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what it is
Smart Sand mines frac sand, moves it by rail, and helps shale drillers get that sand to the well site.
how it gets paid
Last year Smart Sand made $330M in revenue. Mine-to-wellsite frac sand sales was the main engine at $255.0M, or 77% of sales.
why it's growing
Revenue grew 6.0% last year. The key number was 10.9% gross margin, because huge revenue growth means less when only about 11 cents of every sales dollar survives direct costs.
what just happened
Revenue jumped to $244M, but EPS fell to $0.00 and gross margin stayed thin at 10.9%.
At a glance
C+ balance sheet — struggling to keep the lights on
20/100 earnings predictability — expect surprises
43.3x trailing p/e — you're paying up for this one
1.5% return on capital — nothing to write home about
$0.08 fy2024 eps est
xvary composite: 34/100 — weak
What they do
Smart Sand mines frac sand, moves it by rail, and helps shale drillers get that sand to the well site.
This is a logistics business wearing a sand hat. Smart Sand runs mines in Wisconsin and Illinois, connects them to four Class I rail lines, and then carries sand all the way to the wellsite with its own storage systems. With just 285 employees, it generated about $1.16 million of revenue per employee in 2025 ($330 million divided by 285). That is integration (owning more of the route) → fewer handoffs → your customer has fewer chances to get a frack job delayed.
How they make money
$330M
annual revenue · their business grew +6.0% last year
Mine-to-wellsite frac sand sales
$255.0M
+6.0%
Rail-served terminal sand deliveries
$50.8M
+6.0%
Industrial sand products
$20.0M
+6.0%
SmartSystems wellsite storage
$4.4M
flat
The products that matter
frac sand mining and sales
Frac Sand
$325.8M · 98.7% of revenue
it's the core business by a mile. when 98.7% of revenue comes from one commodity product, pricing and volume matter more than brand.
core exposure
logistics and wellsite services
SmartSystems
$4.4M · 1.3% of revenue
this is the part investors want to grow because it is less commodity-like. right now, at $4.4M, it's still too small to change the business mix.
small attachment
Key numbers
43.3x
trailing p/e
You are paying 43.3 times trailing earnings for a business with a negative 1.4% operating margin. That is a rich price for a rough business.
1.4%
operating margin
Jargon → operating margin → profit from operations → so what: the core business lost money before financing costs.
1.5%
return on capital
Jargon → return on capital → profit earned on the money tied up in the business → so what: this asset base is barely earning its keep.
$24M
long-term debt
Debt is only 13% of capital, so the balance sheet is not the main problem. Profitability is.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $24M (13% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for SND right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue jumped to $244M, but EPS fell to $0.00 and gross margin stayed thin at 10.9%.
Sales surged 163% vs. prior year in the latest quarter, but that did not translate into per-share profit. Jargon → gross margin → money left after direct costs → so what: 10.9% leaves little room for freight, labor, and overhead mistakes.
$244M
revenue
$0.00
eps
10.9%
gross margin
the number that mattered
The key number was 10.9% gross margin, because huge revenue growth means less when only about 11 cents of every sales dollar survives direct costs.
source: company earnings report, 2026
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What could go wrong
the #1 risk is frac sand pricing and drilling activity. smart sand does not control either one.
high
revenue concentration
Frac Sand produced $325.8M of revenue, or 98.7% of the total. if drilling slows, almost the entire business feels it.
98.7% exposure to one commodity product is concentration risk, not diversification.
high
almost no profit buffer
A 0.41% net margin means the company kept less than half a cent of profit on each $1 of revenue. small cost moves matter.
with margins this thin, one weak quarter can flip profit into loss fast.
med
valuation asks for more than the business gives
The stock trades at 43.3x trailing earnings while return on capital is 1.5%. that's a premium multiple on low-quality economics.
if profit or free cash flow slips, the multiple has room to compress.
med
capital returns need cash flow to stay real
A $20M buyback and a $0.05 special dividend look good. they matter only if record $32.5M free cash flow proves repeatable.
if cash flow rolls over, today's shareholder-friendly story gets thinner fast.
98.7% of revenue comes from sand sales, and the business kept just 0.41 cents of profit per $1 of revenue. that's a very small cushion.
source: institutional data · regulatory filings · risk analysis
Pay attention to
cash generation
record $32.5M free cash flow
this is the number that makes the story interesting. if cash stays strong while EPS stays thin, the market has to decide which number matters more.
volume outlook
2026 sales volume target of 5–10%
management gave the market a clear bar. if they hit it, the operating leverage case looks better. if they miss it, the commodity reality shows up fast.
capital return
$20M buyback over two years
authorized on feb. 23, 2026. for a $162M company, real execution would matter. watch what gets retired, not what gets announced.
margin risk
net margin stuck at 0.41%
the business does not need a disaster to disappoint you. it needs only a modest cost increase or softer pricing.
Analyst rankings
earnings predictability
20 / 100
earnings can swing around. in human-speak, analysts do not see this as a steady business.
risk rank
5
that places it safer than just 5% of stocks in this system. you are not buying stability here.
price stability
10 / 100
the stock has been jumpy. that's normal for a small-cap commodity name, but normal does not make it comfortable.
source: institutional data
Institutional activity
institutional ownership data for SND is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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