Cash generation is highly unpredictable, with free cash flow margins swinging from a peak of 23.7% in 2025Q4 to a low of -15.4% in 2023Q4, complicating long-term capital allocation.
| Cash from Operations | 38.44M | 44.12M | 17.86M | 30.99M | 5.42M | 32.44M | 25.54M | 44.63M | 50.91M | 15.63M | 26.7M | 30.7M | 22.14M |
| Operating CF Margin % | - | 13.36% | 5.74% | 10.47% | 2.12% | 25.61% | 20.88% | 19.15% | 23.96% | 11.39% | 45.08% | 64.37% | 32.47% |
| Operating CF Growth % | 2074.26% | 146.95% | -42.36% | 471.79% | -83.29% | 27% | -42.77% | -12.33% | 225.76% | -41.47% | -13.03% | 38.7% | - |
| Net Income | 21.72M | 1.34M | 2.99M | 4.65M | -703K | -50.67M | 37.95M | 31.62M | 18.69M | 21.53M | 10.38M | 4.99M | 7.56M |
| Depreciation & Amortization | 22.88M | 795K | 29.73M | 28.27M | 27.28M | 26.1M | 22.92M | 27.82M | 18.16M | 525K | 384K | 388K | 160K |
| Stock-Based Compensation | 2.78M | 3.7M | 3.24M | 3.53M | 3.21M | 3.19M | 3.87M | 2.95M | 3.01M | 2.01M | 1.43M | 792K | 418K |
| Deferred Taxes | -22.77M | -5.13M | -2.78M | -6.14M | -4.2M | -10.55M | -2.57M | 6.12M | 4.66M | -1.8M | 539K | 3.7M | 8.38M |
| Other Non-Cash Items | 7.7M | 29.01M | 2.64M | 2.09M | -3K | 22.61M | -35.06M | 10.9M | 13.71M | 8.11M | 13.08M | 11.9M | 12.49M |
| Working Capital Changes | 5.97M | 14.4M | -17.95M | -1.41M | -20.17M | 41.76M | -1.57M | -34.78M | -7.31M | -14.74M | 894K | 8.93M | -6.87M |
| Change in Receivables | 2.31M | 15.73M | -20.5M | 10.03M | -16.46M | 30.89M | -6.08M | -38.01M | 4.46M | -18.04M | -3.32M | 4.4M | -4.37M |
| Change in Inventory | -2.14M | -6.04M | 1.78M | -6.64M | -5.16M | 1.94M | 4.74M | -1.02M | -7.34M | 4.41M | -1.36M | -2.46M | 316K |
| Change in Payables | -1.17M | -6.76M | 53K | 1.97M | 5.24M | 4.51M | -370K | -4.68M | -2.27M | 9.36M | 761K | -137K | 759K |
| Cash from Investing | -9.52M | -10.86M | -6.92M | -22.9M | -18.21M | -11.14M | -8.56M | -25.43M | -125.99M | -51.15M | -2.47M | -29.38M | -30.89M |
| Capital Expenditures | -10.26M | -11.6M | -7.01M | -23.03M | -12.73M | -11.22M | -8.62M | -25.52M | -96.09M | -51.16M | -2.52M | -29.38M | -30.89M |
| CapEx % of Revenue | 2.87% | 3.51% | 2.25% | 7.78% | 4.98% | 8.86% | 7.05% | 10.95% | 45.23% | 37.29% | 4.25% | 61.59% | 45.31% |
| Acquisitions | 0 | 0 | 0 | 0 | -6.55M | 0 | 0 | 0 | -29.92M | 14K | 49K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 739K | 740K | 89K | 129K | 1.07M | 78K | 61K | 100K | 22K | 14K | 49K | 0 | 0 |
| Cash from Financing | -14.57M | -12.26M | -15.46M | -7.53M | -7.29M | -7.43M | -7.9M | -18.04M | 41.32M | 23.21M | 19.41M | 1.77M | 7.43M |
| Debt Issued (Net) | -3.87M | -3.64M | -8.73M | -2.83M | -7.44M | -6.89M | -6.47M | -13.71M | 43.77M | -635K | -65.99M | 2.31M | 8.1M |
| Equity Issued (Net) | -4.75M | -2.68M | -422K | -4.75M | 99K | -359K | -1.09M | -69K | -2.17M | 26.12M | 97.62M | -121K | -40M |
| Dividends Paid | -5.94M | -5.95M | -3.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4K | -5K | -5K |
| Share Repurchases | -4.79M | -2.72M | -422K | -4.75M | -540K | -401K | -1.16M | -140K | -2.17M | -127K | -420K | -121K | -40M |
| Other Financing | -11K | 0 | -2.41M | 56K | 52K | -180K | -330K | -4.26M | -281K | -2.28M | -12.22M | -415K | 39.34M |
| Net Change in Cash | 14.35M | 21M | -4.52M | 562K | -20.08M | 13.86M | 9.09M | 1.17M | -33.76M | -12.31M | 43.64M | 3.09M | -1.32M |
| Free Cash Flow | 28.18M | 32.52M | 10.85M | 7.96M | -7.31M | 21.22M | 16.92M | 19.11M | -45.18M | -35.53M | 24.18M | 1.33M | -8.75M |
| FCF Margin % | 7.88% | 9.85% | 3.49% | 2.69% | -2.86% | 16.75% | 13.83% | 8.2% | -21.26% | -25.9% | 40.83% | 2.78% | -12.84% |
| FCF Growth % | 30.74% | 199.62% | 36.36% | 208.88% | -134.46% | 25.39% | -11.44% | 142.29% | -27.15% | -246.93% | 1721.08% | 115.18% | - |
| FCF per Share | 0.72 | 0.82 | 0.28 | 0.20 | -0.17 | 0.51 | 0.42 | 0.47 | -1.12 | -0.88 | 0.98 | 0.04 | -0.40 |
| FCF Conversion (FCF/Net Income) | 1.30x | 32.80x | 5.97x | 6.67x | -7.71x | -0.64x | 0.67x | 1.41x | 2.72x | 0.73x | 2.57x | 6.15x | 2.93x |
| Interest Paid | 0 | 0 | 1.41M | 1.12M | 1.24M | 1.55M | 1.77M | 2.83M | 1.66M | 251K | 3.37M | 2.27M | 2.78M |
| Taxes Paid | 0 | 0 | 0 | 211K | 187K | 209K | 635K | 207K | 666K | 7.66M | 933K | 1.09M | 3.54M |
High fixed cost sensitivity
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -59.29 in 2024Q3 to 18.99 in 2025Q4, indicating that accounting earnings are poor proxies for the company's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow suggests that non-cash items and working capital fluctuations are masking the underlying cash reality. Investors should monitor this disconnect, as it implies that reported profitability may not be translating into sustainable liquidity for the business.
Based on the company's reported figures, free cash flow margins have fluctuated wildly, ranging from a peak of 23.7% in 2025Q4 to a low of -15.4% in 2023Q4, reflecting the company's inability to maintain consistent cash generation amidst shifting operational demands and market conditions.
The inconsistency in FCF trajectory suggests that the business model remains highly sensitive to volume cycles and pricing pressures. This volatility warrants further investigation into whether the company can achieve a stable, positive FCF profile without relying on favorable working capital swings.
According to quarterly filings, working capital changes have been a primary driver of cash flow, with a significant $14.9 million inflow in 2025Q4 contrasting with a $13.2 million outflow in 2025Q2, highlighting the company's reliance on timing differences to manage its immediate cash position.
These large, periodic swings in working capital suggest that the company's cash flow is heavily influenced by the timing of collections and inventory management rather than core operational efficiency. Such reliance on working capital movements may indicate a lack of structural cash flow stability.
As indicated by the financial data, the company has maintained a disciplined approach to capital expenditure, with CapEx/Revenue ratios generally hovering between 1.8% and 3.6%, excluding the outlier of 11.1% in 2023Q4, suggesting a focus on preserving cash during periods of market uncertainty.
The relatively low capital intensity appears to be a defensive measure, though it may also limit the company's ability to modernize its logistics infrastructure or expand its SmartSystems footprint. Analysts should monitor whether this level of investment is sufficient to maintain the long-term competitiveness of its mining and rail assets.
Based on reported figures, the company has utilized its limited cash flow to fund modest share repurchases and dividends, with $2.7 million allocated to buybacks in 2026Q1, reflecting a management strategy that prioritizes returning capital despite the lack of consistent, robust operating cash flow.
The decision to return capital while operating margins remain strained suggests a management focus on shareholder sentiment, yet this may limit the resources available for strategic growth. Investors should monitor whether these outflows are sustainable if the current volatility in cash generation continues to persist.
Quick answers to the most common questions about buying SND stock.
Smart Sand, Inc. (SND) generated $44.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Smart Sand, Inc. (SND) generated $32.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Smart Sand, Inc. (SND) spent $11.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Smart Sand, Inc. (SND) returned $5.9M to shareholders via cash dividends and spent $2.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.