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Smart Sand (SND) AI Stock Analysis
Smart Sand
(NASDAQ:SND)
Smart Sand scores in the moderate range. The dominant constraint is profitability: despite solid revenue growth and improving cash generation, net margins are razor-thin, EBIT has been negative in multiple years, and return on equity remains well below industry norms in a highly cyclical end market. Supporting the score are a conservatively leveraged balance sheet, a strengthening free cash flow profile, and a favorable run of corporate developments — a record quarter, an enlarged and extended credit facility, and meaningful capital returns through buybacks and special dividends. Technicals are constructive with the stock trading above all key moving averages, though the move looks somewhat extended near-term. Valuation is a mild offset: a 19.7x P/E is demanding for the earnings profile, partly balanced by a high, though special-dividend-driven, yield.
Smart Sand (SND) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $205.21M
- Dividend Yield
- 7.23%
- Average Volume (3M)
- 244.27K
- Price to Earnings (P/E)
- 17.9
- Beta (1Y)
- 0.18
- Revenue Growth
- 26.53%
- EPS Growth
- 1135.48%
- Country
- US
- Employees
- 318
- Sector
- Energy
- Sector Strength
- 65
- Industry
- Oil & Gas Equipment & Services
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 segme...
How the Company Makes Money
Smart Sand makes money primarily by selling processed frac sand (proppant) used in hydraulic fracturing operations. Its core revenue stream is the sale of sand volumes (typically priced per ton) to customers in the upstream oil and gas sector—commonl...
Smart Sand Earnings Call Summary
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.
Q3-2024 Updates
Positive Updates
Negative 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
A mixed profile weighed down by weak profitability. The income statement is the primary drag (score 38): revenue has grown to $387M on a TTM basis, but gross margins are thin and volatile (13.2% TTM), net margin is just 2.7% TTM (0.4% in FY2025), and EBIT was negative in three of the last five years. The balance sheet is the strongest pillar (score 58) with debt reduced from $55.2M to $36.2M, debt-to-equity down to 0.15, and a stable ~$240M equity base, though return on equity is very low (0.6% in 2025, 4.4% TTM). Cash flow is improving (score 52), with operating cash flow up to $47M TTM and free cash flow of $34.6M, well-supported by earnings quality (OCF/net income of 0.86), but prior-year swings underscore the cyclical, commodity-driven nature of the business.
Income Statement
38NegativeBalance Sheet
58NeutralCash Flow
52Neutral| 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 | 39.06M | 25.94M | 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
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SND, the sentiment is Negative. The current price of 4.84 is below the 20-day moving average (MA) of 5.11, below the 50-day MA of 5.14, and above the 200-day MA of 4.79, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 40.79 is Neutral, neither overbought nor oversold. The STOCH value of 33.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SND.
Smart Sand Risk Analysis
Smart Sand disclosed 55 risk factors in its most recent earnings report. Smart Sand reported the most risks in the "Production" category.
- Finance & Corporate13
- Tech & Innovation4
- Legal & Regulatory10
- Production15
- Ability to Sell8
- Macro & Political5
Latest Risks Added
0 New RisksSmart Sand Peers Comparison
Overall Rating
HAL66Neutral- SND61Neutral
AESI57Neutral
PUMP51Neutral
WTTR51Neutral
ACDC50Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HAL | 66Neutral | $29.92B | 15.13 | 18.46% | 1.88% | 1.53% | 58.46% |
| Sector * | 65Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
| SND | 61Neutral | $205.21M | 17.91 | 4.41% | 7.23% | 26.53% | 1135.48% |
| AESI | 57Neutral | $1.15B | -9.71 | -10.04% | 2.71% | -8.11% | -822.25% |
| PUMP | 51Neutral | $949.73M | 390.40 | 0.21% | ― | -6.04% | ― |
| WTTR | 51Neutral | $2.54B | 72.83 | 3.50% | 1.42% | -1.95% | -17.11% |
| ACDC | 50Neutral | $888.76M | -1.99 | -56.47% | ― | -16.18% | -32.58% |
* Energy Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SND | Smart Sand Inc | 4.84 | 2.81 | 138.31% | |
| HAL | Halliburton Company | 36.17 | 9.53 | 35.77% | |
| PUMP | Propetro Holding | 7.73 | -3.22 | -29.41% | |
| WTTR | Select Energy Services | 19.73 | 8.07 | 69.21% | |
| ACDC | Profrac Holding Corp. Class A | 4.88 | -0.66 | -11.91% | |
| AESI | Atlas Energy Solutions, Inc. | 9.22 | -3.43 | -27.11% |
Smart Sand Corporate Events
Smart Sand Expands Credit Facility and Extends Maturity
PositiveSmart 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 th...
Smart Sand Announces CFO Transition and Governance Changes
PositiveSmart 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. Gross...
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.
Date of analysis: Sep 06, 2026