Smart Sand, Inc. (SND) 10-Year Financial Performance & Capital Metrics

SND • • Industrial / General

EnergyOilfield ServicesPressure Pumping & Hydraulic FracturingProppant & Logistics

AboutSmart Sand, Inc., an integrated frac sand supply and services company, engages in the excavation, processing, and sale of sands or proppant for use in hydraulic fracturing operations in the oil and gas industry in the United States. It also provides logistics services; and SmartSystems, a wellsite proppant storage solution. The company sells its products primarily to oil and natural gas exploration and production companies, oilfield service companies, and industrial manufacturers. As of December 31, 2021, it had approximately 250 million tons of proven and probable recoverable sand reserves. Smart Sand, Inc. was incorporated in 2011 and is headquartered in The Woodlands, Texas.Show more

Revenue $311M +5.2%
EBITDA $33M +22.3%
Net Income $3M -35.6%
EPS (Diluted) 0.08 -36.2%
Gross Margin 14.4% +2.5%
EBITDA Margin 10.51% +16.3%
Operating Margin 0.96% +289.8%
Net Margin 0.96% -38.8%
ROE 1.23% -35.7%
ROIC 0.81% +300.8%
Debt/Equity 0.15 -15.5%
Interest Coverage 1.70 +243.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 93 (top 7%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%
✓Trading at only 0.6x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.0%
✗Profits declining 37.6% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.4%

5Y5.96%

3Y34.97%

TTM18.98%

Profit (Net Income) CAGR

10Y-8.85%

5Y-37.6%

3Y-

TTM170.58%

EPS CAGR

10Y-14.1%

5Y-37.13%

3Y-

TTM167.96%

ROCE

10Y Avg4.71%

5Y Avg-4.37%

3Y Avg-0.16%

Latest1.02%

Peer Comparison

Proppant & Logistics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SEISolaris Energy Infrastructure, Inc.	2.7B	55.40	110.80	6.88%	5.05%	2.89%		0.49
SNDSmart Sand, Inc.	150.11M	3.78	49.35	5.2%	1.16%	1.63%	7.23%	0.15
AESIAtlas Energy Solutions Inc.	1.36B	10.93	19.87	71.99%	-1.22%	-1.12%		0.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	47.7M	59.23M	137.21M	212.47M	233.07M	122.34M	126.65M	255.74M	295.97M	311.37M
Revenue Growth %	-0.3%	0.24%	1.32%	0.55%	0.1%	-0.48%	0.04%	1.02%	0.16%	0.05%
Cost of Goods Sold+	21M	26.57M	100.3M	144.9M	152.02M	104.22M	142.55M	226.15M	254.42M	266.55M
COGS % of Revenue	0.44%	0.45%	0.73%	0.68%	0.65%	0.85%	1.13%	0.88%	0.86%	0.86%
Gross Profit+	26.7M	32.66M	36.91M	67.57M	81.05M	18.12M	-15.91M	29.59M	41.55M	44.82M
Gross Margin %	0.56%	0.55%	0.27%	0.32%	0.35%	0.15%	-0.13%	0.12%	0.14%	0.14%
Gross Profit Growth %	-0.3%	0.22%	0.13%	0.83%	0.2%	-0.78%	-1.88%	2.86%	0.4%	0.08%
Operating Expenses+	10.11M	12.27M	18.2M	25.71M	37.57M	31.14M	47.58M	32.72M	43.06M	41.82M
OpEx % of Revenue	0.21%	0.21%	0.13%	0.12%	0.16%	0.25%	0.38%	0.13%	0.15%	0.13%
Selling, General & Admin	9.72M	11.89M	17.68M	23.87M	22.89M	25.52M	25.45M	30.77M	38.72M	38.16M
SG&A % of Revenue	0.2%	0.2%	0.13%	0.11%	0.1%	0.21%	0.2%	0.12%	0.13%	0.12%
Research & Development	0	0	0	0	0	0	0	0	793K	0
R&D % of Revenue	-	-	-	-	-	-	-	-	0%	-
Other Operating Expenses	362K	8.86M	462K	197K	14.68M	5.62M	22.13M	1.95M	3.54M	3.66M
Operating Income+	16.58M	20.39M	18.7M	25.88M	43.48M	-13.02M	-63.48M	-3.13M	-1.5M	3M
Operating Margin %	0.35%	0.34%	0.14%	0.12%	0.19%	-0.11%	-0.5%	-0.01%	-0.01%	0.01%
Operating Income Growth %	-0.36%	0.23%	-0.08%	0.38%	0.68%	-1.3%	-3.88%	0.95%	0.52%	3%
EBITDA+	21.9M	26.87M	26.52M	44.07M	71.3M	9.91M	-37.38M	24.15M	26.76M	32.73M
EBITDA Margin %	0.46%	0.45%	0.19%	0.21%	0.31%	0.08%	-0.3%	0.09%	0.09%	0.11%
EBITDA Growth %	-0.26%	0.23%	-0.01%	0.66%	0.62%	-0.86%	-4.77%	1.65%	0.11%	0.22%
D&A (Non-Cash Add-back)	5.32M	6.48M	7.81M	18.19M	27.82M	22.92M	26.1M	27.28M	28.27M	29.73M
EBIT	16.95M	20.39M	19.17M	26.08M	43.05M	27.07M	-57.71M	-2.3M	-980K	2.02M
Net Interest Income+	-7.83M	-8.43M	-450K	-2.27M	-3.62M	-2.09M	-1.98M	-1.61M	-1.27M	-1.77M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	7.83M	8.43M	450K	2.27M	3.62M	2.09M	1.98M	1.61M	1.27M	1.77M
Other Income/Expense	-7.46M	-618K	12K	-2.07M	-4.05M	37.99M	3.79M	-780K	-748K	-2.75M
Pretax Income+	9.12M	19.77M	18.72M	23.81M	39.43M	24.97M	-59.69M	-3.91M	-2.25M	252K
Pretax Margin %	0.19%	0.33%	0.14%	0.11%	0.17%	0.2%	-0.47%	-0.02%	-0.01%	0%
Income Tax+	4.13M	9.39M	-2.81M	5.12M	7.81M	-12.98M	-9.02M	-3.21M	-6.9M	-2.74M
Effective Tax Rate %	0.55%	0.52%	1.15%	0.78%	0.8%	1.52%	0.85%	0.18%	-2.06%	11.87%
Net Income+	4.99M	10.38M	21.53M	18.69M	31.62M	37.95M	-50.67M	-703K	4.65M	2.99M
Net Margin %	0.1%	0.18%	0.16%	0.09%	0.14%	0.31%	-0.4%	-0%	0.02%	0.01%
Net Income Growth %	-0.34%	1.08%	1.07%	-0.13%	0.69%	0.2%	-2.34%	0.99%	7.61%	-0.36%
Net Income (Continuing)	4.99M	10.38M	21.53M	18.69M	31.62M	37.95M	-50.67M	-703K	4.65M	2.99M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.15	0.42	0.53	0.46	0.78	0.94	-1.21	-0.02	0.12	0.08
EPS Growth %	-0.57%	1.8%	0.26%	-0.13%	0.7%	0.21%	-2.29%	0.99%	8.23%	-0.36%
EPS (Basic)	0.15	0.43	0.54	0.46	0.79	0.94	-1.21	-0.02	0.12	0.08
Diluted Shares Outstanding	34.24M	24.58M	40.3M	40.45M	40.34M	40.26M	41.77M	42.41M	39.05M	39.08M
Basic Shares Outstanding	34.24M	24.32M	40.21M	40.43M	40.13M	40.26M	41.77M	42.41M	38.95M	38.81M
Dividend Payout Ratio	0%	-	-	-	-	-	-	-	-	1.3%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	15.64M	65.02M	72.74M	50.1M	90.38M	112.09M	73.86M	68.11M	61.9M	75.53M
Cash & Short-Term Investments	3.9M	46.56M	34.74M	1.47M	2.64M	11.72M	25.59M	5.51M	6.07M	1.55M
Cash Only	3.9M	46.56M	34.74M	1.47M	2.64M	11.72M	25.59M	5.51M	6.07M	1.55M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	6.04M	5.74M	24.57M	26.81M	63.69M	69.85M	19.36M	38.3M	26.61M	47.02M
Days Sales Outstanding	46.25	35.39	65.36	46.06	99.74	208.39	55.81	54.66	32.81	55.12
Inventory	4.18M	10.34M	9.09M	18.57M	21.41M	19.14M	15.02M	20.18M	26.82M	25.04M
Days Inventory Outstanding	72.66	142.1	33.09	46.79	51.42	67.02	38.47	32.58	38.48	34.29
Other Current Assets	888K	999K	487K	3.24M	-1.8M	377K	12.75M	188K	0	0
Total Non-Current Assets+	117.41M	108.43M	174.06M	270.2M	271.23M	315.59M	300.16M	291.89M	284.4M	266.02M
Property, Plant & Equipment	108.93M	104.1M	172.2M	248.4M	258.64M	306.77M	292.29M	284.92M	278.36M	259.85M
Fixed Asset Turnover	0.44x	0.57x	0.80x	0.86x	0.90x	0.40x	0.43x	0.90x	1.06x	1.20x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	18.07M	9.05M	8.25M	7.46M	6.67M	5.88M	5.08M
Long-Term Investments	0	0	0	-9.5M	-7.42M	-10.12M	-18.32M	-20.66M	0	0
Other Non-Current Assets	7.94M	3.76M	1.69M	3.73M	3.54M	563K	402K	303K	163K	1.09M
Total Assets+	133.05M	173.45M	246.8M	320.29M	361.6M	427.68M	374.02M	360M	346.3M	341.55M
Asset Turnover	0.36x	0.34x	0.56x	0.66x	0.64x	0.29x	0.34x	0.71x	0.85x	0.91x
Asset Growth %	0.21%	0.3%	0.42%	0.3%	0.13%	0.18%	-0.13%	-0.04%	-0.04%	-0.01%
Total Current Liabilities+	48.57M	13.72M	34.56M	24.65M	40.02M	37.26M	48.55M	51.92M	54.47M	43.21M
Accounts Payable	1.17M	1.66M	26.12M	11.34M	3.96M	3.27M	8.48M	14.44M	16.04M	16.99M
Days Payables Outstanding	20.33	22.85	95.06	28.55	9.51	11.45	21.71	23.3	23.01	23.26
Short-Term Debt	1.37M	282K	288K	829K	6.06M	6.78M	7.01M	5.82M	15.47M	3.32M
Deferred Revenue (Current)	1000K	1000K	-572K	1000K	1000K	1000K	1000K	1000K	1000K	54K
Other Current Liabilities	35.38M	1.48M	3.06M	6.34M	6.89M	12.09M	10.94M	12.26M	1.77M	1.63M
Current Ratio	0.32x	4.74x	2.10x	2.03x	2.26x	3.01x	1.52x	1.31x	1.14x	1.75x
Quick Ratio	0.24x	3.98x	1.84x	1.28x	1.72x	2.49x	1.21x	0.92x	0.64x	1.17x
Cash Conversion Cycle	98.58	154.65	3.38	64.29	141.65	263.96	72.57	63.94	48.28	66.15
Total Non-Current Liabilities+	80.75M	17.29M	22.22M	86.28M	77.44M	101.61M	84.31M	64.61M	49.57M	54.53M
Long-Term Debt	63.34M	288K	0	47.35M	27.77M	22.09M	15.12M	9.35M	2.91M	8.82M
Capital Lease Obligations	1.25M	572K	0	547K	15.94M	27.37M	23.92M	18.1M	14.6M	14.8M
Deferred Tax Liabilities	14.51M	15.04M	13.24M	17.9M	24.02M	32.98M	22.43M	18.24M	12.1M	9.32M
Other Non-Current Liabilities	16.17M	1.38M	8.98M	20.49M	8.04M	15.68M	16.4M	18.93M	19.96M	21.59M
Total Liabilities	129.32M	31.01M	56.78M	110.93M	117.46M	138.87M	132.86M	116.53M	104.03M	97.74M
Total Debt+	66.85M	1.82M	860K	48.72M	62.99M	63.44M	55.2M	44.54M	43.75M	37.22M
Net Debt	62.95M	-44.75M	-33.88M	47.26M	60.35M	51.72M	29.61M	39.03M	37.68M	35.67M
Debt / Equity	17.93x	0.01x	0.00x	0.23x	0.26x	0.22x	0.23x	0.18x	0.18x	0.15x
Debt / EBITDA	3.05x	0.07x	0.03x	1.11x	0.88x	6.40x	-	1.84x	1.63x	1.14x
Net Debt / EBITDA	2.87x	-1.67x	-1.28x	1.07x	0.85x	5.22x	-	1.62x	1.41x	1.09x
Interest Coverage	2.12x	2.42x	41.57x	11.42x	12.01x	-6.23x	-32.08x	-1.95x	-1.18x	1.70x
Total Equity+	3.73M	142.44M	190.02M	209.36M	244.14M	288.81M	241.16M	243.47M	242.27M	243.81M
Equity Growth %	2.91%	37.2%	0.33%	0.1%	0.17%	0.18%	-0.16%	0.01%	-0%	0.01%
Book Value per Share	0.11	5.80	4.71	5.18	6.05	7.17	5.77	5.74	6.20	6.24
Total Shareholders' Equity	3.73M	142.44M	190.02M	209.36M	244.14M	288.81M	241.16M	243.47M	242.27M	243.81M
Common Stock	22K	39K	40K	40K	40K	42K	42K	43K	39K	39K
Retained Earnings	-316K	10.06M	31.59M	50.28M	81.9M	121.27M	70.59M	69.89M	74.54M	73.24M
Treasury Stock	-123K	-539K	-666K	-2.84M	-2.98M	-4.13M	-4.54M	-5.08M	-14.25M	-14.67M
Accumulated OCI	-13.06M	-19.38M	-26.37M	-313K	-41K	423K	574K	227K	-35K	-60K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	30.7M	26.7M	15.63M	50.91M	44.63M	25.54M	32.44M	5.42M	30.99M	17.86M
Operating CF Margin %	0.64%	0.45%	0.11%	0.24%	0.19%	0.21%	0.26%	0.02%	0.1%	0.06%
Operating CF Growth %	0.39%	-0.13%	-0.41%	2.26%	-0.12%	-0.43%	0.27%	-0.83%	4.72%	-0.42%
Net Income	4.99M	10.38M	21.53M	18.69M	31.62M	37.95M	-50.67M	-703K	4.65M	2.99M
Depreciation & Amortization	388K	384K	525K	18.16M	27.82M	22.92M	26.1M	27.28M	28.27M	29.73M
Stock-Based Compensation	792K	1.43M	2.01M	3.01M	2.95M	3.87M	3.19M	3.21M	3.53M	3.24M
Deferred Taxes	3.7M	539K	-1.8M	4.66M	6.12M	-2.57M	-10.55M	-4.2M	-6.14M	-2.78M
Other Non-Cash Items	11.9M	13.08M	8.11M	13.71M	10.9M	-35.06M	22.61M	-3K	2.09M	2.64M
Working Capital Changes	8.93M	894K	-14.74M	-7.31M	-34.78M	-1.57M	41.76M	-20.17M	-1.41M	-17.95M
Change in Receivables	4.4M	-3.32M	-18.04M	4.46M	-38.01M	-6.08M	30.89M	-16.46M	10.03M	-20.5M
Change in Inventory	-2.46M	-1.36M	4.41M	-7.34M	-1.02M	4.74M	1.94M	-5.16M	-6.64M	1.78M
Change in Payables	-137K	761K	9.36M	-2.27M	-4.68M	-370K	4.51M	5.24M	1.97M	53K
Cash from Investing+	-29.38M	-2.47M	-51.15M	-125.99M	-25.43M	-8.56M	-11.14M	-18.21M	-22.9M	-6.92M
Capital Expenditures	-29.38M	-2.52M	-51.16M	-96.09M	-25.52M	-8.62M	-11.22M	-12.73M	-23.03M	-7.01M
CapEx % of Revenue	0.62%	0.04%	0.37%	0.45%	0.11%	0.07%	0.09%	0.05%	0.08%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	49K	14K	22K	100K	61K	78K	1.07M	129K	89K
Cash from Financing+	1.77M	19.41M	23.21M	41.32M	-18.04M	-7.9M	-7.43M	-7.29M	-7.53M	-15.46M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-5K	-4K	0	0	0	0	0	0	0	-3.9M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-415K	-12.22M	-2.28M	-281K	-4.26M	-330K	-180K	52K	56K	-2.41M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.33M	24.18M	-35.53M	-45.18M	19.11M	16.92M	21.22M	-7.31M	7.96M	10.85M
FCF Margin %	0.03%	0.41%	-0.26%	-0.21%	0.08%	0.14%	0.17%	-0.03%	0.03%	0.03%
FCF Growth %	1.15%	17.21%	-2.47%	-0.27%	1.42%	-0.11%	0.25%	-1.34%	2.09%	0.36%
FCF per Share	0.04	0.98	-0.88	-1.12	0.47	0.42	0.51	-0.17	0.20	0.28
FCF Conversion (FCF/Net Income)	6.15x	2.57x	0.73x	2.72x	1.41x	0.67x	-0.64x	-7.71x	6.67x	5.97x
Interest Paid	2.27M	3.37M	251K	1.66M	2.83M	1.77M	1.55M	1.24M	1.12M	1.41M
Taxes Paid	1.09M	933K	7.66M	666K	207K	635K	209K	187K	211K	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	563.21%	14.2%	12.95%	9.36%	13.95%	14.24%	-19.12%	-0.29%	1.91%	1.23%
Return on Invested Capital (ROIC)	19.86%	18.61%	11.05%	9.4%	11.62%	-3.03%	-15.58%	-0.85%	-0.4%	0.81%
Gross Margin	55.97%	55.14%	26.9%	31.8%	34.78%	14.81%	-12.56%	11.57%	14.04%	14.4%
Net Margin	10.46%	17.52%	15.69%	8.8%	13.57%	31.02%	-40.01%	-0.27%	1.57%	0.96%
Debt / Equity	17.93x	0.01x	0.00x	0.23x	0.26x	0.22x	0.23x	0.18x	0.18x	0.15x
Interest Coverage	2.12x	2.42x	41.57x	11.42x	12.01x	-6.23x	-32.08x	-1.95x	-1.18x	1.70x
FCF Conversion	6.15x	2.57x	0.73x	2.72x	1.41x	0.67x	-0.64x	-7.71x	6.67x	5.97x
Revenue Growth	-30.03%	24.18%	131.66%	54.85%	9.7%	-47.51%	3.52%	101.93%	15.73%	5.2%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Sand	121.38M	109.62M	70.9M	117.4M	243.16M	283.16M	303.59M
Sand Growth	-	-9.69%	-35.32%	65.58%	107.12%	16.45%	7.21%
Logistics	-	74.19M	28.16M	4.83M	7.57M	8.51M	-
Logistics Growth	-	-	-62.05%	-82.86%	56.85%	12.43%	-
Shortfall Revenues	6.03M	49.26M	23.28M	4.42M	5.01M	4.3M	-
Shortfall Revenues Growth	-	716.63%	-52.74%	-81.01%	13.32%	-14.09%	-
Transportation	53.99M	-	-	-	-	-	-
Transportation Growth	-	-	-	-	-	-	-
Reservation Charges	22.16M	-	-	-	-	-	-
Reservation Charges Growth	-	-	-	-	-	-	-
Railcar Usage	8.92M	-	-	-	-	-	-
Railcar Usage Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Smart Sand, Inc. (SND) has a price-to-earnings (P/E) ratio of 49.3x. This suggests investors expect higher future growth.

Growth & Financials

Smart Sand, Inc. (SND) reported $335.5M in revenue for fiscal year 2024. This represents a 392% increase from $68.2M in 2014.

Smart Sand, Inc. (SND) grew revenue by 5.2% over the past year. This is steady growth.

Yes, Smart Sand, Inc. (SND) is profitable, generating $3.9M in net income for fiscal year 2024 (1.0% net margin).

Dividend & Returns

Yes, Smart Sand, Inc. (SND) pays a dividend with a yield of 2.64%. This makes it attractive for income-focused investors.

Smart Sand, Inc. (SND) has a return on equity (ROE) of 1.2%. This is below average, suggesting room for improvement.

Smart Sand, Inc. (SND) generated $11.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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