Smart Sand, Inc. (SND) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 24	$0.09	$0.1	+11.1%	—	$91.4M	—
Q2 24	-$0.01	$0.03	+400.0%	—	$73.8M	—
Q1 24	$0.05	$0.01	-80.0%	—	$83.1M	—
Q4 23	-$0.06	-$0.12	-100.0%	—	$61.9M	—
Q3 23	$0.03	$0.18	+500.0%	—	$76.9M	—
Q2 23	-$0.06	$0.17	+383.3%	—	$74.8M	—
Q1 23	—	-$0.09	—	—	$82.3M	—
Q4 22	—	$0.06	—	—	$73.8M	—
Q3 22	$0.04	$0.06	+50.0%	—	$71.6M	—
Q1 22	-$0.23	-$0.14	+39.1%	—	$41.6M	—
Q4 21	-$0.18	-$0.29	-61.1%	—	$35.1M	—
Q3 21	-$0.17	-$0.17	0.0%	—	$34.5M	—
Q2 21	-$0.1	-$0.65	-550.0%	—	$29.6M	—
Q1 21	-$0.13	-$0.09	+30.8%	—	$27.4M	—
Q4 20	-$0.07	-$0.07	0.0%	—	$25.3M	—
Q3 20	-$0.1	$0.04	+140.0%	—	$23.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.03	—	—	$330.2M	—
FY24	—	$0.08	—	—	$311.4M	—
FY23	—	$0.12	—	—	$296M	—
FY22	—	-$0.02	—	—	$255.7M	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$59.2M	$137.2M	$212.5M	$233.1M	$122.3M	$126.6M	$255.7M	$296M	$311.4M	$330.2M
YoY change	+24.2%	+131.7%	+54.8%	+9.7%	-47.5%	+3.52%	+101.9%	+15.7%	+5.2%	+6.03%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	59.2M	137.2M	212.5M	233.1M	122.3M	126.6M	255.7M	296M	311.4M	330.2M
Cost of revenue	26.6M	100.3M	143.1M	152M	104.2M	142.6M	226.1M	254.4M	266.5M	292.3M
Gross profit	32.7M	36.9M	69.4M	81.1M	18.1M	-15.9M	29.6M	41.6M	44.8M	37.9M
Gross margin	55.1%	26.9%	32.6%	34.8%	14.8%	-12.6%	11.6%	14%	14.4%	11.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	11.9M	17.7M	23.9M	22.9M	25.5M	25.5M	30.8M	38.7M	38.2M	40.5M
Operating expenses	11.9M	17.7M	23.9M	22.9M	25.5M	25.5M	30.8M	38.7M	38.2M	40.5M
Operating income	20.4M	18.7M	43.7M	55.8M	-9.3M	-43.3M	-3.4M	298K	4.1M	-5M
Operating margin	34.4%	13.6%	20.5%	23.9%	-7.61%	-34.2%	-1.34%	0.1%	1.31%	-1.52%
Non-operating income, net	7.8M	462K	-15.8M	-12.7M	36.4M	-14.4M	1.1M	-1.3M	-2M	909K
Pretax income	19.8M	18.7M	25.6M	39.4M	25M	-59.7M	-3.9M	-2.3M	252K	-5.6M
Income tax	9.4M	-2.8M	5.5M	7.8M	-13M	-9M	-3.2M	-6.9M	-2.7M	-6.9M
Net income	10.4M	21.5M	20.1M	31.6M	38M	-50.7M	-703K	4.6M	3M	1.3M
Net margin	17.5%	15.7%	9.46%	13.6%	31%	-40%	-0.27%	1.57%	0.96%	0.41%
EBITDA	35.7M	27.1M	62M	83.7M	14.1M	-11.5M	24.7M	29.1M	34.2M	25.4M
EPS	0.27	0.54	0.46	0.79	0.94	-1.21	-0.02	0.12	0.08	0.03
Diluted EPS	0.27	0.53	0.46	0.78	0.94	-1.21	-0.02	0.12	0.08	0.03

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	76.9M	61.9M	83.1M	73.8M	63.2M	91.4M	65.6M	85.8M	92.8M	86M	93.1M	115M
Cost of revenue	62.5M	59.1M	71.2M	60.7M	56.7M	77.9M	62.8M	76.8M	77.8M	74.8M	87M	95.2M
Gross profit	14.4M	2.8M	11.8M	13.1M	6.5M	13.5M	2.8M	9M	14.9M	11.2M	6.1M	19.8M
Gross margin	18.7%	4.57%	14.2%	17.7%	10.3%	14.7%	4.23%	10.4%	16.1%	13%	6.56%	17.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8.9M	10.1M	10.3M	8.9M	9.7M	9.2M	9.2M	9.1M	9.1M	13.1M	10.7M	9.4M
Operating expenses	8.9M	10.1M	10.3M	8.9M	9.7M	9.2M	9.2M	9.1M	9.1M	13.1M	10.7M	9.4M
Operating income	4.8M	-7.9M	787K	3.5M	-3.8M	3.6M	-7.1M	-757K	5.3M	-2.4M	-5.2M	9.9M
Operating margin	6.29%	-12.8%	0.95%	4.78%	-6.09%	3.94%	-10.8%	-0.88%	5.67%	-2.83%	-5.55%	8.6%
Non-operating income, net	290K	138K	93K	-1.2M	-1M	141K	169K	746K	138K	-144K	393K	632K
Pretax income	4.8M	-8.1M	391K	1.9M	-5.2M	3.2M	-7.3M	-327K	5.1M	-3.1M	-5M	10.2M
Income tax	-1.9M	-3.3M	607K	2.3M	-5.1M	-541K	17M	-21.7M	2.1M	-4.3M	-1.2M	52K
Net income	6.7M	-4.8M	-216K	-430K	-98K	3.7M	-24.2M	21.4M	3M	1.2M	-3.9M	10.2M
Net margin	8.75%	-7.73%	-0.26%	-0.58%	-0.16%	4.09%	-37%	24.9%	3.24%	1.37%	-4.15%	8.84%
EBITDA	12.3M	-495K	8.3M	11.1M	3M	11.8M	536K	6.8M	12.7M	5.3M	2.7M	18.3M
EPS	0.18	—	-0.01	-0.01	-0	0.1	-0.62	0.55	0.08	0.03	-0.1	0.26
Diluted EPS	0.18	—	-0.01	-0.01	-0	0.09	-0.62	0.54	0.08	0.03	-0.1	0.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	348.2M	89.7M	101.1M	69.2M	74.4M	75.9M	75.2M	87.3M	156.2M	222.8M
Enterprise value	—	314.3M	137M	161.5M	121M	104M	114.9M	112.8M	123M	169.8M	254.9M
Shares outstanding	38.8M	40.2M	40.4M	40.1M	40.3M	41.8M	42.4M	38.9M	38.8M	39M	39M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	16.2	4.46	3.2	1.82	—	—	16.2	29.2	116.1	21
P/S	—	2.54	0.42	0.43	0.57	0.59	0.3	0.25	0.28	0.47	0.58
P/B	—	1.83	0.43	0.41	0.24	0.31	0.31	0.31	0.36	0.65	0.86
EV/EBITDA	—	11.6	2.21	1.93	8.58	-9.07	4.66	3.88	3.6	6.69	6.81
EV/Sales	—	2.29	0.64	0.69	0.99	0.82	0.45	0.38	0.39	0.51	0.66
Earnings yield	—	6.18%	22.4%	31.3%	54.8%	—	—	6.18%	3.43%	0.86%	4.76%
FCF yield	—	-10.2%	-50.3%	18.9%	24.4%	28.5%	-9.63%	10.6%	12.4%	20.8%	14.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.1%	26.9%	32.6%	34.8%	14.8%	-12.6%	11.6%	14%	14.4%	11.5%	17.2%
Operating margin	34.4%	13.6%	20.5%	23.9%	-7.61%	-34.2%	-1.34%	0.1%	1.31%	-1.52%	8.6%
Net margin	17.5%	15.7%	9.46%	13.6%	31%	-40%	-0.27%	1.57%	0.96%	0.41%	2.71%
ROE	7.29%	11.3%	9.6%	12.9%	13.1%	-21%	-0.29%	1.92%	1.23%	0.56%	4.38%
ROA	5.98%	8.72%	6.28%	8.7%	8.87%	-13.5%	-0.2%	1.34%	0.88%	0.4%	1.36%
ROIC	11%	12%	13.4%	14.6%	-2.73%	-16%	-1.21%	0.11%	1.45%	-1.98%	2.78%
Return on tangible assets	5.98%	8.72%	7.07%	9.16%	9.23%	-14.1%	-0.2%	1.39%	0.9%	0.41%	3.06%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.74	2.12	2.03	2.3	3.01	1.52	1.31	1.14	1.75	1.76	1.69
Quick ratio	3.98	1.84	1.28	1.77	2.49	1.21	0.92	0.64	1.17	1.14	1.11
Debt / equity	0.01	0	0.23	0.26	0.22	0.23	0.18	0.18	0.15	0.15	0.18
Debt / assets	0.01	0	0.15	0.17	0.15	0.15	0.12	0.13	0.11	0.11	0.12
Net debt / EBITDA	-1.25	-1.25	0.76	0.72	3.67	-2.58	1.58	1.3	1.04	0.54	0.85
Interest coverage	3.35	42.6	12.3	11.9	12.9	-29.2	-1.43	-0.77	1.14	-2.8	6.25
Effective tax rate	47.5%	0%	21.5%	19.8%	0%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.53	3.41	5.26	5.81	3.04	3.03	6.03	7.6	8.02	8.45	9.91
EPS (basic)	0.27	0.54	0.46	0.79	0.94	-1.21	-0.02	0.12	0.08	0.03	0.03
EPS (diluted)	0.27	0.53	0.46	0.78	0.94	-1.21	-0.02	0.12	0.08	0.03	0.25
Book value per share	3.67	4.73	5.18	6.12	7.17	5.77	5.74	6.22	6.28	6.14	6.11
FCF per share	0.62	-0.88	-1.12	0.48	0.42	0.51	-0.17	0.2	0.28	0.83	0.84
Cash per share	1.2	0.86	0.04	0.07	0.29	0.61	0.13	0.16	0.04	0.58	0.24
Capex per share	0.06	1.27	2.38	0.64	0.21	0.27	0.3	0.59	0.18	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.25%	37.3%	45.2%	11%	7.05%	8.86%	4.98%	7.78%	2.25%	—	—
Capex / operating cash flow	13.3%	218.3%	281.5%	102.6%	40.9%	96.6%	6.6K%	76.9%	51.4%	—	—
Payout ratio	0.04%	0%	—	—	—	—	—	—	130.4%	442.2%	0%
Dividend yield	—	0%	—	—	—	—	—	—	4.47%	3.81%	3.81%

Yield

3.81%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.10

ex-dividend Jul 28, 2026

Payout ratio

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 28, 2026	$0.10
Apr 22, 2026	$0.10
Dec 2, 2025	$0.05
Aug 4, 2025	$0.10
Oct 15, 2024	$0.10

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$76.9M	$61.9M	$83.1M	$73.8M	$63.2M	$91.4M	$65.6M	$85.8M	$92.8M	$86M	$93.1M	$115M
YoY change	+7.41%	-16.1%	+0.85%	-1.31%	-17.9%	+47.5%	-21.1%	+16.2%	+46.9%	-5.82%	+42%	+34.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	46.6M	34.7M	1.5M	2.6M	11.7M	25.6M	5.5M	6.1M	1.6M	22.6M
Receivables	5.3M	23.4M	19M	58.9M	69.7M	17.5M	35.7M	23.2M	41M	30.5M
Inventory	10.3M	9.5M	18.6M	21.4M	19.1M	15M	20.2M	26.8M	25M	31.1M
Total current assets	65M	73.2M	50.1M	92.2M	112.1M	73.9M	68.1M	61.9M	75.5M	88.1M
Property, plant & equipment	93.9M	161.2M	236.5M	249.2M	297.2M	282.4M	275M	267.1M	248M	232.5M
Goodwill & intangibles	—	0	36.1M	18.1M	16.5M	14.9M	13.3M	11.8M	10.2M	8.6M
Total assets	173.5M	246.8M	320.3M	363.4M	427.7M	374M	360M	346.3M	341.5M	340M
Accounts payable	1.7M	26.1M	11.3M	4M	3.3M	8.5M	14.4M	16M	17M	9.4M
Short-term debt	956K	860K	829K	19.3M	14M	16.2M	17.1M	26.2M	13.6M	13.1M
Total current liabilities	13.7M	34.6M	24.7M	40M	37.3M	48.5M	51.9M	54.5M	43.2M	49.9M
Long-term debt	860K	0	47.9M	43.7M	49.5M	39M	27.4M	17.5M	23.6M	23M
Total liabilities	31M	56.8M	110.9M	117.8M	138.9M	132.9M	116.5M	104M	97.7M	100.3M
Shareholders' equity	142.4M	190M	209.4M	245.6M	288.8M	241.2M	243.5M	242.3M	243.8M	239.7M
Total debt	1.8M	860K	48.7M	63M	63.4M	55.2M	44.5M	43.8M	37.2M	36.2M
Net debt	-44.7M	-33.9M	47.3M	60.4M	51.7M	29.6M	39M	37.7M	35.7M	13.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	9.3M	6.1M	4.6M	6.3M	7.2M	1.6M	5.1M	4.3M	5.1M	22.6M	19.5M	10.2M
Receivables	24M	23.2M	37.7M	26.2M	24.2M	41M	28M	47.2M	44.2M	30.5M	28.4M	45M
Inventory	26M	26.8M	25.6M	25M	27.8M	25M	28.3M	28.7M	31.6M	31.1M	30.2M	31.6M
Total current assets	60.2M	61.9M	71.2M	64.8M	64.7M	75.5M	67.2M	83.1M	84M	88.1M	83M	92.6M
Property, plant & equipment	268.8M	267.1M	260.2M	259.6M	253.4M	248M	241.8M	245.1M	240.1M	232.5M	232.9M	233.2M
Goodwill & intangibles	6.1M	11.8M	5.7M	5.5M	5.3M	10.2M	4.9M	4.7M	4.5M	8.6M	4.1M	3.9M
Total assets	346.5M	346.3M	349.3M	341.8M	335.8M	341.5M	326.9M	345.8M	343.1M	340M	335.7M	347.1M
Accounts payable	10.4M	16M	9.9M	9.5M	10.9M	17M	12.4M	15.6M	9.5M	9.4M	12.5M	16.4M
Short-term debt	16.8M	26.2M	31.6M	16.1M	13.2M	13.6M	11.9M	15.2M	14.2M	13.1M	13.8M	16M
Total current liabilities	44.7M	54.5M	59.3M	39.1M	37.8M	43.2M	38.4M	44.8M	49.4M	49.9M	50.2M	54.9M
Long-term debt	21.9M	17.5M	14.5M	24.4M	23.9M	23.6M	20.7M	33.8M	24.4M	23M	25.1M	27.4M
Total liabilities	100.4M	104M	106.7M	99M	92.3M	97.7M	107M	105.3M	103.2M	100.3M	101.5M	109M
Shareholders' equity	246.1M	242.3M	242.5M	242.9M	243.6M	243.8M	219.9M	240.5M	239.9M	239.7M	234.1M	238.1M
Total debt	38.7M	43.8M	46.1M	40.5M	37M	37.2M	32.6M	49M	38.6M	36.2M	38.9M	43.4M
Net debt	29.4M	37.7M	41.5M	34.2M	29.8M	35.7M	27.5M	44.7M	33.5M	13.6M	19.4M	33.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	10.4M	21.5M	20.1M	31.6M	38M	-50.7M	-703K	4.6M	3M	1.3M
Depreciation & amortization	6.5M	7.9M	18.2M	27.8M	22.9M	26.1M	27.3M	28.3M	29.7M	30.1M
Stock-based compensation	1.4M	2M	3M	3M	3.9M	3.2M	3.2M	3.5M	3.2M	3.7M
Change in working capital	-5.8M	-6.7M	-7.7M	-38.5M	-681K	43.3M	-25.7M	-634K	-19.8M	12.6M
Operating cash flow	19M	23.4M	34.1M	24.9M	21.1M	11.6M	193K	30M	13.6M	44.1M
Capital expenditure	-2.5M	-51.2M	-96.1M	-25.5M	-8.6M	-11.2M	-12.7M	-23M	-7M	—
Investing cash flow	-2.5M	-51.1M	-126M	-25.4M	-8.6M	-11.1M	-18.2M	-22.9M	-6.9M	740K
Dividends paid	-4K	0	—	—	—	—	—	—	-3.9M	-5.9M
Share repurchases	-40.7M	-127K	-2.2M	-140K	-1.2M	-401K	-540K	-4.8M	-422K	-2.7M
Financing cash flow	-44.8M	23.2M	85.8M	-60M	-10.4M	-7.4M	-7.3M	-7.5M	-15.5M	-12.3M
Net change in cash	-28.3M	-4.5M	-6M	-60.6M	2.1M	-7M	-25.3M	-464K	-8.8M	32.5M
Free cash flow	24.2M	-35.5M	-45.2M	19.1M	16.9M	21.2M	-7.3M	8M	10.9M	32.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	6.7M	-4.8M	-216K	-430K	-98K	3.7M	-24.2M	21.4M	3M	1.2M	-3.9M	10.2M
Depreciation & amortization	7.2M	7.3M	7.4M	7.5M	6.8M	8M	7.5M	7.5M	7.5M	7.6M	7.7M	7.9M
Stock-based compensation	865K	1M	648K	846K	872K	873K	940K	993K	919K	869K	970K	721K
Change in working capital	-3M	2.5M	-16.3M	5.5M	2.6M	-11.6M	8.5M	-14.3M	-5.7M	24.2M	-4.6M	-13.1M
Operating cash flow	9.5M	4.1M	-7.7M	15.8M	5M	523K	9.4M	-5.1M	18.2M	22.4M	3M	3.4M
Capital expenditure	-6.9M	-6.9M	-1.6M	-1.4M	-2.1M	-1.9M	-3.5M	—	—	—	—	—
Investing cash flow	-6.8M	-6.9M	-1.6M	-1.4M	-2.1M	-1.9M	-3.5M	739K	0	0	—	—
Dividends paid	—	—	—	—	—	—	-7K	-72K	-3.9M	-2M	0	-4.1M
Share repurchases	-150K	-125K	-170K	-52K	-153K	-47K	-641K	-1.8M	-235K	-49K	-2.7M	-2.6M
Financing cash flow	-1.9M	6.3M	4M	-11.9M	-2.8M	-927K	-1.7M	6.3M	-14M	-2.9M	-4M	-7.9M
Net change in cash	825K	3.5M	-5.3M	2.6M	172K	-2.3M	4.2M	1.9M	4.2M	19.5M	-916K	-4.5M
Free cash flow	5.6M	-9.6M	-5.5M	13.5M	3.7M	-840K	5.2M	-7.8M	14.8M	20.4M	842K	-1.4M

Smart Sand, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement