Updated
The most significant concentration Smith & Wesson Brands discloses is top five commercial distributors at 46%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Smith & Wesson Brands’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Our top five commercial distributors in the United States accounted for a total of 46%, 45%, and 46% of our net sales for the fiscal years ended April 30, 2026, 2025, and 2024, respectively.'”
Smith & Wesson's concentration risk is customer-based, running through its distribution channel. Its top five commercial distributors in the United States accounted for a total of 46%, 45%, and 46% of net sales for the fiscal years ended April 30, 2026, 2025, and 2024, respectively — a stable, consistent level of channel concentration rather than a growing or newly emerging dependency. Because this figure has held steady across three fiscal years, it appears to be a structural feature of how firearms are distributed in the U.S. commercial market rather than an idiosyncratic recent shift, though it remains a dependency-type exposure since it is tied to five specific counterparties rather than a broad retail base. The practical implication is that near-term sales trajectory is closely linked to ordering patterns, inventory decisions, and financial health at these five distributors; a disruption at even one of them could have a disproportionate effect on reported net sales relative to a company selling through a more fragmented distribution network.
For the engine’s reasoning on SWBI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AVAV | AeroVironment, Inc. | 2 | 1 | 1 | 4 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| SWBI● | Smith & Wesson Brands, Inc. | 0 | 1 | 0 | 1 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.