Smith Midland vs Smart Sand
Smart Sand is the larger business, with $330m of revenue in fiscal 2025 against $93.4m for Smith Midland (3.5 times as much). Smith Midland grew faster (19.0% against 6.0%). Smith Midland kept more of each dollar of sales as profit: a net margin of 13.4% against 0.4%. Smart Sand carries less debt relative to equity (6.3% against 8.2%).
| Latest fiscal year | Smith MidlandSMID, 2025 | Smart SandSND, 2025 |
|---|---|---|
| Revenue | $93.4m | $330m |
| Revenue growth | 19.0% | 6.0% |
| Net income | $12.5m | $1.3m |
| Operating margin | 18.2% | -1.4% |
| Net margin | 13.4% | 0.4% |
| Return on equity | 26.0% | 0.6% |
| Free cash flow | $5.0m | $32.5m |
| Cash | $11.9m | $22.6m |
| Total debt | $4.4m | $15.0m |
| Debt to equity | 8.2% | 6.3% |
| Dividend per share | — | $0.15 |
| Dividend yield | — | 5.6% |
| Share buybacks | — | $628,000 |
| Employees | 285 | 318 |
| Market value | $127m | $183m |
| Price vs our value range | Above our value range | Below our value range |
| Moat score | 33 (Weak) | 31 (Weak) |
| Insider trades, 12 months | 2 buys, 1 sales | 3 buys, 15 sales |