SND Financials Smart Sand, Inc.

12 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 16, 2026, 10:13 UTC Overview →

Growth & profitability

Revenue has grown 22.0% per year over the past 5 years.
Net income has grown slower than revenue (-48.7% vs 22.0% per year).
Operating margin has expanded, at -1.4% in the latest year.
Free cash flow has grown 14.0% per year over the past 5 years.

Financial health

The company holds more cash ($23M) than total debt ($15M).
Total debt has grown slower than revenue (-12.6% vs 22.0% per year).
Total debt is 0.6× EBITDA.

Shareholder returns

Dividends have been paid for 2 consecutive years, consuming 442.2% of earnings and 18.3% of free cash flow.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$330M	$1M	11.5%	-1.4%	0.6%	0.4%	$33M	$15M	$23M
2024	$311M	$3M	14.4%	1.0%	1.2%	0.9%	$11M	$15M	$2M
2023	$296M	$5M	14.0%	-0.5%	1.9%	1.3%	$8M	$20M	$6M
2022	$256M	-$703000	11.6%	-1.2%	-0.3%	-0.2%	-$7M	$18M	$6M
2021	$127M	-$51M	-12.6%	-50.1%	-21.0%	-13.5%	$21M	$22M	$26M
2020	$122M	$38M	14.8%	-10.6%	13.1%	8.9%	$17M	$29M	$12M
2019	$233M	$32M	34.8%	18.7%	12.9%	8.7%	$19M	$34M	$3M
2018	$212M	$20M	32.6%	13.0%	9.5%	6.3%	-$45M	$49M	$1M
2017	$137M	$22M	26.9%	13.6%	11.3%	8.7%	-$36M	$860000	$35M
2016	$59M	$10M	55.1%	34.4%	7.3%	6.0%	$24M	$570000	$47M
2015	$48M	$5M	56.0%	34.8%	133.8%	3.8%	—	—	$4M
2014	$68M	$8M	56.1%	37.8%	-386.1%	—	—	—	$802000

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$115M	$10M	17.2%	8.7%	4.3%	2.9%	-$1M	$16M	$10M
Mar '26	$93M	-$4M	6.6%	-5.2%	-1.6%	-1.1%	$842000	$16M	$19M
Dec '25	$86M	$1M	13.0%	-3.1%	0.5%	0.3%	$20M	$15M	$23M
Sep '25	$93M	$3M	16.1%	5.8%	1.3%	0.9%	$15M	$14M	$5M
Jun '25	$86M	$21M	10.4%	-0.1%	8.9%	6.2%	-$8M	$24M	$4M
Mar '25	$66M	-$24M	4.2%	-10.8%	-11.0%	-7.4%	$5M	$14M	$5M
Dec '24	$91M	$4M	14.7%	3.9%	1.5%	1.1%	-$840000	$15M	$2M
Sep '24	$63M	-$98000	10.3%	-7.8%	-0.0%	-0.0%	$4M	$16M	$7M
Jun '24	$74M	-$430000	17.7%	4.8%	-0.2%	-0.1%	$14M	$17M	$6M
Mar '24	$83M	-$216000	14.2%	0.9%	-0.1%	-0.1%	-$6M	$26M	$5M
Dec '23	$62M	-$5M	4.6%	-12.8%	-2.0%	-1.4%	-$10M	$20M	$6M
Sep '23	$77M	$7M	18.7%	6.4%	2.7%	1.9%	$6M	$14M	$9M
Jun '23	$75M	$6M	17.0%	4.1%	2.6%	1.8%	$11M	$15M	$5M
Mar '23	$82M	-$4M	14.1%	-2.0%	-1.6%	-1.0%	$1M	$28M	$8M
Dec '22	$74M	$3M	15.1%	2.2%	1.1%	0.7%	$2M	$18M	$6M
Sep '22	$72M	$3M	16.0%	5.3%	1.1%	0.7%	$6M	$25M	$10M
Jun '22	$69M	-$90000	13.1%	2.0%	-0.0%	-0.0%	-$4M	$24M	$2M
Mar '22	$42M	-$6M	-4.8%	-23.9%	-2.5%	-1.6%	-$12M	$23M	$5M
Dec '21	$35M	-$12M	-18.6%	-42.7%	-5.1%	-3.3%	-$9M	$22M	$26M
Sep '21	$34M	-$7M	-5.9%	-25.4%	-2.9%	-1.9%	-$869000	$28M	$37M

Valuation over time

How the market has priced SND against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 16.9× (Jan '24) to 146.0× (Nov '26).
The price-to-sales ratio has risen from 0.3× (Mar '23) to 0.6× (Nov '26).
The dividend yield has fallen from 4.1% (Dec '24) to 3.0% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is SND growing its revenue and profit?

Over the past 5 years, Smart Sand, Inc.'s revenue has grown 22.0% per year, and net income declined 48.7% per year. These are computed facts, not advice.

How much debt does SND have?

As of FY2025, Smart Sand, Inc. reported $15M of total debt against $23M of cash.

What is SND's profit margin?

In FY2025, gross margin was 11.5%, operating margin -1.4%, and net margin 0.4%.

What is SND's P/E ratio?

Smart Sand, Inc.'s P/E (TTM) is 18.72 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the SND stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 146.0× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.