Smart Sand (SND) AI Stock Analysis

• Market Cap: $204.66M
• Dividend Yield: N/A
• Average Volume (3M): 318.45K
• Price to Earnings (P/E): 48.7
• Beta (1Y): 0.83
• Revenue Growth: 18.98%
• EPS Growth: N/A
• Country: US
• Employees: 285
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.08
• Shares Outstanding: 43,543,793
• 10 Day Avg. Volume: 357,949
• 30 Day Avg. Volume: 318,449
• PEG Ratio: -0.82
• Price to Book (P/B): 0.36
• Price to Sales (P/S): 0.28
• P/FCF Ratio: 8.04
• Enterprise Value/Market Cap: 1.07
• Enterprise Value/Revenue: 0.65
• Enterprise Value/Gross Profit: 5.44
• Enterprise Value/Ebitda: 9.06
• 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: 69 Neutral
• Price Target: $5.00 ▲(70.65% Upside)

The score is driven primarily by improving fundamentals and balance-sheet stability (revenue growth, sharply higher free cash flow, low leverage), reinforced by a strong technical uptrend. These positives are offset by weak profitability/returns and a high P/E valuation with no dividend support.

Positive Factors

Revenue Growth

Sustained TTM revenue growth near 10% indicates recovering demand and effective commercial positioning. Over 2-6 months this supports utilization of in-basin assets, better fixed-cost absorption, and provides a platform to expand contracts and volumes as oilfield activity normalizes.

Free Cash Flow Improvement

A material rise in free cash flow points to stronger cash generation capabilities, enhancing liquidity and funding flexibility. Durable FCF improvement can finance capex, opportunistic buybacks or debt reduction, making the business more resilient across oilfield activity cycles.

Low Leverage / Stable Balance Sheet

Conservative leverage provides long-term financial flexibility, lowering refinancing and insolvency risk in a cyclical industry. A strong equity base allows the company to invest in mine capacity, logistics, or strategic initiatives without over-relying on external capital.

Negative Factors

Weak Profitability

Very low net margin and negative EBIT margin show limited ability to convert revenue into operating profits. Persistently thin or negative operating profitability constrains reinvestment, reduces buffer against cost inflation, and limits sustainable cash flow over cycles.

Low Returns on Equity

ROE near zero signals weak capital efficiency and limited shareholder value creation from deployed equity. Over months this suggests management faces challenges improving asset productivity or pricing power, potentially limiting strategic options and investor confidence.

Cash Conversion Weakness

Low conversion of earnings into operating cash implies earnings quality and working capital issues. Even with rising FCF, weak cash conversion can recur under stress, reducing internal funding for capex or debt service and forcing reliance on external financing in downturns.

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

Revenue is growing (TTM +9.69%) and free cash flow improved sharply, supported by a stable balance sheet with low leverage (debt-to-equity 0.20). However, profitability is weak (net margin 0.26%, negative EBIT margin) and returns are limited (ROE 0.34%), which caps the score.

Income Statement

Smart Sand's income statement shows a positive revenue growth rate of 9.69% in the TTM, indicating a recovery trend. However, the gross profit margin has decreased compared to the previous year, and the net profit margin remains low at 0.26%. The EBIT margin is negative, reflecting operational challenges. Overall, while revenue is growing, profitability remains a concern.

Balance Sheet

The balance sheet is relatively stable with a low debt-to-equity ratio of 0.20, indicating conservative leverage. The return on equity is low at 0.34%, suggesting limited profitability. The equity ratio is healthy, showing a strong equity base relative to total assets. Overall, the balance sheet reflects financial stability but limited returns.

Cash Flow

Cash flow analysis reveals a significant improvement in free cash flow growth at 5285.24% in the TTM, indicating strong cash generation. However, the operating cash flow to net income ratio is low at 0.23, suggesting cash flow challenges relative to earnings. The free cash flow to net income ratio is also low, indicating limited cash conversion. Overall, cash flow generation is improving but remains a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	335.47M	311.37M	295.97M	255.74M	126.65M	122.34M
Gross Profit	40.12M	44.82M	41.55M	29.59M	-15.91M	18.12M
EBITDA	24.10M	31.75M	27.29M	24.98M	-31.61M	49.99M
Net Income	3.90M	2.99M	4.65M	-703.00K	-50.67M	37.95M
Balance Sheet
Total Assets	343.07M	341.55M	346.30M	360.00M	374.02M	427.68M
Cash, Cash Equivalents and Short-Term Investments	5.08M	1.55M	6.07M	5.51M	25.59M	11.72M
Total Debt	38.59M	37.22M	43.75M	44.54M	55.20M	63.44M
Total Liabilities	103.20M	97.74M	104.03M	116.53M	132.86M	138.87M
Stockholders Equity	239.87M	243.81M	242.27M	243.47M	241.16M	288.81M
Cash Flow
Free Cash Flow	11.31M	10.85M	7.96M	-7.31M	21.22M	16.92M
Operating Cash Flow	22.78M	17.86M	30.99M	5.42M	32.44M	25.54M
Investing Cash Flow	-10.72M	-6.92M	-22.90M	-18.21M	-11.14M	-8.56M
Financing Cash Flow	-14.19M	-15.46M	-7.53M	-7.29M	-7.43M	-7.90M

Smart Sand Technical Analysis

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

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 4.14, below the 50-day MA of 3.75, and above the 200-day MA of 2.40, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 69.62 is Neutral, neither overbought nor oversold. The STOCH value of 92.10 is Negative, 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	$102.30M	8.81	11.89%	―	16.61%	-72.29%
SND	69 Neutral	$204.66M	48.67	1.61%	―	18.98%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
DTI	52 Neutral	$132.00M	-20.97	-5.18%	―	7.46%	-165.76%
KLXE	50 Neutral	$58.33M	-0.67	―	―	-12.57%	-45.75%
NINE	48 Neutral	$24.07M	-0.64	―	―	2.59%	16.02%
DWSN	45 Neutral	$69.86M	-20.49	-19.81%	―	-22.31%	39.11%

Smart Sand Corporate Events

Smart Sand Initiates $10M Share Repurchase Plan

On November 20, 2025, Smart Sand, Inc. implemented a trading plan under Rule 10b5-1 of the Securities Exchange Act to facilitate its $10 million share repurchase program. The plan allows for the purchase of up to $2.5 million in shares and will be active from December 8, 2025, until March 2, 2026, or until the full amount is used. This strategic move enables the company to repurchase shares during blackout periods and under insider trading laws, potentially impacting its stock price and market perception. The plan does not obligate the company to purchase a specific number of shares, and further plans may be adopted post-expiration.

The most recent analyst rating on (SND) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Smart Sand stock, see the SND Stock Forecast page.