Sandstorm Gold Financials

SAND

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Sandstorm Gold (SAND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SAND FY2024 2026-04-22

Large non-cash charges make reported profit look thin, while an asset-heavy portfolio still converts revenue into cash.

From FY2022 to FY2024, total assets stayed near $1.9B while operating cash flow remained above $135M. In FY2024, depreciation and amortization of $62.3M dwarfed net income of $15.5M, showing why accounting profit looks weaker than the cash the asset base is still producing each year.

The asset base is much larger than the revenue stream, with $1.85B of assets supporting $176.3M of FY2024 revenue. That helps explain why return on assets was only 0.8%: the company needs strong cash output from a relatively small top line to justify a very large invested base.

Since FY2022, debt-to-equity improved from 0.4x to 0.3x, so leverage has eased even as the balance sheet remained large and asset-heavy. But cash on hand fell to $4.4M while total liabilities were still $400.8M, implying operating cash is being used actively rather than parked as idle liquidity.

Financial Health Signals

Financial Profile 27/100

Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Sandstorm Gold's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Sandstorm Gold's revenue declined 1.9% year-over-year, from $179.6M to $176.3M. This contraction results in a growth score of 48/100.

Leverage

Sandstorm Gold carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Returns

Sandstorm Gold generates a 1.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 17/100. This is down from 2.9% the prior year.

Piotroski F-Score Neutral

5/9

Sandstorm Gold passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

8.73x

For every $1 of reported earnings, Sandstorm Gold generates $8.73 in operating cash flow ($135.4M OCF vs $15.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$176.3M

YoY-1.9%

5Y CAGR+14.5%

Sandstorm Gold generated $176.3M in revenue in fiscal year 2024. This represents a decrease of 1.9% from the prior year.

EBITDA

N/A

Net Income

$15.5M

YoY-63.7%

5Y CAGR-1.1%

Sandstorm Gold reported $15.5M in net income in fiscal year 2024. This represents a decrease of 63.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$4.4M

YoY-12.2%

5Y CAGR-8.8%

Sandstorm Gold held $4.4M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

296M

YoY-0.4%

5Y CAGR+10.8%

Sandstorm Gold had 296M shares outstanding in fiscal year 2024. This represents a decrease of 0.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

8.8%

YoY-15.0pp

5Y CAGR-9.5pp

Sandstorm Gold's net profit margin was 8.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 15.0 percentage points from the prior year.

Return on Equity

1.1%

YoY-1.9pp

5Y CAGR-1.8pp

Sandstorm Gold's ROE was 1.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 1.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

SAND Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$176.3M-1.9%	$179.6M+20.8%	$148.7M+29.5%	$114.9M+23.5%	$93.0M+4.0%	$89.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$14.0M+233.8%	$4.2M-54.9%	$9.3M-45.9%	$17.2M+64.7%	$10.5M+58.2%	$6.6M
Net Income	$15.5M-63.7%	$42.7M-45.6%	$78.5M+184.0%	$27.6M+99.9%	$13.8M-15.7%	$16.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SAND Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.9B-4.2%	$1.9B-2.2%	$2.0B+218.1%	$620.9M-4.5%	$649.9M+4.3%	$623.2M
Current Assets	$31.7M-41.1%	$53.8M+64.3%	$32.7M-2.6%	$33.6M-73.0%	$124.4M+341.9%	$28.1M
Cash & Equivalents	$4.4M-12.2%	$5.0M-28.8%	$7.0M-56.5%	$16.2M-85.8%	$113.8M+1532.1%	$7.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$20.0M+24.2%	$16.1M-24.9%	$21.4M+76.2%	$12.1M+51.6%	$8.0M+5.3%	$7.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$400.8M-16.0%	$477.4M-10.5%	$533.4M+1790.0%	$28.2M+139.6%	$11.8M-77.5%	$52.3M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.4B-0.3%	$1.5B+0.9%	$1.4B+143.2%	$592.6M-7.1%	$638.1M+11.8%	$570.9M
Retained Earnings	$119.9M-2.4%	$122.9M+24.3%	$98.9M+178.1%	$35.6M+224.8%	$11.0M+482.1%	-$2.9M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Total Assets	$1.9B-4.2%	$1.9B-2.2%	$2.0B+218.1%	$620.9M-4.5%	$649.9M+4.3%	$623.2M+5.8%	$588.9M-10.9%	$660.9M
Current Assets	$31.7M-41.1%	$53.8M+64.3%	$32.7M-2.6%	$33.6M-73.0%	$124.4M+341.9%	$28.1M+5.4%	$26.7M-30.4%	$38.4M
Cash & Equivalents	$4.4M-12.2%	$5.0M-28.8%	$7.0M-56.5%	$16.2M-85.8%	$113.8M+1532.1%	$7.0M+18.3%	$5.9M-53.0%	$12.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$20.0M+24.2%	$16.1M-24.9%	$21.4M+76.2%	$12.1M+51.6%	$8.0M+5.3%	$7.6M+54.9%	$4.9M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$400.8M-16.0%	$477.4M-10.5%	$533.4M+1790.0%	$28.2M+139.6%	$11.8M-77.5%	$52.3M+852.3%	$5.5M-40.6%	$9.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.4B-0.3%	$1.5B+0.9%	$1.4B+143.2%	$592.6M-7.1%	$638.1M+11.8%	$570.9M-2.1%	$583.4M-10.5%	$651.7M
Retained Earnings	$119.9M-2.4%	$122.9M+24.3%	$98.9M+178.1%	$35.6M+224.8%	$11.0M+482.1%	-$2.9M+85.1%	-$19.3M+23.4%	-$25.1M

SAND Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$135.4M-11.4%	$152.8M+42.9%	$106.9M+31.8%	$81.1M+23.7%	$65.6M+14.4%	$57.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$10.9M+149.3%	-$22.2M+96.4%	-$612.7M-325.7%	-$143.9M-527.3%	$33.7M+151.8%	-$65.0M
Financing Cash Flow	-$146.7M-11.2%	-$131.9M-126.5%	$497.6M+1554.0%	-$34.2M-544.8%	$7.7M-12.1%	$8.7M
Dividends Paid	$17.5M-1.3%	$17.7M+30.1%	$13.6M	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SAND Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	8.8%-15.0pp	23.8%-29.0pp	52.8%+28.7pp	24.1%+9.2pp	14.8%-3.5pp	18.3%
Return on Equity	1.1%-1.9pp	2.9%-2.5pp	5.4%+0.8pp	4.7%+2.5pp	2.2%-0.7pp	2.9%
Return on Assets	0.8%-1.4pp	2.2%-1.8pp	4.0%-0.5pp	4.5%+2.3pp	2.1%-0.5pp	2.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.28-0.1	0.33-0.0	0.37+0.3	0.05+0.0	0.02-0.1	0.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.28-0.1	0.33-0.0	0.37+0.3	0.05+0.0	0.02-0.1	0.09+0.1	0.010.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Sandstorm Gold's annual revenue?

Sandstorm Gold (SAND) reported $176.3M in total revenue for fiscal year 2024. This represents a -1.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sandstorm Gold's revenue growing?

Sandstorm Gold (SAND) revenue declined by 1.9% year-over-year, from $179.6M to $176.3M in fiscal year 2024.

Is Sandstorm Gold profitable?

Yes, Sandstorm Gold (SAND) reported a net income of $15.5M in fiscal year 2024, with a net profit margin of 8.8%.

What is Sandstorm Gold's net profit margin?

Sandstorm Gold (SAND) had a net profit margin of 8.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Sandstorm Gold's return on equity (ROE)?

Sandstorm Gold (SAND) has a return on equity of 1.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Sandstorm Gold's operating cash flow?

Sandstorm Gold (SAND) generated $135.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Sandstorm Gold's total assets?

Sandstorm Gold (SAND) had $1.9B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Sandstorm Gold have outstanding?

Sandstorm Gold (SAND) had 296M shares outstanding as of fiscal year 2024.

What is Sandstorm Gold's debt-to-equity ratio?

Sandstorm Gold (SAND) had a debt-to-equity ratio of 0.28 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sandstorm Gold's return on assets (ROA)?

Sandstorm Gold (SAND) had a return on assets of 0.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Sandstorm Gold's Piotroski F-Score?

Sandstorm Gold (SAND) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sandstorm Gold's earnings high quality?

Sandstorm Gold (SAND) has an earnings quality ratio of 8.73x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Sandstorm Gold?

Sandstorm Gold (SAND) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.