Smart Sand - Public Comps and Valuation Multiples

Smart Sand Overview

About Smart Sand

Smart Sand Inc. is a fully integrated frac sand company providing mine-to-well site proppant supply and logistics. It produces Northern White frac sand for enhanced hydrocarbon recovery in oil and gas wells. The company offers products like Smart System, SmartBelt, SmartDepot Silo, and SmartPath Loader. It is expanding into industrial markets, including glass, ceramics, and renewable energy, while its main revenue comes from sand sales and logistics.

Founded

2011

HQ

Employees

285

Website

smartsand.com

Sectors

Fossil Fuels
Energy Equipment

Financials

Last FY Revenue $311M

Last FY EBITDA $31.7M

EV

$192M

Valuation Multiples

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Smart Sand Financials

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Smart Sand P&L

In the most recent fiscal year, Smart Sand reported revenue of $311M and EBITDA of $31.7M.

Smart Sand expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	XXX	$311M	XXX	XXX	XXX
Gross Profit	XXX	$44.8M	XXX	XXX	XXX
Gross Margin	XXX	14%	XXX	XXX	XXX
EBITDA	XXX	$31.7M	XXX	XXX	XXX
EBITDA Margin	XXX	10%	XXX	XXX	XXX
EBIT	XXX	$4.1M	XXX	XXX	XXX
EBIT Margin	XXX	1%	XXX	XXX	XXX
Net Profit	XXX	$3.0M	XXX	XXX	XXX
Net Margin	XXX	1%	XXX	XXX	XXX
Net Debt	XXX	$10.6M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Smart Sand including revenue, profitability, and margin analysis across different time periods. In the most recent fiscal year, Smart Sand achieved $311M in revenue and $31.7M in EBITDA.
Financial Metric	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	Analyst estimates available to subscribers	$311M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	Analyst estimates available to subscribers	$44.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	Analyst estimates available to subscribers	14.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	Analyst estimates available to subscribers	$31.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	Analyst estimates available to subscribers	10.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	Analyst estimates available to subscribers	$4.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	Analyst estimates available to subscribers	1.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	Analyst estimates available to subscribers	$3.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	Analyst estimates available to subscribers	1.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	$10.6M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Smart Sand

This financial data table provides comprehensive performance metrics for Smart Sand, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Fiscal Year Performance

In the most recent fiscal year, Smart Sand reported $311M in total revenue.
Fiscal year EBITDA was $31.7M.
The company maintained a gross profit margin of 14.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 10.2%.
Net profit margin reached 1.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Smart Sand. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Smart Sand Stock Performance

Smart Sand has current market cap of $159M, and EV of $192M.

Market Cap Evolution

Smart Sand Stock Data

As of January 2, 2026, Smart Sand's stock price is $4.

See Smart Sand trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$192M	$159M	XXX	XXX	XXX	XXX	n/a

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Smart Sand Valuation Multiples

Smart Sand's trades at 0.6x EV/Revenue multiple, and 6.1x EV/EBITDA.

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Smart Sand Financial Valuation Multiples

As of January 2, 2026, Smart Sand has market cap of $159M and EV of $192M.

Equity research analysts estimate Smart Sand's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Smart Sand's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$159M	XXX	$159M	XXX	XXX	XXX
EV (current)	$192M	XXX	$192M	XXX	XXX	XXX
EV/Revenue	n/a	XXX	0.6x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	6.1x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	47.3x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	53.1x	XXX	XXX	XXX
EV/FCF	n/a	XXX	17.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Smart Sand Margins & Growth Rates

Smart Sand's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $0.1M for the same period.

Smart Sand's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Smart Sand's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Smart Sand Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	13%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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