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Smart Sand
(NASDAQ:SND)
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Rating:75Outperform
Price Target:
$6.00
▲(15.38% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by improved fundamentals with strong TTM operating/free cash flow and a conservatively levered balance sheet, offset by thin margins and historical earnings variability. Technicals add support with price above key moving averages and positive MACD, while valuation is helped by a high dividend yield but constrained by a mid-range P/E for a cyclical profile. Corporate events are a net positive due to enhanced credit flexibility and ongoing capital returns.
Positive Factors
Strong recent cash generation
Recent operating and free cash flow provide internal funding for capital spending, debt management, and shareholder returns. Positive FCF growth also indicates improved cash generation, giving Smart Sand greater resilience and flexibility through the next several quarters.
Negative Factors
Thin profitability margins
Thin margins leave limited protection against changes in pricing, volumes, or operating costs. Even with a recent earnings rebound, modest profitability means relatively small adverse shifts in the cyclical proppant market could materially reduce earnings and cash available for reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong recent cash generation
Recent operating and free cash flow provide internal funding for capital spending, debt management, and shareholder returns. Positive FCF growth also indicates improved cash generation, giving Smart Sand greater resilience and flexibility through the next several quarters.
Read all positive factors
Smart Sand (SND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$225.56M
Dividend Yield6.53%
Average Volume (3M)282.83K
Price to Earnings (P/E)19.8
Beta (1Y)0.16
Revenue Growth26.53%
EPS Growth1135.48%
CountryUS
Employees318
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.27
Shares Outstanding42,399,060
10 Day Avg. Volume204,016
30 Day Avg. Volume282,833
Financial Highlights & Ratios
PEG Ratio-2.18
Price to Book (P/B)0.65
Price to Sales (P/S)0.47
P/FCF Ratio4.80
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Smart Sand Business Overview & Revenue Model
Company Description
Smart Sand, Inc., a fully integrated frac and industrial sand supply and services company, provides mine to wellsite proppant supply and logistics solutions to its frac sand customers in the United States and Canada. The company operates in two se...
How the Company Makes Money
Smart Sand primarily makes money by selling proppant (frac sand) to customers involved in hydraulic fracturing. Revenue is generated through (1) product sales of processed silica sand, typically priced per ton and influenced by demand for well com...
Smart Sand Earnings Call Summary
Earnings Call Date:Nov 12, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook. Positive aspects included a focus on free cash flow, shareholder returns, and strategic growth initiatives. However, challenges such as decreased sales volumes and revenue, alongside lower contribution margins and EBITDA, highlighted operational pressures. The company remains optimistic about future demand and pricing improvements, particularly in natural gas markets.Positive Updates
Positive Free Cash Flow
Smart Sand reported positive free cash flow of $3.7 million for the third quarter and $11.7 million year-to-date. The company remains cash flow positive for 2024.
Negative Updates
Decrease in Sales Volumes and Revenue
Third quarter sales volumes decreased by 7% from the second quarter, with total revenues dropping from $73.8 million to $63.2 million.
Read all updates
Q3-2024 Updates
Positive
Negative
Positive Free Cash Flow
Smart Sand reported positive free cash flow of $3.7 million for the third quarter and $11.7 million year-to-date. The company remains cash flow positive for 2024.
Read all positive updates
Company Guidance
During Smart Sand's Q3 2024 earnings call, the company provided several financial metrics and guidance reflecting its performance and strategic initiatives. The company reported sales volumes of just under 1.2 million tons and an adjusted EBITDA of $5.7 million for the quarter. Positive free cash flow was reported at $3.7 million, contributing to a year-to-date free cash flow of $11.7 million. Despite a 7% decrease from the previous quarter, total revenues were $63.2 million, with a contribution margin of $13.2 million or $11.09 per ton sold. Smart Sand also highlighted a decrease in capital expenditures, down to $5.1 million year-to-date compared to $16.1 million in 2023, and anticipated total capital expenditures to remain under $10 million for 2024. The company announced a share buyback plan of up to $10 million and recently paid a special dividend of $0.10 per share, demonstrating a commitment to returning capital to shareholders. Looking forward, Smart Sand expects a pickup in activity, especially in natural gas markets, and anticipates continued demand for Northern White Sand. They foresee fourth-quarter sand sales volumes ranging from 1.1 to 1.4 million tons and anticipate positive free cash flow for the year despite increased capital expenditures in the fourth quarter.Smart Sand Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 386.99M | 330.15M | 311.37M | 295.97M | 255.74M | 126.65M |
| Gross Profit | 50.95M | 35.50M | 44.82M | 41.55M | 29.59M | -15.91M |
| EBITDA | 31.73M | 25.77M | 31.75M | 27.29M | 24.98M | -31.61M |
| Net Income | 10.49M | 1.34M | 2.99M | 4.65M | -703.00K | -50.67M |
Balance Sheet | ||||||
| Total Assets | 347.06M | 340.01M | 341.55M | 346.30M | 360.00M | 374.02M |
| Cash, Cash Equivalents and Short-Term Investments | 10.20M | 22.55M | 1.55M | 6.07M | 5.51M | 25.59M |
| Total Debt | 43.36M | 36.18M | 37.22M | 43.75M | 44.54M | 55.20M |
| Total Liabilities | 108.97M | 100.32M | 97.74M | 104.03M | 116.53M | 132.86M |
| Stockholders Equity | 238.10M | 239.70M | 243.81M | 242.27M | 243.47M | 241.16M |
Cash Flow | ||||||
| Free Cash Flow | 34.63M | 32.52M | 10.85M | 7.96M | -7.31M | 21.22M |
| Operating Cash Flow | 46.98M | 44.12M | 17.86M | 30.99M | 5.42M | 32.44M |
| Investing Cash Flow | -12.35M | -10.86M | -6.92M | -22.90M | -18.21M | -11.14M |
| Financing Cash Flow | -28.73M | -12.26M | -15.46M | -7.53M | -7.29M | -7.43M |
Smart Sand Technical Analysis
Positive
5.20
Price Trends
4.74
Positive
4.83
Positive
4.46
Positive
Market Momentum
0.17
Negative
63.47
Neutral
84.42
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SND, the sentiment is Positive. The current price of 5.2 is above the 20-day moving average (MA) of 4.97, above the 50-day MA of 4.74, and above the 200-day MA of 4.46, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 63.47 is Neutral, neither overbought nor oversold. The STOCH value of 84.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SND.
Smart Sand Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $225.56M | 19.83 | 4.41% | 6.53% | 26.53% | 1135.48% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $30.88B | 19.25 | 15.08% | 1.85% | 0.63% | -10.50% | |
62 Neutral | $2.59B | 76.78 | 3.50% | 1.35% | -1.95% | -17.11% | |
56 Neutral | $1.41B | -106.46 | -1.49% | ― | -15.14% | 92.26% | |
52 Neutral | $1.68B | -14.73 | -10.04% | 1.86% | -8.11% | -822.25% | |
50 Neutral | $937.93M | -2.21 | -56.47% | ― | -16.18% | -32.58% |
* Energy Sector Average
SND
Smart Sand
5.36
3.57
198.77%
HAL
Halliburton
36.80
15.48
72.62%
PUMP
Propetro Holding
12.03
7.51
166.15%
WTTR
Select Energy Services
20.80
12.55
152.21%
ACDC
ProFrac Holding
5.42
1.74
47.28%
AESI
Atlas Energy Solutions
13.99
3.52
33.62%
Smart Sand Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Smart Sand Expands Credit Facility and Extends Maturity
Positive
Sep 3, 2026
Smart Sand, Inc. disclosed that it entered into a $30 million five-year senior secured asset-based credit facility on September 3, 2024, with First-Citizens Bank Trust Company as agent and lender, establishing a revolving structure backed by the ...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial Disclosures
Smart Sand Announces CFO Transition and Governance Changes
Positive
Aug 11, 2026
Smart Sand reported that the second quarter of 2026 was among the strongest in its history, with tons sold rising 25% sequentially and 31% year over year to about 1.86 million, driving revenue to $115.1 million and net income to $10.2 million. Gro...
Business Operations and StrategyDividends
Smart Sand announces special cash dividend to shareholders
Positive
Jul 20, 2026
On July 16, 2026, Smart Sand, Inc. announced that its board of directors had declared a special cash dividend of $0.10 per share on the company’s common stock, payable on August 12, 2026 to stockholders of record as of the close of business ...
Business Operations and StrategyShareholder Meetings
Smart Sand Shareholders Approve 2026 Incentive and ESPP Plans
Positive
Jun 8, 2026
On June 2, 2026, Smart Sand stockholders approved a new 2026 Equity Incentive Plan, replacing the company’s 2016 plan and authorizing a pool of up to 2.4 million new shares plus certain unused or forfeited shares from the prior plan for a br...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.