Smart Sand
SND on Nasdaq. Mining & quarrying of nonmetallic minerals (no fuels). Market value $227m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $15.35 of spare cash in the past 12 months. A savings account pays about $4.
You pay 29.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 56 of 100. Price score: 59 of 100. Our list needs 70 on quality and 60 on price.
$5.32 a share, 162% above its 1-year low
Over the past year the price has ranged from $2.03 to $5.92.
Dividend: 2.6% a year
Paid every year for 2 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $127m | $256m | $296m | $311m | $330m |
| Operating margin | |||||
| Operating margin | -50.1% | -1.2% | -0.5% | 1.0% | -1.4% |
| Debt to equity | |||||
| Debt to equity | 0.09 | 0.08 | 0.09 | 0.06 | 0.06 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)No
- Debt0.06× equity
- Revenue growth, five yearsStrong, 22.0% a year
- Buying back its own sharesYes, 6% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $115 million last quarter, up 34% on a year ago.
- Profit: $10 million, down 52% on a year ago.
- It keeps 2 cents of each $1 of sales as operating profit, after losing 3 cents a year earlier.
- Spare cash over the past 12 months: $35 million, up from $210,000.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $6 million more than cash, down from $20 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $63m |
| December 2024 | $91m |
| March 2025 | $66m |
| June 2025 | $86m |
| September 2025 | $93m |
| December 2025 | $86m |
| March 2026 | $93m |
| June 2026 | $115m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$98,000 |
| December 2024 | $4m |
| March 2025 | -$24m |
| June 2025 | $21m |
| September 2025 | $3m |
| December 2025 | $1m |
| March 2026 | -$4m |
| June 2026 | $10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 91 funds in all.
Largest holders overall
- Gendell Jeffrey L$17mAdded
- BlackRock$10mAdded
- Acadian Asset Management$7mAdded
- Vanguard Capital Management$5mCut
- Dimensional Fund Advisors LP$4mAdded
- Geode Capital Management$4mAdded
- Bridgeway Capital Management$4mAdded
- Sprott$4m
- Arrowstreet Capital, Limited Partnership$3mCut
- Simcoe Capital$3m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- YOUNG CHARLES EDWINPassive investorat least 17.3%(filed with 1 related holder)Since 30 June 2026
- Jeffrey L. GendellPassive investorat least 7.3%+1.1 pts(filed with 2 related holders)Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
YOUNG CHARLES EDWIN Passive investor | at least 17.3% (filed with 1 related holder) | 30 June 2026 | |
Jeffrey L. Gendell Passive investor | at least 7.3%+1.1 pts (filed with 2 related holders) | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $42,383 of shares on the open market. 6 sold $3m.
- Young James DouglasSEE REMARKSSold
- Date
- 24 August 2026
- Shares
- 2,236
- Price
- $4.70
- Value
- $10,509
- Young James DouglasSEE REMARKSSold
- Date
- 21 August 2026
- Shares
- 19,078
- Price
- $4.83
- Value
- $92,147
- Young James DouglasSEE REMARKSSold
- Date
- 20 August 2026
- Shares
- 25,716
- Price
- $4.83
- Value
- $124,208
- Young James DouglasSEE REMARKSSold
- Date
- 19 August 2026
- Shares
- 11,669
- Price
- $4.84
- Value
- $56,478
- Beckelman Lee EChief Financial OfficerSold
- Date
- 19 August 2026
- Shares
- 50,000
- Price
- $4.79
- Value
- $239,500
- Young James DouglasSEE REMARKSSold
- Date
- 18 August 2026
- Shares
- 16,301
- Price
- $4.93
- Value
- $80,364
- Spurlin SharonDirectorSold
- Date
- 17 August 2026
- Shares
- 2,700
- Price
- $5.10
- Value
- $13,770
- Green Christopher M.Vice President of AccountingSold
- Date
- 14 August 2026
- Shares
- 13,874
- Price
- $5.06
- Value
- $70,202
- Spurlin SharonDirectorSold
- Date
- 14 August 2026
- Shares
- 15,000
- Price
- $5.06
- Value
- $75,900
- WHELAN RONALD PSEE REMARKSBought
- Date
- 29 May 2026
- Shares
- 4,444
- Price
- $4.50
- Value
- $19,998
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 24 August 2026 | Young James Douglas SEE REMARKS | Sold | 2,236 | $4.70 | $10,509 |
| 21 August 2026 | Young James Douglas SEE REMARKS | Sold | 19,078 | $4.83 | $92,147 |
| 20 August 2026 | Young James Douglas SEE REMARKS | Sold | 25,716 | $4.83 | $124,208 |
| 19 August 2026 | Young James Douglas SEE REMARKS | Sold | 11,669 | $4.84 | $56,478 |
| 19 August 2026 | Beckelman Lee E Chief Financial Officer | Sold | 50,000 | $4.79 | $239,500 |
| 18 August 2026 | Young James Douglas SEE REMARKS | Sold | 16,301 | $4.93 | $80,364 |
| 17 August 2026 | Spurlin Sharon Director | Sold | 2,700 | $5.10 | $13,770 |
| 14 August 2026 | Green Christopher M. Vice President of Accounting | Sold | 13,874 | $5.06 | $70,202 |
| 14 August 2026 | Spurlin Sharon Director | Sold | 15,000 | $5.06 | $75,900 |
| 29 May 2026 | WHELAN RONALD P SEE REMARKS | Bought | 4,444 | $4.50 | $19,998 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 29.6× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.