Smart Sand, Inc. (SND) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+12.0%

$5.17

vs $4.62 price

Levered DCF

$12.81

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.69

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	133.33×	29.18×	16.08×	-107.83×	-1.47×	1.83×	3.19×	4.83×
P/B	0.65×	0.36×	0.31×	0.31×	0.31×	0.24×	0.41×	0.43×
P/S	0.47×	0.28×	0.25×	0.3×	0.59×	0.57×	0.43×	0.42×
EV / EBITDA	6.55×	3.87×	4.14×	4.6×	-3.29×	2.42×	2.28×	3.1×
Gross margin	10.8%	14.4%	14.0%	11.6%	-12.6%	14.8%	34.8%	31.8%
Operating margin	-1.5%	1.0%	-0.5%	-1.2%	-50.1%	-10.6%	18.7%	12.2%
Net margin	0.4%	1.0%	1.6%	-0.3%	-40.0%	31.0%	13.6%	8.8%
Current ratio	1.76×	1.75×	1.14×	1.31×	1.52×	3.01×	2.26×	2.03×
Debt / equity	0.15×	0.15×	0.18×	0.18×	0.23×	0.22×	0.26×	0.23×
Interest coverage	-3.42×	1.7×	-1.18×	-1.95×	-32.08×	-6.23×	12.01×	11.42×
Dividend yield	3.8%	4.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	442.2%	130.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.6%	1.2%	1.9%	-0.3%	-21.0%	13.1%	13.0%	8.9%
Return on invested capital	0.4%	1.0%	1.0%	-0.2%	-15.8%	-3.2%	10.2%	6.8%
Return on assets	0.4%	0.9%	1.3%	-0.2%	-13.5%	8.9%	8.7%	5.8%
Free cash flow yield	20.8%	12.4%	10.6%	-9.6%	28.5%	24.4%	18.9%	-50.3%
Earnings yield	0.9%	3.4%	6.2%	-0.9%	-68.1%	54.8%	31.3%	20.8%
Enterprise value	$169.8M	$123M	$112.8M	$114.9M	$104M	$121M	$161.5M	$137M
Net debt / EBITDA	0.53×	1.12×	1.38×	1.56×	-0.94×	1.03×	0.85×	1.07×
Cash conversion cycle (days)	61	66	48	64	73	264	142	64