What is Smart Sand's operating income?

Smart Sand's total operating income in 2025 was -$4.46 million, based on the following breakdown: Total Gross Profit: $37.89 million Total Operating Expenses: $42.35 million

Smart Sand (SND) Financials

$4.78 -0.26 (-5.16%)

Closing price 04:00 PM Eastern

Extended Trading

$4.78 +0.00 (+0.10%)

As of 07:05 PM Eastern

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Annual Income Statements for Smart Sand

This table shows Smart Sand's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4.99	10	22	20	32	38	-51	-0.70	4.65	2.99	1.35
Consolidated Net Income / (Loss)	4.99	10	22	20	32	38	-51	-0.70	4.65	2.99	1.35
Net Income / (Loss) Continuing Operations	4.99	10	22	20	32	38	-51	-0.70	4.65	2.99	1.35
Total Pre-Tax Income	9.12	20	19	26	39	25	-60	-3.91	-2.25	0.25	-5.59
Total Operating Income	17	20	19	39	43	-13	-63	-3.13	-1.50	3.00	-4.46
Total Gross Profit	22	25	29	69	69	8.13	-47	30	42	45	38
Total Revenue	48	59	137	212	233	122	127	256	296	311	330
Operating Revenue	48	59	137	212	233	122	127	256	296	311	330
Total Cost of Revenue	26	34	109	143	164	114	173	226	254	267	292
Operating Cost of Revenue	26	34	109	143	164	114	154	226	254	267	292
Total Operating Expenses	5.06	4.89	9.98	31	26	21	17	33	43	42	42
Selling, General & Admin Expense	4.67	4.50	9.46	13	11	16	14	31	39	38	41
Depreciation Expense	0.39	0.38	0.53	1.84	2.41	1.91	1.98	2.24	2.54	2.60	2.39
Other Special Charges / (Income)	-	0.00	0.00	-1.86	-3.27	-1.41	0.56	-0.29	1.80	1.06	-0.57
Total Other Income / (Expense), net	-7.46	-0.62	0.01	-13	-4.05	38	3.79	-0.78	-0.75	-2.75	-1.13
Interest Expense	5.08	6.62	0.00	0.00	0.56	-40	-	0.00	0.00	1.34	0.00
Interest & Investment Income	-2.75	-2.86	-0.45	-2.27	-3.62	-2.09	-1.98	-1.61	-1.27	-1.77	-1.47
Other Income / (Expense), net	0.36	8.86	0.46	-11	0.13	0.48	5.77	0.83	0.52	0.36	0.34
Income Tax Expense	4.13	9.39	-2.81	5.51	7.81	-13	-9.02	-3.21	-6.90	-2.74	-6.93
Basic Earnings per Share	$0.23	$0.43	$0.54	$0.50	$0.79	$0.94	($1.21)	($0.02)	$0.12	$0.08	$0.03
Weighted Average Basic Shares Outstanding	22.11M	24.32M	40.21M	40.43M	40.14M	40.26M	41.78M	42.41M	38.95M	38.81M	39.05M
Diluted Earnings per Share	$0.19	$0.42	$0.53	$0.50	$0.78	$0.94	($1.21)	($0.02)	$0.12	$0.08	$0.03
Weighted Average Diluted Shares Outstanding	26.40M	24.58M	40.30M	40.45M	40.34M	40.26M	41.78M	42.41M	39.05M	39.08M	39.59M
Weighted Average Basic & Diluted Shares Outstanding	21.70M	24.10M	39.90M	41.01M	42.85M	43.41M	44.81M	45.83M	43.01M	42.88M	43.54M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	$0.10	$0.15

This table shows Smart Sand's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	6.73	-4.79	-0.22	-0.43	-0.10	3.74	-24	21	3.00	1.18	-3.86
Consolidated Net Income / (Loss)	6.73	-4.79	-0.22	-0.43	-0.10	3.74	-24	21	3.00	1.18	-3.86
Net Income / (Loss) Continuing Operations	6.73	-4.79	-0.22	-0.43	-0.10	3.74	-24	21	3.00	1.18	-3.86
Total Pre-Tax Income	4.85	-8.12	0.39	1.90	-5.23	3.20	-7.26	-0.33	5.08	-3.07	-5.03
Total Operating Income	4.93	-7.91	0.78	3.53	-4.91	3.60	-7.05	-0.08	5.37	-2.70	-4.87
Total Gross Profit	14	2.83	12	13	6.49	13	2.77	8.96	15	11	6.11
Total Revenue	77	62	83	74	63	91	66	86	93	86	93
Operating Revenue	77	62	83	74	63	91	66	86	93	86	93
Total Cost of Revenue	63	59	71	61	57	78	63	77	78	75	87
Operating Cost of Revenue	63	59	71	61	57	78	63	77	78	75	87
Total Operating Expenses	9.47	11	11	9.55	11	9.85	9.82	9.03	9.57	14	11
Selling, General & Admin Expense	8.92	10	10	8.87	9.70	9.24	9.24	9.11	9.09	13	11
Depreciation Expense	0.65	0.67	0.67	0.67	0.63	0.62	0.62	0.60	0.59	0.58	0.57
Other Special Charges / (Income)	-0.09	-0.02	0.00	0.00	1.06	-0.01	-0.04	-0.68	-0.11	0.26	-0.30
Total Other Income / (Expense), net	-0.08	-0.21	-0.39	-1.63	-0.32	-0.41	-0.21	-0.25	-0.29	-0.37	-0.16
Interest & Investment Income	-0.28	-0.33	-0.49	-0.39	-0.34	-0.54	-0.34	-0.32	-0.32	-0.49	-0.26
Other Income / (Expense), net	0.20	0.12	0.10	0.08	0.05	0.13	0.13	0.07	0.03	0.12	0.10
Income Tax Expense	-1.88	-3.33	0.61	2.33	-5.14	-0.54	17	-22	2.08	-4.25	-1.17
Basic Earnings per Share	$0.18	($0.14)	($0.01)	($0.01)	$0.00	$0.10	($0.62)	$0.55	$0.08	$0.02	($0.10)
Weighted Average Basic Shares Outstanding	38.25M	38.95M	38.56M	38.72M	38.93M	38.81M	39.26M	39.21M	38.83M	39.05M	39.17M
Diluted Earnings per Share	$0.18	($0.14)	($0.01)	($0.01)	$0.00	$0.10	($0.62)	$0.54	$0.08	$0.03	($0.10)
Weighted Average Diluted Shares Outstanding	38.41M	39.05M	38.56M	38.72M	38.93M	39.08M	39.26M	39.38M	38.95M	39.59M	39.17M
Weighted Average Basic & Diluted Shares Outstanding	41.30M	43.01M	42.57M	42.93M	42.92M	42.88M	44.08M	43.56M	43.54M	43.54M	42.99M

This table details how cash moves in and out of Smart Sand's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	3.09	44	-12	-34	1.17	9.09	14	-20	0.56	-4.52	21
Net Cash From Operating Activities	31	27	16	51	45	26	32	5.42	31	18	44
Net Cash From Continuing Operating Activities	31	27	16	51	45	26	32	5.42	31	18	44
Net Income / (Loss) Continuing Operations	4.99	10	22	20	32	38	-51	-0.70	4.65	2.99	1.35
Consolidated Net Income / (Loss)	4.99	10	22	20	32	38	-51	-0.70	4.65	2.99	1.35
Depreciation Expense	5.32	6.48	7.93	17	26	22	25	26	27	29	29
Amortization Expense	0.77	0.42	0.46	1.55	2.26	1.08	1.08	1.08	1.08	1.03	1.05
Non-Cash Adjustments To Reconcile Net Income	6.99	7.99	2.27	18	16	-30	26	2.92	5.33	5.81	3.20
Changes in Operating Assets and Liabilities, net	13	1.43	-17	-5.93	-32	-5.55	31	-24	-7.55	-21	9.27
Net Cash From Investing Activities	-29	-2.47	-51	-126	-25	-8.56	-11	-18	-23	-6.92	-11
Net Cash From Continuing Investing Activities	-29	-2.47	-51	-126	-25	-8.56	-11	-18	-23	-6.92	-11
Purchase of Property, Plant & Equipment	-29	-2.52	-51	-96	-26	-8.62	-11	-13	-23	-7.01	-12
Sale of Property, Plant & Equipment	-	0.05	0.01	0.02	0.10	0.06	0.08	1.07	0.13	0.09	0.74
Net Cash From Financing Activities	1.77	19	23	41	-18	-7.90	-7.43	-7.29	-7.53	-15	-12
Net Cash From Continuing Financing Activities	1.77	19	23	41	-18	-7.90	-7.43	-7.29	-7.53	-15	-12
Repayment of Debt	-10	-68	-0.83	-40	-100	-13	-6.77	-17	-25	-52	-38
Repurchase of Preferred Equity	-	-40	-	-	-	-	-	-	-4.75	0.00	-2.10
Repurchase of Common Equity	-0.12	-11	-2.21	-2.17	-0.14	-1.16	-0.40	-0.54	0.00	-0.42	-0.63
Payment of Dividends	-0.01	-	-	-	-	-	-	0.00	0.00	-3.90	-5.95
Issuance of Debt	13	1.10	0.00	84	84	6.95	0.00	10	23	41	35
Issuance of Common Equity	-	138	26	0.13	0.07	0.06	0.04	0.05	0.06	0.05	0.05
Other Financing Activities, net	-0.42	0.00	0.00	-0.18	-2.10	-0.43	-0.30	0.52	-0.39	-0.22	-0.23

This table details how cash moves in and out of Smart Sand's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	3.82	-3.24	-1.47	1.66	0.96	-5.66	3.55	-0.82	0.79	17	-3.10
Net Cash From Operating Activities	12	-2.66	-3.86	15	5.81	1.04	8.72	-5.14	18	22	3.04
Net Cash From Continuing Operating Activities	12	-2.66	-3.86	15	5.81	1.04	8.72	-5.14	18	22	3.04
Net Income / (Loss) Continuing Operations	6.73	-4.79	-0.22	-0.43	-0.10	3.74	-24	21	3.00	1.18	-3.86
Consolidated Net Income / (Loss)	6.73	-4.79	-0.22	-0.43	-0.10	3.74	-24	21	3.00	1.18	-3.86
Depreciation Expense	7.02	7.11	7.24	7.26	6.59	7.85	7.30	7.31	7.25	7.41	7.53
Amortization Expense	0.27	0.27	0.27	0.27	0.23	0.25	0.24	0.27	0.26	0.27	0.26
Non-Cash Adjustments To Reconcile Net Income	0.77	1.02	0.65	2.16	1.97	1.03	0.90	0.31	0.85	1.13	0.67
Changes in Operating Assets and Liabilities, net	-2.32	-6.28	-12	5.63	-2.89	-12	25	-34	6.79	12	-1.56
Net Cash From Investing Activities	-6.83	-6.90	-1.65	-1.35	-2.06	-1.87	-3.54	-1.94	-3.39	-2.00	-2.20
Net Cash From Continuing Investing Activities	-6.83	-6.90	-1.65	-1.35	-2.06	-1.87	-3.54	-1.94	-3.39	-2.00	-2.20
Purchase of Property, Plant & Equipment	-6.88	-6.91	-1.65	-1.35	-2.14	-1.88	-3.54	-2.68	-3.39	-2.00	-2.20
Other Investing Activities, net	0.05	-	0.00	0.00	0.08	-	0.00	0.74	-	-	0.00
Net Cash From Financing Activities	-1.83	6.32	4.03	-12	-2.80	-4.83	-1.64	6.26	-14	-2.90	-3.94
Net Cash From Continuing Financing Activities	-1.83	6.32	4.03	-12	-2.80	-4.83	-1.64	6.26	-14	-2.90	-3.94
Repayment of Debt	-1.50	-1.48	-1.77	-30	-5.24	-15	-12	-5.82	-18	-2.82	-1.19
Repurchase of Preferred Equity	-	-	-0.17	0.17	-	-	-0.31	-1.76	-0.03	-	-1.47
Repurchase of Common Equity	-0.15	4.63	0.00	-0.22	-0.15	-0.05	-0.34	-0.04	-0.21	-0.05	-1.24
Payment of Dividends	-	-	0.00	-	-	-3.90	-0.01	-0.07	-3.89	-1.98	0.00
Issuance of Debt	-	8.00	6.00	18	2.62	14	11	14	8.00	2.00	0.00
Issuance of Common Equity	0.02	-	0.03	-	0.03	-	0.03	-	0.02	-	0.02
Other Financing Activities, net	-0.20	-0.07	-0.06	-0.06	-0.05	-0.05	-0.06	-0.05	-0.06	-0.06	-0.06

This table presents Smart Sand's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	133	173	247	320	363	428	374	360	346	342	340
Total Current Assets	16	65	73	50	92	112	74	68	62	76	88
Cash & Equivalents	3.90	47	35	1.47	2.64	12	26	5.51	6.07	1.55	23
Accounts Receivable	6.04	5.74	25	27	64	70	19	36	26	46	31
Inventories, net	5.03	10	9.53	19	21	19	15	20	27	25	31
Prepaid Expenses	1.52	1.40	3.85	3.24	4.43	11	14	6.59	3.22	2.64	3.99
Plant, Property, & Equipment, net	109	104	172	248	230	275	262	259	255	237	223
Total Noncurrent Assets	7.15	4.33	1.86	22	41	41	38	33	29	29	29
Intangible Assets	-	-	0.00	18	9.05	8.25	7.46	6.67	5.88	5.08	4.29
Other Noncurrent Operating Assets	7.15	3.18	0.97	3.73	32	33	30	26	23	24	24
Total Liabilities & Shareholders' Equity	133	173	247	320	363	428	374	360	346	342	340
Total Liabilities	129	31	57	111	118	139	133	117	104	98	100
Total Current Liabilities	49	14	35	25	40	37	49	52	54	43	50
Short-Term Debt	1.78	0.96	0.86	0.83	6.18	6.90	7.13	6.18	16	3.55	4.37
Accounts Payable	1.17	1.66	26	11	3.96	3.27	8.48	14	16	17	9.43
Accrued Expenses	3.78	2.43	7.58	8.39	8.58	13	14	13	11	13	18
Current Deferred Revenue	7.13	1.62	0.00	4.10	7.65	6.88	9.84	6.96	1.15	0.05	9.84
Other Current Liabilities	35	-	-	0.00	13	7.08	9.03	11	11	10	8.77
Total Noncurrent Liabilities	80	17	22	86	78	102	84	65	50	55	50
Long-Term Debt	63	0.29	0.00	48	28	22	15	9.81	3.45	9.13	8.66
Asset Retirement Reserve & Litigation Obligation	1.18	1.38	8.98	13	6.14	15	16	19	20	21	22
Noncurrent Deferred & Payable Income Tax Liabilities	15	15	13	18	24	33	22	18	12	9.32	4.19
Other Noncurrent Operating Liabilities	-	-	0.00	7.17	17	28	24	18	14	15	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3.73	142	190	209	246	289	241	243	242	244	240
Total Preferred & Common Equity	3.73	142	190	209	246	289	241	243	242	244	240
Total Common Equity	3.73	142	190	209	246	289	241	243	242	244	240
Common Stock	4.17	133	159	162	165	171	175	178	182	185	189
Retained Earnings	-0.32	10	32	50	83	121	71	70	75	73	68
Treasury Stock	-0.12	-0.54	-0.67	-2.84	-2.98	-4.13	-4.54	-5.08	-14	-15	-17
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-0.31	-0.04	0.42	0.57	0.23	-0.04	-0.06	-0.05

This table presents Smart Sand's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	347	349	342	336	327	346	343	336
Total Current Assets	60	71	65	65	67	83	84	83
Cash & Equivalents	9.31	4.60	6.26	7.22	5.11	4.29	5.08	19
Accounts Receivable	24	38	31	27	31	47	44	29
Inventories, net	26	26	25	28	28	29	32	30
Prepaid Expenses	0.71	3.21	2.93	2.79	2.95	2.99	3.15	4.82
Plant, Property, & Equipment, net	256	251	247	242	233	231	228	222
Total Noncurrent Assets	31	27	31	29	26	32	31	30
Intangible Assets	6.07	5.68	5.48	5.28	4.89	4.69	4.49	4.09
Other Noncurrent Operating Assets	25	21	25	24	21	27	27	26
Total Liabilities & Shareholders' Equity	347	349	342	336	327	346	343	336
Total Liabilities	100	107	99	92	107	105	103	102
Total Current Liabilities	45	59	39	38	38	45	49	50
Short-Term Debt	5.69	22	5.49	3.66	3.52	4.04	4.28	4.75
Accounts Payable	10	9.94	9.55	11	12	16	9.51	12
Accrued Expenses	15	15	13	12	14	14	26	23
Current Deferred Revenue	2.02	2.38	0.64	1.35	0.48	0.02	0.00	1.04
Other Current Liabilities	11	9.55	11	9.50	8.35	11	9.89	9.05
Total Noncurrent Liabilities	56	47	60	54	69	61	54	51
Long-Term Debt	6.90	2.45	9.33	9.91	8.49	18	8.31	9.16
Asset Retirement Reserve & Litigation Obligation	20	20	20	21	22	22	22	23
Noncurrent Deferred & Payable Income Tax Liabilities	14	13	15	9.88	26	4.71	6.74	3.21
Other Noncurrent Operating Liabilities	15	12	15	14	13	16	17	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	246	243	243	244	220	241	240	234
Total Preferred & Common Equity	246	243	243	244	220	241	240	234
Total Common Equity	246	243	243	244	220	241	240	234
Common Stock	181	183	184	184	186	187	188	190
Retained Earnings	79	74	74	74	49	70	69	64
Treasury Stock	-14	-14	-14	-15	-15	-17	-17	-20
Accumulated Other Comprehensive Income / (Loss)	-0.03	-0.06	-0.09	-0.05	-0.06	-0.06	-0.06	-0.05

This table displays calculated financial ratios and metrics derived from Smart Sand's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-30.03%	24.18%	131.66%	54.85%	9.70%	-47.51%	3.52%	101.93%	15.73%	5.20%	6.03%
EBITDA Growth	-23.34%	56.97%	-23.80%	69.10%	55.19%	-85.23%	-393.35%	180.68%	9.12%	20.86%	-21.42%
EBIT Growth	-35.17%	72.62%	-34.47%	45.44%	56.46%	-128.74%	-360.41%	96.01%	57.39%	443.06%	-222.46%
NOPAT Growth	-20.42%	17.95%	100.98%	41.28%	14.74%	-156.73%	-124.64%	95.07%	51.92%	3,487.78%	-108.75%
Net Income Growth	-33.96%	108.00%	107.40%	-6.62%	57.32%	20.02%	-233.51%	98.61%	761.31%	-35.64%	-55.05%
EPS Growth	-34.48%	121.05%	26.19%	-5.66%	56.00%	20.51%	-228.72%	98.35%	700.00%	-33.33%	-62.50%
Operating Cash Flow Growth	38.70%	-13.03%	-41.47%	225.76%	-12.33%	-42.77%	27.00%	-83.29%	471.79%	-42.36%	146.95%
Free Cash Flow Firm Growth	0.00%	67.31%	-101.80%	-89.65%	119.81%	-445.29%	148.97%	-175.57%	86.42%	1,568.64%	-40.00%
Invested Capital Growth	0.00%	44.38%	61.94%	65.81%	8.07%	10.49%	-22.31%	6.68%	0.55%	-0.16%	-9.72%
Revenue Q/Q Growth	0.00%	0.00%	10.99%	4.53%	-1.93%	-15.44%	8.33%	17.86%	-3.86%	10.43%	-1.58%
EBITDA Q/Q Growth	0.00%	0.00%	-39.40%	-11.44%	15.60%	-70.67%	16.72%	204.10%	-25.27%	58.05%	-20.49%
EBIT Q/Q Growth	0.00%	0.00%	-49.89%	-23.94%	21.99%	-204.27%	9.36%	87.92%	-111.04%	141.19%	-286.80%
NOPAT Q/Q Growth	0.00%	0.00%	13.70%	-13.42%	-8.82%	-290.12%	8.59%	84.18%	-108.20%	699.09%	-129.58%
Net Income Q/Q Growth	0.00%	0.00%	-6.74%	-40.89%	20.63%	-12.20%	-22.62%	95.48%	-61.46%	154.10%	-65.54%
EPS Q/Q Growth	0.00%	0.00%	-31.17%	-41.18%	18.18%	-12.96%	-21.00%	94.74%	-62.50%	150.00%	-70.00%
Operating Cash Flow Q/Q Growth	0.00%	26.24%	-42.47%	24.80%	-22.40%	-3.72%	-20.61%	202.77%	-21.02%	26.07%	93.65%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	25.65%	-46.62%	-62.57%	10.59%	30.48%	-115.96%	660.66%	65.59%
Invested Capital Q/Q Growth	0.00%	0.00%	22.21%	-0.48%	2.87%	-1.17%	-0.73%	0.78%	2.38%	2.01%	-6.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.37%	42.68%	20.91%	32.65%	29.82%	6.64%	-36.92%	11.57%	14.04%	14.40%	11.48%
EBITDA Margin	48.29%	61.04%	20.08%	21.92%	31.02%	8.73%	-24.73%	9.88%	9.32%	10.70%	7.93%
Operating Margin	34.77%	34.43%	13.63%	18.22%	18.66%	-10.64%	-50.13%	-1.22%	-0.51%	0.96%	-1.35%
EBIT Margin	35.53%	49.38%	13.97%	13.12%	18.71%	-10.25%	-45.57%	-0.90%	-0.33%	1.08%	-1.25%
Profit (Net Income) Margin	10.46%	17.52%	15.69%	9.46%	13.57%	31.02%	-40.01%	-0.27%	1.57%	0.96%	0.41%
Tax Burden Percent	54.72%	52.49%	115.01%	78.49%	80.20%	151.97%	84.89%	17.99%	-206.44%	1,187.30%	-24.08%
Interest Burden Percent	53.82%	67.60%	97.65%	91.87%	90.41%	-199.23%	103.43%	169.91%	229.80%	7.50%	135.68%
Effective Tax Rate	45.28%	47.51%	-15.01%	21.51%	19.80%	-51.97%	0.00%	0.00%	0.00%	-1,087.30%	0.00%
Return on Invested Capital (ROIC)	27.42%	13.23%	17.19%	14.78%	13.06%	-6.78%	-16.32%	-0.89%	-0.41%	13.98%	-1.29%
ROIC Less NNEP Spread (ROIC-NNEP)	14.34%	9.07%	17.15%	-156.79%	4.84%	226.99%	-102.24%	39.44%	47.97%	-255.86%	556.39%
Return on Net Nonoperating Assets (RNNOA)	240.21%	0.97%	-4.24%	-4.71%	0.84%	20.98%	-2.80%	0.60%	2.33%	-12.75%	1.84%
Return on Equity (ROE)	267.63%	14.20%	12.95%	10.07%	13.90%	14.21%	-19.12%	-0.29%	1.91%	1.23%	0.56%
Cash Return on Invested Capital (CROIC)	-172.58%	-23.09%	-30.10%	-34.74%	5.30%	-16.75%	8.79%	-7.35%	-0.96%	14.14%	8.93%
Operating Return on Assets (OROA)	12.78%	19.12%	9.12%	9.83%	12.76%	-3.17%	-14.40%	-0.63%	-0.28%	0.98%	-1.21%
Return on Assets (ROA)	3.76%	6.78%	10.24%	7.09%	9.25%	9.60%	-12.64%	-0.19%	1.32%	0.87%	0.39%
Return on Common Equity (ROCE)	267.63%	14.20%	12.95%	10.07%	13.90%	14.21%	-19.12%	-0.29%	1.91%	1.23%	0.56%
Return on Equity Simple (ROE_SIMPLE)	133.82%	7.29%	11.33%	9.60%	12.88%	13.14%	-21.01%	-0.29%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	9.07	11	22	30	35	-20	-44	-2.19	-1.05	36	-3.12
NOPAT Margin	19.02%	18.07%	15.68%	14.30%	14.96%	-16.17%	-35.09%	-0.86%	-0.36%	11.45%	-0.95%
Net Nonoperating Expense Percent (NNEP)	13.08%	4.16%	0.03%	171.57%	8.22%	-233.77%	85.92%	-40.33%	-48.39%	269.84%	-557.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.84%	-0.40%	13.91%	-1.24%
Cost of Revenue to Revenue	54.63%	57.32%	79.09%	67.35%	70.18%	93.36%	136.92%	88.43%	85.96%	85.60%	88.52%
SG&A Expenses to Revenue	9.79%	7.60%	6.89%	6.04%	4.86%	12.69%	11.21%	12.03%	13.08%	12.26%	12.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.60%	8.25%	7.28%	14.42%	11.16%	17.28%	13.21%	12.79%	14.55%	13.43%	12.83%
Earnings before Interest and Taxes (EBIT)	17	29	19	28	44	-13	-58	-2.30	-0.98	3.36	-4.12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	36	28	47	72	11	-31	25	28	33	26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	4.54	1.84	0.44	0.42	0.26	0.33	0.32	0.29	0.37	0.73
Price to Tangible Book Value (P/TBV)	0.00	4.54	1.84	0.48	0.44	0.27	0.34	0.33	0.30	0.38	0.74
Price to Revenue (P/Rev)	0.00	10.93	2.55	0.43	0.45	0.61	0.64	0.30	0.24	0.29	0.53
Price to Earnings (P/E)	0.00	62.37	16.25	4.59	3.29	1.97	0.00	0.00	15.33	30.23	129.50
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.75%	3.75%
Earnings Yield	0.00%	1.60%	6.15%	21.76%	30.37%	50.71%	0.00%	0.00%	6.52%	3.31%	0.77%
Enterprise Value to Invested Capital (EV/IC)	0.00	6.30	2.04	0.54	0.49	0.30	0.33	0.35	0.33	0.40	0.72
Enterprise Value to Revenue (EV/Rev)	0.00	10.16	2.30	0.66	0.58	0.76	0.61	0.34	0.29	0.33	0.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	16.64	11.45	3.00	1.88	8.66	0.00	3.48	3.06	3.05	6.29
Enterprise Value to EBIT (EV/EBIT)	0.00	20.57	16.46	5.01	3.12	0.00	0.00	0.00	0.00	30.21	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	56.21	14.66	4.59	3.90	0.00	0.00	0.00	0.00	2.85	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	22.53	20.18	2.74	3.04	3.62	2.39	16.21	2.72	5.69	3.73
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	9.60	0.00	3.24	0.00	0.00	2.82	7.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	17.80	0.01	0.00	0.23	0.14	0.10	0.09	0.07	0.08	0.05	0.05
Long-Term Debt to Equity	17.32	0.01	0.00	0.23	0.12	0.08	0.06	0.04	0.01	0.04	0.04
Financial Leverage	16.75	0.11	-0.25	0.03	0.17	0.09	0.03	0.02	0.05	0.05	0.00
Leverage Ratio	35.55	2.09	1.26	1.42	1.50	1.48	1.51	1.51	1.45	1.42	1.41
Compound Leverage Factor	19.13	1.42	1.23	1.30	1.36	-2.95	1.56	2.57	3.34	0.11	1.91
Debt to Total Capital	94.68%	1.26%	0.45%	18.88%	12.29%	9.22%	8.53%	6.16%	7.33%	4.95%	5.15%
Short-Term Debt to Total Capital	2.54%	0.66%	0.45%	0.32%	2.21%	2.17%	2.70%	2.38%	6.01%	1.39%	1.73%
Long-Term Debt to Total Capital	92.14%	0.60%	0.00%	18.56%	10.09%	7.05%	5.82%	3.78%	1.32%	3.56%	3.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	5.32%	98.74%	99.55%	81.12%	87.71%	90.78%	91.47%	93.84%	92.67%	95.05%	94.85%
Debt to EBITDA	2.88	0.05	0.03	1.05	0.48	2.75	-0.72	0.63	0.69	0.38	0.50
Net Debt to EBITDA	2.71	-1.26	-1.25	1.01	0.44	1.65	0.10	0.41	0.47	0.33	-0.36
Long-Term Debt to EBITDA	2.80	0.02	0.00	1.03	0.39	2.10	-0.49	0.39	0.13	0.27	0.33
Debt to NOPAT	7.31	0.17	0.04	1.60	0.99	-1.48	-0.51	-7.30	-18.20	0.36	-4.17
Net Debt to NOPAT	6.88	-4.27	-1.60	1.55	0.91	-0.89	0.07	-4.79	-12.43	0.31	3.05
Long-Term Debt to NOPAT	7.12	0.08	0.00	1.58	0.81	-1.13	-0.35	-4.48	-3.28	0.26	-2.77
Altman Z-Score	0.00	13.86	4.88	1.77	2.06	1.12	0.54	1.41	1.58	1.91	2.39
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.34	4.74	2.12	2.03	2.30	3.01	1.52	1.31	1.14	1.75	1.77
Quick Ratio	0.20	3.81	1.72	1.15	1.66	2.19	0.93	0.80	0.59	1.11	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-57	-19	-38	-71	14	-49	24	-18	-2.46	36	22
Operating Cash Flow to CapEx	104.52%	1,081.09%	30.55%	52.99%	175.54%	298.41%	291.13%	46.48%	135.32%	258.11%	406.41%
Free Cash Flow to Firm to Interest Expense	-11.25	-2.82	0.00	0.00	25.23	0.00	0.00	0.00	0.00	26.91	0.00
Operating Cash Flow to Interest Expense	6.05	4.04	0.00	0.00	79.56	0.00	0.00	0.00	0.00	13.32	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.26	3.66	0.00	0.00	34.24	0.00	0.00	0.00	0.00	8.16	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.39	0.65	0.75	0.68	0.31	0.32	0.70	0.84	0.91	0.97
Accounts Receivable Turnover	7.90	10.05	9.05	8.27	5.15	1.83	2.84	9.27	9.61	8.64	8.60
Inventory Turnover	5.19	4.42	10.92	10.18	8.18	5.63	10.15	12.85	10.82	10.28	10.41
Fixed Asset Turnover	0.44	0.56	0.99	1.01	0.97	0.48	0.47	0.98	1.15	1.27	1.44
Accounts Payable Turnover	22.27	23.97	7.81	7.64	21.39	31.60	29.52	19.74	16.70	16.14	22.13
Days Sales Outstanding (DSO)	46.23	36.31	40.32	44.13	70.86	199.20	128.55	39.38	37.99	42.25	42.46
Days Inventory Outstanding (DIO)	70.39	82.61	33.42	35.85	44.62	64.80	35.95	28.41	33.72	35.51	35.05
Days Payable Outstanding (DPO)	16.39	15.23	46.73	47.77	17.07	11.55	12.36	18.49	21.86	22.61	16.49
Cash Conversion Cycle (CCC)	100.23	103.69	27.01	32.21	98.41	252.45	152.14	49.31	49.85	55.15	61.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	66	96	155	257	277	306	238	254	255	255	230
Invested Capital Turnover	1.44	0.73	1.10	1.03	0.87	0.42	0.47	1.04	1.16	1.22	1.36
Increase / (Decrease) in Invested Capital	66	29	59	102	21	29	-68	16	1.40	-0.42	-25
Enterprise Value (EV)	0.00	602	315	140	136	92	77	88	84	102	165
Market Capitalization	0.00	647	350	92	104	75	81	77	71	90	174
Book Value per Share	$0.17	$3.64	$4.70	$5.03	$5.94	$6.64	$5.33	$5.38	$5.87	$5.68	$5.50
Tangible Book Value per Share	$0.17	$3.64	$4.70	$4.60	$5.72	$6.45	$5.16	$5.23	$5.72	$5.56	$5.41
Total Capital	70	144	191	258	280	318	264	259	261	256	253
Total Debt	66	1.82	0.86	49	34	29	22	16	19	13	13
Total Long-Term Debt	65	0.86	0.00	48	28	22	15	9.81	3.45	9.13	8.66
Net Debt	62	-46	-34	47	32	18	-3.11	10	13	11	-9.53
Capital Expenditures (CapEx)	29	2.47	51	96	25	8.56	11	12	23	6.92	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-34	4.72	4.25	25	56	70	6.85	17	17	34	20
Debt-free Net Working Capital (DFNWC)	-30	52	39	26	58	82	32	22	23	36	43
Net Working Capital (NWC)	-32	51	39	25	52	75	25	16	7.44	32	38
Net Nonoperating Expense (NNE)	4.08	0.32	-0.01	10	3.25	-58	6.23	-1.49	-5.70	33	-4.47
Net Nonoperating Obligations (NNO)	62	-47	-35	47	32	18	-3.11	10	13	11	-9.53
Total Depreciation and Amortization (D&A)	6.09	6.90	8.38	19	29	23	26	28	29	30	30
Debt-free, Cash-free Net Working Capital to Revenue	-71.70%	7.98%	3.10%	11.68%	23.90%	57.22%	5.41%	6.60%	5.77%	11.02%	6.06%
Debt-free Net Working Capital to Revenue	-63.53%	88.23%	28.77%	12.37%	25.03%	66.80%	25.61%	8.75%	7.82%	11.52%	12.89%
Net Working Capital to Revenue	-67.26%	86.61%	28.14%	11.98%	22.38%	61.16%	19.99%	6.33%	2.51%	10.38%	11.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.43	$0.54	$0.46	$0.79	$0.94	($1.21)	($0.02)	$0.12	$0.08	$0.03
Adjusted Weighted Average Basic Shares Outstanding	22.11M	24.32M	40.21M	40.43M	40.14M	40.26M	41.78M	42.41M	38.95M	38.81M	39.05M
Adjusted Diluted Earnings per Share	$0.19	$0.42	$0.53	$0.46	$0.78	$0.94	($1.21)	($0.02)	$0.12	$0.08	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	26.40M	24.58M	40.30M	40.45M	40.34M	40.26M	41.78M	42.41M	39.05M	39.08M	39.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	21.70M	40.59M	40.95M	41.01M	42.85M	43.41M	44.81M	45.83M	43.01M	42.88M	43.54M
Normalized Net Operating Profit after Tax (NOPAT)	9.07	11	13	43	45	-6.52	-44	-2.40	0.21	2.85	-3.52
Normalized NOPAT Margin	19.02%	18.07%	9.54%	20.21%	19.18%	-5.33%	-34.78%	-0.94%	0.07%	0.91%	-1.07%
Pre Tax Income Margin	19.12%	33.38%	13.64%	12.05%	16.92%	20.41%	-47.13%	-1.53%	-0.76%	0.08%	-1.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.34	4.42	0.00	0.00	77.74	0.00	0.00	0.00	0.00	2.51	0.00
NOPAT to Interest Expense	1.79	1.62	0.00	0.00	62.16	0.00	0.00	0.00	0.00	26.60	0.00
EBIT Less CapEx to Interest Expense	-2.45	4.05	0.00	0.00	32.42	0.00	0.00	0.00	0.00	-2.65	0.00
NOPAT Less CapEx to Interest Expense	-4.00	1.24	0.00	0.00	16.84	0.00	0.00	0.00	0.00	21.44	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	130.41%	442.23%
Augmented Payout Ratio	2.53%	110.48%	10.27%	10.81%	0.44%	3.04%	-0.79%	-76.81%	0.00%	144.52%	488.92%

This table displays calculated financial ratios and metrics derived from Smart Sand's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	41,229,271.00	41,295,604.00	43,008,960.00	42,574,948.00	42,926,544.00	42,919,298.00	42,876,756.00	44,083,342.00	43,559,223.00	-	43,538,189.00
DEI Adjusted Shares Outstanding	41,229,271.00	41,295,604.00	43,008,960.00	42,574,948.00	42,926,544.00	42,919,298.00	42,876,756.00	44,083,342.00	43,559,223.00	-	43,538,189.00
DEI Earnings Per Adjusted Shares Outstanding	0.16	-0.12	-0.01	-0.01	0.00	0.09	-0.57	0.49	0.07	-	-0.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.41%	-16.09%	0.85%	-1.31%	-17.87%	47.48%	-21.06%	16.22%	46.90%	-5.82%	42.03%
EBITDA Growth	13.97%	-104.53%	59.41%	8.06%	-84.14%	3,029.70%	-92.59%	-32.01%	555.82%	-57.01%	384.57%
EBIT Growth	30.55%	-476.50%	156.41%	11.14%	-194.83%	148.01%	-886.48%	-100.31%	211.09%	-169.10%	30.98%
NOPAT Growth	137.02%	-316.75%	61.52%	-112.40%	-150.30%	176.16%	-1,039.45%	93.25%	192.33%	-144.90%	30.88%
Net Income Growth	150.73%	-282.19%	94.00%	-106.82%	-101.46%	178.06%	-11,118.06%	5,075.81%	3,163.27%	-68.47%	84.07%
EPS Growth	200.00%	-333.33%	88.89%	-105.88%	-100.00%	171.43%	-6,100.00%	5,500.00%	0.00%	-70.00%	83.87%
Operating Cash Flow Growth	15.73%	-147.58%	-175.67%	-7.38%	-53.43%	138.92%	325.83%	-134.52%	212.55%	2,061.35%	-65.12%
Free Cash Flow Firm Growth	201.00%	48.02%	-2,486.67%	-136.56%	-141.77%	166.73%	339.62%	-9.18%	245.23%	394.22%	-116.86%
Invested Capital Growth	-1.01%	0.55%	4.95%	2.08%	0.19%	-0.16%	-13.57%	2.55%	-1.01%	-9.72%	0.78%
Revenue Q/Q Growth	2.84%	-19.44%	34.07%	-11.14%	-14.42%	44.66%	-28.24%	30.83%	8.17%	-7.26%	8.21%
EBITDA Q/Q Growth	20.56%	-103.25%	2,177.48%	32.60%	-82.31%	501.12%	-94.74%	1,116.56%	70.65%	-60.60%	-40.76%
EBIT Q/Q Growth	58.05%	-251.95%	111.30%	309.43%	-234.86%	176.93%	-285.15%	99.84%	49,172.73%	-147.85%	-84.94%
NOPAT Q/Q Growth	6.13%	-180.96%	92.17%	-84.35%	-330.64%	222.56%	-217.10%	98.91%	5,989.84%	-159.60%	-80.28%
Net Income Q/Q Growth	6.66%	-171.15%	95.49%	-99.07%	77.21%	3,912.24%	-748.58%	188.30%	-85.97%	-60.76%	-427.67%
EPS Q/Q Growth	5.88%	-177.78%	92.86%	0.00%	100.00%	0.00%	-720.00%	187.10%	-85.19%	-62.50%	-433.33%
Operating Cash Flow Q/Q Growth	-22.35%	-121.31%	-45.28%	485.24%	-60.96%	-82.19%	742.90%	-158.88%	453.49%	23.19%	-86.40%
Free Cash Flow Firm Q/Q Growth	-42.11%	-173.91%	-84.53%	53.69%	33.87%	218.08%	562.68%	-121.10%	187.96%	301.83%	-122.61%
Invested Capital Q/Q Growth	1.27%	2.38%	2.77%	-4.19%	-0.60%	2.01%	-11.03%	13.68%	-4.06%	-6.96%	-0.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.72%	4.57%	14.22%	17.71%	10.27%	14.72%	4.23%	10.44%	16.10%	13.04%	6.56%
EBITDA Margin	16.15%	-0.65%	10.11%	15.08%	3.12%	12.96%	0.95%	8.82%	13.92%	5.91%	3.24%
Operating Margin	6.41%	-12.76%	0.94%	4.78%	-7.78%	3.94%	-10.75%	-0.09%	5.79%	-3.14%	-5.23%
EBIT Margin	6.66%	-12.57%	1.06%	4.88%	-7.69%	4.09%	-10.56%	-0.01%	5.82%	-3.00%	-5.13%
Profit (Net Income) Margin	8.75%	-7.73%	-0.26%	-0.58%	-0.16%	4.09%	-36.96%	24.95%	3.24%	1.37%	-4.15%
Tax Burden Percent	138.76%	58.96%	-55.24%	-22.63%	1.87%	116.93%	333.62%	-6,543.12%	59.12%	-38.32%	76.71%
Interest Burden Percent	94.61%	104.26%	44.43%	52.73%	107.72%	85.47%	104.94%	2,972.73%	94.07%	119.01%	105.34%
Effective Tax Rate	-38.76%	0.00%	155.24%	122.63%	0.00%	-16.93%	0.00%	0.00%	40.88%	0.00%	0.00%
Return on Invested Capital (ROIC)	10.91%	-10.38%	-0.60%	-1.29%	-6.15%	5.63%	-9.04%	-0.08%	4.62%	-2.99%	-5.76%
ROIC Less NNEP Spread (ROIC-NNEP)	9.54%	-4.04%	0.53%	3.31%	63.21%	1.68%	-153.09%	165.56%	2.13%	380.29%	-72.26%
Return on Net Nonoperating Assets (RNNOA)	0.31%	-0.20%	0.04%	0.11%	1.24%	0.08%	-8.87%	8.87%	0.06%	1.26%	-0.21%
Return on Equity (ROE)	11.22%	-10.58%	-0.56%	-1.18%	-4.91%	5.71%	-17.91%	8.80%	4.68%	-1.73%	-5.97%
Cash Return on Invested Capital (CROIC)	6.14%	-0.96%	15.06%	-1.69%	-2.58%	14.14%	13.18%	-4.84%	5.26%	8.93%	-1.48%
Operating Return on Assets (OROA)	5.68%	-10.53%	0.89%	4.18%	-6.36%	3.70%	-9.18%	-0.01%	5.75%	-2.91%	-5.54%
Return on Assets (ROA)	7.46%	-6.48%	-0.22%	-0.50%	-0.13%	3.70%	-32.13%	22.19%	3.20%	1.33%	-4.48%
Return on Common Equity (ROCE)	11.22%	-10.58%	-0.56%	-1.18%	-4.91%	5.71%	-17.91%	8.80%	4.68%	-1.73%	-5.97%
Return on Equity Simple (ROE_SIMPLE)	4.90%	0.00%	3.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.84	-5.53	-0.43	-0.80	-3.44	4.21	-4.94	-0.05	3.17	-1.89	-3.41
NOPAT Margin	8.89%	-8.93%	-0.52%	-1.08%	-5.44%	4.61%	-7.53%	-0.06%	3.42%	-2.20%	-3.66%
Net Nonoperating Expense Percent (NNEP)	1.38%	-6.34%	-1.14%	-4.59%	-69.36%	3.95%	144.05%	-165.64%	2.49%	-383.28%	66.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.12%	-0.16%	-0.31%	-1.34%	1.64%	-2.13%	-0.02%	1.26%	-0.75%	-1.38%
Cost of Revenue to Revenue	81.28%	95.43%	85.78%	82.29%	89.73%	85.28%	95.77%	89.56%	83.90%	86.96%	93.44%
SG&A Expenses to Revenue	11.60%	16.28%	12.46%	12.02%	15.36%	10.11%	14.10%	10.62%	9.79%	15.21%	11.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.32%	17.33%	13.28%	12.93%	18.05%	10.78%	14.98%	10.53%	10.31%	16.19%	11.79%
Earnings before Interest and Taxes (EBIT)	5.12	-7.79	0.88	3.60	-4.86	3.74	-6.92	-0.01	5.40	-2.58	-4.78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	-0.40	8.39	11	1.97	12	0.62	7.57	13	5.09	3.01
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.37	0.29	0.32	0.34	0.32	0.37	0.46	0.35	0.39	0.73	0.93
Price to Tangible Book Value (P/TBV)	0.38	0.30	0.33	0.34	0.32	0.38	0.47	0.36	0.40	0.74	0.95
Price to Revenue (P/Rev)	0.30	0.24	0.26	0.28	0.27	0.29	0.35	0.28	0.28	0.53	0.61
Price to Earnings (P/E)	7.57	15.33	9.76	62.98	0.00	30.23	0.00	104.97	23.88	129.50	10.06
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	4.75%	0.00%	5.23%	9.35%	3.75%	0.00%
Earnings Yield	13.21%	6.52%	10.24%	1.59%	0.00%	3.31%	0.00%	0.95%	4.19%	0.77%	9.94%
Enterprise Value to Invested Capital (EV/IC)	0.38	0.33	0.37	0.36	0.33	0.40	0.48	0.39	0.41	0.72	0.93
Enterprise Value to Revenue (EV/Rev)	0.31	0.29	0.33	0.30	0.29	0.33	0.37	0.33	0.30	0.50	0.60
Enterprise Value to EBITDA (EV/EBITDA)	2.56	3.06	3.20	2.86	3.94	3.05	4.26	4.62	3.06	6.29	7.45
Enterprise Value to EBIT (EV/EBIT)	10.66	0.00	67.33	49.49	0.00	30.21	0.00	0.00	45.70	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	7.37	0.00	1.93	96.58	0.00	2.85	0.00	0.00	9.54	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	2.41	2.72	4.46	4.33	5.87	5.69	3.57	9.74	4.42	3.73	5.54
Enterprise Value to Free Cash Flow (EV/FCFF)	6.15	0.00	2.55	0.00	0.00	2.82	3.38	0.00	7.70	7.61	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.08	0.10	0.06	0.06	0.05	0.05	0.09	0.05	0.05	0.06
Long-Term Debt to Equity	0.03	0.01	0.01	0.04	0.04	0.04	0.04	0.07	0.03	0.04	0.04
Financial Leverage	0.03	0.05	0.08	0.03	0.02	0.05	0.06	0.05	0.03	0.00	0.00
Leverage Ratio	1.49	1.45	1.49	1.43	1.39	1.42	1.46	1.42	1.40	1.41	1.46
Compound Leverage Factor	1.41	1.52	0.66	0.76	1.50	1.21	1.53	42.29	1.32	1.68	1.54
Debt to Total Capital	4.86%	7.33%	9.17%	5.75%	5.28%	4.95%	5.18%	8.25%	4.99%	5.15%	5.61%
Short-Term Debt to Total Capital	2.20%	6.01%	8.26%	2.13%	1.43%	1.39%	1.52%	1.54%	1.70%	1.73%	1.91%
Long-Term Debt to Total Capital	2.66%	1.32%	0.92%	3.62%	3.85%	3.56%	3.66%	6.71%	3.29%	3.43%	3.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	95.14%	92.67%	90.83%	94.25%	94.72%	95.05%	94.82%	91.75%	95.01%	94.85%	94.39%
Debt to EBITDA	0.34	0.69	0.80	0.47	0.64	0.38	0.47	0.98	0.38	0.50	0.49
Net Debt to EBITDA	0.09	0.47	0.65	0.27	0.30	0.33	0.27	0.79	0.23	-0.36	-0.19
Long-Term Debt to EBITDA	0.19	0.13	0.08	0.30	0.47	0.27	0.33	0.80	0.25	0.33	0.32
Debt to NOPAT	0.98	-18.20	0.48	15.88	-2.28	0.36	-3.55	-3.66	1.19	-4.17	-8.70
Net Debt to NOPAT	0.26	-12.43	0.39	9.17	-1.07	0.31	-2.04	-2.94	0.71	3.05	3.47
Long-Term Debt to NOPAT	0.54	-3.28	0.05	10.00	-1.66	0.26	-2.51	-2.98	0.79	-2.77	-5.73
Altman Z-Score	1.86	1.52	1.64	1.79	1.70	1.92	1.72	1.78	1.97	2.40	2.70
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.34	1.14	1.20	1.66	1.71	1.75	1.75	1.86	1.70	1.77	1.66
Quick Ratio	0.75	0.59	0.71	0.94	0.90	1.11	0.94	1.15	1.00	1.06	0.96
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9.39	-6.94	-13	-5.93	-3.92	4.63	31	-6.47	5.69	23	-5.17
Operating Cash Flow to CapEx	181.33%	-38.51%	-234.69%	1,099.11%	272.13%	55.20%	246.72%	-191.97%	536.45%	1,119.62%	138.26%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-4.53	-126.46	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	11.36	187.42	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	10.33	118.55	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.85	0.84	0.84	0.86	0.83	0.91	0.87	0.89	0.99	0.97	1.08
Accounts Receivable Turnover	10.55	9.61	7.91	9.72	11.04	8.64	8.56	7.87	9.44	8.60	12.05
Inventory Turnover	11.22	10.82	11.17	10.56	9.21	10.28	9.58	10.21	9.94	10.41	10.81
Fixed Asset Turnover	1.18	1.15	1.17	1.18	1.13	1.27	1.21	1.28	1.43	1.44	1.57
Accounts Payable Turnover	23.67	16.70	19.78	20.49	23.26	16.14	23.07	21.82	29.00	22.13	25.38
Days Sales Outstanding (DSO)	34.60	37.99	46.16	37.54	33.07	42.25	42.63	46.39	38.68	42.46	30.30
Days Inventory Outstanding (DIO)	32.53	33.72	32.69	34.57	39.63	35.51	38.11	35.74	36.73	35.05	33.76
Days Payable Outstanding (DPO)	15.42	21.86	18.45	17.81	15.69	22.61	15.82	16.73	12.59	16.49	14.38
Cash Conversion Cycle (CCC)	51.72	49.85	60.40	54.29	57.00	55.15	64.92	65.40	62.82	61.01	49.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	249	255	262	251	250	255	227	258	247	230	229
Invested Capital Turnover	1.23	1.16	1.16	1.19	1.13	1.22	1.20	1.20	1.35	1.36	1.57
Increase / (Decrease) in Invested Capital	-2.55	1.40	12	5.13	0.48	-0.42	-36	6.42	-2.52	-25	1.76
Enterprise Value (EV)	95	84	98	90	83	102	109	102	101	165	213
Market Capitalization	91	71	78	82	77	90	102	84	93	174	218
Book Value per Share	$5.97	$5.87	$5.64	$5.70	$5.67	$5.68	$5.13	$5.46	$5.51	$5.50	$5.38
Tangible Book Value per Share	$5.82	$5.72	$5.51	$5.58	$5.55	$5.56	$5.01	$5.35	$5.40	$5.41	$5.28
Total Capital	259	261	267	258	257	256	232	262	252	253	248
Total Debt	13	19	24	15	14	13	12	22	13	13	14
Total Long-Term Debt	6.90	3.45	2.45	9.33	9.91	9.13	8.49	18	8.31	8.66	9.16
Net Debt	3.28	13	20	8.56	6.36	11	6.90	17	7.51	-9.53	-5.55
Capital Expenditures (CapEx)	6.88	6.91	1.65	1.35	2.14	1.88	3.54	2.68	3.39	2.00	2.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	17	29	25	23	34	27	38	34	20	18
Debt-free Net Working Capital (DFNWC)	21	23	34	31	31	36	32	42	39	43	38
Net Working Capital (NWC)	15	7.44	12	26	27	32	29	38	35	38	33
Net Nonoperating Expense (NNE)	0.11	-0.75	-0.22	-0.37	-3.34	0.48	19	-21	0.17	-3.07	0.45
Net Nonoperating Obligations (NNO)	3.28	13	20	8.56	6.36	11	6.90	17	7.51	-9.53	-5.55
Total Depreciation and Amortization (D&A)	7.29	7.38	7.51	7.53	6.83	8.10	7.54	7.58	7.52	7.67	7.79
Debt-free, Cash-free Net Working Capital to Revenue	3.83%	5.77%	9.88%	8.43%	8.30%	11.02%	9.27%	12.45%	10.09%	6.06%	5.08%
Debt-free Net Working Capital to Revenue	6.85%	7.82%	11.43%	10.55%	10.86%	11.52%	11.01%	13.86%	11.61%	12.89%	10.52%
Net Working Capital to Revenue	5.01%	2.51%	4.00%	8.70%	9.56%	10.38%	9.81%	12.53%	10.33%	11.57%	9.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	($0.14)	($0.01)	($0.01)	$0.00	$0.10	($0.62)	$0.55	$0.08	$0.02	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	38.25M	38.95M	38.56M	38.72M	38.93M	38.81M	39.26M	39.21M	38.83M	39.05M	39.17M
Adjusted Diluted Earnings per Share	$0.18	($0.14)	($0.01)	($0.01)	$0.00	$0.10	($0.62)	$0.54	$0.08	$0.03	($0.10)
Adjusted Weighted Average Diluted Shares Outstanding	38.41M	39.05M	38.56M	38.72M	38.93M	39.08M	39.26M	39.38M	38.95M	39.59M	39.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.30M	43.01M	42.57M	42.93M	42.92M	42.88M	44.08M	43.56M	43.54M	43.54M	42.99M
Normalized Net Operating Profit after Tax (NOPAT)	3.38	-5.55	0.55	2.47	-2.69	2.52	-4.96	-0.53	3.11	-1.71	-3.62
Normalized NOPAT Margin	4.40%	-8.95%	0.66%	3.35%	-4.27%	2.76%	-7.57%	-0.62%	3.35%	-1.98%	-3.89%
Pre Tax Income Margin	6.30%	-13.10%	0.47%	2.57%	-8.29%	3.50%	-11.08%	-0.38%	5.47%	-3.57%	-5.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	2.75	-156.74	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	-0.61	-110.92	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	1.72	-225.61	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-1.64	-179.79	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	130.41%	-18.59%	495.77%	201.69%	442.23%	27.36%
Augmented Payout Ratio	39.11%	0.00%	4.06%	38.38%	-9.04%	144.52%	-22.20%	567.00%	217.73%	488.92%	34.40%

Financials Breakdown Chart

Smart Sand Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Smart Sand's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Smart Sand's net income appears to be on a downward trend, with a most recent value of $1.35 million in 2025, falling from $4.99 million in 2015. The previous period was $2.99 million in 2024. Check out Smart Sand's forecast to explore projected trends and price targets.

Smart Sand's total operating income in 2025 was -$4.46 million, based on the following breakdown:

Total Gross Profit: $37.89 million
Total Operating Expenses: $42.35 million

Over the last 10 years, Smart Sand's total revenue changed from $47.70 million in 2015 to $330.15 million in 2025, a change of 592.2%.

Smart Sand's total liabilities were at $100.32 million at the end of 2025, a 2.6% increase from 2024, and a 22.1% decrease since 2015.

In the past 10 years, Smart Sand's cash and equivalents has ranged from $1.47 million in 2018 to $46.56 million in 2016, and is currently $22.55 million as of their latest financial filing in 2025.

Over the last 10 years, Smart Sand's book value per share changed from 0.17 in 2015 to 5.50 in 2025, a change of 3,164.9%.

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Financial statements for NASDAQ:SND last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Smart Sand (SND) Financials

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