Smart Sand, Inc.
- Open
- 5.00
- Day high
- 5.11
- Day low
- 4.95
- Prev close
- 5.01
- Volume
- 122K
- Mkt cap
- $216M
- P/E (TTM)
- 9.0
- EPS (TTM)
- $0.56
- P/B
- 0.9
- P/S
- 0.6
- Yield
- 1.99%
- Per share
- $0.10
- ▼Insiders net selling -$227K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions accumulating (13F)
Smart Sand, Inc. (SND) is a Energy company listed on NASDAQ. The stock is up 152% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4).
Smart Sand, Inc. (SND) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SND earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | — | $-0.10 | — | $93M | — |
| Nov 12, 2025 | $-0.03 | $0.08 | +366.7% | $93M | +54.6% |
| Aug 12, 2025 | $-0.03 | $-0.01 | +66.7% | $86M | +43.0% |
| Mar 3, 2025 | $0.09 | $0.09 | +0.0% | $91M | +38.6% |
| Mar 11, 2024 | $-0.07 | $-0.12 | -71.4% | $62M | +9.8% |
| Feb 28, 2023 | $-0.02 | $0.06 | +400.0% | $74M | +16.5% |
| May 11, 2022 | $-0.23 | $-0.14 | +39.1% | $42M | +13.1% |
| Mar 8, 2022 | $-0.20 | $-0.29 | -45.0% | $35M | +5.7% |
| Aug 3, 2021 | $-0.07 | $-0.65 | -828.6% | $30M | -4.9% |
| May 4, 2021 | $-0.12 | $-0.09 | +25.0% | $27M | -23.5% |
| Mar 2, 2021 | $-0.12 | $0.05 | +141.7% | $25M | — |
| Aug 4, 2020 | $0.12 | $0.12 | +0.0% | $26M | +0.0% |
SND insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 9, 2026 | KISZKA ROBERTofficer: Executive VP of Operations | Tax | 2,591 | $5.45 |
| Jun 9, 2026 | YOUNG WILLIAM JOHNofficer: Chief Operating Officer | Tax | 3,885 | $5.45 |
| Jun 9, 2026 | Beckelman Lee Eofficer: Chief Financial Officer | Tax | 3,321 | $5.45 |
| Jun 9, 2026 | Young James Douglasofficer: SEE REMARKS | Tax | 2,500 | $5.45 |
| Jun 9, 2026 | YOUNG CHARLES EDWINdirector, 10 percent owner, officer: CEO | Tax | 5,811 | $5.45 |
| Jun 9, 2026 | WHELAN RONALD Pofficer: SEE REMARKS | Tax | 2,614 | $5.45 |
| Jun 1, 2026 | WHELAN RONALD Pofficer: SEE REMARKS | Buy | 4,444 | $4.50 |
| May 28, 2026 | Spurlin Sharondirector | Sell | 50,000 | $4.93 |
| Mar 19, 2026 | YOUNG CHARLES EDWINdirector, 10 percent owner, officer: CEO | Tax | 5,811 | $4.08 |
| Mar 19, 2026 | WHELAN RONALD Pofficer: SEE REMARKS | Tax | 2,614 | $4.08 |
| Mar 19, 2026 | KISZKA ROBERTofficer: Executive VP of Operations | Tax | 2,591 | $4.08 |
| Mar 19, 2026 | Beckelman Lee Eofficer: Chief Financial Officer | Tax | 3,321 | $4.08 |
| Mar 19, 2026 | Young James Douglasofficer: SEE REMARKS | Tax | 2,500 | $4.08 |
| Mar 19, 2026 | YOUNG WILLIAM JOHNofficer: Chief Operating Officer | Tax | 3,885 | $4.08 |
| Mar 12, 2026 | Pawlenty Timothydirector | Sell | 27,975 | $3.66 |
Source: SND SEC Form 4 filings, latest Jun 9, 2026. For informational purposes only — not investment advice.
See the full SND insider & 13F page →Smart Sand, Inc. company profile
Overview
Smart Sand, Inc. (NASDAQ:SND) is an integrated frac sand supply and services company founded in 2011 and headquartered in The Woodlands, Texas. The company went public in November 2016 and operates as a specialized provider of proppant materials essential for hydraulic fracturing operations in the oil and gas industry. Smart Sand has evolved from a pure-play sand mining operation into a diversified provider of sand products, logistics services, and industrial solutions, with approximately 250 million tons of proven and probable recoverable sand reserves across multiple facilities in the United States.
Business
Smart Sand operates in the proppant supply industry, which serves the oil and gas sector's hydraulic fracturing operations. Hydraulic fracturing, commonly known as "fracking," is a technique used to extract oil and natural gas from underground rock formations by injecting high-pressure fluid mixtures into the ground to create fractures in the rock. Proppant is a granular material, typically sand, that is mixed with the fracturing fluid to keep the newly created fractures open, allowing oil and gas to flow to the wellbore for extraction. The company's core business revolves around three main segments: 1. Sand Mining and Processing Operations (approximately 85-90% of revenue): Smart Sand excavates, processes, and sells Northern White sand, which is considered premium-grade proppant due to its superior crush resistance and spherical shape. The company operates three primary production facilities and specializes in fine mesh sand, with over 75% of its reserves consisting of this higher-value product. Fine mesh sand is particularly sought after because it provides better conductivity in fractures and improved oil and gas flow rates. 2. Logistics and Transportation Services (approximately 5-10% of revenue): The company provides SmartSystems, a comprehensive logistics solution that includes wellsite proppant storage, handling, and delivery services. This "last-mile" service helps oil and gas operators manage proppant inventory and reduces operational complexities at drilling sites. Smart Sand also operates transloading terminals in strategic locations, including facilities in Ohio that serve the Utica Shale basin. 3. Industrial Product Solutions (IPS) (approximately 5% of revenue, targeting 10%): This growing segment supplies specialized sand products to non-energy industrial applications, including glass manufacturing, foundry operations, and other industrial processes that require high-quality silica sand with specific particle size distributions and chemical compositions. The company primarily serves oil and natural gas exploration and production companies, oilfield service companies, and industrial manufacturers across key North American energy basins, including the Marcellus, Bakken, Utica, and Canadian markets.
Revenue model
Smart Sand generates revenue through multiple complementary business models centered around proppant supply and related services. The company's primary revenue stream comes from direct product sales of processed sand to oil and gas operators and service companies, typically priced per ton with pricing influenced by market demand, transportation costs, and sand quality specifications. The company's customers are primarily oil and gas exploration and production companies and oilfield service companies that require large quantities of proppant for their hydraulic fracturing operations. Smart Sand also serves industrial manufacturers who need specialized silica sand for glass production, foundry operations, and other manufacturing processes. Revenue generation occurs through several channels: bulk sand sales delivered via rail and truck transport, last-mile logistics services through SmartSystems that include storage and handling solutions, and specialized industrial sand products that command premium pricing due to their specific technical requirements. Several factors significantly impact Smart Sand's profitability margins. Positive margin drivers include increased drilling activity in natural gas markets driven by LNG export demand and AI data center power requirements, the company's strategic positioning near Class I rail lines that reduce transportation costs, operational efficiencies from transitioning facilities to lower-cost hydro mining methods, and growing demand for fine mesh Northern White sand which commands premium pricing due to limited supply. Negative margin pressures include cyclical downturns in oil and gas drilling activity, competitive pricing pressure from regional sand suppliers and in-basin alternatives, rising labor and energy costs that affect mining operations, transportation cost inflation that impacts delivered pricing, and potential oversupply conditions in regional markets. The company's margins are also sensitive to capacity utilization rates, as fixed costs represent a significant portion of total operating expenses, making volume maintenance critical for profitability.
Competitive moat
Smart Sand possesses a moderate competitive moat based primarily on geographic advantages and resource quality, though the moat faces ongoing challenges from industry dynamics. The company's strongest defensive position stems from its ownership of high-quality Northern White sand reserves, particularly its concentration of fine mesh sand deposits which represent over 75% of its reserves. Northern White sand is considered superior to regional alternatives due to its higher crush resistance, spherical shape, and consistent quality characteristics that improve well productivity. The company benefits from logistical advantages through its strategic proximity to Class I rail lines, which provides cost-effective transportation to major energy basins including the Marcellus, Bakken, and Utica formations. Smart Sand's established terminal network, including recent expansions in Ohio, creates switching costs for customers and provides market access advantages over competitors without similar infrastructure investments. However, the moat faces significant competitive pressures. In-basin sand alternatives have gained market share due to lower transportation costs, even though they may offer inferior technical performance. Regional sand suppliers can undercut Northern White sand pricing in many markets, particularly during periods of reduced drilling activity. The cyclical nature of the oil and gas industry creates periods of oversupply that compress margins and reduce the value of quality premiums. Potential disruption could come from continued improvements in in-basin sand processing technology that narrows the performance gap with Northern White sand, development of synthetic or engineered proppants that offer superior performance characteristics, changes in completion techniques that reduce overall proppant intensity per well, or sustained low oil and gas prices that force operators to prioritize cost reduction over technical performance. The company's industrial sand diversification provides some protection against energy sector cyclicality, but this segment remains relatively small and faces its own competitive dynamics in industrial markets.
Risks & safety
Smart Sand presents a moderate margin of safety with manageable financial risk but limited financial cushion during market downturns. • Liquidity and Solvency: Cash position of $5.1 million as of Q1 2025 is relatively low, though the company maintains access to a $30 million ABL credit facility. Current ratio of 1.75 indicates adequate short-term liquidity coverage. Debt-to-equity ratio of 0.15 represents conservative leverage levels. • Cash Flow Dynamics: Free cash flow generation has been inconsistent, ranging from negative $840K in Q4 2024 to positive $13.5 million in Q2 2024, reflecting the cyclical nature of the business. Operating cash flow of $8.7 million in Q1 2025 suggests operational cash generation capability despite net losses. • Valuation Metrics: Price-to-book ratio of 0.46 suggests potential asset value, though Graham net-net of -1.65 indicates limited liquidation value. EV/EBITDA metrics have been volatile due to inconsistent EBITDA generation, ranging from negative ratios during loss periods to reasonable multiples during profitable quarters. • Other Considerations: The company's substantial sand reserves (250 million tons) provide long-term asset backing, though their value is dependent on sustained energy sector demand. Recent share buyback programs and special dividends indicate management confidence but also reduce cash reserves during uncertain market conditions.
Recent development
Over the past few years, Smart Sand has executed several strategic initiatives to diversify its revenue base and improve operational efficiency. The company has significantly expanded its geographic footprint by opening new transloading terminals in Denison and Minerva, Ohio, to serve the Utica Shale basin, which contributed 18% of sales volumes by Q3 2024. The acquisition of the Blair mine and processing facility in Wisconsin has enabled Smart Sand to enter the Canadian market, with Canadian volumes representing 11% of sales by late 2024. The company has pursued operational optimization through the transition of its Oakdale facility to hydro mining methods, which management expects will reduce production costs by $1-2 per ton. This shift toward more efficient extraction methods reflects Smart Sand's focus on maintaining cost competitiveness in a cyclical industry. Product diversification has become a key strategic focus, with the Industrial Product Solutions (IPS) segment showing strong growth momentum. IPS volumes increased 38% sequentially in Q3 2024, and management has set a target to grow this segment from under 5% to 10% of total sales volumes, primarily driven by glass sand market opportunities. This diversification strategy aims to reduce dependence on energy sector cyclicality. Smart Sand has also enhanced its capital allocation strategy, implementing a $10 million share buyback program and paying special dividends, including a $0.10 per share distribution in 2024. The company secured a new $30 million five-year ABL credit facility with First Citizens Bank, providing improved financial flexibility. Management has emphasized maintaining low debt levels while returning excess cash to shareholders during profitable periods, reflecting a disciplined approach to capital management in a volatile industry.
SND company profile · for informational purposes only — not investment advice.
Track SND with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free