Ruger (formally Sturm, Ruger) designs, manufactures, and sells firearms for the U.S. consumer market. Ruger bills itself as the largest commercial firearms manufacturer in the U.S., with a product line spanning rifles (~62% of firearm sales), pistols (~26%), revolvers (~7%), and shotguns. Key platforms include the 10/22 rimfire rifle, Ruger American Rifle, LCP Max pistol, and lever-action rifles sold under the Marlin brand (acquired in 2020). Ruger also recently launched the Glenfield brand as an entry-level rifle offering. Ruger sells through federally licensed wholesale distributors — not directly to consumers — who resell to licensed retail dealers. The top three distributors collectively account for roughly two-thirds of firearm sales. Revenue is driven by units sold and average selling price, with margins sensitive to production volume due to significant fixed manufacturing costs. Ruger vertically integrates by producing its own investment castings and MIM parts in-house, which management argues provides cost and quality advantages. New products (introduced within the past two years) consistently account for roughly 30-35% of firearm sales, making product cadence a key revenue driver. Under CEO Todd Seyfert, who took over in early 2025, Ruger is rationalizing its product portfolio, accelerating new product launches, expanding manufacturing capacity — including a July 2025 acquisition of a Kentucky facility for modern sporting rifles — and pursuing further M&A. Ruger maintains a debt-free balance sheet and pays a variable quarterly dividend of roughly 40% of net income.