SND · Smart Sand, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · SND

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$330.15M	$311.37M	$295.97M	$255.74M	$126.65M	$122.34M
Cost of Revenue	$292.26M	$266.55M	-	-	$140.38M	$104.22M
Gross Profit	$37.89M	$44.82M	$41.55M	$29.59M	($15.91M)	$18.12M
R&D	-	-	-	-	-	-
SG&A	$40.52M	$38.16M	$20.41M	$15.53M	$14.75M	$15.53M
Total Operating Expenses	$42.35M	$41.82M	$43.06M	$32.72M	$47.58M	$31.14M
D&A	$2.39M	$2.60M	$2.54M	$2.24M	$1.98M	$1.91M
Operating Income	($4.46M)	$3.00M	($1.50M)	($3.13M)	($63.48M)	($13.02M)
Interest Expense	-	-	-	-	-	-
Income Tax	($6.93M)	($2.74M)	($6.90M)	($3.21M)	($9.02M)	($12.98M)
Net Income	$1.34M	$2.99M	$4.65M	($703.0K)	($50.67M)	$37.95M
EPS - Basic	$0.03	$0.08	$0.12	($0.02)	($1.21)	$0.94
EPS - Diluted	$0.03	$0.08	$0.12	($0.02)	($1.21)	$0.94

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$22.55M	$1.55M	$6.07M	$5.51M	$25.59M	$11.72M
Accounts Receivable	$30.52M	$40.98M	$23.23M	$35.75M	$17.48M	$69.72M
Inventory	$31.08M	$25.04M	$26.82M	$20.18M	$15.02M	$19.14M
Accounts Payable	$9.43M	$16.99M	$16.04M	$14.44M	$8.48M	$3.27M
Current Assets	$88.14M	$75.53M	$61.90M	$68.11M	$73.86M	$112.09M
Total Assets	$340.01M	$341.55M	$346.30M	$360.00M	$374.02M	$427.68M
Current Liabilities	$49.94M	$43.21M	$54.47M	$51.92M	$48.55M	$37.26M
Long-term Debt	$8.66M	$9.13M	$3.45M	$9.81M	$15.35M	$22.45M
Total Liabilities	$100.32M	$97.74M	$104.03M	$116.53M	$132.86M	$138.87M
Stockholders' Equity	$239.70M	$243.81M	$242.27M	$243.47M	$241.16M	$288.81M
Retained Earnings	$68.07M	$73.24M	$74.54M	$69.89M	$70.59M	$121.27M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$44.12M	$17.86M	$30.99M	$5.42M	$32.44M	$25.54M
Investing Cash Flow	($10.86M)	($6.92M)	($22.90M)	($18.21M)	($11.14M)	($8.56M)
Financing Cash Flow	($12.26M)	($15.46M)	($7.53M)	($7.29M)	($7.43M)	($7.90M)
CapEx	$11.60M	$7.01M	$23.03M	$12.73M	$11.22M	$8.62M
Free Cash Flow	$32.52M	$10.85M	$7.96M	($7.31M)	$21.22M	$16.92M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	11.5%	14.4%	14.0%	11.6%	-12.6%	14.8%
Operating margin	-1.4%	1.0%	-0.5%	-1.2%	-50.1%	-10.6%
EBITDA margin	-0.6%	1.8%	0.3%	-0.3%	-48.6%	-9.1%
Net margin	0.4%	1.0%	1.6%	-0.3%	-40.0%	31.0%
Free cash flow margin	9.9%	3.5%	2.7%	-2.9%	16.8%	13.8%
FCF / Net income	24.18	3.63	1.71	10.40	-0.42	0.45
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	12.3%	12.3%	6.9%	6.1%	11.6%	12.7%
Effective tax rate	-	-1087.3%	-	-	-	-52.0%
Return on assets	0.4%	0.9%	1.3%	-0.2%	-13.5%	8.9%
Return on equity	0.6%	1.2%	1.9%	-0.3%	-21.0%	13.1%
Return on invested capital	-1.4%	1.2%	-0.5%	-1.0%	-19.6%	-4.2%
Liquidity
Current ratio	1.76	1.75	1.14	1.31	1.52	3.01
Quick ratio	1.14	1.17	0.64	0.92	1.21	2.49
Cash ratio	0.45	0.04	0.11	0.11	0.53	0.31
Leverage
Debt / Equity	0.04	0.04	0.01	0.04	0.06	0.08
Debt / Assets	0.03	0.03	0.01	0.03	0.04	0.05
Debt / EBITDA	-	1.63	3.35	-	-	-
Interest coverage	-	-	-	-	-	-
Equity multiplier	1.42	1.40	1.43	1.48	1.55	1.48
Liabilities / Assets	0.30	0.29	0.30	0.32	0.36	0.32
Efficiency
Asset turnover	0.97	0.91	0.85	0.71	0.34	0.29
Inventory turnover	9.40	10.64	-	-	9.34	5.45
Days sales outstanding	34d	48d	29d	51d	50d	208d
Days inventory outstanding	39d	34d	-	-	39d	67d
Days payable outstanding	12d	23d	-	-	22d	11d
Cash conversion cycle	61d	59d	-	-	67d	264d
Valuation
P / E	133.3x	28.1x	16.1x	-	-	1.8x
P / B	0.7x	0.4x	0.3x	0.3x	0.3x	0.2x
P / S	0.5x	0.3x	0.3x	0.3x	0.6x	0.6x
EV / EBITDA	-	17.1x	70.5x	-	-	-
Growth
Revenue growth (YoY)	6.0%	5.2%	15.7%	101.9%	3.5%	-47.5%
Revenue CAGR (3y)	8.9%	35.0%	34.2%	3.1%	-15.8%	-3.8%
Revenue CAGR (5y)	22.0%	6.0%	6.9%	13.3%	16.4%	-
Gross profit growth (YoY)	-15.5%	7.9%	40.4%	-	-	-77.6%
Operating income growth (YoY)	-	-	51.9%	95.1%	-387.7%	-
Net income growth (YoY)	-55.0%	-35.6%	-	98.6%	-	20.0%
EPS growth (YoY)	-62.5%	-33.3%	-	98.3%	-	20.5%
EPS CAGR (3y)	-	-	-49.6%	-	-	21.0%
EPS CAGR (5y)	-49.8%	-36.6%	-23.6%	-	-	-
FCF growth (YoY)	199.6%	36.4%	-	-	25.4%	-11.4%
FCF CAGR (5y)	14.0%	-10.7%	-	-	-2.6%	-
Book value growth (YoY)	-1.7%	0.6%	-0.5%	1.0%	-16.5%	18.3%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$330.15M total

Sand Segment$325.76M · 98.7%

Smart Systems Segment$4.39M · 1.3%

Product / service

$330.15M total

Sand$325.76M · 98.7%

Smart Systems$4.39M · 1.3%

Geographic

$330.15M total

US$298.25M · 90.3%

CA$31.90M · 9.7%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

2.18

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✓Current ratio improved
✗No share dilution
✗Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Mining & Quarrying of Nonmetallic Minerals (No Fuels)

Company	Revenue (last FY)	Net margin	ROE
VMC	$7.94B	13.6%	12.6%
CMP	$1.24B	-6.4%	-34.1%
UUUU	$65.92M	-129.9%	-12.6%
MLM	$6.15B	18.5%	11.3%
ABAT	$4.29M	-1090.0%	-66.2%

Comparing Smart Sand against the 5 most active filers in the same SIC group.

Dividends

$0.25/share trailing 12 months · +150.0% YoY

Ex-date	Per share
Apr 22, 2026	$0.1000
Dec 2, 2025	$0.0500
Aug 4, 2025	$0.1000
Oct 15, 2024	$0.1000