What are the investment strengths of Smart Sand Inc (SND)?

Deep value at 0.46x P/S and 0.66x P/B with positive FCF (11.3M TTM) - priced for failure but generating cash Revenue growth 47% YoY and 32% 5Y CAGR vs industry 9.5% - gaining share in cyclical upturn with high asset turnover

What are the investment risks for Smart Sand Inc (SND)?

Operating margin 0.3% TTM leaves zero buffer - any revenue decline hits bottom line immediately; commodity business with no pricing power EPS declined 25% over 5Y despite 32% revenue CAGR - growth not translating to shareholder returns; P/E of 48x on thin earnings

Smart Sand Inc

SND

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Smart Sand Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-31

Snapshot

Revenue up 47% YoY (335.5M TTM) vs industry median flat - frac sand demand surge outpacing peers significantly[Total Revenue 1Y Growth]
Gross profit up 130% YoY but operating margin just 0.3% TTM - SG&A (9.1M) consuming nearly all gross profit (40.1M)[Operating Margin]
Trading at 0.66x book value (P/B) with tangible book of 235.4M vs 155.8M market cap - asset-heavy discount play[Price to Book Ratio]

Watch Triggers

Operating Margin: Rises above 5% for 2 consecutive quarters — Signals operating leverage thesis working - currently 0.3% vs 8.8% industry median
Total Revenue 1Y Growth: Falls below 10% or turns negative — Cyclical downturn would crush thin-margin business with high fixed costs
Free Cash Flow: Turns negative for 2+ quarters — Only 5.1M cash on hand - FCF is lifeline for debt service (38.6M total debt)

Bull Case

Deep value at 0.46x P/S and 0.66x P/B with positive FCF (11.3M TTM) - priced for failure but generating cash

Price to Sales RatioPrice to Book RatioFree Cash Flow

Revenue growth 47% YoY and 32% 5Y CAGR vs industry 9.5% - gaining share in cyclical upturn with high asset turnover

Total Revenue 1Y GrowthTotal Revenue 5Y GrowthAsset Turnover

Bear Case

Operating margin 0.3% TTM leaves zero buffer - any revenue decline hits bottom line immediately; commodity business with no pricing power

Operating MarginNet Margin

EPS declined 25% over 5Y despite 32% revenue CAGR - growth not translating to shareholder returns; P/E of 48x on thin earnings

EPS Growth 5YPE Ratio

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

40%

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Forward Thesis

Operating leverage should convert revenue growth to profit as fixed costs get absorbed

1-3ymed

47% revenue growth vs 0.3% operating margin gap
Depreciation 7.5M provides non-cash expense cushion
FCF already positive at 11.3M TTM despite thin margins

Gross margin 12% stable while revenue surged 47%EBITDA margin 9.7% vs operating margin 0.3%Asset turnover 0.99x above industry 0.52x median

Valuation Context

Caveats

Public Strategies Rankings

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SND Fundamentals

Mining, Quarrying, and Oil and Gas Extraction → Support Activities for Mining

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$203.12M		—
Enterprise Value	$216.75M		—
P/E Ratio	168		—
Total Revenue - TTM	$330.15M	+6.0%	—
Earnings Per Share (diluted) - TTM	$0.03	-85.5%	—
Operating Margin - TTM	-1.52%	-2.8%	—
Net Margin - TTM	0.41%	-0.6%	—
Free Cash Flow - TTM	$32.52M	+199.6%	—
Return on Common Equity - TTM	0.56%	-0.7%	—
Beta 5Y (Monthly)	unknown		—

SND Dividend History

3 dividends

2025

$0.1500

12/02/25$0.0500

08/04/25$0.1000

2024

$0.1000

10/15/24$0.1000

SND Stock Splits

No stock splits

SND SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/26/26	12/31/25	Unknown	0001529628-26-000006
11/12/25	09/30/25	10-Q	0001529628-25-000129
08/12/25	06/30/25	10-Q	0001529628-25-000123
05/13/25	03/31/25	10-Q	0001529628-25-000090
03/04/25	12/31/24	Unknown	0001529628-25-000022
11/12/24	09/30/24	10-Q	0001529628-24-000178
08/13/24	06/30/24	10-Q	0001529628-24-000156
05/13/24	03/31/24	10-Q	0001529628-24-000110
03/11/24	12/31/23	10-K	0001529628-24-000060
11/07/23	09/30/23	10-Q	0001529628-23-000115
08/08/23	06/30/23	10-Q	0001529628-23-000096
05/09/23	03/31/23	10-Q	0001529628-23-000055
02/28/23	12/31/22	10-K	0001529628-23-000013
11/08/22	09/30/22	10-Q	0001529628-22-000128
08/09/22	06/30/22	10-Q	0001529628-22-000118
05/11/22	03/31/22	10-Q	0001529628-22-000067
03/08/22	12/31/21	10-K	0001529628-22-000029
11/09/21	09/30/21	10-Q	0001529628-21-000203
08/04/21	06/30/21	10-Q	0001529628-21-000184
05/04/21	03/31/21	10-Q	0001529628-21-000133
03/03/21	12/31/20	10-K	0001529628-21-000067
11/09/20	09/30/20	10-Q	0001529628-20-000133
08/05/20	06/30/20	10-Q	0001529628-20-000113
05/06/20	03/31/20	10-Q	0001529628-20-000082
02/26/20	12/31/19	10-K	0001529628-20-000020
11/06/19	09/30/19	10-Q	0001529628-19-000088
08/07/19	06/30/19	10-Q	0001529628-19-000079
05/07/19	03/31/19	10-Q	0001529628-19-000056
03/14/19	12/31/18	10-K	0001529628-19-000019
11/08/18	09/30/18	10-Q	0001529628-18-000122
08/09/18	06/30/18	10-Q	0001529628-18-000096
05/10/18	03/31/18	10-Q	0001529628-18-000023
03/15/18	12/31/17	10-K	0001564590-18-005710
11/09/17	09/30/17	10-Q	0001564590-17-022977
08/10/17	06/30/17	10-Q	0001564590-17-017106
05/11/17	03/31/17	10-Q	0001564590-17-010415
03/16/17	12/31/16	10-K	0001564590-17-004562
12/15/16	09/30/16	10-Q	0001564590-16-030233
11/07/16	06/30/16	424B4	0001193125-16-761717
05/11/17	03/31/16	10-Q	0001564590-17-010415
11/07/16	12/31/15	424B4	0001193125-16-761717
12/15/16	09/30/15	10-Q	0001564590-16-030233