Smart Sand, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Smart Sand, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	59.2	137	212	233	122	127	256	296	311	330
Cost of revenue	26.6	100	143	152	104	140	226	254	267	292
Gross profit	32.7	36.9	69.4	81.1	18.1	-15.9	29.6	41.6	44.8	37.9
Selling, general and administrative	4.5	9.46	12.8	11.3	15.5	14.2	30.8	38.7	38.2	40.5
Operating expenses	12.3	18.2	41.7	37.6	31.1	47.6	32.7	43.1	41.8	42.3
Operating income	20.4	18.7	27.7	43.5	-13	-63.5	-3.13	-1.5	3	-4.46
Other non-operating income	0.43	0.01	-2.07	-4.05	38	3.79	-0.78	-0.75	-2.75	-1.13
Pre-tax income	19.8	18.7	25.6	39.4	25	-59.7	-3.91	-2.25	0.25	-5.59
Income tax	9.39	-2.81	5.51	7.81	-13	-9.02	-3.21	-6.9	-2.74	-6.93
Net income	10.4	21.5	20.1	31.6	38	-50.7	-0.7	4.65	2.99	1.35
EBITDA	26.9	26.6	44.8	69.9	9.11	-38.2	23.4	26	31.9	24.8
EPS, basic	0.47	0.59	0.50	0.79	0.94	-1.21	-0.02	0.12	0.08	0.03
EPS, diluted	0.46	0.58	0.50	0.78	0.94	-1.21	-0.02	0.12	0.08	0.03
Shares, basic (weighted)	22.4	37	40.4	40.1	40.3	41.8	42.4	38.9	38.8	39
Shares, diluted (weighted)	22.6	37.1	40.4	40.3	40.3	41.8	42.4	39	39.1	39.6
Dividend per share									0.10	0.15

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	46.6	34.7	1.47	2.64	11.7	25.6	5.51	6.07	1.55	22.6
Receivables	5.34	23.4	19	58.9	69.7	17.5	35.7	23.2	41	30.5
Inventory	10.3	9.53	18.6	21.4	19.1	15	20.2	26.8	25	31.1
Other current assets	1.4	3.85	3.24	4.43	11.4	0	0.19	0	2.64	3.99
Total current assets	65	73.2	50.1	92.2	112	73.9	68.1	61.9	75.5	88.1
Property, plant and equipment	104	172	248	230	275	262	259	255	237	223
Lease right-of-use assets			0	28.2	32.1	29.8	26.1	23.3	23.2	23.5
Goodwill		0	0
Intangible assets		0	18.1	9.05	8.25	7.46	6.67	5.88	5.08	4.29
Other non-current assets	0.02	0.97	3.73	3.54	0.56	0.4	0.3	0.16	1.09	0.86
Total assets	173	247	320	363	428	374	360	346	342	340
Accounts payable	1.66	26.1	11.3	3.96	3.27	8.48	14.4	16	17	9.43
Accrued liabilities	0.96	0.67	1.89	2.23	13.1	14.1	13.4	11	12.6	17.5
Deferred revenue	1.62	0	4.1	7.65	6.88	9.84	6.96	1.15	0.05	9.84
Short-term debt		0.86	0.83	6.18	6.9	7.13	6.18	15.7	3.55	4.37
Total current liabilities	13.7	34.6	24.7	40	37.3	48.6	51.9	54.5	43.2	49.9
Long-term debt	0.29	0	47.9	28.2	22.4	15.4	9.81	3.45	9.13	8.66
Lease liabilities			0	15.5	27	23.7	17.6	14.1	14.5	14.4
Other non-current liabilities				0	0.5	0.25	0.04	0.04	0.3	0.67
Total liabilities	31	56.8	111	118	139	133	117	104	97.7	100
Total debt	0.57	0.86	48.7	34.4	29.3	22.5	17.8	20.2	14.7	15
Paid-in capital	133	159	162	165	171	174	178	182	185	189
Retained earnings	10.1	31.6	50.3	83.3	121	70.6	69.9	74.5	73.2	68.1
Treasury stock	-0.54	-0.67	-2.84	-2.98	-4.13	-4.54	-5.08	-14.2	-14.7	-17.4
Other comprehensive income		0	-0.31	-0.04	0.42	0.57	0.23	-0.04	-0.06	-0.05
Shareholders' equity	142	190	211	246	289	241	243	242	244	240
Total equity	142	190	211	246	289	241	243	242	244	240
Total liabilities and equity	173	247	320	363	428	374	360	346	342	340
Shares outstanding	35.7	37.2	40	40.2	41.6	42	43.1	38.5	39.1	38.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10.4	21.5	20.1	31.6	38	-50.7	-0.7	4.65	2.99	1.35
Depreciation and amortization	6.48	7.93	17.2	26.4	22.1	25.3	26.5	27.5	28.9	29.3
Stock-based compensation	1.43	2.01	2.94	2.91	3.83	3.16	3.18	3.51	3.22	3.7
Deferred income tax	0.54	-1.81	5.05	6.12	-2.57	-10.5	-4.2	-6.14	-2.79	-5.13
Change in receivables	-3.32	-18	4.46	-41.1	-10.7	32.9	-18.3	12.7	-17.9	10.4
Change in inventory	-1.36	4.41	-7.34	-1.02	4.74	1.94	-5.16	-6.64	1.78	-6.04
Change in payables	0.76	9.36	-2.27	-4.68	-0.37	4.51	5.24	1.97	0.05	-6.77
Cash from operations	26.7	15.6	50.9	44.6	25.5	32.4	5.42	31	17.9	44.1
Capital expenditures	-2.52	-51.2	-96.1	-25.5	-8.62	-11.2	-12.7	-23	-7.01	-11.6
Acquisitions	0	0	-29.9	0	0	0	-6.55	0	0
Cash from investing	-2.47	-51.1	-126	-25.4	-8.56	-11.1	-18.2	-22.9	-6.92	-10.9
Share buybacks	-0.42	-0.13	-2.17	-0.14	-1.16	-0.4	-0.54	0	-0.42	-0.63
Dividends paid							0	0	-3.9	-5.95
Cash from financing	19.4	23.2	41.3	-18	-7.9	-7.43	-7.29	-7.53	-15.5	-12.3
Exchange rate effect	0	0	0		0	0	0
Net change in cash	43.6	-12.3	-33.8	1.17	9.09	13.9	-20.1	0.56	-4.52	21
Free cash flow	24.2	-35.5	-45.2	19.1	16.9	21.2	-7.31	7.96	10.9	32.5
Interest paid	3.37	0.25	1.66	2.83	1.77	1.55	1.24	1.12	1.41	1.58
Income taxes paid	0.93	7.66	0.67	0.21	0.64	0.21	0.19	0.21	-0.08	-0.31

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.5%	Gross profit / revenue.
Operating margin	2.0%	Operating income / revenue.
EBITDA margin	6.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.9%	Pre-tax income / revenue.
Net margin	2.7%	Net income / revenue.
FCF margin	8.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.1%	Cash from operations / revenue.
Effective tax rate	-45.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.0%	Net income / average total assets.
Return on invested capital (ROIC)	2.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	10.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-15.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-248.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-22.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	22.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-55.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-48.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-62.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-49.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	147.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	101.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	199.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	14.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	50.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-1.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.69x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.7%	Total debt / total assets.
Liabilities / assets	31.4%	Total liabilities / total assets.
Net debt	$6.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$37.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$234.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.12x	Revenue / average total assets.
Fixed asset turnover	1.75x	Revenue / average property, plant and equipment.
Inventory turnover	10.6x	Cost of revenue / average inventory.
Days inventory	34 days	365 x average inventory / cost of revenue.
Receivables turnover	8.59x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	18 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	59 days	Days inventory + days sales outstanding - days payables.
FCF conversion	330.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.25	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.35	Revenue / diluted weighted shares.
FCF per share	$0.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.14	Cash from operations / diluted weighted shares.
Book value per share	$6.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.01	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	95.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$221.7M	Share price x shares outstanding.
Enterprise value	$228.0M	Market cap + total debt - cash - short-term investments.
P/E	21.1x	Market cap / net income. Only when net income is positive.
P/S	0.57x	Market cap / revenue.
P/B	0.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.95x	Market cap / tangible book value, when positive.
P/FCF	6.40x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.72x	Market cap / cash from operations, when positive.
EV/Sales	0.59x	Enterprise value / revenue.
EV/EBIT	29.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.53x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.58x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.6%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Dividend yield	4.5%	Dividends paid over the period / market cap.
Shareholder yield	5.2%	(Dividends paid + share buybacks) / market cap.

What was Smart Sand, Inc.'s revenue in fiscal 2025?

Smart Sand, Inc. reported revenue of $330.2M for fiscal 2025, 6% higher than the year before.

Was Smart Sand, Inc. profitable in fiscal 2025?

Yes. Net income was $1.3M, a net margin of 0.4%.

How much free cash flow did Smart Sand, Inc. generate in fiscal 2025?

Cash from operations of $44.1M minus capital expenditures of $11.6M left free cash flow of $32.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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