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 28 h ago 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

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	FCF	Total debt	Cash
2025	$330M	$1M	11.5%	-1.4%	$33M	$15M	$23M
2024	$311M	$3M	14.4%	1.0%	$11M	$15M	$2M
2023	$296M	$5M	14.0%	-0.5%	$8M	$20M	$6M
2022	$256M	-$703000	11.6%	-1.2%	-$7M	$18M	$6M
2021	$127M	-$51M	-12.6%	-50.1%	$21M	$22M	$26M
2020	$122M	$38M	14.8%	-10.6%	$17M	$29M	$12M
2019	$233M	$32M	34.8%	18.7%	$19M	$34M	$3M
2018	$212M	$20M	32.6%	13.0%	-$45M	$49M	$1M
2017	$137M	$22M	26.9%	13.6%	-$36M	$860000	$35M
2016	$59M	$10M	55.1%	34.4%	$24M	$570000	$47M
2015	$48M	$5M	56.0%	34.8%	—	—	$4M
2014	$68M	$8M	56.1%	37.8%	—	—	$802000

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$93M	-$4M	6.6%	-5.2%	$842000	$16M	$19M
Dec '25	$86M	$1M	13.0%	-3.1%	$20M	$15M	$23M
Sep '25	$93M	$3M	16.1%	5.8%	$15M	$14M	$5M
Jun '25	$86M	$21M	10.4%	-0.1%	-$8M	$24M	$4M
Mar '25	$66M	-$24M	4.2%	-10.8%	$5M	$14M	$5M
Dec '24	$91M	$4M	14.7%	3.9%	-$840000	$15M	$2M
Sep '24	$63M	-$98000	10.3%	-7.8%	$4M	$16M	$7M
Jun '24	$74M	-$430000	17.7%	4.8%	$14M	$17M	$6M
Mar '24	$83M	-$216000	14.2%	0.9%	-$6M	$26M	$5M
Dec '23	$62M	-$5M	4.6%	-12.8%	-$10M	$20M	$6M
Sep '23	$77M	$7M	18.7%	6.4%	$6M	$14M	$9M
Jun '23	$75M	$6M	17.0%	4.1%	$11M	$15M	$5M
Mar '23	$82M	-$4M	14.1%	-2.0%	$1M	$28M	$8M
Dec '22	$74M	$3M	15.1%	2.2%	$2M	$18M	$6M
Sep '22	$72M	$3M	16.0%	5.3%	$6M	$25M	$10M
Jun '22	$69M	-$90000	13.1%	2.0%	-$4M	$24M	$2M
Mar '22	$42M	-$6M	-4.8%	-23.9%	-$12M	$23M	$5M
Dec '21	$35M	-$12M	-18.6%	-42.7%	-$9M	$22M	$26M
Sep '21	$34M	-$7M	-5.9%	-25.4%	-$869000	$28M	$37M
Jun '21	$30M	-$27M	-8.0%	-96.7%	$30M	$30M	$39M

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 17.2× (Jan '24) to 150.2× (Jun '26).
The price-to-sales ratio has risen from 0.3× (Mar '23) to 0.6× (Jun '26).
The dividend yield has fallen from 4.1% (Dec '24) to 2.9% (Jun '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?

As of Jun '26, Smart Sand, Inc. traded at a price-to-earnings ratio of about 150.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.