vs
Side-by-side financial comparison of LandBridge Co LLC (LB) 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 $56.8M, roughly 1.5× LandBridge Co LLC). LandBridge Co LLC runs the higher net margin — 14.2% vs 1.4%, a 12.8% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (55.6% vs -5.8%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $20.4M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% CAGR vs 1.8%).
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.
LB vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $56.8M | $86.0M |
| Net Profit | $8.1M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | 60.0% | -3.1% |
| Net Margin | 14.2% | 1.4% |
| Revenue YoY | 55.6% | -5.8% |
| Net Profit YoY | -83.7% | -68.5% |
| EPS (diluted) | $0.24 | $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 | $56.8M | $86.0M | ||
| Q3 25 | $50.8M | $92.8M | ||
| Q2 25 | $47.5M | $85.8M | ||
| Q1 25 | $44.0M | $65.6M | ||
| Q4 24 | $36.5M | $91.4M | ||
| Q3 24 | $28.5M | $63.2M | ||
| Q2 24 | $26.0M | $73.8M | ||
| Q1 24 | $19.0M | $83.1M |
| Q4 25 | $8.1M | $1.2M | ||
| Q3 25 | $8.1M | $3.0M | ||
| Q2 25 | $7.5M | $21.4M | ||
| Q1 25 | $6.5M | $-24.2M | ||
| Q4 24 | $49.3M | $3.7M | ||
| Q3 24 | $2.7M | $-98.0K | ||
| Q2 24 | $-57.7M | $-430.0K | ||
| Q1 24 | $10.8M | $-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 | 60.0% | -3.1% | ||
| Q3 25 | 60.8% | 5.8% | ||
| Q2 25 | 60.0% | -0.1% | ||
| Q1 25 | 57.0% | -10.8% | ||
| Q4 24 | 49.4% | 3.9% | ||
| Q3 24 | 11.2% | -7.8% | ||
| Q2 24 | -197.4% | 4.8% | ||
| Q1 24 | 71.1% | 0.9% |
| Q4 25 | 14.2% | 1.4% | ||
| Q3 25 | 15.9% | 3.2% | ||
| Q2 25 | 15.8% | 24.9% | ||
| Q1 25 | 14.7% | -37.0% | ||
| Q4 24 | 135.2% | 4.1% | ||
| Q3 24 | 9.3% | -0.2% | ||
| Q2 24 | -222.1% | -0.6% | ||
| Q1 24 | 56.7% | -0.3% |
| Q4 25 | $0.24 | $0.03 | ||
| Q3 25 | $0.26 | $0.08 | ||
| Q2 25 | $0.24 | $0.54 | ||
| Q1 25 | $0.20 | $-0.62 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | $-0.04 | $0.00 | ||
| Q2 24 | — | $-0.01 | ||
| Q1 24 | — | $-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 | $30.7M | $22.6M |
| Total DebtLower is stronger | $570.7M | $15.0M |
| Stockholders' EquityBook value | $340.3M | $239.7M |
| Total Assets | $1.4B | $340.0M |
| Debt / EquityLower = less leverage | 1.68× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.7M | $22.6M | ||
| Q3 25 | $28.3M | $5.1M | ||
| Q2 25 | $20.3M | $4.3M | ||
| Q1 25 | $14.9M | $5.1M | ||
| Q4 24 | $37.0M | $1.6M | ||
| Q3 24 | $14.4M | $7.2M | ||
| Q2 24 | $24.6M | $6.3M | ||
| Q1 24 | — | $4.6M |
| Q4 25 | $570.7M | $15.0M | ||
| Q3 25 | $366.1M | $14.3M | ||
| Q2 25 | $370.9M | $23.5M | ||
| Q1 25 | $375.5M | $13.7M | ||
| Q4 24 | $385.5M | $14.7M | ||
| Q3 24 | $242.4M | $15.7M | ||
| Q2 24 | $360.8M | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $340.3M | $239.7M | ||
| Q3 25 | $272.0M | $239.9M | ||
| Q2 25 | $266.4M | $240.5M | ||
| Q1 25 | $217.0M | $219.9M | ||
| Q4 24 | $211.8M | $243.8M | ||
| Q3 24 | $97.2M | $243.6M | ||
| Q2 24 | $296.4M | $242.9M | ||
| Q1 24 | $162.3M | $242.5M |
| Q4 25 | $1.4B | $340.0M | ||
| Q3 25 | $1.1B | $343.1M | ||
| Q2 25 | $1.1B | $345.8M | ||
| Q1 25 | $1.0B | $326.9M | ||
| Q4 24 | $1.0B | $341.5M | ||
| Q3 24 | $689.9M | $335.8M | ||
| Q2 24 | $710.5M | $341.8M | ||
| Q1 24 | — | $349.3M |
| Q4 25 | 1.68× | 0.06× | ||
| Q3 25 | 1.35× | 0.06× | ||
| Q2 25 | 1.39× | 0.10× | ||
| Q1 25 | 1.73× | 0.06× | ||
| Q4 24 | 1.82× | 0.06× | ||
| Q3 24 | 2.49× | 0.06× | ||
| Q2 24 | 1.22× | 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 | $126.3M | $22.4M |
| Free Cash FlowOCF − Capex | $122.0M | $20.4M |
| FCF MarginFCF / Revenue | 214.9% | 23.7% |
| Capex IntensityCapex / Revenue | 7.5% | 2.3% |
| Cash ConversionOCF / Net Profit | 15.68× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $207.7M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $126.3M | $22.4M | ||
| Q3 25 | $34.9M | $18.2M | ||
| Q2 25 | $37.3M | $-5.1M | ||
| Q1 25 | $15.9M | $8.7M | ||
| Q4 24 | $67.6M | $1.0M | ||
| Q3 24 | $7.5M | $5.8M | ||
| Q2 24 | $16.0M | $14.9M | ||
| Q1 24 | $17.2M | $-3.9M |
| Q4 25 | $122.0M | $20.4M | ||
| Q3 25 | $33.7M | $14.8M | ||
| Q2 25 | $36.1M | $-7.8M | ||
| Q1 25 | $15.8M | $5.2M | ||
| Q4 24 | $66.7M | $-840.0K | ||
| Q3 24 | $7.1M | $3.7M | ||
| Q2 24 | $15.7M | $13.5M | ||
| Q1 24 | $17.1M | $-5.5M |
| Q4 25 | 214.9% | 23.7% | ||
| Q3 25 | 66.3% | 15.9% | ||
| Q2 25 | 75.9% | -9.1% | ||
| Q1 25 | 36.0% | 7.9% | ||
| Q4 24 | 182.6% | -0.9% | ||
| Q3 24 | 25.1% | 5.8% | ||
| Q2 24 | 60.4% | 18.3% | ||
| Q1 24 | 90.1% | -6.6% |
| Q4 25 | 7.5% | 2.3% | ||
| Q3 25 | 2.3% | 3.6% | ||
| Q2 25 | 2.6% | 3.1% | ||
| Q1 25 | 0.2% | 5.4% | ||
| Q4 24 | 2.7% | 2.1% | ||
| Q3 24 | 1.1% | 3.4% | ||
| Q2 24 | 1.4% | 1.8% | ||
| Q1 24 | 0.5% | 2.0% |
| Q4 25 | 15.68× | 18.99× | ||
| Q3 25 | 4.31× | 6.05× | ||
| Q2 25 | 4.98× | -0.24× | ||
| Q1 25 | 2.46× | — | ||
| Q4 24 | 1.37× | 0.28× | ||
| Q3 24 | 2.80× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LB
Segment breakdown not available.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
