Smart Sand
SND Energy Oil & Gas Equipment & Services
Smart Sand’s revenue for fiscal 2025 (year ended December 2025) was $330.2 million, up 6.03% from fiscal 2024. In the quarter to June 2026, revenue grew 34.1%, EPS fell 52.7%, free cash flow grew 80.9% and total debt fell 32.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Smart Sand (SND) Altman Z-score
Smart Sand's Altman Z-score for fiscal 2025 is 2.28, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.28 | 0.39 |
| FY2024 | 1.89 | 0.29 |
| FY2023 | 1.60 | 0.20 |
| FY2022 | 1.40 | 0.94 |
| FY2021 | 0.46 | (0.63) |
| FY2020 | 1.09 | (0.95) |
| FY2019 | 2.04 | 0.30 |
| FY2018 | 1.75 | (3.10) |
| FY2017 | 4.85 | (4.10) |
| FY2016 | 8.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.11 | — | 0.13 | |
| Retained earnings / total assets | 0.20 | — | 0.28 | |
| EBIT / total assets | (0.01) | — | −0.04 | |
| Market value of equity / total liabilities | 1.56 | — | 0.93 | |
| Sales / total assets | 0.97 | — | 0.97 | |
| Altman Z-score | Grey zone | 2.28 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.81 | ||
Z and Z″ put Smart Sand in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OMSE OMS Energy Technologies Inc. compare | 5.2× |
| LSE Leishen Energy Holding Co., Ltd. compare | 4.3× |
| RNGR Ranger Energy Services, Inc. compare | 3.3× |
| CLB Core Laboratories Inc. compare | 3.3× |
| SND Smart Sand | 2.3× |
| NGS Natural Gas Services Group, Inc. compare | 1.8× |
| OIS Oil States International, Inc. compare | 1.7× |
| KLXE KLX Energy Services Holdings, Inc. compare | −0.9× |
| DWSN Dawson Geophysical Company compare | −1.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets