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Side-by-side financial comparison of Smart Sand, Inc. (SND) and STEM, INC. (STEM). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $47.1M, roughly 1.8× STEM, INC.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -33.9%, a 35.3% gap on every dollar of revenue. On growth, Smart Sand, Inc. posted the faster year-over-year revenue change (-5.8% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% 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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
SND vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.0M | $47.1M |
| Net Profit | $1.2M | $-16.0M |
| Gross Margin | 13.0% | 48.9% |
| Operating Margin | -3.1% | -17.7% |
| Net Margin | 1.4% | -33.9% |
| Revenue YoY | -5.8% | -15.6% |
| Net Profit YoY | -68.5% | 68.8% |
| EPS (diluted) | $0.03 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $92.8M | $38.2M | ||
| Q2 25 | $85.8M | $38.4M | ||
| Q1 25 | $65.6M | $32.5M | ||
| Q4 24 | $91.4M | $55.8M | ||
| Q3 24 | $63.2M | $29.3M | ||
| Q2 24 | $73.8M | $34.0M | ||
| Q1 24 | $83.1M | $25.5M |
| Q4 25 | $1.2M | $-16.0M | ||
| Q3 25 | $3.0M | $-23.8M | ||
| Q2 25 | $21.4M | $202.5M | ||
| Q1 25 | $-24.2M | $-25.0M | ||
| Q4 24 | $3.7M | $-51.1M | ||
| Q3 24 | $-98.0K | $-148.3M | ||
| Q2 24 | $-430.0K | $-582.3M | ||
| Q1 24 | $-216.0K | $-72.3M |
| Q4 25 | 13.0% | 48.9% | ||
| Q3 25 | 16.1% | 35.5% | ||
| Q2 25 | 10.4% | 33.4% | ||
| Q1 25 | 4.2% | 32.4% | ||
| Q4 24 | 14.7% | -4.4% | ||
| Q3 24 | 10.3% | 21.2% | ||
| Q2 24 | 17.7% | 27.6% | ||
| Q1 24 | 14.2% | -95.0% |
| Q4 25 | -3.1% | -17.7% | ||
| Q3 25 | 5.8% | -33.6% | ||
| Q2 25 | -0.1% | -34.8% | ||
| Q1 25 | -10.8% | -65.0% | ||
| Q4 24 | 3.9% | -84.4% | ||
| Q3 24 | -7.8% | -493.2% | ||
| Q2 24 | 4.8% | -1705.5% | ||
| Q1 24 | 0.9% | -267.0% |
| Q4 25 | 1.4% | -33.9% | ||
| Q3 25 | 3.2% | -62.2% | ||
| Q2 25 | 24.9% | 527.8% | ||
| Q1 25 | -37.0% | -76.9% | ||
| Q4 24 | 4.1% | -91.6% | ||
| Q3 24 | -0.2% | -506.3% | ||
| Q2 24 | -0.6% | -1712.6% | ||
| Q1 24 | -0.3% | -283.9% |
| Q4 25 | $0.03 | $-4.40 | ||
| Q3 25 | $0.08 | $-2.84 | ||
| Q2 25 | $0.54 | $-1.79 | ||
| Q1 25 | $-0.62 | $-0.15 | ||
| Q4 24 | $0.10 | $-15.29 | ||
| Q3 24 | $0.00 | $-18.24 | ||
| Q2 24 | $-0.01 | $-71.81 | ||
| Q1 24 | $-0.01 | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | $15.0M | — |
| Stockholders' EquityBook value | $239.7M | $-249.4M |
| Total Assets | $340.0M | $308.9M |
| Debt / EquityLower = less leverage | 0.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.6M | $48.9M | ||
| Q3 25 | $5.1M | $43.1M | ||
| Q2 25 | $4.3M | $40.8M | ||
| Q1 25 | $5.1M | $58.6M | ||
| Q4 24 | $1.6M | $56.3M | ||
| Q3 24 | $7.2M | $75.4M | ||
| Q2 24 | $6.3M | $89.6M | ||
| Q1 24 | $4.6M | $112.8M |
| 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 | $239.7M | $-249.4M | ||
| Q3 25 | $239.9M | $-235.7M | ||
| Q2 25 | $240.5M | $-214.1M | ||
| Q1 25 | $219.9M | $-417.5M | ||
| Q4 24 | $243.8M | $-398.4M | ||
| Q3 24 | $243.6M | $-344.1M | ||
| Q2 24 | $242.9M | $-203.2M | ||
| Q1 24 | $242.5M | $371.6M |
| Q4 25 | $340.0M | $308.9M | ||
| Q3 25 | $343.1M | $362.6M | ||
| Q2 25 | $345.8M | $379.2M | ||
| Q1 25 | $326.9M | $405.1M | ||
| Q4 24 | $341.5M | $437.4M | ||
| Q3 24 | $335.8M | $537.8M | ||
| Q2 24 | $341.8M | $691.5M | ||
| Q1 24 | $349.3M | $1.3B |
| 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 | $22.4M | $8.2M |
| 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 | $22.4M | $8.2M | ||
| Q3 25 | $18.2M | $11.4M | ||
| Q2 25 | $-5.1M | $-21.3M | ||
| Q1 25 | $8.7M | $8.5M | ||
| Q4 24 | $1.0M | $-14.7M | ||
| Q3 24 | $5.8M | $-9.4M | ||
| Q2 24 | $14.9M | $-11.9M | ||
| Q1 24 | $-3.9M | $-621.0K |
| 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 | 6.05× | — | ||
| Q2 25 | -0.24× | -0.11× | ||
| 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
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
STEM
Segment breakdown not available.
