Smart Sand, Inc. key statistics and ratios

In fiscal 2025, Smart Sand, Inc. had return on equity of 0.6%, an operating margin of -1.4%, debt equal to 6.3% of equity and a current ratio of 1.76. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Smart Sand, Inc.: financial ratios, annual
Fiscal year	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
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%
Return on equity	—	—	14.2%	12.9%	10.0%	13.9%	14.2%	−19.1%	−0.3%	1.9%	1.2%	0.6%	4.4%
Return on assets	—	3.8%	6.8%	10.2%	7.1%	9.3%	9.6%	−12.6%	−0.2%	1.3%	0.9%	0.4%	3.1%
Asset turnover	—	0.36	0.39	0.65	0.75	0.68	0.31	0.32	0.70	0.84	0.91	0.97	1.13
Current ratio	—	0.34	4.74	2.12	2.03	2.30	3.01	1.52	1.31	1.14	1.75	1.76	1.69
Debt to equity	—	>999%	0.6%	0.6%	23.1%	14.0%	10.2%	9.3%	7.3%	8.3%	6.0%	6.3%	6.9%
Effective tax rate	55.7%	45.3%	47.5%	−15.0%	21.5%	19.8%	—	—	—	—	—	—	−45.8%
SG&A as % of revenue	10.6%	9.8%	7.6%	6.9%	6.0%	4.9%	12.7%	11.2%	12.0%	13.1%	12.3%	12.3%	10.9%
Capital spending as % of revenue	45.3%	61.6%	4.3%	37.3%	45.2%	11.0%	7.0%	8.9%	5.0%	7.8%	2.3%	3.5%	3.2%
Free cash flow ÷ net income	−115.8%	26.6%	233.0%	−165.1%	−224.8%	60.4%	44.6%	—	—	171.2%	362.8%	>999%	330.2%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	0.0%	130.4%	442.2%	95.5%
Dividends and buybacks ÷ free cash flow	—	9.1%	1.7%	—	—	0.7%	6.8%	1.9%	—	0.0%	39.8%	20.2%	33.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Smart Sand, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	10.3%	14.7%	4.2%	10.4%	16.1%	13.0%	6.6%	17.2%
Operating margin	−7.8%	3.9%	−10.8%	−0.1%	5.8%	−3.1%	−5.2%	8.7%
Net margin	−0.2%	4.1%	−37.0%	24.9%	3.2%	1.4%	−4.1%	8.8%
Free-cash-flow margin	5.8%	−0.9%	7.9%	−9.1%	15.9%	23.7%	0.9%	−1.2%
Current ratio	1.71	1.75	1.75	1.86	1.70	1.76	1.66	1.69
Debt to equity	5.6%	5.2%	5.5%	9.0%	5.3%	5.4%	5.9%	6.2%
SG&A as % of revenue	15.4%	10.1%	14.1%	10.6%	9.8%	15.2%	11.5%	8.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Smart Sand, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Smart Sand, Inc.