Smart Sand, Inc. SND
We are a fully integrated frac and industrial sand supply and services company. We offer complete mine to wellsite proppant supply and logistics solutions to our frac sand customers. We produce low-cost, high quality Northern White sand, which is a premium sand used as a proppant to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells and for a variety of industrial applications. We also offer proppant logistics solutions to our customers through our in-basin transloading terminals and our SmartSystemsTM wellsite proppant storage capabilities. In recent years, we have expanded our product line to offer Industrial Products Solutions ("IPS") in order to diversify our customer base and markets we serve by offering sand for industrial uses.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $330.2M | $311.4M | $296.0M | $255.7M | $126.6M | $122.3M | $233.1M | $212.5M | $137.2M | $59.0K |
| Cost of revenue | $292.3M | $266.5M | $254.4M | $226.1M | $140.4M | $104.2M | $152.0M | $143.1M | $100.3M | $26.6M |
| Gross profit | $37.9M | $44.8M | $41.6M | $29.6M | -$15.9M | $18.1M | $81.1M | $69.4M | $36.9M | $32.7M |
| SG&A | $40.5M | $38.2M | $38.7M | $30.8M | $14.2M | $15.5M | $11.3M | $12.8M | $9.5M | $4.5M |
| Total operating expenses | $42.3M | $41.8M | $43.1M | $32.7M | $47.6M | $31.1M | $37.6M | $41.7M | $18.2M | $12.3M |
| Operating income | -$4.5M | $3.0M | -$1.5M | -$3.1M | -$63.5M | -$13.0M | $43.5M | $27.7M | $18.7M | $20.4M |
| Pre-tax income | -$5.6M | $252.0K | -$2.3M | -$3.9M | -$59.7M | $25.0M | $39.4M | $25.6M | $18.7M | $19.8M |
| Income tax | $6.9M | $2.7M | $6.9M | $3.2M | $9.0M | $13.0M | $7.8M | $5.5M | $2.8M | $9.4M |
| Net income | $1.3M | $3.0M | $4.6M | -$703.0K | -$50.7M | $38.0M | $31.6M | $20.1M | $21.5M | $10.4M |
| EPS, basic | 0.03 | 0.08 | 0.12 | -0.02 | -1.21 | 0.94 | 0.79 | 0.50 | 0.54 | 0.43 |
| EPS, diluted | 0.03 | 0.08 | 0.12 | -0.02 | -1.21 | 0.94 | 0.78 | 0.50 | 0.53 | 0.42 |
| Shares, diluted (wtd. avg.) | $39.6M | $39.1M | $39.0M | $42.4M | $41.8M | $40.3M | $40.3M | $40.4M | $40.3M | $24.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $22.6M | $1.6M | $6.1M | $5.5M | $25.6M | $11.7M | $2.6M | $1.5M | $35.2M | $47.5M |
| Receivables | $30.5M | $41.0M | $23.2M | $35.7M | $17.5M | $69.7M | $58.9M | $19.0M | $23.4M | $5.3M |
| Inventory | $31.1M | $25.0M | $26.8M | $20.2M | $15.0M | $19.1M | $21.4M | $18.6M | $9.5M | $10.3M |
| Total current assets | $88.1M | $75.5M | $61.9M | $68.1M | $73.9M | $112.1M | $92.2M | $50.1M | $73.2M | $65.0M |
| Property, plant and equipment | $223.3M | $236.7M | $255.1M | $258.8M | $262.5M | $274.7M | $230.5M | $248.4M | $171.8M | $104.1M |
| Goodwill | — | — | — | — | — | — | — | $0 | $0 | — |
| Other intangibles | $4.3M | $5.1M | $5.9M | $6.7M | $7.5M | $8.3M | $9.0M | $18.1M | $0 | — |
| Total assets | $340.0M | $341.5M | $346.3M | $360.0M | $374.0M | $427.7M | $363.4M | $320.3M | $246.8M | $173.5M |
| Accounts payable | $9.4M | $17.0M | $16.0M | $14.4M | $8.5M | $3.3M | $4.0M | $11.3M | $26.1M | $1.7M |
| Short-term debt | $4.4M | $3.6M | $15.7M | $6.2M | $7.1M | $6.9M | $6.2M | $829.0K | $860.0K | — |
| Total current liabilities | $49.9M | $43.2M | $54.5M | $51.9M | $48.5M | $37.3M | $40.0M | $24.7M | $34.6M | $13.7M |
| Long-term debt | $8.7M | $9.1M | $3.4M | $9.8M | $15.4M | $22.4M | $28.2M | $47.9M | $0 | $570.0K |
| Total liabilities | $100.3M | $97.7M | $104.0M | $116.5M | $132.9M | $138.9M | $117.8M | $110.9M | $56.8M | $31.0M |
| Retained earnings | $68.1M | $73.2M | $74.5M | $69.9M | $70.6M | $121.3M | $83.3M | $50.3M | $31.6M | $10.1M |
| Total equity | $239.7M | $243.8M | $242.3M | $243.5M | $241.2M | $288.8M | $245.6M | $210.8M | $190.0M | $142.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $44.1M | $17.9M | $31.0M | $5.4M | $32.4M | $25.5M | $44.6M | $50.9M | $15.6M | $26.7M |
| Depreciation and amortisation | $29.3M | $28.9M | $27.5M | $26.5M | $25.3M | $22.1M | $26.4M | $17.2M | $7.9M | $6.5M |
| Stock-based compensation | $3.7M | $3.2M | $3.5M | $3.2M | $3.2M | $3.8M | $2.9M | $2.9M | $2.0M | $1.4M |
| Capital expenditure | $11.6M | $7.0M | $23.0M | $12.7M | $11.2M | $8.6M | $25.5M | $96.1M | $51.2M | $2.5M |
| Investing cash flow | -$10.9M | -$6.9M | -$22.9M | -$18.2M | -$11.1M | -$8.6M | -$25.4M | -$126.0M | -$51.1M | -$2.5M |
| Financing cash flow | -$12.3M | -$15.5M | -$7.5M | -$7.3M | -$7.4M | -$7.9M | -$18.0M | $41.3M | $23.2M | $19.4M |
| Dividends paid | $5.9M | $3.9M | $0 | $0 | — | — | — | — | — | — |
| Buybacks | $628.0K | $422.0K | $0 | $540.0K | $401.0K | $1.2M | $140.0K | $2.2M | $127.0K | $420.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001529628-26-000025.
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