Does Smart Sand, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Smart Sand, Inc. (SND) 23.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 11, balance-sheet safety 55, capital discipline 48.

Is SND stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $3.72 per share versus a recent price of $4.77 — 28% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has SND's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 23.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Smart Sand, Inc.

SND · Materials · $185.8M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 14.6% over 10y, variable.

Returns on capital11

Median ROIC 0.4%, above the 9% hurdle in 30% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline48

Owner earnings +3.2%/yr, share count flat.

Margin of safety

Above valueOn sale

28% above value

Owner earnings (normalized): $13.1M
Est. intrinsic value / share: $3.72
Recent price: $4.77
Discount to value: 28% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for SND yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale23.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SND has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#170 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#168ARQ ARQ, INC.24.0 out of 100, No moatNo moat
#169RCON Recon Technology, Ltd23.8 out of 100, No moatNo moat
#171RIG Transocean Ltd.23.4 out of 100, No moatNo moat
#172ALB Albemarle Corporation23.1 out of 100, No moatNo moat

Compare SND with its nearest peers →All Materials companies on the Index →

Common questions about SND

Does Smart Sand, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Smart Sand, Inc. (SND) 23.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 11, balance-sheet safety 55, capital discipline 48.
Is SND stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $3.72 per share versus a recent price of $4.77 — 28% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has SND's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 23.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SND. See the disclaimer.