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Smart Sand, Inc. (SND) stock

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NASDAQ: SND Nasdaq Construction Materials Next results ~November 11, 2026

C Fundamentals grade

Smart Sand, Inc. is a US-listed company in the construction materials industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$8.1

Cash-flow model

Base case. Range ~$6.1–$11 across our lower- and higher-growth cases (6.8%–16.8% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 75% above it.

Price used: $4.62, November 2, 2026

Smart Sand, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 6 selling3 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds69 adding, 39 cuttingOf 30 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Smart Sand files

Where Smart Sand stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $387m, up 26.5% on a year earlier, faster than the 21.7% growth a quarter earlier. Free-cash-flow margin rose to 8.9% from 0.1% a year earlier. Operating margin widened to 2.0% from -2.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $7.62 a share, against a share price of $4.93. At that price, our model says the market is pricing in about 4.3% a year of cash-flow growth for five years, slower than the 25.0% a year revenue growth it has delivered.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

Smart Sand, Inc.'s trailing-twelve-month revenue grew 26.5% year on year, with a free-cash-flow margin of 8.9%. Where it stands out: revenue growth of 26.5% ranks 1 of 8 construction materials companies we cover. Where it lags: gross margin of 13.5% ranks 8 of 8 construction materials companies we cover.

Our discounted-cash-flow model values the business at ~$8.1 per share in the base case (~$6.1–$11 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 16391.9% while net income grew 1206.1%: a 15186pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $4.62 is 75% below our value per share of $8.
  • Fast growth. Revenue grew 26.5% over the last 12 months, against a median of 5.6% for construction materials companies we cover.
  • Growth speeding up. The growth rate is 4.8 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 4.8 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 69% and a beta of -0.1 against the S&P 500.
  • Below peers: gross margin. Gross margin of 13.5% ranks 8 of 8 construction materials companies we cover (median 27.5%).
  • Below peers: operating margin. Operating margin of 2.0% ranks 7 of 7 construction materials companies we cover (median 16.1%).

Latest results: FY2026 Q2

Filed August 11, 2026
Revenue
$115m, up 34.1% on a year earlier
Share reaction
+8.1% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Next report
November 11, 2026

Smart Sand's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.5%
  • 1 week-4.5%
  • 1 month-13.5%
  • This year+20.4%
  • 1 year+127.5%
  • 5 years+130.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$387M
Operating margin
2.0%
Net margin
2.7%
EPS (TTM, diluted)
$0.26

Growth

Revenue growth
+26.5%
Change in growth rate
+4.8 pts
Share count change
+1.6%

Cash

Free cash flow (TTM)
$34.6M
FCF margin
8.9%
Stock pay % of revenue
0.9%

Earnings

Last results
August 11, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Smart Sand, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 2.1% a year of cash-flow growth for five years.That is slower than the 25.0% a year revenue growth Smart Sand has delivered.

  • Priced in2.1%
  • Last 12 months26.5%
  • 3 years a year8.6%
  • 5 years a year25.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($4.59, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$8.1
Price used
$4.59close November 3, 2026
Implied change
▲ +76%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Smart Sand, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($11.1M, FY2026 Q2 TTM), growing 11.8% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$6.1–~$11 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Smart Sand, Inc.'s free cash flow after stock-based pay ( $11.1M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Smart Sand, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$8.1 ~$6.1–$11 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$5.0 ~$3.9–$6.6 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.1 ~$0.5–$2.0 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$7.1 ~$5.0–$8.1 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Smart Sand, Inc. with Construction Materials in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $4$5$7$10$13$18
8.5% $3$4$5$7$10$13
10% $2$3$4$6$8$10

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$14.20$7.43$1.90$2.16$1.48$1.53$1.54$1.66$2.02$3.84$4.62
Market value$349m$299m$77m$87m$59m$64m$65m$65m$79m$152m$185m
+ Net debt (− = net cash)−$46m−$34m$47m$32m$18m−$3m$12m$14m$13m−$8m$6m
Enterprise value$303m$266m$124m$119m$77m$61m$77m$79m$92m$144m$191m
Multiples
Price / sales 5.9x2.2x0.4x0.4x0.5x0.5x0.3x0.2x0.3x0.5x0.5x
Price / earnings 33.6x13.9x3.8x2.8x1.6x——13.9x26.4x113.0x17.6x
Price / free cash flow 14.4x——4.6x3.5x3.0x—8.1x7.3x4.7x5.3x
EV / EBITDA 11.3x10.0x2.8x1.7x8.5x—3.3x3.0x2.9x5.8x8.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

31 /100

Weak moat

How hard Smart Sand's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Cash operating profit has been a median 3.9% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median 14.9%, moving by 15.4 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.2%; its worst year was -58.5%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.8% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 2.7% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 11, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Smart Sand, Inc.: too few analysts cover it.

Positioning

Short interest
6.9%
of tradable shares
Days to cover
7.62
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
47%
of shares
Held by insiders
30.7%
of shares
Employees
318
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +127.5%

$2.03 on October 31, 2025 to $4.62

ThenNowEffect
Revenue (last 12 months) $306m $387m +26.5%
Net margin 0.3% 2.7% +932.3%
P/E multiple 99.7x 17.6x −82.3%
Share count 39m 40m −1.6%

Biggest factor: net margin.

Last 3 years +149.4%

$1.85 on November 3, 2023 to $4.62

ThenNowEffect
Revenue (last 12 months) $303m $387m +27.9%
Net margin 2.6% 2.7% +2.3%
P/E multiple 9.5x 17.6x +85.6%
Share count 41m 40m +2.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SND+4%+1%+8%+22%+90%+20%
Industry peers (median)+42%−22%+64%+18%−13%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SND42%50%42%50%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SND−52%−70%−41%−25%−33%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 4, 2016: 97% from February 22, 2017 to March 18, 2020. Getting back needed a 3400% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.97 – $5.70
From 52-week high
−18.9%
vs 50-day average
−10.0%
vs 200-day average
−3.6%
Volatility (1 year)
69%
Beta vs S&P 500
-0.05

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.4%
After a week
7 up, 5 down
typical move ±9.8%
After a month
10 up, 2 down
typical move ±15.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 +8.1% −0.1% +8.3% +13.3%
May 12, 2026 −5.9% +0.4% +2.0% +5.9%
February 26, 2026 +0.4% −1.0% −20.7% +5.8%
November 12, 2025 +6.0% −1.6% +17.2% +77.0%
August 12, 2025 0.0% +1.4% +5.4% +2.7%
May 13, 2025 −3.9% +0.8% −10.6% +1.9%
March 4, 2025 −0.5% −0.1% +4.7% +21.1%
November 12, 2024 −15.7% −0.3% −10.7% −9.9%
August 13, 2024 +7.6% +2.0% +14.1% +8.7%
May 13, 2024 −5.6% +0.5% −3.9% −11.2%
March 11, 2024 −2.3% +1.0% −5.8% +6.8%
August 8, 2023 +9.1% −1.1% +13.6% +22.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Smart Sand, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Smart Sand, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Smart Sand, Inc.
$250M $300M $350M $400M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $307.9M Revenue (TTM), FY23 Q4: $296M Revenue (TTM), FY24 Q1: $296.7M Revenue (TTM), FY24 Q2: $295.7M Revenue (TTM), FY24 Q3: $282M Revenue (TTM), FY24 Q4: $311.4M Revenue (TTM), FY25 Q1: $293.9M Revenue (TTM), FY25 Q2: $305.8M Revenue (TTM), FY25 Q3: $335.5M Revenue (TTM), FY25 Q4: $330.2M Revenue (TTM), FY26 Q1: $357.7M Revenue (TTM), FY26 Q2: $387M $387M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $307.9M
FY23 Q4 $296M
FY24 Q1 $296.7M
FY24 Q2 $295.7M
FY24 Q3 $282M
FY24 Q4 $311.4M
FY25 Q1 $293.9M
FY25 Q2 $305.8M
FY25 Q3 $335.5M
FY25 Q4 $330.2M
FY26 Q1 $357.7M
FY26 Q2 $387M
Revenue growth, TTM YoY Smart Sand, Inc.
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 41.9% Revenue growth, TTM YoY, FY23 Q4: 15.7% Revenue growth, TTM YoY, FY24 Q1: 0.1% Revenue growth, TTM YoY, FY24 Q2: -2.3% Revenue growth, TTM YoY, FY24 Q3: -8.4% Revenue growth, TTM YoY, FY24 Q4: 5.2% Revenue growth, TTM YoY, FY25 Q1: -0.9% Revenue growth, TTM YoY, FY25 Q2: 3.4% Revenue growth, TTM YoY, FY25 Q3: 19.0% Revenue growth, TTM YoY, FY25 Q4: 6.0% Revenue growth, TTM YoY, FY26 Q1: 21.7% Revenue growth, TTM YoY, FY26 Q2: 26.5% 26.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 41.9%
FY23 Q4 15.7%
FY24 Q1 0.1%
FY24 Q2 -2.3%
FY24 Q3 -8.4%
FY24 Q4 5.2%
FY25 Q1 -0.9%
FY25 Q2 3.4%
FY25 Q3 19.0%
FY25 Q4 6.0%
FY26 Q1 21.7%
FY26 Q2 26.5%
Operating margin (TTM) Smart Sand, Inc.
-4% -2% 0% 2% 4% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 2.6% Operating margin (TTM), FY23 Q4: -0.5% Operating margin (TTM), FY24 Q1: 0.3% Operating margin (TTM), FY24 Q2: 0.5% Operating margin (TTM), FY24 Q3: -3.0% Operating margin (TTM), FY24 Q4: 1.0% Operating margin (TTM), FY25 Q1: -1.6% Operating margin (TTM), FY25 Q2: -2.8% Operating margin (TTM), FY25 Q3: 0.6% Operating margin (TTM), FY25 Q4: -1.4% Operating margin (TTM), FY26 Q1: -0.6% Operating margin (TTM), FY26 Q2: 2.0% 2.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 2.6%
FY23 Q4 -0.5%
FY24 Q1 0.3%
FY24 Q2 0.5%
FY24 Q3 -3.0%
FY24 Q4 1.0%
FY25 Q1 -1.6%
FY25 Q2 -2.8%
FY25 Q3 0.6%
FY25 Q4 -1.4%
FY26 Q1 -0.6%
FY26 Q2 2.0%
FCF margin (TTM) Smart Sand, Inc.
0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 6.5% FCF margin (TTM), FY23 Q4: 2.7% FCF margin (TTM), FY24 Q1: 0.5% FCF margin (TTM), FY24 Q2: 1.4% FCF margin (TTM), FY24 Q3: 0.8% FCF margin (TTM), FY24 Q4: 3.5% FCF margin (TTM), FY25 Q1: 7.3% FCF margin (TTM), FY25 Q2: 0.1% FCF margin (TTM), FY25 Q3: 3.4% FCF margin (TTM), FY25 Q4: 9.9% FCF margin (TTM), FY26 Q1: 7.9% FCF margin (TTM), FY26 Q2: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 6.5%
FY23 Q4 2.7%
FY24 Q1 0.5%
FY24 Q2 1.4%
FY24 Q3 0.8%
FY24 Q4 3.5%
FY25 Q1 7.3%
FY25 Q2 0.1%
FY25 Q3 3.4%
FY25 Q4 9.9%
FY26 Q1 7.9%
FY26 Q2 8.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 68 48 59 137 212 233 122 127 256 296 311 330 387
Gross profit 38 27 33 37 69 81 18 −16 30 42 45 38 52
EBITDA 29 22 27 27 45 70 9 −38 23 26 32 25 24
Operating income 26 17 20 19 28 43 −13 −63 −3 −2 3 −4 8
Net income 8 5 10 22 20 32 38 −51 −1 5 3 1 10
Diluted EPS $0.29 $0.19 $0.42 $0.53 $0.50 $0.78 $0.94 −$1.21 −$0.02 $0.12 $0.08 $0.03 $0.26
Growth (year on year)
Revenue — −30.0% +24.2% +131.7% +54.8% +9.7% −47.5% +3.5% +101.9% +15.7% +5.2% +6.0% +26.5%
EBITDA — −25.5% +22.7% −0.9% +68.4% +55.9% −87.0% −518.9% — +11.2% +23.0% −22.3% +201.0%
Operating income — −35.6% +23.0% −8.3% +48.0% +57.1% −129.9% — — — — — —
Net income — −34.0% +108.0% +107.4% −6.6% +57.3% +20.0% −233.5% — — — — —
Diluted EPS — −34.5% +121.1% +26.2% −5.7% +56.0% +20.5% −228.7% — — — — —
Margins
Gross margin 56.1% 56.0% 55.1% 26.9% 32.6% 34.8% 14.8% −12.6% 11.6% 14.0% 14.4% 11.5% 13.5%
EBITDA margin 43.1% 45.9% 45.4% 19.4% 21.1% 30.0% 7.4% −30.1% 9.1% 8.8% 10.3% 7.5% 6.2%
Operating margin 37.8% 34.8% 34.4% 13.6% 13.0% 18.7% −10.6% −50.1% −1.2% −0.5% 1.0% −1.4% 2.0%
Net margin 11.1% 10.5% 17.5% 15.7% 9.5% 13.6% 31.0% −40.0% −0.3% 1.6% 1.0% 0.4% 2.7%
Free-cash-flow margin −12.8% 2.8% 40.8% −25.9% −21.3% 8.2% 13.8% 16.8% −2.9% 2.7% 3.5% 9.9% 8.9%
Cash flow
Cash from operations 22 31 27 16 51 45 26 32 5 31 18 44 47
Capital spending 31 29 3 51 96 26 9 11 13 23 7 12 12
Free cash flow −9 1 24 −36 −45 19 17 21 −7 8 11 33 35
Stock-based pay 0 1 1 2 3 3 4 3 3 4 3 4 3
Free cash flow after stock pay −9 1 23 −38 −48 16 13 18 −10 4 8 29 31
Balance sheet
Cash 1 4 47 35 1 3 12 26 6 6 2 23 10
Total debt 0 64 1 1 49 34 29 22 18 20 15 15 16
Net debt (negative = net cash) −1 60 −46 −34 47 32 18 −3 12 14 13 −8 6
Diluted shares 26m 26m 25m 40m 40m 40m 40m 42m 42m 39m 39m 40m 40m
Returned to shareholders
Dividends — — — — — — — — 0 0 4 6 10
Buybacks 0 0 0 0 2 0 1 0 1 0 0 1 2
Total returned 0 0 0 0 2 0 1 0 1 0 4 7 12

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $347m
Short-term assets $93mLonger-term assets $254m
What it owes, and who funded it · $347m
Short-term liabilities $55mLonger-term liabilities $54mShareholders' equity $238m
  • Short-term assets cover short-term liabilities $93m of assets due within a year against $55m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $93m short-term assets against $54m of longer-dated liabilities.
  • More cash than debt $10m of cash against $15m of debt.
  • Debt below 40% of shareholders' equity Debt is 6% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 6% to 6% over five years.
  • A year's operating cash flow covers at least 20% of debt $47m of operating cash flow against $15m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Smart Sand, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.6M
Dividends (TTM)
$10M
Returned to shareholders
34%
of free cash flow
Buybacks, last 3 fiscal years
$1.1M
Diluted share count
+1.6%
year over year
Total shareholder yield
6.5%
dividends 5.6% + buybacks 0.9% of market value
Dividend payout ratio
96%
of net income paid out
Sales & admin spending
10.9%
of revenue
Days sales outstanding
42 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction materials
Last 12 months unless stated SND USLM TTAM EXP KNF MLM Median
Revenue, last 12 months $387m $381m $1.7bn $2.3bn $3.3bn $6.7bn $2.8bn
Revenue growth, last 12 months 26.5% 4.5% 1.8% 1.7% 12.1% 14.8% 5.0%
Revenue growth, 3-year average 8.6% 11.6% — 2.0% 8.3% 1.1% 5.2%
Revenue growth, latest quarter 34.1% 4.1% — 2.6% 12.6% 21.0% 4.1%
Gross margin 13.5% 47.6% 26.1% 27.0% 17.8% 28.2% 27.2%
Operating margin 2.0% 41.2% 16.1% 31.7% 8.3% 20.6% 18.2%
Operating margin, 3-year average −0.1% 40.1% — 31.6% 9.3% 30.3% 19.7%
Net margin 2.7% 35.1% 11.1% 17.3% 4.2% 36.7% 12.5%
Cash from operations / revenue 12.1% 44.3% 17.8% 27.2% 9.5% 22.7% 18.3%
Free-cash-flow margin 8.9% 25.9% 8.1% 7.3% 1.3% 12.1% 8.5%
Free-cash-flow margin, 3-year average 3.5% 27.5% — 13.5% 1.6% 12.6% 11.3%
Stock pay / revenue 0.9% 1.9% — 0.9% 0.3% 0.7% 0.7%
Change in share count 1.6% 0.2% 4.6% −4.8% 0.1% −1.1% −0.5%

Median of all 8 companies we cover in construction materials. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

8 construction materials companies
Measure Company Peer median Rank
Revenue growth Growth 26.5% 5.6% 1 of 8
Change in growth rate Growth +4.8pp -0.4pp 1 of 8
Gross margin Profitability 13.5% 27.5% 8 of 8
Operating margin Profitability 2.0% 16.1% 7 of 7
Net margin Profitability 2.7% 13.8% 8 of 8
Free-cash-flow margin Cash generation 8.9% 8.9% 4 of 8
Stock pay as % of revenue Cash generation 0.9% 0.7% 5 of 7
Long-term debt as % of assets Balance sheet 2.5% 23.9% 2 of 8
Change in share count Balance sheet 1.6% 0.1% 7 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Sand $326M 98.7% ▲ 7.3%
Smart Systems $4.4M 1.3% ▼ 43.6%
Products and services
Line of business Revenue Share YoY
Sand $326M 98.7% ▲ 7.3%
Smart Systems $4.4M 1.3% ▼ 43.6%
Geography
Region Revenue Share YoY
United States $298M 90.3% ▼ 3.6%
Canada $31.9M 9.7% ▲ 1579.0%

From Smart Sand, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$97.7M
Institutions reporting
91
Shares held vs prior quarter
▲ 12.8%
Positions opened / closed
30 / 22

Top buyers and sellers, Q2 2026: 69 institutions bought and 39 sold ; the biggest buyer was Blackrock, Inc (+1.5M shares) and the biggest seller Marshall Wace, LLP (−476K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Gendell Jeffrey L $17.2M 3.4M 17.6% ▲ 9.9%
Blackrock, Inc. $10.1M 2.0M 10.3% ▲ 316.0%
Acadian Asset Management LLC $6.7M 1.3M 6.9% ▲ 40.2%
Vanguard Capital Management LLC $5.4M 1.1M 5.5% ▼ 9.6%
Dimensional Fund Advisors LP $4.4M 884K 4.5% ▲ 10.6%
Geode Capital Management, LLC $4.2M 843K 4.3% ▲ 94.8%
Bridgeway Capital Management, LLC $4M 804K 4.1% ▲ 2.4%
Sprott Inc. $3.8M 750K 3.8% 0.0%
Arrowstreet Capital, Limited Partnership $3.3M 657K 3.4% ▼ 17.8%
Simcoe Capital LLC $3.1M 621K 3.2% ▲ 0.1%
O'Shaughnessy Asset Management, LLC $2.4M 480K 2.5% ▲ 37.1%
American Century Companies Inc $2.4M 477K 2.4% ▲ 117.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Smart Sand, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $42,383 3 trades by 1 insider, last 12 months Insider sales History → $2.6M 15 trades by 6 insiders · 0% under pre-set plans
Net ▼ $2.6M net selling
Insider Date Trade Shares Price Value
Young James Douglas SEE REMARKS August 24, 2026 Sell 2,236 $4.70 $10,509
Young James Douglas SEE REMARKS August 21, 2026 Sell 19,078 $4.83 $92,147
Young James Douglas SEE REMARKS August 20, 2026 Sell 25,716 $4.83 $124,208
Beckelman Lee E Chief Financial Officer August 19, 2026 Sell 50,000 $4.79 $239,500
Young James Douglas SEE REMARKS August 19, 2026 Sell 11,669 $4.84 $56,478
Young James Douglas SEE REMARKS August 18, 2026 Sell 16,301 $4.93 $80,364
Spurlin Sharon Director August 17, 2026 Sell 2,700 $5.10 $13,770
Green Christopher M. Vice President of Accounting August 14, 2026 Sell 13,874 $5.06 $70,202
Spurlin Sharon Director August 14, 2026 Sell 15,000 $5.06 $75,900
Whelan Ronald P SEE REMARKS May 29, 2026 Buy 4,444 $4.50 $19,998
Spurlin Sharon Director May 26, 2026 Sell 50,000 $4.93 $246,500
Pawlenty Timothy Director March 11, 2026 Sell 27,975 $3.66 $102,388

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 11, 2026
  • May 12, 2026
  • February 26, 2026
  • November 12, 2025
  • August 12, 2025
  • May 13, 2025

Recent SEC filings

Data status

When each part of this page on Smart Sand, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Smart Sand, Inc. in brief

What does Smart Sand, Inc. do?
Smart Sand, Inc. is a US-listed company in the construction materials industry. Its financial year ends in December.
What is Smart Sand, Inc.'s stock ticker?
Smart Sand, Inc. trades under the ticker SND on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Smart Sand, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Smart Sand, Inc. reported revenue of $387M, 26.5% higher than a year earlier, according to its SEC filings.
What is Smart Sand, Inc.'s free cash flow?
Smart Sand, Inc.'s free-cash-flow margin is 8.9% of revenue over the trailing twelve months, ranking 4 of the 8 construction materials companies we cover.
What is Smart Sand, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Smart Sand, Inc.'s free cash flow after stock-based pay gives ~$8.1 per share in the base case, and ~$6.1–$11 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Smart Sand, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Gendell Jeffrey L, Blackrock, Inc. and Acadian Asset Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Smart Sand, Inc. buying back stock, and does it pay a dividend?
Smart Sand, Inc. spent $1.6M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.6% over the year.
What is Smart Sand, Inc.'s market cap?
On November 2, 2026, Smart Sand, Inc.'s market capitalisation was about $185M, with a price-to-earnings ratio of 17.6 and net debt of $6.2M. Market figures come from third-party market data and may be delayed.
Does Smart Sand, Inc. pay a dividend?
Yes: Smart Sand, Inc. paid $10M in dividends over the trailing twelve months, a dividend yield of 5.56% and a payout ratio of 95.5%.
How much debt does Smart Sand, Inc. have?
Smart Sand, Inc.'s debt-to-equity ratio is 6.2%, from its latest balance sheet (6.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Smart Sand, Inc.'s competitors?
In our Construction Materials peer group, the companies closest to Smart Sand, Inc. are United States Lime & Minerals Inc, Titan America SA, Eagle Materials Inc, Knife River Corp and Martin Marietta Materials. The side-by-side comparison below sets their revenue, margins and growth against Smart Sand, Inc.'s.
Are insiders buying or selling Smart Sand, Inc. stock?
Over the last 12 months, Smart Sand, Inc.'s directors and officers reported 3 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is Smart Sand, Inc.'s next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Smart Sand, Inc. announces its own schedule.