Smart Sand Inc Financials
This page shows Smart Sand Inc (SND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
FY2025 was a working-capital cash harvest, with cash generation improving even as core margins weakened.
FY2025 produced operating cash flow of$44.1M despite an operating loss, so cash looked much healthier than reported operating profit. The clearest bridge is working-capital release: accounts receivable fell from$41.0M to$30.5M , which helps explain why free cash flow strengthened while gross margin moved the other way.
Volume did not translate into better unit economics: gross margin slipped to
The balance-sheet posture remains relatively conservative because free cash flow of
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Smart Sand Inc'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.
Smart Sand Inc scores 2.54, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Smart Sand Inc passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Smart Sand Inc generates $32.80 in operating cash flow ($44.1M OCF vs $1.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Smart Sand Inc generated $330.2M in revenue in fiscal year 2025. This represents an increase of 6.0% from the prior year.
Smart Sand Inc's EBITDA was -$2.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 137.0% from the prior year.
Smart Sand Inc reported $1.3M in net income in fiscal year 2025. This represents a decrease of 55.0% from the prior year.
Smart Sand Inc earned $0.03 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 62.5% from the prior year.
Cash & Balance Sheet
Smart Sand Inc generated $32.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 199.6% from the prior year.
Smart Sand Inc held $22.6M in cash against $8.7M in long-term debt as of fiscal year 2025.
Smart Sand Inc paid $0.15 per share in dividends in fiscal year 2025. This represents an increase of 50.0% from the prior year.
Smart Sand Inc had 39M shares outstanding in fiscal year 2025. This represents a decrease of 0.3% from the prior year.
Margins & Returns
Smart Sand Inc's gross margin was 11.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.9 percentage points from the prior year.
Smart Sand Inc's operating margin was -1.4% in fiscal year 2025, reflecting core business profitability. This is down 2.3 percentage points from the prior year.
Smart Sand Inc's net profit margin was 0.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.5 percentage points from the prior year.
Smart Sand Inc's ROE was 0.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the prior year.
Capital Allocation
Smart Sand Inc spent $628K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 48.8% from the prior year.
Smart Sand Inc invested $11.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 65.4% from the prior year.
SND Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $93.1M+8.2% | $86.0M-7.3% | $92.8M+8.2% | $85.8M+30.8% | $65.6M-28.2% | $91.4M+44.7% | $63.2M-14.4% | $73.8M |
| Cost of Revenue | $87.0M+16.3% | $74.8M-3.9% | $77.8M+1.3% | $76.8M+22.3% | $62.8M-19.4% | $77.9M+37.5% | $56.7M-6.7% | $60.7M |
| Gross Profit | $6.1M-45.6% | $11.2M-24.8% | $14.9M+66.7% | $9.0M+223.1% | $2.8M-79.4% | $13.5M+107.4% | $6.5M-50.4% | $13.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $10.7M-18.2% | $13.1M+44.0% | $9.1M-0.3% | $9.1M-1.4% | $9.2M+0.1% | $9.2M-4.8% | $9.7M+9.4% | $8.9M |
| Operating Income | -$4.9M-80.3% | -$2.7M-150.3% | $5.4M+7074.0% | -$77K+98.9% | -$7.0M-295.6% | $3.6M+173.4% | -$4.9M-239.2% | $3.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$1.2M+72.4% | -$4.3M-304.8% | $2.1M+109.6% | -$21.7M-228.0% | $17.0M+3236.4% | -$541K+89.5% | -$5.1M-320.4% | $2.3M |
| Net Income | -$3.9M-427.7% | $1.2M-60.8% | $3.0M-86.0% | $21.4M+188.3% | -$24.2M-748.6% | $3.7M+3912.2% | -$98K+77.2% | -$430K |
| EPS (Diluted) | $-0.10 | N/A | $0.08-85.2% | $0.54+187.1% | $-0.62 | N/A | $0.00+100.0% | $-0.01 |
SND Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $335.7M-1.3% | $340.0M-0.9% | $343.1M-0.8% | $345.8M+5.8% | $326.9M-4.3% | $341.5M+1.7% | $335.8M-1.8% | $341.8M |
| Current Assets | $83.0M-5.8% | $88.1M+4.9% | $84.0M+1.1% | $83.1M+23.6% | $67.2M-11.0% | $75.5M+16.6% | $64.7M-0.1% | $64.8M |
| Cash & Equivalents | $19.5M-13.7% | $22.6M+343.8% | $5.1M+18.4% | $4.3M-16.0% | $5.1M+228.7% | $1.6M-78.5% | $7.2M+15.3% | $6.3M |
| Inventory | $30.2M-2.7% | $31.1M-1.6% | $31.6M+10.3% | $28.7M+1.2% | $28.3M+13.0% | $25.0M-10.0% | $27.8M+11.2% | $25.0M |
| Accounts Receivable | $28.4M-7.0% | $30.5M-30.9% | $44.2M-6.3% | $47.2M+68.7% | $28.0M-31.8% | $41.0M+69.6% | $24.2M-7.9% | $26.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $101.5M+1.2% | $100.3M-2.8% | $103.2M-2.0% | $105.3M-1.5% | $107.0M+9.5% | $97.7M+5.9% | $92.3M-6.8% | $99.0M |
| Current Liabilities | $50.2M+0.4% | $49.9M+1.2% | $49.4M+10.2% | $44.8M+16.6% | $38.4M-11.1% | $43.2M+14.3% | $37.8M-3.3% | $39.1M |
| Long-Term Debt | $9.2M+5.8% | $8.7M+4.2% | $8.3M-52.8% | $17.6M+107.3% | $8.5M-7.0% | $9.1M-7.8% | $9.9M+6.2% | $9.3M |
| Total Equity | $234.1M-2.3% | $239.7M-0.1% | $239.9M-0.3% | $240.5M+9.4% | $219.9M-9.8% | $243.8M+0.1% | $243.6M+0.3% | $242.9M |
| Retained Earnings | $64.2M-5.7% | $68.1M-1.4% | $69.1M-1.9% | $70.4M+43.7% | $49.0M-33.1% | $73.2M-0.8% | $73.8M-0.1% | $73.9M |
SND Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.0M-86.4% | $22.4M+23.2% | $18.2M+453.5% | -$5.1M-158.9% | $8.7M+742.9% | $1.0M-82.2% | $5.8M-61.0% | $14.9M |
| Capital Expenditures | $2.2M+10.2% | $2.0M-41.0% | $3.4M+26.5% | $2.7M-24.3% | $3.5M+88.6% | $1.9M-12.2% | $2.1M+57.7% | $1.4M |
| Free Cash Flow | $842K-95.9% | $20.4M+37.9% | $14.8M+289.1% | -$7.8M-250.6% | $5.2M+717.6% | -$840K-122.9% | $3.7M-72.8% | $13.5M |
| Investing Cash Flow | -$2.2M-10.2% | -$2.0M+41.0% | -$3.4M-74.8% | -$1.9M+45.2% | -$3.5M-89.3% | -$1.9M+9.2% | -$2.1M-52.0% | -$1.4M |
| Financing Cash Flow | -$3.9M-35.7% | -$2.9M+79.3% | -$14.0M-323.5% | $6.3M+482.8% | -$1.6M+66.1% | -$4.8M-72.7% | -$2.8M+76.4% | -$11.9M |
| Dividends Paid | $0-100.0% | $2.0M-49.2% | $3.9M+5304.2% | $72K+928.6% | $7K-99.8% | $3.9M | $0 | $0 |
| Share Buybacks | $1.2M+2426.5% | $49K-76.3% | $207K+475.0% | $36K-89.3% | $336K+614.9% | $47K-69.3% | $153K+194.2% | $52K |
SND Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.6%-6.5pp | 13.0%-3.1pp | 16.1%+5.7pp | 10.4%+6.2pp | 4.2%-10.5pp | 14.7%+4.5pp | 10.3%-7.4pp | 17.7% |
| Operating Margin | -5.2%-2.1pp | -3.1%-8.9pp | 5.8%+5.9pp | -0.1%+10.7pp | -10.8%-14.7pp | 3.9%+11.7pp | -7.8%-12.6pp | 4.8% |
| Net Margin | -4.2%-5.5pp | 1.4%-1.9pp | 3.2%-21.7pp | 24.9%+61.9pp | -37.0%-41.0pp | 4.1%+4.3pp | -0.2%+0.4pp | -0.6% |
| Return on Equity | -1.7%-2.1pp | 0.5%-0.8pp | 1.3%-7.6pp | 8.9%+19.9pp | -11.0%-12.6pp | 1.5%+1.6pp | -0.0%+0.1pp | -0.2% |
| Return on Assets | -1.1%-1.5pp | 0.4%-0.5pp | 0.9%-5.3pp | 6.2%+13.6pp | -7.4%-8.5pp | 1.1%+1.1pp | -0.0%+0.1pp | -0.1% |
| Current Ratio | 1.66-0.1 | 1.76+0.1 | 1.70-0.2 | 1.86+0.1 | 1.750.0 | 1.75+0.0 | 1.71+0.1 | 1.66 |
| Debt-to-Equity | 0.040.0 | 0.040.0 | 0.03-0.0 | 0.07+0.0 | 0.040.0 | 0.040.0 | 0.040.0 | 0.04 |
| FCF Margin | 0.9%-22.8pp | 23.7%+7.8pp | 15.9%+25.0pp | -9.1%-17.0pp | 7.9%+8.8pp | -0.9%-6.7pp | 5.8%-12.5pp | 18.3% |
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Frequently Asked Questions
What is Smart Sand Inc's annual revenue?
Smart Sand Inc (SND) reported $330.2M in total revenue for fiscal year 2025. This represents a 6.0% 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 Smart Sand Inc's revenue growing?
Smart Sand Inc (SND) revenue grew by 6% year-over-year, from $311.4M to $330.2M in fiscal year 2025.
Is Smart Sand Inc profitable?
Yes, Smart Sand Inc (SND) reported a net income of $1.3M in fiscal year 2025, with a net profit margin of 0.4%.
What is Smart Sand Inc's EBITDA?
Smart Sand Inc (SND) had EBITDA of -$2.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Smart Sand Inc have?
As of fiscal year 2025, Smart Sand Inc (SND) had $22.6M in cash and equivalents against $8.7M in long-term debt.
What is Smart Sand Inc's gross margin?
Smart Sand Inc (SND) had a gross margin of 11.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Smart Sand Inc's operating margin?
Smart Sand Inc (SND) had an operating margin of -1.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Smart Sand Inc's net profit margin?
Smart Sand Inc (SND) had a net profit margin of 0.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Smart Sand Inc pay dividends?
Yes, Smart Sand Inc (SND) paid $0.15 per share in dividends during fiscal year 2025.
What is Smart Sand Inc's return on equity (ROE)?
Smart Sand Inc (SND) has a return on equity of 0.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Smart Sand Inc's free cash flow?
Smart Sand Inc (SND) generated $32.5M in free cash flow during fiscal year 2025. This represents a 199.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Smart Sand Inc's operating cash flow?
Smart Sand Inc (SND) generated $44.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Smart Sand Inc's total assets?
Smart Sand Inc (SND) had $340.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Smart Sand Inc's capital expenditures?
Smart Sand Inc (SND) invested $11.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Smart Sand Inc's current ratio?
Smart Sand Inc (SND) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.
What is Smart Sand Inc's debt-to-equity ratio?
Smart Sand Inc (SND) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Smart Sand Inc's return on assets (ROA)?
Smart Sand Inc (SND) had a return on assets of 0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Smart Sand Inc's Altman Z-Score?
Smart Sand Inc (SND) has an Altman Z-Score of 2.54, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Smart Sand Inc's Piotroski F-Score?
Smart Sand Inc (SND) has a Piotroski F-Score of 7 out of 9, indicating strong 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 Smart Sand Inc's earnings high quality?
Smart Sand Inc (SND) has an earnings quality ratio of 32.80x, 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 Smart Sand Inc?
Smart Sand Inc (SND) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.