Sandstorm Gold Ltd (SAND) Financials

SAND

FY2024 annual

Revenue $176.3M -1.9% YoY

Net Income $15.5M -63.7% YoY

EPS (Diluted) Not reported for FY2024

Operating Cash Flow $135.4M -11.4% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2024, ended Dec 31, 2024 Reported Mar 31, 2025 Currency USD FYE December

Newest figures come from the 10-K for FY2024, filed Mar 31, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SAND SEC filings page.

Sandstorm Gold Ltd (SAND) reported $176.3M in revenue for fiscal year 2024, down 1.9% from the prior fiscal year. This page shows its 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 2026-10-04

Sandstorm's asset-heavy model converts modest reported earnings into substantial operating cash while leverage eased, but returns remain compressed.

In FY2024, operating cash flow was $135M versus net income of $15.5M, a wide conversion gap indicating that noncash accounting charges materially suppress reported earnings. That cash strength coexisted with ROA falling from 2.2% in FY2023 to 0.8% in FY2024, so cash generation is not translating into proportionate balance-sheet returns.

Liabilities fell from $477M to $401M, indicating a less encumbered balance sheet without evidence of a major asset reset. Debt-to-equity eased 15.8%, while FY2024 financing cash flow was -$147M; together, those figures suggest cash was being used to reshape financing rather than simply accumulate.

Revenue was nearly flat from $180M in FY2023 to $176M in FY2024, so weaker results were not chiefly a volume collapse. Net margin compressed from 23.8% to 8.8%, pointing to pressure below revenue. Despite that, operating cash flow was $135M, meaning the income statement understated current-period cash production but does not erase the return weakness.

Financial Health Signals

Financial health score not available

Sandstorm Gold Ltd does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/6

Sandstorm Gold Ltd passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

8.73x

For every $1 of reported earnings, Sandstorm Gold Ltd 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

None of these metrics is reported for Q4 2024.

Cash & Balance Sheet

Cash & Debt

$4.4M

YoY-12.2%

QoQ-12.2%

Sandstorm Gold Ltd held $4.4M in cash as of Q4 2024; long-term debt is not reported for that period.

Shares Outstanding

296M

YoY-0.4%

QoQ-0.4%

Sandstorm Gold Ltd had 296M shares outstanding in Q4 2024. This represents a decrease of 0.4% from the same quarter a year earlier. Against the prior quarter it is down 0.4%.

Free Cash Flow

Not reported for Q4 2024.

Dividends Per Share

Not reported for Q4 2024.

Margins & Returns

None of these metrics is reported for Q4 2024.

Capital Allocation

None of these metrics is reported for Q4 2024.

SAND Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SAND quarterly income statement

Metric	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Revenue	$176.3M-1.9%	$179.6M+20.8%	$148.7M+29.5%	$114.9M+23.5%	$93.0M+4.0%	$89.4M+22.3%	$73.2M+7.1%	$68.3M+9.5%	$62.4M
Interest Expense	$35.0M-11.4%	$39.5M+128.6%	$17.3M+709.6%	$2.1M+1.3%	$2.1M-39.9%	$3.5M+110.9%	$1.7M-24.1%	$2.2M-26.9%	$3.0M
Income Tax	$14.0M+233.8%	$4.2M-54.9%	$9.3M-45.9%	$17.2M+64.7%	$10.5M+58.2%	$6.6M+133.4%	$2.8M-30.5%	$4.1M-10.0%	$4.5M
Net Income	$15.5M-63.7%	$42.7M-45.6%	$78.5M+184.0%	$27.6M+99.9%	$13.8M-15.7%	$16.4M+179.2%	$5.9M-44.3%	$10.5M-58.3%	$25.3M
Diluted Shares (Avg)	300M0.0%	300M+28.0%	234M+18.4%	198M+0.5%	197M+3.5%	190M-0.4%	191M+9.3%	175M+16.5%	150M

Metric	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K	Q4'1710-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

SAND Balance Sheet

SAND quarterly balance sheet

Metric	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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+23.6%	$534.9M
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+36.5%	$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+18.3%	$5.9M-53.0%	$12.5M-41.5%	$21.4M
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	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+22.0%	$7.6M
Non-Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.8M-14.6%	$3.3M
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+23.6%	$527.3M
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+29.5%	-$35.7M

Metric	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K	Q4'1710-K
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+23.6%
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+36.5%
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-41.5%
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
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+22.0%
Non-Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.8M-14.6%
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+23.6%
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+29.5%

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Goodwill, Current Liabilities, Long-Term Debt.

SAND Cash Flow Statement

SAND quarterly cash flow statement

Metric	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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+20.5%	$47.6M+6.3%	$44.8M+14.8%	$39.0M
Depreciation & Amortization	$62.3M-17.9%	$75.9M+26.0%	$60.2M+66.5%	$36.2M+7.6%	$33.6M-12.2%	$38.3M+30.0%	$29.5M-4.1%	$30.7M+7.8%	$28.5M
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-79.3%	-$36.3M+9.6%	-$40.1M-1142.4%	$3.8M
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+148.2%	-$18.1M-20.0%	-$15.1M+43.7%	-$26.9M
Dividends Paid	$17.5M-1.3%	$17.7M+30.1%	$13.6M	$0	N/A	N/A	N/A	N/A	N/A

Metric	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K	Q4'1710-K

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

SAND Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SAND quarterly financial ratios

Metric	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Net Margin	8.8%-15.0pp	23.8%-29.0pp	52.8%+28.7pp	24.1%+9.2pp	14.8%-3.5pp	18.3%+10.3pp	8.0%-7.4pp	15.4%-25.1pp	40.5%
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%+1.9pp	1.0%-0.6pp	1.6%-3.2pp	4.8%
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%+1.6pp	1.0%-0.6pp	1.6%-3.1pp	4.7%
Debt-to-Equity	0.28-0.1x	0.330.0x	0.37+0.3x	0.050.0x	0.02-0.1x	0.09+0.1x	0.010.0x	0.010.0x	0.01
Asset Turnover	0.100.0x	0.090.0x	0.08-0.1x	0.180.0x	0.140.0x	0.140.0x	0.120.0x	0.100.0x	0.12

Metric	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K	Q4'1710-K
Debt-to-Equity	0.28-0.1x	0.330.0x	0.37+0.3x	0.050.0x	0.02-0.1x	0.09+0.1x	0.010.0x	0.010.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Current Ratio, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Sandstorm Gold Ltd SAND	FY2024	$176.3M	$15.5M	8.8%	$3.6B	—
Fortuna Mining Corp. FSM	FY2025	$947.1M	$311.1M	32.9%	$3.1B	36/100
OR Royalties Inc. OR	FY2025	$277.4M	$206.1M	74.3%	$6.5B	44/100
SSR Mining Inc. SSRM	FY2025	$1.6B	$395.8M	24.3%	$6.4B	55/100
B2Gold Corp. BTG	FY2025	N/A	$426.7M	N/A	$6.9B	—
New Gold Inc. NGD	FY2024	$924.5M	$102.6M	11.1%	$7.2B	35/100

Where Sandstorm Gold Ltd Ranks

Frequently Asked Questions

What is Sandstorm Gold Ltd's annual revenue?

Sandstorm Gold Ltd (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 Ltd's revenue growing?

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

Is Sandstorm Gold Ltd profitable?

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

What is Sandstorm Gold Ltd's net profit margin?

Sandstorm Gold Ltd (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 Ltd's return on equity (ROE)?

Sandstorm Gold Ltd (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 Ltd's operating cash flow?

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

What are Sandstorm Gold Ltd's total assets?

Sandstorm Gold Ltd (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 Ltd have outstanding?

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

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

Sandstorm Gold Ltd (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 Ltd's return on assets (ROA)?

Sandstorm Gold Ltd (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 Ltd's Piotroski F-Score?

Sandstorm Gold Ltd (SAND) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Ltd's earnings high quality?

Sandstorm Gold Ltd (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.