Smart Sand (SND) AI Stock Analysis

• Market Cap: $225.96M
• Dividend Yield: N/A
• Average Volume (3M): 393.70K
• Price to Earnings (P/E): 159.7
• Beta (1Y): 0.80
• Revenue Growth: 18.98%
• EPS Growth: N/A
• Country: US
• Employees: 285
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.03
• Shares Outstanding: 43,538,190
• 10 Day Avg. Volume: 374,347
• 30 Day Avg. Volume: 393,698
• PEG Ratio: -1.90
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 0.47
• P/FCF Ratio: 4.80
• Enterprise Value/Market Cap: 0.80
• Enterprise Value/Revenue: 0.55
• Enterprise Value/Gross Profit: 4.76
• Enterprise Value/Ebitda: 16.05
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: $5.50 ▲(87.71% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by mixed financial performance—stronger cash generation and a conservative balance sheet offset by weak and volatile profitability. Technicals add support with an upward trend and positive momentum, while the high P/E ratio weighs on valuation. The new buyback authorization is a modest positive tailwind.

Positive Factors

Improving cash generation

Smart Sand delivered materially improved operating and free cash flow in 2025, converting operating performance into durable liquidity. Strong FCF provides funding for capex, debt service, and shareholder returns, reducing reliance on external financing during energy cycles.

Conservative leverage

Low debt-to-equity gives the company structural financial flexibility to absorb industry cyclicality and fund operations or strategic moves internally. Conservative leverage lowers refinancing risk and supports continued investment or buybacks through downcycles.

Scale plus active capital returns

Record volumes and substantial FCF in 2025, together with a $20M repurchase authorization and prior dividends/repurchases, show scale and disciplined capital allocation. This reinforces long-run shareholder alignment and demonstrates ability to return cash when operational cash generation holds.

Negative Factors

Thin, volatile profitability

Low gross margins and swings to operating losses indicate earnings are sensitive to cost and pricing fluctuations. Persistently thin profitability constrains internal reinvestment, limits return on capital, and makes long-term planning and dividend/buyback sustainability more conditional on cyclically strong periods.

Inconsistent revenue trends

Irregular revenue growth and episodes of sharp declines undermine predictability of cash flows and complicate capacity planning. For a volume-driven commodity business, inconsistent top-line trends increase execution risk and make multi-period investment returns more uncertain.

High end‑market cyclicality

Dependence on hydraulic fracturing demand ties revenues to commodity cycles, rig counts and regulatory shifts. Structural exposure to oil & gas activity increases long-term volume and pricing volatility, pressuring margin sustainability and capital return consistency across cycles.

Smart Sand Business Overview & Revenue Model

Company Description

Smart Sand, Inc., an integrated frac sand supply and services company, engages in the excavation, processing, and sale of sands or proppant for use in hydraulic fracturing operations in the oil and gas industry in the United States. It also provides logistics services; and SmartSystems, a wellsite proppant storage solution. The company sells its products primarily to oil and natural gas exploration and production companies, oilfield service companies, and industrial manufacturers. As of December 31, 2021, it had approximately 250 million tons of proven and probable recoverable sand reserves. Smart Sand, Inc. was incorporated in 2011 and is headquartered in The Woodlands, Texas.

How the Company Makes Money

Smart Sand generates revenue through the sale of its industrial sand products, primarily frac sand, to oil and gas exploration and production companies. The company's revenue model is based on the volume of sand sold, with pricing influenced by demand in the energy market and competitive dynamics. Key revenue streams include direct sales to customers, long-term supply contracts with major energy companies, and spot market transactions. Additionally, Smart Sand benefits from its strategic partnerships and relationships with operators in the oil and gas industry, which help secure consistent demand and facilitate growth. The company also focuses on operational efficiency and cost management to enhance profitability.

Smart Sand Financial Statement Overview

Summary

Overall fundamentals are mixed: balance sheet leverage is conservative and recent cash flow improved materially (strong operating and free cash flow in 2025), but profitability is thin and volatile with low gross margins and a swing to operating losses in 2025.

Income Statement

Revenue recovered strongly from 2020 levels and remained solid through 2025, but growth has been inconsistent (including a sharp decline in 2025). Profitability is thin and volatile: gross margin is low (~11–14% recently), operating profit swung from positive (2024) to negative (2025), and net margins have been near breakeven in the last two years. The business shows it can generate profits in better environments, but current earnings quality and margin stability remain weak.

Balance Sheet

Leverage looks conservative, with debt-to-equity consistently low (roughly ~0.15–0.23) and equity forming a substantial base relative to assets. While returns on equity have been modest recently (low single digits in 2024–2025), the balance sheet appears positioned to absorb cyclicality better than many peers. The main drawback is that profitability has not been strong enough to consistently produce attractive returns on that capital base.

Cash Flow

Cash generation is a clear strength. Operating cash flow and free cash flow improved materially in 2025 versus 2024, with free cash flow turning into a sizable positive level and showing strong growth year over year. Cash flow has been uneven historically (including negative free cash flow in 2022), but the latest period suggests improved conversion and discipline, helping offset weak accounting earnings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	330.15M	311.37M	295.97M	255.74M	126.65M
Gross Profit	37.89M	44.82M	41.55M	29.59M	-15.91M
EBITDA	-1.73M	31.75M	27.29M	24.98M	-31.61M
Net Income	1.34M	2.99M	4.65M	-703.00K	-50.67M
Balance Sheet
Total Assets	340.01M	341.55M	346.30M	360.00M	374.02M
Cash, Cash Equivalents and Short-Term Investments	22.55M	1.55M	6.07M	5.51M	25.59M
Total Debt	36.18M	37.22M	43.75M	44.54M	55.20M
Total Liabilities	100.32M	97.74M	104.03M	116.53M	132.86M
Stockholders Equity	239.70M	243.81M	242.27M	243.47M	241.16M
Cash Flow
Free Cash Flow	32.52M	10.85M	7.96M	-7.31M	21.22M
Operating Cash Flow	44.12M	17.86M	30.99M	5.42M	32.44M
Investing Cash Flow	-10.86M	-6.92M	-22.90M	-18.21M	-11.14M
Financing Cash Flow	-12.26M	-15.46M	-7.53M	-7.29M	-7.43M

Smart Sand Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.93
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 2.93 is below the 20-day moving average (MA) of 5.04, below the 50-day MA of 4.43, and above the 200-day MA of 2.71, indicating a bullish trend. The MACD of 0.24 indicates Positive momentum. The RSI at 59.12 is Neutral, neither overbought nor oversold. The STOCH value of 44.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SND.

Smart Sand Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NCSM	71 Outperform	$101.23M	8.78	11.89%	―	16.61%	-72.29%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
SND	64 Neutral	$225.96M	159.69	0.56%	―	18.98%	―
DTI	52 Neutral	$122.49M	-19.46	-5.18%	―	7.46%	-165.76%
KLXE	50 Neutral	$45.31M	-0.59	―	―	-12.57%	-45.75%
DWSN	45 Neutral	$106.18M	-31.99	-19.81%	―	-22.31%	39.11%

Smart Sand Corporate Events

Smart Sand Authorizes New Share Repurchase Program

On February 23, 2026, Smart Sand’s board approved a new two-year share repurchase program of up to $20 million in ordinary shares, effective April 4, 2026, following the expiration of its current buyback plan. This adds to an ongoing capital return strategy that in 2025 included $8 million in dividends and repurchases and an earlier $10 million authorization, underscoring a commitment to shareholder returns alongside operational growth.

For the fourth quarter and full year ended December 31, 2025, Smart Sand reported revenue of $86.0 million and $330.2 million, with record annual sales volumes of 5.4 million tons and free cash flow of about $33 million. Despite higher logistics and production costs pressuring margins and net income to $1.3 million, the company generated strong operating cash flow, expanded its Industrial Products Solutions business, and positioned itself to benefit from expected growth in natural gas demand in its core North American markets.

The most recent analyst rating on (SND) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Smart Sand stock, see the SND Stock Forecast page.