Guns are considered a vital for self-defense in various countries, and the gun industry has continued to grow in recent times. About 18.8 million firearms were sold alone in the United States in 2021, and the industry contributed approximately $51.3 billion to the US GDP.
Due to their ease of carrying and affordability, the most common type of firearm used around the world is a pistol, and it constituted 43.4% of the total guns produced in the United States in 2021. The gun industry is under a period of steady growth, and according to research, the international small arms industry is expected to grow to $13.75 billion by 2030. Hence in this article, we will discuss some of the biggest gun companies in the world.
Photo by STNGR Industries on Unsplash
Our Methodology
We have picked the top 15 biggest gun companies in the world and have ranked them from #15 to #1 in order of their annual revenue during 2021.
Biggest Gun Companies In the World
15. Barrett Firearms
2021 annual revenue: $13.0 million
Headquarters in Murfreesboro, Tennessee, Barrett Firearms is a private family-owned firm producing long-range and large-caliber precision rifles. The company operates in over 70 countries around the world, selling its products to law enforcement organizations, sports shooters, and individuals for self-defense purposes. Some of the company’s most popular firearms include Barrett M95, Barrett M107A1, and Barrett XM109.
Barrett Firearms was recently awarded a contract by the United States Army. The contract is worth $49.9 million, and under its terms, the company is set to provide MRAD® (Multi-Role Adaptive Design) MK22™ MOD 0 rifle, along with a sniper-accessory kit and Stevens Mark 5 HD, to the U.S army.
In addition to Barrett Firearms, Smith & Wesson Brands, Inc. (NASDAQ:SWBI), Sportsman’s Warehouse Holdings, Inc. (NASDAQ:SPWH), and Vista Outdoor Inc. (NYSE:VSTO) are included in our list of 15 biggest gun companies in the world.
14. Sig Sauer
2021 annual revenue: $31.0 million
Established in 1976, SIG Sauer is a relatively new company compared to some other gun companies on our list. However, it has grown to become a leading manufacturer of firearms. The company is ISO 9001 certified and employs over 1,200 people.
Sig Sauer posted revenue of $31.0 million in 2021. Some of the company’s top-selling products include P210 Target, P229 Nitron Compact, M11-A1 Compact, P226 XFIVE, and SIGM400. The company’s P365-XMACRO was recently awarded the “Best New Handgun” in the 2022 Caliber Awards.
13. AMMO, Inc. (NASDAQ:POWW)
2021 annual revenue: $58.2 million
Based in Retail Scottsdale, Arizona, AMMO, Inc. (NASDAQ:POWW) is a designer and manufacturer of innovative firearms. The company has two business segments: gunbroker.com and the manufacturing side. AMMO, Inc. (NASDAQ:POWW) acquired GunBroker.com in 2021, which is now a leading online marketplace for purchasing ammunition and shooting equipment in the US. The company continues to innovate to grow its revenue and has recorded substantial growth in its topline over the past several years. From the fiscal year 2018 to 2022, the company’s revenue increased from $2 million to $225 million due to the strong demand for its products and an increase in the range of its proprietary product offerings. AMMO, Inc. (NASDAQ:POWW) is a relatively small player in the industry compared to its peers, which means that there is still plenty of room for growth for the company.
Recently, the company inaugurated a new state-of-the-art 185,000 sq. ft. plant in Wisconsin, which offers a wide range of testing facilities with best-in-class testing equipment. The plant consists of several firing lanes, each of which differs in pressure and speed, and is equipped with precision measuring systems. The company has the capacity to test normal and armor-piercing ammunition up to 0.50 BMG out to 200 meters under tightly regulated and continually monitored environmental conditions.
As per Insider Monkey database, Skylands Capital remained the biggest holder of the stock with an investment value of approximately $2.6 million in the company at the end of Q2 2022.
14. Springfield Armory, Inc.
2021 annual revenue: $63.9 million
Established in 1974, Springfield Armory, Inc. has grown into a leading manufacturer of firearms. The company’s products have become increasingly popular among law enforcement agencies, civilians, and the military. The company primarily markets and sells rifles and pistols, with its most popular product offering being the Hellion Rifle, Hellcat micro-compact handguns, Springfield Armory M6 Scout, and Saint AR-15 Rifles. Springfield Armory, Inc. posted revenue of $63.9 million in 2021, employing 103 people.
11. Savage Arms
2021 annual revenue: $106.4 million
Headquartered in Westfield, United States, Savage Arms has been in operation since 1894. With 150 employees, the company specializes in manufacturing firearms, including shotguns and rifles. The company sells its products primarily in the United States and Canada. Savage Arms manufactures weapons for both hunters and ordinary citizens. Some of the company’s popular products include 11 Lady Hunter, 110 Apex Hunter XP, 110 Lightweight Storm, and 320 Security Ghost Ring. In 2021, Savage Arms posted revenue of $106.4 million.
10. O.F. Mossberg & Sons
2021 annual revenue: $160.0 million
O.F. Mossberg & Sons has been a pioneer in providing cutting-edge designs to the weapon industry since its establishment in 1919. The current CEO of the company, Alan Iver Mossberg, Jr., is the great-grandson of the founder Oscar F. Mossberg, and in 2019 the company released the MC1sc pistol to commemorate the 100th anniversary of O.F. Mossberg & Sons. The company employs 500 people and recorded a revenue of $160.0 million in 2021.
O.F. Mossberg & Sons has a global customer base and offers its products to both the domestic and international market. O.F. Mossberg & Sons’s products are renowned for their unique designs and leading technology, and some of the company’s popular weapons include the 940 Pro Field Shotgun, 940 Pro Waterfowl Shotgun, MVP Patrol Rifle, and Mossberg Patriot Predator Rifle. Earlier In October, O.F. Mossberg & Sons’s new shotgun, The Mossberg 940, won the best shotgun award in the 2022 Caliber Awards.
9. Colt’s Manufacturing Company
2021 annual revenue: $270.9 million
Headquartered in West Hartford, Colt’s Manufacturing Company was founded in 1836 and has expanded its footprint globally ever since. Employing approximately 811 people, the company currently has a manufacturing plant in the Czech Republic and in the United States. Colt is considered the leading supplier to the US Army, supplying pistols, revolvers, and self-defense goods. Some of the company’s widely selling products include Custom Carry Limited (9MM), M4 Carbine, 1911 Classic (45ACP), and M203 Grenade Launcher. Colt’s Manufacturing reported revenue of $270.9 million in 2021.
8. American Outdoor Brands, Inc. (NASDAQ:AOUT)
2021 annual revenue: $276.7 million
American Outdoor Brands, Inc. was created in 2020 as a result of a spin-off by Smith & Wesson firearms. Headquartered in Columbia, Missouri, the company sells items and accessories for hunting, fishing, camping, shooting, and personal protection. The company’s sales increased significantly by 59.7% in 2021 due to strong demand for its products, as customers’ appetite for outdoor activities increased after COVID-19 lockdowns. Some of the company’s famous gun brands are Caldwell, Frankford Arsenal, Wheeler, and Tipton.
American Outdoor Brands, Inc. (NASDAQ:AOUT) stock is down 55.19% YTD as of November 06, 2022, and recently the management approved a share purchase program of $10 million which will run through September 2023.
7. Heckler and Koch
2021 annual revenue: €290.2 million
Founded in 1949, Heckler & Koch has been a major producer of light weapons for law enforcement and military forces across the globe. The company has operations in France, Germany, the United States, and the United Kingdom. In addition to being a leading supplier to NATO, the company also offers its products to the sports and commercial market. The company’s leading products include MP5 .22 LR Pistol, SP5L, HK 43, VP9 Match, and M27 Infantry Automatic Rifle.
Heckler and Koch posted revenue of €290.2 million in 2021, up 5.45% from €275 million in 2020. The company has been able to increase its revenue by 6.5% during the past four quarters.
6. Sturm, Ruger & Company, Inc. (NYSE:RGR)
2021 annual revenue: $730.7 million
Incorporated in 1969, Sturm, Ruger & Company, Inc. (NYSE:RGR) is an American company whose principal business is firearm manufacturing. The company’s two primary brands are Ruger and Marlin, under which it holds a diverse product portfolio of 40 product lines serving three key product categories, namely rifles, revolvers, and pistols, alongside other firearm accessories. The company’s manufacturing facilities are situated in the US, whereby it employs a distribution network of independent wholesalers, offering a major chunk of its products to the commercial sporting market.
Sturm, Ruger & Company, Inc. (NYSE:RGR) is one of the biggest producers of pistols in the United States and is one of the three companies responsible for ~60% of production in the country. The company has an established brand, and the sales have been increasing consistently, with sales of $410.5 million, $568.9 million, and $730.7 million in FY19, FY20, and FY21, respectively.
Renaissance Technologies remained the leading stakeholder of the company at the end of the second quarter of 2022, according to Insider Monkey database.
5. Remington Outdoor Company, Inc.
2021 annual revenue: $865.1 million
Founded in 1816, Remington Outdoor Company, Inc. is one the oldest gun manufacturers. In 2016, the company celebrated its 200th Anniversary, becoming the Oldest gunmaker in America. The company provides its products to law enforcement organizations and hunters. The company’s most popular products are Remington RP, Model 783, Model 1911 R1 CARRY, Remington RM380, and Remington R51, Model 700. In 2015, Remington Outdoor Company, Inc. was acquired by the Freedom Group. The company employs about 3,000 people.
In 2021, Remington Outdoor Company, Inc., posted a revenue of $865.1 million in 2021. Moreover, the company has also announced a plan to relocate its headquarters to Georgia and to invest $100 million in the operation. The CEO of the company stated that with the launch of its new products and extensive investment in R&D, the company is moving into a new era.
4. Beretta Holding S.A.
2021 annual revenue: €958.0 million
Founded in 1526, Beretta Holding S.A. is one the oldest gun manufacturers in the world. The company has its headquarters in Gardone Val Trompia, Italy, and has over 2,962 employees worldwide. Beretta Holding S.A. manufactures revolvers, semi-automatic pistols, shotguns, rifles, and sub-machine guns and supplies to civilians and military organizations around the world.
The company generated sales of €958.0 million in 2021, with a majority of the sales coming from the North American region. Some of the company’s widely selling products include Beretta 70 Series, Beretta Mx4 Storm, Beretta Laramie, M1915, and Beretta ARX 160.
3. Smith & Wesson Brands, Inc. (NASDAQ:SWBI)
2021 annual revenue: $1.1 billion
Founded in 1852 and headquartered in Springfield, Smith & Wesson Brands, Inc. (NASDAQ:SWBI) is engaged in the business of firearms manufacturing. The company is considered an industry leader in firearm manufacturing. Firearms is the only reportable segment of Smith & Wesson Brands, Inc. (NASDAQ:SWBI), and its product portfolio entails an extensive range of both handguns and long guns, suppressors, handcuffs, and other ammunition-related essentials. The company has three manufacturing facilities in the US, all of which are ISO 1900 certified.
On September 09, 2022, Mark Smith, an analyst at Lake Street, reduced his price target on Smith & Wesson Brands, Inc. (NASDAQ:SWBI) to $22. The analyst currently has a Buy rating on the stock, and although he has revised his price target downwards due to normalized demand, the long-term outlook remains positive as the company continues to execute its plans for growth.
The company’s revenue increased substantially during the middle of the COVID-19 pandemic, from Q4 2022. The demand for the company’s products remained at high levels till the first quarter of the fiscal year 2022. However, the demand has started to normalize, as evidenced by the company’s last quarter result, with revenue declining by 69% YoY.
2. Sportsman’s Warehouse Holdings, Inc. (NASDAQ:SPWH)
2021 annual revenue: $1.5 billion
Founded in 1986, Sportsman’s Warehouse Holdings, Inc. is an outdoor sporting goods designer and seller. The company operates in 29 states in the United States, operating 122 stores in the country. The company produces high-quality hunting and shooting equipment, including firearms, reloading equipment, shooting gear, and archery items which accounted for 54.2% of the company’s 2021 sales.
Sportsman’s Warehouse Holdings, Inc. posted revenue of $1.5 billion in the fiscal year 2021, up 3.7% compared to $1.4 billion in the fiscal year 2020. The company’s strategic plan includes opening up 190-210 stores and achieving revenue in the range of $1.8 billion to $2 billion by the fiscal year 2025.
Here is what Merion Road Capital has to say about Sportsman’s Warehouse Holdings, Inc. (NASDAQ:SPWH) in its Q1 2022 investor letter:
During the quarter I added to Sportsman’s Warehouse (“SPWH”). SPWH is an outdoor sporting goods retailer with about half of their revenue coming from hunting & shooting products (guns, ammo). I initiated our position back in December following their failed merger with Great Outdoors on the grounds of anti‐trust concerns. It appeared that the stock was being sold off indiscriminately by merger arbitrageurs and valuation seemed attractive, particularly after adjusting for the receipt of a $55mm termination payment and unwind of excess inventory.
While the dust has largely settled from an investor base perspective, SPWH remains attractively priced with a few upcoming catalysts. Fundamentally the company is well positioned. Following the tragic Parkland school shooting two large competitors to SPWH, Dicks Sporting Goods and Walmart, made the decision to exit the category; their absence makes the competitive landscape for SPWH a lot more favorable than in prior years. Furthermore, it is no surprise that gun and ammo sales during covid experienced tremendous growth. Unlike prior cycles, however, this wave saw an increase in new gun buyers rather than purchases by existing owners. SPWH estimates that over the past 18 months the industry created 12mm new firearm owners; using a prior base of 100mm, this implies an increase to their addressable market of 12%. The company is executing on many other internal initiatives including store expansion, omni‐channel growth (e‐comm up to 15% of revenues), loyalty programs (at 3mm members) and new co‐branded credit cards… (Click here to see the full text)
1. Vista Outdoor Inc. (NYSE:VSTO)
2021 annual revenue: $2.2 billion
Based in Minnesota, United States, Vista Outdoor Inc. (NYSE:VSTO) designs and develops outdoor sports and entertainment equipment. It has 26 manufacturing plants across the United States, Mexico, Canada, and Puerto Rico. The firm divides its operations into two primary segments: Shooting Sports and Outdoor products. The United States is a key geographic location for the company in terms of its sales, and during the fiscal year 2022, only about 14% of the company’s sales came from outside the U.S. According to the company Vista sold its firearm brands in 2019, but Vista is still the parent company of ammunition brands Federal, Speer, Estate Cartridge, Hevi-Shot, CCI and Remington ammunition. So, this isn’t a pure play ammunition company and probably wouldn’t be #1 on our list if it divested its non-ammunition businesses.
The outbreak of COVID-19 created demand for Vista Outdoor Inc. (NYSE:VSTO) products as the company posted sales of $3.0 billion during the fiscal year 2022, recording an impressive growth of 36.8% from $2.2 billion in the fiscal year 2021. Vista Outdoor Inc. (NYSE:VSTO) is continuing on its growth trajectory in the current year and expects revenue for the fiscal year 2023 to be in the range of $3.20 to $3.33 billion.
Here is what ClearBridge Investments has to say about Vista Outdoor Inc. (NYSE:VSTO) in its Q2 2021 investor letter:
Our Strategy outperformed with strong results from consumer discretionary stocks like Vista Outdoor. Vista Outdoor, a manufacturer of a wide range of products serving the outdoor sports and recreation markets, also performed well in the period on continued demand and growing margins.
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Disclosure: None. 15 Biggest Gun Companies in the World is originally published on Insider Monkey.
