olivLaw · US equity research
Smart Sand, Inc. SND
Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)
Smart Sand is an integrated supplier of Northern White frac and industrial sand, combining mine-to-wellsite logistics with its own terminals. In the second quarter of 2026 it reported revenue of 115.1 million USD, and the company says demand stayed solid in its main basins.
At the close of 04 Nov 2026, Smart Sand, Inc. (SND) stock was 4.37 USD (−6.62% on the day), with market capitalisation 185.3 m USD, P/E 16.9 on diluted EPS of 0.26 USD over the last 12 months, dividend yield 3.43%, beta 0.77, 52-week range 2.09–5.82 USD. Latest reported quarter (Q2 2026): revenue of 115.1 m USD (+34.1% YoY), net income of 10.2 m USD (−52.5% YoY), diluted EPS 0.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.46 – 5.53
- below the lower band · %B -0.08 · band width 21.4%
- SMA 50 / 200
- 5.12 / 4.89
- mixed trend
- MACD (12, 26, 9)
- -0.15 / -0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.3% | −1.1% | −17.2 pp | — |
| 3 months | +4.5% | −0.5% | +5.0 pp | — |
| 6 months | −11.7% | +4.4% | −16.1 pp | — |
| Year to date | +9.3% | +12.3% | −3.1 pp | — |
| 1 year | +103.3% | +13.5% | +89.7 pp | −13.2% |
| 3 years | +102.3% | +76.4% | +25.9 pp | +17.2% |
| 5 years | +89.2% | +63.7% | +25.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 63.2 m | 91.4 m | 65.6 m | 85.8 m | 92.8 m | 86.0 m | 93.1 m | 115.1 m |
| Cost of revenue | 56.7 m | 77.9 m | 62.8 m | 76.8 m | 77.8 m | 74.8 m | 87.0 m | 95.2 m |
| Gross profit | 6.5 m | 13.5 m | 2.8 m | 9.0 m | 14.9 m | 11.2 m | 6.1 m | 19.8 m |
| SG&A | 9.7 m | 9.2 m | 9.2 m | 9.1 m | 9.1 m | 13.1 m | 10.7 m | 9.4 m |
| Operating income | -4.9 m | 3.6 m | -7.1 m | -77.0 k | 5.4 m | -2.7 m | -4.9 m | 10.1 m |
| Depreciation & amortisation | 633.0 k | 618.0 k | 619.0 k | 604.0 k | 589.0 k | 578.0 k | 569.0 k | 552.0 k |
| Pre-tax income | -5.2 m | 3.2 m | -7.3 m | -327.0 k | 5.1 m | -3.1 m | -5.0 m | 10.2 m |
| Income tax | -5.1 m | -541.0 k | 17.0 m | -21.7 m | 2.1 m | -4.3 m | -1.2 m | 52.0 k |
| Net income | -98.0 k | 3.7 m | -24.2 m | 21.4 m | 3.0 m | 1.2 m | -3.9 m | 10.2 m |
| Diluted EPS | 0.00 | 0.09 ≈ | -0.62 | 0.54 | 0.08 | 0.03 ≈ | -0.10 | 0.25 |
| Operating cash flow | 5.8 m ≈ | 1.0 m | 8.7 m | -5.1 m ≈ | 18.2 m ≈ | 22.4 m | 3.0 m | 3.4 m ≈ |
| Capex | 2.1 m ≈ | 1.9 m | 3.5 m | 2.7 m ≈ | 3.4 m ≈ | 2.0 m | 2.2 m | 4.8 m ≈ |
| Dividends paid | 0 ≈ | 3.9 m | 7.0 k | 72.0 k ≈ | 3.9 m ≈ | 2.0 m | 0 | 4.1 m ≈ |
| Share repurchases | 153.0 k ≈ | 47.0 k | 336.0 k | 36.0 k ≈ | 207.0 k ≈ | 49.0 k | 1.2 m | 112.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 65 percentile of its own 31-quarter history (min 1.2, median 9.3, max 157.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 212.5 m | 233.1 m | 122.3 m | 126.6 m | 255.7 m | 296.0 m | 311.4 m | 330.2 m |
| Revenue YoY | +54.8% | +9.7% | −47.5% | +3.5% | +101.9% | +15.7% | +5.2% | +6.0% |
| Net income | 20.1 m | 31.6 m | 38.0 m | -50.7 m | -703.0 k | 4.6 m | 3.0 m | 1.3 m |
| Net income YoY | −6.6% | +57.3% | +20.0% | −233.5% | unavailable | unavailable | −35.6% | −55.0% |
| Diluted EPS | 0.50 | 0.78 | 0.94 | -1.21 | -0.02 | 0.12 | 0.08 | 0.03 |
| Diluted EPS YoY | −5.7% | +56.0% | +20.5% | −228.7% | unavailable | unavailable | −33.3% | −62.5% |
| net % | 9.5% | 13.6% | 31.0% | -40.0% | -0.3% | 1.6% | 1.0% | 0.4% |
| Free cash flow | -45.2 m | 19.1 m | 16.9 m | 21.2 m | -7.3 m | 8.0 m | 10.9 m | 32.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.6 m USD
- Financial debt
- 13.0 m USD
- Net debt
- -9.5 m USD
- Equity
- 239.7 m USD
- Total assets
- 340.0 m USD
- Debt / equity
- 0.05x
- Current ratio
- 1.76x
- ROE
- 0.6%
- ROA
- 0.4%
- FCF margin
- 9.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 122.3 m | 126.6 m | 255.7 m | 296.0 m | 311.4 m | 330.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 104.2 m | 140.4 m | 226.1 m | 254.4 m | 266.5 m | 292.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 18.1 m | -15.9 m | 29.6 m | 41.6 m | 44.8 m | 37.9 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 15.5 m | 14.2 m | 30.8 m | 38.7 m | 38.2 m | 40.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -13.0 m | -63.5 m | -3.1 m | -1.5 m | 3.0 m | -4.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 1.9 m | 2.0 m | 2.2 m | 2.5 m | 2.6 m | 2.4 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -11.1 m ≈ | -61.5 m ≈ | -884.0 k ≈ | 1.0 m ≈ | 5.6 m ≈ | -2.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | 25.0 m | -59.7 m | -3.9 m | -2.3 m | 252.0 k | -5.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -13.0 m | -9.0 m | -3.2 m | -6.9 m | -2.7 m | -6.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 38.0 m | -50.7 m | -703.0 k | 4.6 m | 3.0 m | 1.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.94 | -1.21 | -0.02 | 0.12 | 0.08 | 0.03 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 40.3 m | 41.8 m | 42.4 m | 39.0 m | 39.1 m | 39.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | — | — | — | — | 0.10 | 0.15 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 11.7 m | 25.6 m | 5.5 m | 6.1 m | 1.6 m | 22.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 69.7 m | 17.5 m | 35.7 m | 23.2 m | 41.0 m | 30.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 19.1 m | 15.0 m | 20.2 m | 26.8 m | 25.0 m | 31.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 112.1 m | 73.9 m | 68.1 m | 61.9 m | 75.5 m | 88.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 274.7 m | 262.5 m | 258.8 m | 255.1 m | 236.7 m | 223.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 8.3 m | 7.5 m | 6.7 m | 5.9 m | 5.1 m | 4.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 427.7 m | 374.0 m | 360.0 m | 346.3 m | 341.5 m | 340.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 3.3 m | 8.5 m | 14.4 m | 16.0 m | 17.0 m | 9.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 6.9 m | 7.1 m | 6.2 m | 15.7 m | 3.6 m | 4.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 22.4 m | 15.4 m | 9.8 m | 3.4 m | 9.1 m | 8.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 37.3 m | 48.6 m | 51.9 m | 54.5 m | 43.2 m | 49.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 138.9 m | 132.9 m | 116.5 m | 104.0 m | 97.7 m | 100.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 288.8 m † | 241.2 m † | 243.5 m † | 242.3 m † | 243.8 m † | 239.7 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 25.5 m | 32.4 m | 5.4 m | 31.0 m | 17.9 m | 44.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 8.6 m | 11.2 m | 12.7 m | 23.0 m | 7.0 m | 11.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 16.9 m ≈ | 21.2 m ≈ | -7.3 m ≈ | 8.0 m ≈ | 10.9 m ≈ | 32.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -8.6 m | -11.1 m | -18.2 m | -22.9 m | -6.9 m | -10.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -7.9 m | -7.4 m | -7.3 m | -7.5 m | -15.5 m | -12.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | — | — | 0 | 0 | 3.9 m | 5.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 1.2 m | 401.0 k | 540.0 k | 0 | 422.0 k | 628.0 k | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 185.3 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation67
- Returns94
- Quality51
- Balance sheet66
- Growth74
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.97 – 8.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA2.00 – 5.05 (Mid 3.94)7 companies used · median multiple 16.9x · quartiles 8.8x – 21.6xCMP, KNF, LEU, MLM, TTAM, USLM, VMC
- Peers: P/E4.88 – 8.58 (Mid 6.86)10 companies used · median multiple 26.5x · quartiles 18.8x – 33.1xCMP, HL, IPI, KNF, LEU, MLM, SQM, TTAM, USLM, VMC
- Dividend discount (DDM)1.97 – 2.65 (Mid 2.26)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.6% | 27 (vs peers) | 12% |
| Net margin · Quality | 2.7% | 41 (vs peers) | 7% |
| FCF conversion · Quality | 330.2% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 8.9% | 74 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.4x | 63 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 16.9x | 80 (vs peers) | 12% |
| EV/EBITDA · Valuation | 18.7x | 29 (vs peers) | 12% |
| FCF yield · Valuation | 18.7% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 6.3% | 90 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 28.9% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet66/100 · 2/3 factors with a value
- Growth· partial74/100 · 1/2 factors with a value
- Quality51/100 · 3/3 factors with a value
- Returns94/100 · 2/2 factors with a value
- Valuation67/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SMART SAND, INC. (SND). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 330.2 m USD in 2025; YoY growth 6.0%; net margin 2.7%; ROE 4.4%; net debt/EBITDA 0.4x.
The estimated value range is 2.00–5.05 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 3.94 USD, the price of 4.37 USD leaves a potential of -9.9% (value / price − 1) and a margin of safety of -11.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 330.2%
- Revenue CAGR 3Y: 8.9%
- Current ratio: 1.7x
- P/E (TTM): 16.9x
- FCF yield: 18.7%
- Shareholder yield (distributions): 6.3%
- Payout ratio (FCF): 28.9%
What contradicts it
- ROIC: 2.6%
- EV/EBITDA: 18.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MLMMartin Marietta Materials, Inc. | 39.6 bn | 14.7 | 16.8% | 31.9% | +8.6% | −11% / +20% |
| VMCVulcan Materials Company | 38.2 bn | 35.2 | 12.9% | 13.8% | +7.1% | +0% / +39% |
| SQMChemical & Mining Co Of Chile Inc | 15.1 bn | 24.0 | 14.3% | 15.1% | −39.4% | −11% / +15% |
| HLHecla Mining Company | 10.0 bn | 26.7 | 14.5% | 21.0% | +53.0% | −11% / +200% |
| IONRIoneer Ltd | 7.2 bn | — | -4.3% | — | unavailable | −44% / −35% |
| USLMUnited States Lime & Minerals Inc | 3.5 bn | 26.6 | 20.0% | 35.1% | +17.3% | +1% / +191% |
| KNFKnife River Corporation | 3.5 bn | 26.3 | 8.0% | 4.0% | +8.5% | −17% / +4% |
| TTAMTitan America SA | 2.6 bn | 14.2 | 20.8% | 11.1% | +1.8% | −12% / unavailable |
| UUUUEnergy Fuels Inc. | 1.9 bn | — | -14.1% | -100.0% | −15.6% | −50% / −10% |
| LEUCentrus Energy Corp | 1.3 bn | 42.2 | 8.1% | 10.2% | +1.5% | −64% / +85% |
| CMPCompass Minerals International, Inc. | 976.5 m | 54.2 | 7.2% | 1.4% | +11.3% | +22% / −4% |
| GAUGaliano Gold Inc. | 540.4 m | — | -12.7% | -6.5% | +93.6% | −14% / +220% |
| IPIIntrepid Potash, Inc. | 418.0 m | 17.1 | 4.8% | 8.0% | +17.1% | +24% / +52% |
| SNDSmart Sand, Inc. | 185.3 m | 16.9 | 4.4% | 2.7% | +6.0% | +103% / +102% |
| ABATAmerican Battery Technology Company | 183.9 m | — | -74.5% | -337.5% | +406.8% | −66% / −70% |
| ATLXAtlas Lithium Corporation | 52.1 m | — | -103.0% | -33,954.4% | −86.1% | −65% / −93% |
| LGOLargo Inc. | 27.7 m | — | -46.4% | -62.3% | −12.0% | −67% / −84% |
| ELVRElevra Lithium Limited | — | — | -54.2% | -131.8% | +11.2% | −40% / unavailable |
| TECKTeck Resources Limited | — | — | 5.5% | 13.0% | +18.7% | +50% / +71% |
1- and 3-year price returns: for SND from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.57 Total return -38% · Per year -38% | 4.54 Total return 7% · Per year 7% | 6.83 Total return 61% · Per year 61% |
| 3 years | 2.72 Total return -29% · Per year -11% | 5.38 Total return 35% · Per year 10% | 8.85 Total return 117% · Per year 30% |
| 5 years | 2.88 Total return -20% · Per year -4% | 6.38 Total return 67% · Per year 11% | 11.48 Total return 191% · Per year 24% |
- Exit P/E± 1.35
- Net margin± 0.94
- Annual revenue growth± 0.74
- Annual dilution± 0.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Smart Sand is an integrated supplier of Northern White frac and industrial sand, combining mine-to-wellsite logistics with its own terminals. In the second quarter of 2026 it reported revenue of 115.1 million USD, and the company says demand stayed solid in its main basins.
SWOT
Strengths
- Long-lived reserves located close to the processing plants and rail loading facilities.
- Access to all Class I rail lines in the United States and Canada, which gives competitive delivery options.
- Low debt and available liquidity, giving financial flexibility for investment and capital returns.
Weaknesses
- Revenue depends on a few large customers in the natural gas sector, which raises concentration risk.
- Prices and volumes are sensitive to drilling activity, which moves with oil and gas prices.
- The IPS business, though growing, is still small and does not yet offset the sector's volatility.
Opportunities
- Growth in gas demand for LNG exports and data centers could support long-term volumes.
- Expanding IPS into glass, foundry and building products could reduce dependence on the oil sector.
- Appalachian and Ohio terminals could open new markets for Northern White sand.
Threats
- Cheaper regional sand could draw customers who do not need Northern White performance.
- Tariffs could raise costs for customers in Canada and Mexico and reduce their activity.
- A fall in oil and gas prices could reduce completed wells and sand demand.
Risks
- Customer concentrationhigh
A significant part of revenue comes from a few customers, and losing one could affect results.
- Drilling activity volatilityhigh
Demand depends on well completion activity, which follows oil and natural gas prices.
- Competition from regional sandmedium
Cheaper regional alternatives could limit pricing and market share in some basins.
- Trade policymedium
Tariffs on exports to Canada or Mexico could change customer demand and selling prices.
- Environmental regulationlow
Changes to environmental rules or wetland permit requirements could raise permitting and operating costs.
Investment thesis
What would need to be true (bull case)
- If demand in the Appalachian and Bakken basins stays strong, volumes and margins could keep improving, as the second quarter results suggest.
- Growing natural gas demand for exports and data centers could provide a long-term base for growth.
- A low-debt balance sheet and an ongoing capital return programme could support the company's financial flexibility.
What would break the thesis
- If oil and gas prices fall, well completion activity could slow and volumes could follow.
- Customer concentration could make results vulnerable to a cut in orders from one major client.
- Margins could come under pressure if regional sand prices stay low or if transport costs rise.
What to watch
- Delivery of 2026 sales volume growth against the company's outlook2026
- Capital expenditure and free cash flow against the annual guidance2026
- IPS growth and its share of total salesnext 10-K
- Effects of the finance leadership transition on reportingQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Smart Sand, Inc. (NASDAQ: SND) is an integrated frac and industrial sand company that supplies complete mine-to-wellsite proppant and logistics solutions. It produces low-cost Northern White sand, used as a proppant to enhance hydrocarbon recovery in hydraulic fracturing and in industrial applications 1. It runs three active mines, at Oakdale and Blair in Wisconsin and Ottawa in Illinois, with a combined annual processing capacity of about 10.0 million tons 1.
Besides sand, the company offers logistics through in-basin transloading terminals and its proprietary SmartSystems wellsite proppant storage solutions 2. Its core customers are exploration and production companies and oilfield service firms, and it sells under short- and long-term contracts or in the spot market 1.
The customer base is concentrated: in 2025, EQT Corporation and EOG Resources accounted for 27.7% and 10.9% of total revenue, respectively 1. The Industrial Products Solutions business, which sells sand for industrial uses, is still small but is expected to grow 1.
Segments
Market context
Frac sand demand declined moderately in 2025, with North American proppant demand down about 2% compared with 2024, but overall demand stayed relatively stable thanks to longer laterals and more sand per linear foot 1. The company expects a moderate increase in 2026, and LNG export growth and data center power demand could support demand over the longer term 1.
Supply of high-quality Northern White sand is limited to western Wisconsin and small areas of Minnesota, Illinois and Missouri, which makes large contiguous reserves a key constraint 1. Tariff policy and oil and gas price swings remain sources of uncertainty 2.
Trends
- Growth in natural gas demandtailwind
Expanding LNG export capacity and data center power demand could support completion activity for gas wells, particularly in Appalachia and Canada 3.
- Longer lateral wellstailwind
Longer laterals and more sand per linear foot raise proppant use per well, which supports volumes 1.
- Regional sand and consolidationmixed
Cheaper regional sand and the closure of coarser-deposit mines have reduced Northern White capacity among competitors, which could favour efficient operators 1.
- Tariff and oil price uncertaintyheadwind
Shifts in trade policy and tensions in the Middle East or Venezuela could move oil and gas prices and, in turn, well completion activity 2.
Competitive position
The proppant market is highly competitive, with many large and small producers across North American sand regions, several of which also offer wellsite storage and delivery solutions 1. The company cites its low cost, low debt, logistics infrastructure and patented SmartSystems as advantages 1.
Some competitors may have greater financial or natural resources than Smart Sand 1. Competitive position depends on production cost, rail access and reserve quality, and regional sand remains a cheaper alternative in some basins 1.
- Badger Mining Corporation
Frac sand producer named as a main competitor in the annual report.
- U.S. Silica Holdings, Inc.
Supplier of frac and industrial sand, named among the main competitors.
- Iron Oak Energy Solutions, LLC
Wellsite proppant unloading and storage solutions provider named as a competitor.
- Solaris Energy Infrastructure, Inc.
Energy infrastructure company named among competitors in the proppant business.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report (amendment)25 Aug 2026Departure or appointment of officers
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report20 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report08 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report15 May 2026Other events
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Smart Sand, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Smart Sand, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Smart Sand, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.