Latest Ratios: P/E Ratio 166.7x · EV/EBITDA 9.2x · ROE 0.6%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $215M | $158M | $88M | $75M | $76M | $74M | $69M | $102M | $90M | $349M | $407M |
| Enterprise Value | $229M | $172M | $124M | $113M | $115M | $104M | $121M | $162M | $137M | $315M | $362M |
| P/E Ratio → | 166.67 | 133.33 | 29.37 | 16.08 | — | — | 1.83 | 3.23 | 4.83 | 16.34 | 39.40 |
| P/S Ratio | 0.65 | 0.48 | 0.28 | 0.25 | 0.30 | 0.59 | 0.57 | 0.44 | 0.42 | 2.54 | 6.87 |
| P/B Ratio | 0.83 | 0.66 | 0.36 | 0.31 | 0.31 | 0.31 | 0.24 | 0.42 | 0.43 | 1.84 | 2.86 |
| P/FCF | 6.61 | 4.87 | 8.10 | 9.47 | — | 3.50 | 4.09 | 5.32 | — | — | 16.82 |
| P/OCF | 4.87 | 3.59 | 4.92 | 2.43 | 14.01 | 2.29 | 2.71 | 2.28 | 1.76 | 22.33 | 15.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.52 | 0.40 | 0.38 | 0.45 | 0.82 | 0.99 | 0.70 | 0.65 | 2.30 | 6.11 |
| EV / EBITDA | 9.19 | 6.92 | 3.78 | 4.22 | 4.76 | — | 12.21 | 2.27 | 3.11 | 11.88 | 13.47 |
| EV / EBIT | — | — | 61.16 | — | — | — | 4.47 | 3.76 | 5.26 | 16.44 | 17.75 |
| EV / FCF | — | 5.29 | 11.39 | 14.20 | — | 4.90 | 7.15 | 8.48 | — | — | 14.97 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.8% | 10.8% | 14.4% | 14.0% | 11.6% | -12.6% | 14.8% | 34.8% | 31.8% | 26.9% | 55.1% |
| Operating Margin | -1.5% | -1.5% | 1.0% | -0.5% | -1.2% | -50.1% | -10.6% | 18.7% | 12.2% | 13.6% | 34.4% |
| Net Profit Margin | 0.4% | 0.4% | 1.0% | 1.6% | -0.3% | -40.0% | 31.0% | 13.6% | 8.8% | 15.7% | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.6% | 0.6% | 1.2% | 1.9% | -0.3% | -19.1% | 14.2% | 13.9% | 9.4% | 12.9% | 14.2% |
| ROA | 0.4% | 0.4% | 0.9% | 1.3% | -0.2% | -12.6% | 9.6% | 9.3% | 6.6% | 10.2% | 6.8% |
| ROIC | -1.4% | -1.4% | 0.8% | -0.4% | -0.8% | -15.6% | -3.0% | 11.6% | 9.4% | 11.1% | 18.6% |
| ROCE | -1.7% | -1.7% | 1.0% | -0.5% | -1.0% | -17.7% | -3.7% | 14.1% | 10.2% | 10.1% | 16.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.15 | 0.18 | 0.18 | 0.23 | 0.22 | 0.26 | 0.23 | 0.00 | 0.01 |
| Debt / EBITDA | 1.46 | 1.46 | 1.14 | 1.63 | 1.84 | — | 6.40 | 0.88 | 1.11 | 0.03 | 0.07 |
| Net Debt / Equity | — | 0.06 | 0.15 | 0.16 | 0.16 | 0.12 | 0.18 | 0.25 | 0.23 | -0.18 | -0.31 |
| Net Debt / EBITDA | 0.55 | 0.55 | 1.09 | 1.41 | 1.62 | — | 5.22 | 0.85 | 1.07 | -1.28 | -1.67 |
| Debt / FCF | — | 0.42 | 3.29 | 4.73 | — | 1.40 | 3.06 | 3.16 | — | — | -1.85 |
| Interest Coverage | -3.42 | -3.42 | 1.14 | -0.77 | -1.43 | -29.16 | 12.94 | 11.89 | 11.51 | 42.59 | 2.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.76 | 1.76 | 1.75 | 1.14 | 1.31 | 1.52 | 3.01 | 2.26 | 2.03 | 2.10 | 4.74 |
| Quick Ratio | 1.14 | 1.14 | 1.17 | 0.64 | 0.92 | 1.21 | 2.49 | 1.72 | 1.28 | 1.84 | 3.98 |
| Cash Ratio | 0.45 | 0.45 | 0.04 | 0.11 | 0.11 | 0.53 | 0.31 | 0.07 | 0.06 | 1.01 | 3.39 |
| Asset Turnover | — | 0.97 | 0.91 | 0.85 | 0.71 | 0.34 | 0.29 | 0.64 | 0.66 | 0.56 | 0.34 |
| Inventory Turnover | 9.48 | 9.48 | 10.64 | 9.49 | 11.20 | 9.49 | 5.45 | 7.10 | 7.80 | 11.03 | 2.57 |
| Days Sales Outstanding | — | 33.74 | 55.12 | 32.81 | 54.66 | 55.81 | 208.39 | 99.74 | 46.06 | 65.36 | 35.39 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 3.8% | 4.4% | — | — | — | — | — | — | — | 0.0% |
| Payout Ratio | 442.2% | 442.2% | 130.4% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 0.8% | 3.4% | 6.2% | — | — | 54.7% | 31.0% | 20.7% | 6.1% | 2.5% |
| FCF Yield | 15.1% | 20.5% | 12.3% | 10.6% | — | 28.5% | 24.4% | 18.8% | — | — | 5.9% |
| Buyback Yield | 1.3% | 1.7% | 0.5% | 6.3% | 0.7% | 0.5% | 1.7% | 0.1% | 2.4% | 0.0% | 0.1% |
| Total Shareholder Yield | 4.3% | 5.5% | 4.9% | 6.3% | 0.7% | 0.5% | 1.7% | 0.1% | 2.4% | 0.0% | 0.1% |
| Shares Outstanding | — | $40M | $39M | $39M | $42M | $42M | $40M | $40M | $40M | $40M | $25M |
High fixed cost sensitivity
As reported in recent financial statements, Smart Sand's TTM P/E ratio of 167.33 suggests that the market is pricing in significant future earnings recovery, despite the company's current struggle to maintain consistent profitability in a highly competitive and volatile oilfield services environment.
The elevated P/E multiple appears to be a function of depressed earnings rather than high growth expectations, as evidenced by the forward P/E of 50.71. Investors should monitor whether the current P/S ratio of 0.65 represents a value opportunity or a structural discount reflecting the long-term threat of in-basin sand substitution.
Based on the company's reported figures, ROIC has frequently dipped into negative territory, including a -1.5% reading in 2026Q1, which indicates that the firm is currently failing to generate returns that exceed its cost of capital during this phase of the commodity cycle.
The inability to sustain positive ROIC suggests that the company's heavy investment in mining and logistics infrastructure is not yielding sufficient incremental value. This trend warrants further investigation into whether management can improve asset utilization or if the current capital base is simply too large for the prevailing market demand.
According to quarterly filings, the cash conversion cycle has fluctuated significantly, reaching 49 days in 2026Q1 compared to 71 days in 2025Q1, highlighting the company's ongoing struggle to optimize its inventory and receivables in response to shifting customer demand patterns.
The variability in the CCC suggests that the company lacks strong leverage over its supply chain or customer base, forcing it to absorb the impact of operational delays. Investors should monitor whether the recent compression in the cycle is a sustainable improvement or merely a temporary byproduct of lower activity levels.
As indicated by the financial data, Smart Sand maintains a robust balance sheet with a debt-to-equity ratio of 0.17 as of 2026Q1, which provides the firm with a significant liquidity runway that many of its more highly leveraged industry peers currently lack.
This conservative capital structure appears to be a deliberate defensive strategy, allowing the company to navigate periods of negative operating margins without immediate refinancing risk. However, the low interest coverage ratio of -20.27 in 2026Q1 suggests that even modest debt levels can become burdensome when operating profitability is absent.
Based on the company's reported figures, the P/E ratio is the most commonly misapplied metric for Smart Sand, as it obscures the extreme volatility of earnings caused by non-operating items and the high fixed-cost nature of the mining business model.
Investors should instead focus on EV/EBITDA or P/FCF, as these metrics better capture the underlying cash-generating potential of the assets before accounting for non-cash depreciation charges. Relying on P/E in a cyclical, capital-intensive industry often leads to misleading conclusions about the company's true valuation and operational health.
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Quick answers to the most common questions about buying SND stock.
Smart Sand, Inc.'s current P/E ratio is 166.7x. The historical average is 30.6x. This places it at the 100th percentile of its historical range.
Smart Sand, Inc.'s current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.0x.
Smart Sand, Inc.'s return on equity (ROE) is 0.6%. The historical average is 4.9%.
Based on historical data, Smart Sand, Inc. is trading at a P/E of 166.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Smart Sand, Inc.'s current dividend yield is 3.00% with a payout ratio of 442.2%.
Smart Sand, Inc. has 10.8% gross margin and -1.5% operating margin.
Smart Sand, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.