They're obviously different sizes, but looking at the two side by side, the 40mm looks slightly narrower in width.
I'm thinking the ratio is slightly different and it's not a simple scale up.
It appears Apple rounds off the case sizes to the nearest mm. I carefully measured my actual case sizes (not including the crown) with digital calipers:
44mm aluminum S5:
Height 44.07 mm
Width 37.85 mm
Aspect ratio = 1.164
40mm aluminum S4:
Height 39.90 mm
Width 34.40 mm
Aspect ratio = 1.160
Pretty much the same, within the accuracy of measurement