Smart Sand Inc. Common Stock (SND)

FairStock Score: 19/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Smart Sand is a small, cyclical supplier of frac sand and wellsite logistics. It has some integration and patented SmartSystems equipment, but in commodity sand that is not a wide moat. The numbers show a business with improving top line but unreliable earnings. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $115.0 million and net income was $10.2 million, or $0.25 per diluted share. In fiscal Q2 2025, the quarter ended 2025-06-30, revenue was $85.8 million but net income was $21.4 million, or $0.54 per diluted share. So sales grew while profit fell. For fiscal year 2025, ended 2025-12-31, revenue was $330.2 million and net income only $1.3 million. Fiscal year 2024, ended 2024-12-31, had $311.4 million revenue and $3.0 million net income; fiscal year 2023, ended 2023-12-31, had $296.0 million revenue and $4.6 million net income. That is not a durable earnings record. The balance sheet is reasonable: debt-to-equity 0.18, Piotroski 7/9, Altman 2.09. Cash generation is the bright spot: trailing free cash flow $34.6 million, a 15.2% yield against the $227.3 million market cap. Valuation is not demanding: at the 2026-10-13 close of $5.36, P/B 0.88, EV/EBITDA 6.63, and the FairStock Graham Number is $5.86, leaving only 8.53% margin of safety. ROE 4.38% and ROCE 1.36% show weak profitability. The Lynch category is turnaround, but turnaround means return to profit after losses, not proven quality. I would want consistent earnings through the cycle before calling this a bargain.

In plain English: Smart Sand mines and delivers sand used in oil and gas wells and rents equipment for well sites. The business looks mixed: sales are rising, but profits are thin and have been uneven, though the latest quarter was profitable. At $5.36 on 2026-10-13, the shares look roughly fairly valued, sitting a little below a rough value estimate of $5.86 and below book value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer