Smart Sand Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
One material operational question remains open: whether the operating profit of the first half of 2026 marks a durable pattern or a single strong half-year cannot yet be said with confidence, coming after pretax losses in four of the last five years — and customer concentration has risen to 68 percent of receivables among just four customers as of June 30, 2026. This is a judgment on the business model, not on the current stock price. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Smart Sand has shown genuine revenue and volume growth for five years, but net profits from 2023 through 2025 leaned mostly on the tax man, not the core business. Only the first half of 2026 delivered an operating-driven profit — alongside rising customer concentration and a new, family-heavy leadership structure starting in 2027. Not investment advice.
Revenue and volume growth
Revenue grew from $126.648 million (2021) to $330.153 million (2025), tons sold from 3.19 million to 5.44 million; the record second quarter of 2026 added $115.050 million in revenue and roughly 1,864,000 tons sold.
Earnings quality 2021-2025
The company posted a loss before income taxes in four of the five years 2021-2025; net profits from 2023-2025 only existed because of an income tax benefit (2025: a $6.931 million tax benefit against a $5.586 million pretax loss).
First half of 2026
Income before income taxes of $5.188 million for the first time in years; in the record second quarter of 2026 the effective tax rate was just 0.5 percent, versus 6,643.1 percent a year earlier.
Customer concentration
Four customers accounted for 68 percent of receivables at June 30, 2026 (December 31, 2025: 57 percent); three customers made up 61 percent of first-half 2026 revenue (prior-year period: 54 percent).
Balance sheet and liquidity
Equity of $238.097 million, minimal financial debt ($14.662 million), a $30 million credit line fully undrawn at June 30, 2026 — but cash fell from $22.551 million to $10.197 million, and free cash flow was negative $0.513 million in the first half of 2026 after a positive $32.521 million for full-year 2025.
Worth Noting
This analysis was triggered by the June 30, 2026 quarterly report's record quarter and guidance (August 11, 2026) — not a hit in our in-house stock scanner.
Valuation figures are dated August 16-17, 2026; every operating figure carries its own balance-sheet or reporting cut-off date.
Do not confuse tickers: SND (Smart Sand) is neither SNDK (Sandisk) nor SD (SandRidge Energy) — three entirely different companies with similar-sounding tickers.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SND since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.00 $ to 5.80 $ · Last price: 5.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Equipment & Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Smart Sand Inc SND | 0.2 | 9.5 | 6.4 | 13.5 | – | 6.0 | 179.5 |
| Schlumberger NV SLB | 77.5 | 22.2 | 13.2 | 17.0 | 12.3 | -1.6 | 53.4 |
| Baker Hughes Co BKR | 56.1 | 17.9 | 11.2 | 23.7 | 12.3 | -0.3 | 23.6 |
| Tenaris SA TS | 30.3 | 15.1 | 8.3 | 38.5 | 16.7 | -4.3 | 60.6 |
| TechnipFMC PLC FTI | 29.0 | 26.6 | 14.5 | 23.0 | 14.1 | 9.4 | 87.2 |
| Halliburton Company HAL | 28.5 | 18.0 | 9.8 | 15.1 | 12.6 | -3.3 | 57.0 |
| NOV Inc. NOV | 7.3 | 78.5 | 11.0 | 21.7 | 2.3 | -1.4 | 62.6 |
| Solaris Energy Infrastructure, Inc SEI | 6.8 | – | 23.5 | 49.9 | 25.8 | 98.7 | 109.9 |
| LandBridge Company LLC LB | 6.6 | 76.0 | 19.8 | 98.8 | 66.1 | 81.1 | 59.6 |
| Median of companies shown | 28.5 | 20.1 | 11.2 | 23.0 | 13.3 | -0.3 | 60.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 59 | 20 | 10 | 0.42 | 27 | 142 | 173 |
| 2017 | 137 | 19 | 22 | 0.53 | 16 | 190 | 247 |
| 2018 | 212 | 26 | 19 | 0.46 | 51 | 209 | 320 |
| 2019 | 233 | 43 | 32 | 0.78 | 45 | 244 | 362 |
| 2020 | 122 | -13 | 38 | 0.94 | 26 | 289 | 428 |
| 2021 | 127 | -63 | -51 | -1.21 | 32 | 241 | 374 |
| 2022 | 256 | -3 | -1 | -0.02 | 5 | 243 | 360 |
| 2023 | 296 | -2 | 5 | 0.12 | 31 | 242 | 346 |
| 2024 | 311 | 3 | 3 | 0.08 | 18 | 244 | 342 |
| 2025 | 330 | -5 | 1 | 0.03 | 44 | 240 | 340 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.09 | – | 91 | 47.50 | 4.10 | 1 | -1 |
| 2025: Q1 | -0.62 | – | 66 | -21.10 | -37.00 | 9 | 5 |
| 2025: Q2 | 0.54 | – | 86 | 16.20 | 24.90 | -5 | -8 |
| 2025: Q3 | 0.07 | – | 93 | 46.90 | 3.20 | 18 | 15 |
| 2025: Q4 | 0.03 | -68.50 | 86 | -5.80 | 1.40 | 22 | 20 |
| 2026: Q1 | -0.09 | – | 93 | 42.00 | -4.10 | 3 | 1 |
| 2026: Q2 | 0.25 | -53.70 | 115 | 34.10 | 8.90 | 3 | -1 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Dividends
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | – | – | 0 | – | – |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -8.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $34.6M |
|---|---|
| Market cap | $227.0M |
| Free cash flow in year ten | $15.1M |
| Terminal value as a share of market value | 35.0% |
For comparison: over the past five years free cash flow grew by 14.0% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Smart Sand verkauft keine KI, setzt in den Berichten keine KI operativ ein und nennt KI nur als indirekten Nachfragetreiber (Rechenzentren erhöhen den Erdgasbedarf) sowie als allgemeine Risikofloskel — kein wesentlicher eigener KI-Bezug in den sechs ausgewerteten Filings.
View the full file — quotes, sources, reviewed filings
„Additionally, growth in AI-driven data centers is expected to indirectly support increased demand for frac sand by driving incremental natural gas consumption and, in turn, increased levels of natural gas drilling and completion activity."
Darüber hinaus wird erwartet, dass das Wachstum KI-getriebener Rechenzentren die Nachfrage nach Frac-Sand indirekt stützt, indem es den Erdgasverbrauch erhöht und dadurch das Niveau der Bohr- und Komplettierungsaktivität bei Erdgas steigert.
10-K · 2026-02-26 · View SEC filing
„We are watching AI and LNG export capacity growth closely as a potential long-term driver of demand for our frac sand products and logistical services."
Wir beobachten das Wachstum von KI und der LNG-Exportkapazität aufmerksam als möglichen langfristigen Nachfragetreiber für unsere Frac-Sand-Produkte und Logistikdienstleistungen.
10-Q · 2026-08-11 · View SEC filing
Filings Reviewed: 10-Q 2026-08-11 · 10-Q 2026-05-12 · 10-Q 2025-11-12 · 10-Q 2025-08-12 · 10-K 2026-02-26 · 10-K 2025-03-04
Rated on August 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 8.9%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year -2.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 15.9%
- Gross margin at 40% or higher and without meaningful erosion 10.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 0.5 x EBITDA
- Operating cash flow covers the profits of the last three years 84 m
- Return on capital at 15% or higher, or up versus two years ago -1.7%
- Insiders hold at least 10% or are net buyers 29.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 21.0%
- Exp. sales growth 3Y > 5% -100.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -100.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 0.6%
- ROCE > 15% -1.7%
- Expected return > 10% -100.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Young James Douglas | SEE REMARKS | Sell | 2,236 | 4.70 | 10,509 |
| Aug 21, 2026 | Young James Douglas | SEE REMARKS | Sell | 19,078 | 4.83 | 92,147 |
| Aug 20, 2026 | Young James Douglas | SEE REMARKS | Sell | 25,716 | 4.83 | 124,208 |
| Aug 19, 2026 | Green Christopher M. | Vice President of Accounting | Other | 12,176 | 0.00 | – |
| Aug 19, 2026 | Young James Douglas | SEE REMARKS | Other | 62,893 | 0.00 | – |
| Aug 19, 2026 | Whelan Ronald P | SEE REMARKS | Other | 41,929 | 0.00 | – |
| Aug 19, 2026 | Young Charles Edwin | CEO | Other | 110,063 | 0.00 | – |
| Aug 19, 2026 | Young William John | Chief Operating Officer | Other | 62,893 | 0.00 | – |
| Aug 19, 2026 | Kiszka Robert | Executive VP of Operations | Other | 41,929 | 0.00 | – |
| Aug 19, 2026 | Spurlin Sharon | Director | Other | 18,868 | 0.00 | – |
The company
About the Company
Smart Sand, Inc., ein vollständig integriertes Unternehmen für Frac- und Industriesand sowie zugehörige Dienstleistungen, bietet Frac-Sand-Kunden in den USA und Kanada Proppant-Versorgungs- und Logistiklösungen von der Mine bis zur Bohrstelle an.
- Employees
- 318
- Headquarters
- Yardley, PA
- Address
- 1000 Floral Vale Boulevard, 19067 Yardley, United States
- Phone
- 281 231 2660
- Website
- smartsand.com
- IPO Date
- 11/04/2016
- ISIN
- US83191H1077
- Stock Split
- 1:2 on 09/02/2011
Management
| Name | Title | Birth Year |
|---|---|---|
| Andrew Robert Speaker | Chairman of the Board & Senior Advisor on Special Projects | 1963 |
| Charles Edwin Young | CEO & Director | 1968 |
| Lee E. Beckelman | Chief Financial Officer | 1966 |
| William John Young | Chief Operating Officer | 1974 |
| Christopher Green | Vice President of Accounting & Controller | 1983 |
| James Douglas Young J.D. | Executive VP, General Counsel & Secretary | 1979 |
| Robert Kiszka | Executive Vice President of Operations | 1968 |
| Ronald P. Whelan | Executive Vice President of Last Mile Solutions | 1977 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/03/2026 Smart Sand, Inc. (SND): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 08/11/2026 Smart Sand, Inc. (SND): Results of Operations and Financial Condition; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 07/20/2026 Smart Sand, Inc. (SND): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.