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Side-by-side financial comparison of Smart Sand, Inc. (SND) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $86.0M, roughly 1.2× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -7.0%, a 8.4% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $14.1M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
SND vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.0M | $100.0M |
| Net Profit | $1.2M | $-7.0M |
| Gross Margin | 13.0% | 28.0% |
| Operating Margin | -3.1% | -10.7% |
| Net Margin | 1.4% | -7.0% |
| Revenue YoY | -5.8% | 14.5% |
| Net Profit YoY | -68.5% | 76.0% |
| EPS (diluted) | $0.03 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $92.8M | $161.9M | ||
| Q2 25 | $85.8M | $172.6M | ||
| Q1 25 | $65.6M | $111.4M | ||
| Q4 24 | $91.4M | $87.3M | ||
| Q3 24 | $63.2M | $150.5M | ||
| Q2 24 | $73.8M | $160.1M | ||
| Q1 24 | $83.1M | $110.6M |
| Q4 25 | $1.2M | $-7.0M | ||
| Q3 25 | $3.0M | $8.1M | ||
| Q2 25 | $21.4M | $16.0M | ||
| Q1 25 | $-24.2M | $-6.0M | ||
| Q4 24 | $3.7M | $-29.2M | ||
| Q3 24 | $-98.0K | $5.9M | ||
| Q2 24 | $-430.0K | $13.3M | ||
| Q1 24 | $-216.0K | $-7.9M |
| Q4 25 | 13.0% | 28.0% | ||
| Q3 25 | 16.1% | 35.4% | ||
| Q2 25 | 10.4% | 37.1% | ||
| Q1 25 | 4.2% | 29.5% | ||
| Q4 24 | 14.7% | 24.6% | ||
| Q3 24 | 10.3% | 32.4% | ||
| Q2 24 | 17.7% | 33.1% | ||
| Q1 24 | 14.2% | 27.7% |
| Q4 25 | -3.1% | -10.7% | ||
| Q3 25 | 5.8% | 13.3% | ||
| Q2 25 | -0.1% | 14.3% | ||
| Q1 25 | -10.8% | -4.4% | ||
| Q4 24 | 3.9% | -14.9% | ||
| Q3 24 | -7.8% | 8.9% | ||
| Q2 24 | 4.8% | 12.5% | ||
| Q1 24 | 0.9% | -1.9% |
| Q4 25 | 1.4% | -7.0% | ||
| Q3 25 | 3.2% | 5.0% | ||
| Q2 25 | 24.9% | 9.3% | ||
| Q1 25 | -37.0% | -5.4% | ||
| Q4 24 | 4.1% | -33.4% | ||
| Q3 24 | -0.2% | 3.9% | ||
| Q2 24 | -0.6% | 8.3% | ||
| Q1 24 | -0.3% | -7.1% |
| Q4 25 | $0.03 | $-0.06 | ||
| Q3 25 | $0.08 | $0.07 | ||
| Q2 25 | $0.54 | $0.13 | ||
| Q1 25 | $-0.62 | $-0.05 | ||
| Q4 24 | $0.10 | $-0.24 | ||
| Q3 24 | $0.00 | $0.05 | ||
| Q2 24 | $-0.01 | $0.11 | ||
| Q1 24 | $-0.01 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $15.0M | $279.8M |
| Stockholders' EquityBook value | $239.7M | $405.9M |
| Total Assets | $340.0M | $823.2M |
| Debt / EquityLower = less leverage | 0.06× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.6M | — | ||
| Q3 25 | $5.1M | — | ||
| Q2 25 | $4.3M | — | ||
| Q1 25 | $5.1M | — | ||
| Q4 24 | $1.6M | — | ||
| Q3 24 | $7.2M | — | ||
| Q2 24 | $6.3M | — | ||
| Q1 24 | $4.6M | — |
| Q4 25 | $15.0M | $279.8M | ||
| Q3 25 | $14.3M | $281.1M | ||
| Q2 25 | $23.5M | $281.5M | ||
| Q1 25 | $13.7M | $306.9M | ||
| Q4 24 | $14.7M | $281.5M | ||
| Q3 24 | $15.7M | $282.8M | ||
| Q2 24 | $17.1M | $282.4M | ||
| Q1 24 | $25.5M | $282.8M |
| Q4 25 | $239.7M | $405.9M | ||
| Q3 25 | $239.9M | $408.4M | ||
| Q2 25 | $240.5M | $398.4M | ||
| Q1 25 | $219.9M | $381.1M | ||
| Q4 24 | $243.8M | $387.2M | ||
| Q3 24 | $243.6M | $416.6M | ||
| Q2 24 | $242.9M | $408.1M | ||
| Q1 24 | $242.5M | $391.8M |
| Q4 25 | $340.0M | $823.2M | ||
| Q3 25 | $343.1M | $844.4M | ||
| Q2 25 | $345.8M | $822.1M | ||
| Q1 25 | $326.9M | $824.6M | ||
| Q4 24 | $341.5M | $794.2M | ||
| Q3 24 | $335.8M | $853.4M | ||
| Q2 24 | $341.8M | $830.0M | ||
| Q1 24 | $349.3M | $808.6M |
| Q4 25 | 0.06× | 0.69× | ||
| Q3 25 | 0.06× | 0.69× | ||
| Q2 25 | 0.10× | 0.71× | ||
| Q1 25 | 0.06× | 0.81× | ||
| Q4 24 | 0.06× | 0.73× | ||
| Q3 24 | 0.06× | 0.68× | ||
| Q2 24 | 0.07× | 0.69× | ||
| Q1 24 | 0.11× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $20.4M | $14.1M |
| FCF MarginFCF / Revenue | 23.7% | 14.1% |
| Capex IntensityCapex / Revenue | 2.3% | 9.2% |
| Cash ConversionOCF / Net Profit | 18.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $32.5M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $23.3M | ||
| Q3 25 | $18.2M | $51.0M | ||
| Q2 25 | $-5.1M | $36.0M | ||
| Q1 25 | $8.7M | $-46.9M | ||
| Q4 24 | $1.0M | $6.2M | ||
| Q3 24 | $5.8M | $37.2M | ||
| Q2 24 | $14.9M | $52.4M | ||
| Q1 24 | $-3.9M | $-34.5M |
| Q4 25 | $20.4M | $14.1M | ||
| Q3 25 | $14.8M | $45.2M | ||
| Q2 25 | $-7.8M | $29.1M | ||
| Q1 25 | $5.2M | $-50.3M | ||
| Q4 24 | $-840.0K | $-98.0K | ||
| Q3 24 | $3.7M | $33.2M | ||
| Q2 24 | $13.5M | $47.9M | ||
| Q1 24 | $-5.5M | $-39.9M |
| Q4 25 | 23.7% | 14.1% | ||
| Q3 25 | 15.9% | 27.9% | ||
| Q2 25 | -9.1% | 16.8% | ||
| Q1 25 | 7.9% | -45.2% | ||
| Q4 24 | -0.9% | -0.1% | ||
| Q3 24 | 5.8% | 22.1% | ||
| Q2 24 | 18.3% | 29.9% | ||
| Q1 24 | -6.6% | -36.0% |
| Q4 25 | 2.3% | 9.2% | ||
| Q3 25 | 3.6% | 3.6% | ||
| Q2 25 | 3.1% | 4.0% | ||
| Q1 25 | 5.4% | 3.1% | ||
| Q4 24 | 2.1% | 7.2% | ||
| Q3 24 | 3.4% | 2.7% | ||
| Q2 24 | 1.8% | 2.8% | ||
| Q1 24 | 2.0% | 4.8% |
| Q4 25 | 18.99× | — | ||
| Q3 25 | 6.05× | 6.29× | ||
| Q2 25 | -0.24× | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.28× | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
