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Side-by-side financial comparison of Ardmore Shipping Corp (ASC) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $81.2M, roughly 1.1× Ardmore Shipping Corp). Ardmore Shipping Corp runs the higher net margin — 15.7% vs 1.4%, a 14.4% gap on every dollar of revenue. On growth, Smart Sand, Inc. posted the faster year-over-year revenue change (-5.8% vs -15.5%). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -6.0%).
Ardmore Shipping Corp is a global maritime transport company that owns and operates a fleet of mid-sized product and chemical tankers. It provides seaborne transport for petroleum products, specialty chemicals and bulk liquid commodities, serving energy, chemical and trading clients across key international trade routes.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
ASC vs SND — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.2M | $86.0M |
| Net Profit | $12.8M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | 16.1% | -3.1% |
| Net Margin | 15.7% | 1.4% |
| Revenue YoY | -15.5% | -5.8% |
| Net Profit YoY | -47.0% | -68.5% |
| EPS (diluted) | $0.30 | $0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $86.0M | ||
| Q3 25 | $81.2M | $92.8M | ||
| Q2 25 | $72.0M | $85.8M | ||
| Q1 25 | $74.0M | $65.6M | ||
| Q4 24 | — | $91.4M | ||
| Q3 24 | $96.1M | $63.2M | ||
| Q2 24 | $121.3M | $73.8M | ||
| Q1 24 | $106.3M | $83.1M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $12.8M | $3.0M | ||
| Q2 25 | $9.6M | $21.4M | ||
| Q1 25 | $6.3M | $-24.2M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $24.1M | $-98.0K | ||
| Q2 24 | $62.7M | $-430.0K | ||
| Q1 24 | $39.2M | $-216.0K |
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | 14.2% |
| Q4 25 | — | -3.1% | ||
| Q3 25 | 16.1% | 5.8% | ||
| Q2 25 | 13.5% | -0.1% | ||
| Q1 25 | 8.6% | -10.8% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | 25.4% | -7.8% | ||
| Q2 24 | 51.3% | 4.8% | ||
| Q1 24 | 37.2% | 0.9% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | 15.7% | 3.2% | ||
| Q2 25 | 13.3% | 24.9% | ||
| Q1 25 | 8.5% | -37.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | 25.1% | -0.2% | ||
| Q2 24 | 51.7% | -0.6% | ||
| Q1 24 | 36.9% | -0.3% |
| Q4 25 | — | $0.03 | ||
| Q3 25 | $0.30 | $0.08 | ||
| Q2 25 | $0.22 | $0.54 | ||
| Q1 25 | $0.14 | $-0.62 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | $0.55 | $0.00 | ||
| Q2 24 | $1.47 | $-0.01 | ||
| Q1 24 | $0.92 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $22.6M |
| Total DebtLower is stronger | $116.1M | $15.0M |
| Stockholders' EquityBook value | $628.2M | $239.7M |
| Total Assets | $799.8M | $340.0M |
| Debt / EquityLower = less leverage | 0.18× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.6M | ||
| Q3 25 | — | $5.1M | ||
| Q2 25 | — | $4.3M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | — | $1.6M | ||
| Q3 24 | — | $7.2M | ||
| Q2 24 | — | $6.3M | ||
| Q1 24 | — | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | $116.1M | $14.3M | ||
| Q2 25 | $25.0M | $23.5M | ||
| Q1 25 | $20.5M | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | $22.5M | $15.7M | ||
| Q2 24 | $44.2M | $17.1M | ||
| Q1 24 | $23.1M | $25.5M |
| Q4 25 | — | $239.7M | ||
| Q3 25 | $628.2M | $239.9M | ||
| Q2 25 | $618.3M | $240.5M | ||
| Q1 25 | $610.7M | $219.9M | ||
| Q4 24 | — | $243.8M | ||
| Q3 24 | $627.0M | $243.6M | ||
| Q2 24 | $617.7M | $242.9M | ||
| Q1 24 | $567.9M | $242.5M |
| Q4 25 | — | $340.0M | ||
| Q3 25 | $799.8M | $343.1M | ||
| Q2 25 | $703.8M | $345.8M | ||
| Q1 25 | $690.4M | $326.9M | ||
| Q4 24 | — | $341.5M | ||
| Q3 24 | $722.8M | $335.8M | ||
| Q2 24 | $742.0M | $341.8M | ||
| Q1 24 | $704.1M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | 0.18× | 0.06× | ||
| Q2 25 | 0.04× | 0.10× | ||
| Q1 25 | 0.03× | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | 0.04× | 0.06× | ||
| Q2 24 | 0.07× | 0.07× | ||
| Q1 24 | 0.04× | 0.11× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $17.9M | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | 1.40× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | $17.9M | $18.2M | ||
| Q2 25 | $11.2M | $-5.1M | ||
| Q1 25 | $26.3M | $8.7M | ||
| Q4 24 | — | $1.0M | ||
| Q3 24 | $39.9M | $5.8M | ||
| Q2 24 | $48.4M | $14.9M | ||
| Q1 24 | $49.2M | $-3.9M |
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | — | $-840.0K | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | — | $13.5M | ||
| Q1 24 | — | $-5.5M |
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 18.3% | ||
| Q1 24 | — | -6.6% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | 1.40× | 6.05× | ||
| Q2 25 | 1.17× | -0.24× | ||
| Q1 25 | 4.20× | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 0.77× | — | ||
| Q1 24 | 1.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASC
Segment breakdown not available.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
