Smart Sand, Inc. (SND) AI Stock Analysis

Smart Sand, Inc. operates as an integrated frac sand supply and services company, specializing in the excavation, processing, and sale of sands used in hydraulic fracturing operations within the United States' oil and gas industry. In addition to proppant sales, the company provides logistics services and SmartSystems, a wellsite proppant storage solution. Its customers include oil and natural gas exploration and production companies, oilfield service providers, and industrial manufacturers. As of December 31, 2021, Smart Sand held approximately 250 million tons of proven and probable recoverable sand reserves. Founded in 2011, the company is headquartered in The Woodlands, Texas.

Annual revenue expanded from $126.6M in FY2021 to $330.2M in FY2025, recording a 5-year revenue CAGR of 22.0%. Growth accelerated in FY2022 with a 101.9% increase, followed by 15.7% in FY2023, 5.2% in FY2024, and 6.0% in FY2025. Profitability has fluctuated; net income recovered from -$50.7M in FY2021 to $4.6M in FY2023, before moderating to $3.0M in FY2024 and $1.3M in FY2025. In FY2025, gross margin was 10.8% and operating margin was -1.5%. For the latest quarter ending June 30, 2026, revenue increased 34.1% year-over-year, while quarterly earnings fell 53.7%. Trailing twelve months revenue totaled $387.0M.

As of June 30, 2026, Smart Sand held $10.2M in cash and short-term investments and $43.4M in total debt, resulting in net debt of $33.2M. The company maintains total assets of $347.1M and shareholders' equity of $238.1M, with a current ratio of 1.69 and a debt-to-equity ratio of 0.18. In FY2025, operating cash flow reached $44.1M and free cash flow was $32.5M. Cash allocations for FY2025 included $11.6M in capital expenditures, $5.9M in dividends paid, and $2.7M in share buybacks.

At a market cap of $215.0M and enterprise value of $248.1M, Smart Sand trades at a trailing P/E of 19.5x and a forward P/E of 48.1x, compared to 15.0x and 12.7x for the median of its US-listed Energy peers. The stock's price-to-sales multiple is 0.6x and EV/EBITDA is 6.3x, both below the peer group medians of 1.8x and 8.0x. Over the past year, SND achieved a return of 149.6%, outpacing the 16.8% return for the S&P 500 (SPY). Over five years, SND gained 130.2% compared to 83.0% for SPY.

Wall Street analysts post a mean price target of $3.00 for Smart Sand, representing a 40.8% discount from its last close of $5.07 on October 16, 2026. The revenue estimate for the current fiscal year ending December 31, 2026, is listed at $0. Over the last four quarters, the company beat EPS estimates 2 times. Smart Sand is scheduled to report its next earnings on November 11, 2026.

This page is an AI-written research summary of Smart Sand, Inc. (SND). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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