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Side-by-side financial comparison of Smart Sand, Inc. (SND) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $73.5M, roughly 1.2× Target Hospitality Corp.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -20.3%, a 21.7% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -5.8%). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
SND vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.0M | $73.5M |
| Net Profit | $1.2M | $-14.9M |
| Gross Margin | 13.0% | 9.6% |
| Operating Margin | -3.1% | -22.9% |
| Net Margin | 1.4% | -20.3% |
| Revenue YoY | -5.8% | 22.0% |
| Net Profit YoY | -68.5% | -219.1% |
| EPS (diluted) | $0.03 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $92.8M | $91.6M | ||
| Q2 25 | $85.8M | $54.9M | ||
| Q1 25 | $65.6M | $54.9M | ||
| Q4 24 | $91.4M | $60.2M | ||
| Q3 24 | $63.2M | $65.8M | ||
| Q2 24 | $73.8M | $67.5M | ||
| Q1 24 | $83.1M | $72.4M |
| Q4 25 | $1.2M | $-14.9M | ||
| Q3 25 | $3.0M | $-795.0K | ||
| Q2 25 | $21.4M | $-14.9M | ||
| Q1 25 | $-24.2M | $-6.5M | ||
| Q4 24 | $3.7M | $12.5M | ||
| Q3 24 | $-98.0K | $20.0M | ||
| Q2 24 | $-430.0K | $18.4M | ||
| Q1 24 | $-216.0K | $20.4M |
| Q4 25 | 13.0% | 9.6% | ||
| Q3 25 | 16.1% | 19.6% | ||
| Q2 25 | 10.4% | -0.6% | ||
| Q1 25 | 4.2% | 32.7% | ||
| Q4 24 | 14.7% | 61.5% | ||
| Q3 24 | 10.3% | 68.7% | ||
| Q2 24 | 17.7% | 69.4% | ||
| Q1 24 | 14.2% | 67.8% |
| Q4 25 | -3.1% | -22.9% | ||
| Q3 25 | 5.8% | 0.1% | ||
| Q2 25 | -0.1% | -30.8% | ||
| Q1 25 | -10.8% | -2.0% | ||
| Q4 24 | 3.9% | 34.5% | ||
| Q3 24 | -7.8% | 42.5% | ||
| Q2 24 | 4.8% | 43.8% | ||
| Q1 24 | 0.9% | 42.0% |
| Q4 25 | 1.4% | -20.3% | ||
| Q3 25 | 3.2% | -0.9% | ||
| Q2 25 | 24.9% | -27.2% | ||
| Q1 25 | -37.0% | -11.8% | ||
| Q4 24 | 4.1% | 20.8% | ||
| Q3 24 | -0.2% | 30.4% | ||
| Q2 24 | -0.6% | 27.2% | ||
| Q1 24 | -0.3% | 28.2% |
| Q4 25 | $0.03 | $-0.14 | ||
| Q3 25 | $0.08 | $-0.01 | ||
| Q2 25 | $0.54 | $-0.15 | ||
| Q1 25 | $-0.62 | $-0.07 | ||
| Q4 24 | $0.10 | $0.12 | ||
| Q3 24 | $0.00 | $0.20 | ||
| Q2 24 | $-0.01 | $0.18 | ||
| Q1 24 | $-0.01 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $15.0M | $1.7M |
| Stockholders' EquityBook value | $239.7M | $389.3M |
| Total Assets | $340.0M | $530.2M |
| Debt / EquityLower = less leverage | 0.06× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.6M | $8.3M | ||
| Q3 25 | $5.1M | $30.4M | ||
| Q2 25 | $4.3M | $19.2M | ||
| Q1 25 | $5.1M | $34.5M | ||
| Q4 24 | $1.6M | $190.7M | ||
| Q3 24 | $7.2M | $177.7M | ||
| Q2 24 | $6.3M | $154.3M | ||
| Q1 24 | $4.6M | $124.3M |
| Q4 25 | $15.0M | $1.7M | ||
| Q3 25 | $14.3M | $2.0M | ||
| Q2 25 | $23.5M | $26.3M | ||
| Q1 25 | $13.7M | $42.9M | ||
| Q4 24 | $14.7M | $1.5M | ||
| Q3 24 | $15.7M | $994.0K | ||
| Q2 24 | $17.1M | $1.1M | ||
| Q1 24 | $25.5M | $179.9M |
| Q4 25 | $239.7M | $389.3M | ||
| Q3 25 | $239.9M | $402.4M | ||
| Q2 25 | $240.5M | $401.3M | ||
| Q1 25 | $219.9M | $415.3M | ||
| Q4 24 | $243.8M | $421.1M | ||
| Q3 24 | $243.6M | $417.6M | ||
| Q2 24 | $242.9M | $397.2M | ||
| Q1 24 | $242.5M | $375.5M |
| Q4 25 | $340.0M | $530.2M | ||
| Q3 25 | $343.1M | $541.2M | ||
| Q2 25 | $345.8M | $533.7M | ||
| Q1 25 | $326.9M | $562.5M | ||
| Q4 24 | $341.5M | $725.8M | ||
| Q3 24 | $335.8M | $709.8M | ||
| Q2 24 | $341.8M | $697.0M | ||
| Q1 24 | $349.3M | $687.2M |
| Q4 25 | 0.06× | 0.00× | ||
| Q3 25 | 0.06× | 0.01× | ||
| Q2 25 | 0.10× | 0.07× | ||
| Q1 25 | 0.06× | 0.10× | ||
| Q4 24 | 0.06× | 0.00× | ||
| Q3 24 | 0.06× | 0.00× | ||
| Q2 24 | 0.07× | 0.00× | ||
| Q1 24 | 0.11× | 0.48× |
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 | $5.7M |
| 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 | $5.7M | ||
| Q3 25 | $18.2M | $53.4M | ||
| Q2 25 | $-5.1M | $11.1M | ||
| Q1 25 | $8.7M | $3.9M | ||
| Q4 24 | $1.0M | $30.6M | ||
| Q3 24 | $5.8M | $31.4M | ||
| Q2 24 | $14.9M | $39.1M | ||
| Q1 24 | $-3.9M | $50.6M |
| Q4 25 | $20.4M | — | ||
| Q3 25 | $14.8M | — | ||
| Q2 25 | $-7.8M | — | ||
| Q1 25 | $5.2M | $-11.6M | ||
| 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% | -21.1% | ||
| 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% | 28.2% | ||
| 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× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.28× | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
