Smart Sand Inc (SND)
NASDAQ:SND
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Smart Sand
(NASDAQ:SND)
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Rating:70Outperform
Price Target:
$6.00
▲(104.78% Upside)
Action:Reiterated
Date:06/10/26
The score is driven primarily by improving fundamentals with solid recent cash generation and a low-leverage balance sheet, tempered by thin/uneven operating profitability and historically volatile free cash flow. Technicals are constructive with the stock trading above major moving averages and positive MACD. Valuation is supportive with a modest P/E, while corporate actions (buyback plan and special dividend) add a modest positive offset despite dilution considerations from new equity plans.
Positive Factors
Conservative leverage
Low and declining leverage provides durable financial flexibility in a cyclical end market. Conserved debt capacity reduces refinancing risk, supports stable operations through shale downcycles, and enables the company to fund capex, working capital, or shareholder returns without stressing the balance sheet.
Negative Factors
Thin, inconsistent margins
Persistently narrow and uneven operating margins leave earnings exposed to commodity price, freight, and basin activity swings. Even with recent profitability, thin margins limit the company's ability to absorb downturns and constrain sustainable return-on-equity improvement absent structural margin expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage
Low and declining leverage provides durable financial flexibility in a cyclical end market. Conserved debt capacity reduces refinancing risk, supports stable operations through shale downcycles, and enables the company to fund capex, working capital, or shareholder returns without stressing the balance sheet.
Read all positive factors
Smart Sand (SND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$228.68M
Dividend YieldN/A
Average Volume (3M)337.65K
Price to Earnings (P/E)9.6
Beta (1Y)0.29
Revenue Growth21.72%
EPS GrowthN/A
CountryUS
Employees285
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.56
Shares Outstanding42,985,680
10 Day Avg. Volume438,393
30 Day Avg. Volume337,647
Financial Highlights & Ratios
PEG Ratio-1.90
Price to Book (P/B)0.65
Price to Sales (P/S)0.47
P/FCF Ratio4.80
Enterprise Value/Market Cap0.89
Enterprise Value/Revenue0.57
Enterprise Value/Gross Profit5.09
Enterprise Value/Ebitda7.46
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Smart Sand Business Overview & Revenue Model
Company Description
Smart Sand, Inc. functions as a fully integrated enterprise dedicated to the provision of frac sand and associated services. The company's primary operations encompass the mining, refinement, and distribution of specialized sands, known as proppan...
How the Company Makes Money
Smart Sand primarily makes money by selling proppant (frac sand) to customers involved in hydraulic fracturing. Revenue is generated through (1) product sales of processed silica sand, typically priced per ton and influenced by demand for well com...
Smart Sand Earnings Call Summary
Earnings Call Date:Nov 12, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
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.Positive Updates
Positive Free Cash Flow
Smart Sand reported positive free cash flow of $3.7 million for the third quarter and $11.7 million year-to-date. The company remains cash flow positive for 2024.
Negative Updates
Decrease in Sales Volumes and Revenue
Third quarter sales volumes decreased by 7% from the second quarter, with total revenues dropping from $73.8 million to $63.2 million.
Read all updates
Q3-2024 Updates
Positive
Negative
Positive Free Cash Flow
Smart Sand reported positive free cash flow of $3.7 million for the third quarter and $11.7 million year-to-date. The company remains cash flow positive for 2024.
Read all positive 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
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 357.71M | 330.15M | 311.37M | 295.97M | 255.74M | 126.65M |
| Gross Profit | 40.08M | 35.50M | 44.82M | 41.55M | 29.59M | -15.91M |
| EBITDA | 27.34M | 25.77M | 31.75M | 27.29M | 24.98M | -31.61M |
| Net Income | 21.72M | 1.34M | 2.99M | 4.65M | -703.00K | -50.67M |
Balance Sheet | ||||||
| Total Assets | 335.67M | 340.01M | 341.55M | 346.30M | 360.00M | 374.02M |
| Cash, Cash Equivalents and Short-Term Investments | 19.45M | 22.55M | 1.55M | 6.07M | 5.51M | 25.59M |
| Total Debt | 38.86M | 36.18M | 37.22M | 43.75M | 44.54M | 55.20M |
| Total Liabilities | 101.55M | 100.32M | 97.74M | 104.03M | 116.53M | 132.86M |
| Stockholders Equity | 234.12M | 239.70M | 243.81M | 242.27M | 243.47M | 241.16M |
Cash Flow | ||||||
| Free Cash Flow | 28.18M | 32.52M | 10.85M | 7.96M | -7.31M | 21.22M |
| Operating Cash Flow | 38.44M | 44.12M | 17.86M | 30.99M | 5.42M | 32.44M |
| Investing Cash Flow | -9.52M | -10.86M | -6.92M | -22.90M | -18.21M | -11.14M |
| Financing Cash Flow | -14.57M | -12.26M | -15.46M | -7.53M | -7.29M | -7.43M |
Smart Sand Technical Analysis
Positive
2.93
Price Trends
5.03
Positive
4.80
Positive
3.74
Positive
Market Momentum
0.12
Negative
53.93
Neutral
55.50
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 5.05, below the 50-day MA of 5.03, and below the 200-day MA of 3.74, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 53.93 is Neutral, neither overbought nor oversold. The STOCH value of 55.50 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $142.59M | 7.39 | 16.53% | ― | 6.81% | 122.00% | |
70 Outperform | $228.68M | 9.60 | 9.10% | ― | 21.72% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $143.77M | 30.41 | 26.73% | ― | 64.11% | ― | |
51 Neutral | $92.42M | -25.42 | -2.98% | ― | -3.52% | -117.16% | |
49 Neutral | $56.75M | -0.76 | 105.06% | ― | -8.92% | -7.64% | |
47 Neutral | $455.29K | 7.23 | ― | ― | -3.74% | ― |
* Energy Sector Average
SND
Smart Sand
5.32
3.38
174.65%
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Smart Sand Corporate Events
Business Operations and StrategyShareholder Meetings
Smart Sand Shareholders Approve 2026 Incentive and ESPP Plans
Positive
Jun 8, 2026
On June 2, 2026, Smart Sand stockholders approved a new 2026 Equity Incentive Plan, replacing the company’s 2016 plan and authorizing a pool of up to 2.4 million new shares plus certain unused or forfeited shares from the prior plan for a br...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Smart Sand Adopts Rule 10b5-1 Share Repurchase Plan
Positive
May 15, 2026
On May 15, 2026, Smart Sand, Inc. adopted a Rule 10b5-1 trading plan to execute its previously announced share repurchase programs, authorizing up to $2.5 million in common stock buybacks, with daily purchases capped by Rule 10b-18 limits. The bro...
Business Operations and StrategyDividends
Smart Sand Declares Special Cash Dividend to Shareholders
Positive
Apr 9, 2026
On April 9, 2026, Smart Sand, Inc. announced that its board of directors declared a special cash dividend of $0.10 per share on its common stock, payable on May 5, 2026, to shareholders of record as of the close of business on April 22, 2026. The ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.