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Side-by-side financial comparison of DYNEX CAPITAL INC (DX) 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 $43.5M, roughly 2.0× DYNEX CAPITAL INC). On growth, DYNEX CAPITAL INC posted the faster year-over-year revenue change (531.3% vs -5.8%). Over the past eight quarters, DYNEX CAPITAL INC's revenue compounded faster (75.8% CAGR vs 1.8%).
Dynex Capital Inc. is a publicly traded real estate investment trust headquartered in the United States. It specializes in investing in and managing a diversified portfolio of mortgage-backed securities, residential and commercial mortgage loans, and other mortgage-related assets. It delivers consistent returns to shareholders via regular dividends and long-term capital growth.
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.
DX vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.5M | $86.0M |
| Net Profit | — | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | — | -3.1% |
| Net Margin | — | 1.4% |
| Revenue YoY | 531.3% | -5.8% |
| Net Profit YoY | — | -68.5% |
| EPS (diluted) | $1.59 | $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 | $43.5M | $86.0M | ||
| Q3 25 | $30.6M | $92.8M | ||
| Q2 25 | $23.1M | $85.8M | ||
| Q1 25 | $17.1M | $65.6M | ||
| Q4 24 | — | $91.4M | ||
| Q3 24 | — | $63.2M | ||
| Q2 24 | — | $73.8M | ||
| Q1 24 | $-3.2M | $83.1M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $150.4M | $3.0M | ||
| Q2 25 | $-13.6M | $21.4M | ||
| Q1 25 | $-3.1M | $-24.2M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | — | $-98.0K | ||
| Q2 24 | — | $-430.0K | ||
| Q1 24 | $40.1M | $-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 | — | 5.8% | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | — | -10.8% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | -7.8% | ||
| Q2 24 | — | 4.8% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | 491.3% | 3.2% | ||
| Q2 25 | -58.8% | 24.9% | ||
| Q1 25 | -18.0% | -37.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | — | -0.6% | ||
| Q1 24 | -1256.8% | -0.3% |
| Q4 25 | $1.59 | $0.03 | ||
| Q3 25 | $1.08 | $0.08 | ||
| Q2 25 | $-0.14 | $0.54 | ||
| Q1 25 | $-0.06 | $-0.62 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $0.00 | ||
| Q2 24 | — | $-0.01 | ||
| Q1 24 | $0.64 | $-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 | $531.0M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $2.5B | $239.7M |
| Total Assets | $17.3B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $531.0M | $22.6M | ||
| Q3 25 | $491.0M | $5.1M | ||
| Q2 25 | $387.5M | $4.3M | ||
| Q1 25 | $327.4M | $5.1M | ||
| Q4 24 | — | $1.6M | ||
| Q3 24 | — | $7.2M | ||
| Q2 24 | — | $6.3M | ||
| Q1 24 | $295.7M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $2.5B | $239.7M | ||
| Q3 25 | $2.0B | $239.9M | ||
| Q2 25 | $1.6B | $240.5M | ||
| Q1 25 | $1.4B | $219.9M | ||
| Q4 24 | — | $243.8M | ||
| Q3 24 | — | $243.6M | ||
| Q2 24 | — | $242.9M | ||
| Q1 24 | $958.5M | $242.5M |
| Q4 25 | $17.3B | $340.0M | ||
| Q3 25 | $14.2B | $343.1M | ||
| Q2 25 | $11.3B | $345.8M | ||
| Q1 25 | $9.0B | $326.9M | ||
| Q4 24 | — | $341.5M | ||
| Q3 24 | — | $335.8M | ||
| Q2 24 | — | $341.8M | ||
| Q1 24 | $6.3B | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 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 | $120.8M | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $120.8M | $22.4M | ||
| Q3 25 | $68.3M | $18.2M | ||
| Q2 25 | $31.9M | $-5.1M | ||
| Q1 25 | $6.4M | $8.7M | ||
| Q4 24 | — | $1.0M | ||
| Q3 24 | — | $5.8M | ||
| Q2 24 | — | $14.9M | ||
| Q1 24 | $-17.1M | $-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 | 0.45× | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.43× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DX
Segment breakdown not available.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
