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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) 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 $85.1M, roughly 1.0× 4D Molecular Therapeutics, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs 1.4%, a 21.4% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs -5.8%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $20.4M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 1.8%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
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.
FDMT vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $86.0M |
| Net Profit | $19.4M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | 17.3% | -3.1% |
| Net Margin | 22.8% | 1.4% |
| Revenue YoY | 8508900.0% | -5.8% |
| Net Profit YoY | 139.1% | -68.5% |
| EPS (diluted) | $0.43 | $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 | $85.1M | $86.0M | ||
| Q3 25 | $90.0K | $92.8M | ||
| Q2 25 | $15.0K | $85.8M | ||
| Q1 25 | $14.0K | $65.6M | ||
| Q4 24 | $1.0K | $91.4M | ||
| Q3 24 | $3.0K | $63.2M | ||
| Q2 24 | $5.0K | $73.8M | ||
| Q1 24 | $28.0K | $83.1M |
| Q4 25 | $19.4M | $1.2M | ||
| Q3 25 | $-56.9M | $3.0M | ||
| Q2 25 | $-54.7M | $21.4M | ||
| Q1 25 | $-48.0M | $-24.2M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $-43.8M | $-98.0K | ||
| Q2 24 | $-35.0M | $-430.0K | ||
| Q1 24 | $-32.4M | $-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 | 17.3% | -3.1% | ||
| Q3 25 | -67983.3% | 5.8% | ||
| Q2 25 | -396373.3% | -0.1% | ||
| Q1 25 | -383007.1% | -10.8% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | -1704400.0% | -7.8% | ||
| Q2 24 | -849120.0% | 4.8% | ||
| Q1 24 | -136200.0% | 0.9% |
| Q4 25 | 22.8% | 1.4% | ||
| Q3 25 | -63195.6% | 3.2% | ||
| Q2 25 | -364386.7% | 24.9% | ||
| Q1 25 | -342657.1% | -37.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | -1461433.3% | -0.2% | ||
| Q2 24 | -699060.0% | -0.6% | ||
| Q1 24 | -115717.9% | -0.3% |
| Q4 25 | $0.43 | $0.03 | ||
| Q3 25 | $-1.01 | $0.08 | ||
| Q2 25 | $-0.98 | $0.54 | ||
| Q1 25 | $-0.86 | $-0.62 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | $-0.79 | $0.00 | ||
| Q2 24 | $-0.63 | $-0.01 | ||
| Q1 24 | $-0.66 | $-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 | $402.7M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $505.7M | $239.7M |
| Total Assets | $566.7M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $22.6M | ||
| Q3 25 | $305.1M | $5.1M | ||
| Q2 25 | $293.2M | $4.3M | ||
| Q1 25 | $321.4M | $5.1M | ||
| Q4 24 | $424.9M | $1.6M | ||
| Q3 24 | $501.9M | $7.2M | ||
| Q2 24 | $541.9M | $6.3M | ||
| Q1 24 | $525.9M | $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 | $505.7M | $239.7M | ||
| Q3 25 | $369.0M | $239.9M | ||
| Q2 25 | $420.9M | $240.5M | ||
| Q1 25 | $469.7M | $219.9M | ||
| Q4 24 | $510.6M | $243.8M | ||
| Q3 24 | $552.9M | $243.6M | ||
| Q2 24 | $588.3M | $242.9M | ||
| Q1 24 | $600.6M | $242.5M |
| Q4 25 | $566.7M | $340.0M | ||
| Q3 25 | $424.0M | $343.1M | ||
| Q2 25 | $473.6M | $345.8M | ||
| Q1 25 | $515.7M | $326.9M | ||
| Q4 24 | $560.4M | $341.5M | ||
| Q3 24 | $604.0M | $335.8M | ||
| Q2 24 | $620.1M | $341.8M | ||
| Q1 24 | $629.9M | $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 | $28.6M | $22.4M |
| Free Cash FlowOCF − Capex | $28.5M | $20.4M |
| FCF MarginFCF / Revenue | 33.5% | 23.7% |
| Capex IntensityCapex / Revenue | 0.1% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.47× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $22.4M | ||
| Q3 25 | $-46.5M | $18.2M | ||
| Q2 25 | $-43.4M | $-5.1M | ||
| Q1 25 | $-47.8M | $8.7M | ||
| Q4 24 | $-134.6M | $1.0M | ||
| Q3 24 | $-29.4M | $5.8M | ||
| Q2 24 | $-30.2M | $14.9M | ||
| Q1 24 | $-29.1M | $-3.9M |
| Q4 25 | $28.5M | $20.4M | ||
| Q3 25 | $-46.6M | $14.8M | ||
| Q2 25 | $-43.4M | $-7.8M | ||
| Q1 25 | $-48.4M | $5.2M | ||
| Q4 24 | $-138.4M | $-840.0K | ||
| Q3 24 | $-31.2M | $3.7M | ||
| Q2 24 | $-30.6M | $13.5M | ||
| Q1 24 | $-29.8M | $-5.5M |
| Q4 25 | 33.5% | 23.7% | ||
| Q3 25 | -51765.6% | 15.9% | ||
| Q2 25 | -289620.0% | -9.1% | ||
| Q1 25 | -345635.7% | 7.9% | ||
| Q4 24 | -13837100.0% | -0.9% | ||
| Q3 24 | -1038966.7% | 5.8% | ||
| Q2 24 | -611840.0% | 18.3% | ||
| Q1 24 | -106421.4% | -6.6% |
| Q4 25 | 0.1% | 2.3% | ||
| Q3 25 | 101.1% | 3.6% | ||
| Q2 25 | 440.0% | 3.1% | ||
| Q1 25 | 4507.1% | 5.4% | ||
| Q4 24 | 378600.0% | 2.1% | ||
| Q3 24 | 59266.7% | 3.4% | ||
| Q2 24 | 6980.0% | 1.8% | ||
| Q1 24 | 2535.7% | 2.0% |
| Q4 25 | 1.47× | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FDMT
Segment breakdown not available.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
