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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $86.0M, roughly 1.5× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -22.8%, a 24.1% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $11.7M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $86.0M |
| Net Profit | $-30.2M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | -11.8% | -3.1% |
| Net Margin | -22.8% | 1.4% |
| Revenue YoY | 24.3% | -5.8% |
| Net Profit YoY | -692.2% | -68.5% |
| EPS (diluted) | $-0.15 | $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 | $132.7M | $86.0M | ||
| Q3 25 | $77.5M | $92.8M | ||
| Q2 25 | $105.5M | $85.8M | ||
| Q1 25 | $147.7M | $65.6M | ||
| Q4 24 | $106.8M | $91.4M | ||
| Q3 24 | $72.6M | $63.2M | ||
| Q2 24 | $86.0M | $73.8M | ||
| Q1 24 | $133.4M | $83.1M |
| Q4 25 | $-30.2M | $1.2M | ||
| Q3 25 | $-14.4M | $3.0M | ||
| Q2 25 | $-1.4M | $21.4M | ||
| Q1 25 | $15.3M | $-24.2M | ||
| Q4 24 | $5.1M | $3.7M | ||
| Q3 24 | $-11.1M | $-98.0K | ||
| Q2 24 | $-2.8M | $-430.0K | ||
| Q1 24 | $11.0M | $-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 | -11.8% | -3.1% | ||
| Q3 25 | -10.1% | 5.8% | ||
| Q2 25 | 9.7% | -0.1% | ||
| Q1 25 | 24.2% | -10.8% | ||
| Q4 24 | 19.5% | 3.9% | ||
| Q3 24 | -6.5% | -7.8% | ||
| Q2 24 | 7.4% | 4.8% | ||
| Q1 24 | 18.2% | 0.9% |
| Q4 25 | -22.8% | 1.4% | ||
| Q3 25 | -18.6% | 3.2% | ||
| Q2 25 | -1.3% | 24.9% | ||
| Q1 25 | 10.4% | -37.0% | ||
| Q4 24 | 4.8% | 4.1% | ||
| Q3 24 | -15.3% | -0.2% | ||
| Q2 24 | -3.3% | -0.6% | ||
| Q1 24 | 8.2% | -0.3% |
| Q4 25 | $-0.15 | $0.03 | ||
| Q3 25 | $-0.07 | $0.08 | ||
| Q2 25 | $-0.01 | $0.54 | ||
| Q1 25 | $0.08 | $-0.62 | ||
| Q4 24 | $0.01 | $0.10 | ||
| Q3 24 | $-0.05 | $0.00 | ||
| Q2 24 | $-0.03 | $-0.01 | ||
| Q1 24 | $0.00 | $-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 | $100.9M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $338.8M | $239.7M |
| Total Assets | $1.2B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $22.6M | ||
| Q3 25 | $95.4M | $5.1M | ||
| Q2 25 | $156.4M | $4.3M | ||
| Q1 25 | $276.8M | $5.1M | ||
| Q4 24 | $194.8M | $1.6M | ||
| Q3 24 | $188.9M | $7.2M | ||
| Q2 24 | $193.2M | $6.3M | ||
| Q1 24 | $186.8M | $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 | $338.8M | $239.7M | ||
| Q3 25 | $369.5M | $239.9M | ||
| Q2 25 | $389.4M | $240.5M | ||
| Q1 25 | $392.1M | $219.9M | ||
| Q4 24 | $385.9M | $243.8M | ||
| Q3 24 | $391.1M | $243.6M | ||
| Q2 24 | $407.6M | $242.9M | ||
| Q1 24 | $-90.7M | $242.5M |
| Q4 25 | $1.2B | $340.0M | ||
| Q3 25 | $1.2B | $343.1M | ||
| Q2 25 | $1.2B | $345.8M | ||
| Q1 25 | $1.2B | $326.9M | ||
| Q4 24 | $1.0B | $341.5M | ||
| Q3 24 | $1.1B | $335.8M | ||
| Q2 24 | $1.1B | $341.8M | ||
| Q1 24 | $1.1B | $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 | $12.3M | $22.4M |
| Free Cash FlowOCF − Capex | $11.7M | $20.4M |
| FCF MarginFCF / Revenue | 8.8% | 23.7% |
| Capex IntensityCapex / Revenue | 0.5% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $22.4M | ||
| Q3 25 | $1.8M | $18.2M | ||
| Q2 25 | $15.9M | $-5.1M | ||
| Q1 25 | $12.6M | $8.7M | ||
| Q4 24 | $20.6M | $1.0M | ||
| Q3 24 | $9.1M | $5.8M | ||
| Q2 24 | $9.8M | $14.9M | ||
| Q1 24 | $7.3M | $-3.9M |
| Q4 25 | $11.7M | $20.4M | ||
| Q3 25 | $1.5M | $14.8M | ||
| Q2 25 | $15.8M | $-7.8M | ||
| Q1 25 | $12.4M | $5.2M | ||
| Q4 24 | $19.9M | $-840.0K | ||
| Q3 24 | $9.0M | $3.7M | ||
| Q2 24 | $9.6M | $13.5M | ||
| Q1 24 | $7.0M | $-5.5M |
| Q4 25 | 8.8% | 23.7% | ||
| Q3 25 | 1.9% | 15.9% | ||
| Q2 25 | 15.0% | -9.1% | ||
| Q1 25 | 8.4% | 7.9% | ||
| Q4 24 | 18.6% | -0.9% | ||
| Q3 24 | 12.4% | 5.8% | ||
| Q2 24 | 11.2% | 18.3% | ||
| Q1 24 | 5.2% | -6.6% |
| Q4 25 | 0.5% | 2.3% | ||
| Q3 25 | 0.4% | 3.6% | ||
| Q2 25 | 0.1% | 3.1% | ||
| Q1 25 | 0.1% | 5.4% | ||
| Q4 24 | 0.7% | 2.1% | ||
| Q3 24 | 0.1% | 3.4% | ||
| Q2 24 | 0.2% | 1.8% | ||
| Q1 24 | 0.2% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
