1 25 | $-23.1M | $2.1M | ||
| Q4 24 | $-13.3M | $4.5M | ||
| Q3 24 | — | $-1.9M | ||
| Q2 24 | — | $27.9M | ||
| Q1 24 | $-5.5M | $7.9M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | 6.6% | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | -52.2% | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | 18.8% | 28.7% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | -181.7% | -3.5% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | -765.7% | 4.1% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | -76.0% | 8.2% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | -166.0% | -4.0% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | -1418.9% | 1.8% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | -2.1% | ||
| Q2 24 | — | 17.5% | ||
| Q1 24 | -93.9% | 5.7% |
| Q4 25 | — | $0.04 | ||
| Q3 25 | $-0.16 | $-0.08 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | $-0.27 | $0.05 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $0.60 | ||
| Q1 24 | — | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $253.3M | $363.2M |
| Total Assets | $286.0M | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | — | $25.2M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | — | $39.1M | ||
| Q3 24 | — | $35.5M | ||
| Q2 24 | — | $60.8M | ||
| Q1 24 | — | $47.4M |
| Q4 25 | — | $363.2M | ||
| Q3 25 | $253.3M | $364.4M | ||
| Q2 25 | — | $372.5M | ||
| Q1 25 | $28.9M | $366.9M | ||
| Q4 24 | $27.0M | $371.5M | ||
| Q3 24 | — | $380.0M | ||
| Q2 24 | — | $399.9M | ||
| Q1 24 | $49.6M | $376.4M |
| Q4 25 | — | $548.6M | ||
| Q3 25 | $286.0M | $554.6M | ||
| Q2 25 | — | $559.6M | ||
| Q1 25 | $59.7M | $578.9M | ||
| Q4 24 | $51.1M | $587.4M | ||
| Q3 24 | — | $571.3M | ||
| Q2 24 | — | $577.4M | ||
| Q1 24 | $55.3M | $570.6M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-23.9M | $27.3M |
| Free Cash FlowOCF − Capex | $-24.5M | $16.3M |
| FCF MarginFCF / Revenue | -254.2% | 13.1% |
| Capex IntensityCapex / Revenue | 6.9% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-55.0M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.3M | ||
| Q3 25 | $-23.9M | $-8.1M | ||
| Q2 25 | — | $40.8M | ||
| Q1 25 | $-15.9M | $-9.8M | ||
| Q4 24 | $-10.1M | $-7.4M | ||
| Q3 24 | — | $-30.8M | ||
| Q2 24 | — | $43.7M | ||
| Q1 24 | $-4.1M | $25.2M |
| Q4 25 | — | $16.3M | ||
| Q3 25 | $-24.5M | $-12.4M | ||
| Q2 25 | — | $33.5M | ||
| Q1 25 | $-16.2M | $-16.1M | ||
| Q4 24 | $-10.2M | $-10.7M | ||
| Q3 24 | — | $-35.5M | ||
| Q2 24 | — | $38.2M | ||
| Q1 24 | $-4.2M | $7.0M |
| Q4 25 | — | 13.1% | ||
| Q3 25 | -254.2% | -14.6% | ||
| Q2 25 | — | 23.8% | ||
| Q1 25 | -992.9% | -13.9% | ||
| Q4 24 | — | -8.3% | ||
| Q3 24 | — | -40.2% | ||
| Q2 24 | — | 24.0% | ||
| Q1 24 | -71.1% | 5.1% |
| Q4 25 | — | 8.8% | ||
| Q3 25 | 6.9% | 5.0% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | 16.8% | 5.4% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | 0.8% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | — | 3.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RCAT
| Products | $8.5M | 88% |
| Services | $1.2M | 12% |
SWBI
Segment breakdown not available.
