<p>关于 Smart Sand (SND) 的最新动态源于其股价创下多年来的新高，持续的北方白色压裂砂及相关物流需求使投资者对该公司保持关注。</p>
<p>请查看我们对 Smart Sand 的最新分析。</p>
<p>股价飙升至 3.89 美元，标志着其令人印象深刻的表现，1 个月股价回报率为 86.12%，3 年总股东回报率为 168.58%，显示出动能正在稳步增强而非减弱。</p>
<p>如果这波支撑剂的上涨让你重新考虑你的投资策略，现在可能是探索高内部持股的快速增长股票作为潜在下一个机会的好时机。</p>
<p>尽管 Smart Sand 最近的利润 modest，但其股价已接近新高，关键问题是市场是否低估了其内在盈利能力，还是已经将数年的支撑剂驱动增长计入了价格。</p>
<h2>43.4 倍的市盈率：是否合理？</h2>
<p>Smart Sand 最近收盘价为 3.89 美元，市盈率高达 43.4 倍，使得该股票在同行中显得估值偏高。</p>
<p>市盈率将股价与公司的每股收益进行比较，是衡量投资者为每一美元利润支付多少的简单方法。对于像 Smart Sand 这样的周期性、资本密集型能源服务和支撑剂物流公司，这一指标通常反映了投资者对当前盈利能力在商品和活动周期中可持续性的看法。</p>
<p>在这种情况下，市场给 Smart Sand 赋予了一个看似超前于其近期盈利状况的溢价估值。该公司刚刚恢复盈利，股本回报率仅为 1.6%，报告的收益受到了一次性大额收益的影响，这表明投资者可能为尚未在历史数据中显现的正常盈利水平支付了溢价。</p>
<p>与基准相比，Smart Sand 的 43.4 倍市盈率显得格外突出，远高于美国能源服务行业平均的 18.3 倍和同行组平均的 21.8 倍。这一差距暗示市场正在预期比当前损益表上可见的更强劲或更具韧性的盈利。</p>
<p>查看这些数字对该价格的看法——在我们的估值分析中了解更多。</p>
<p><strong>结果：市盈率为 43.4 倍（被高估）</strong></p>
<p>然而，估值过高和对活跃压裂活动的依赖意味着，任何钻探放缓或价格压力都可能迅速打击当前的乐观情绪。</p>
<p>了解 Smart Sand 叙述中的关键风险。</p>
<h2>另一种观点：DCF 模型显示更高的定价</h2>
<p>虽然 43.4 倍的市盈率已经显得过高，但我们的 DCF 模型更为严厉。它建议的公允价值接近 0.53 美元，远低于当前的 3.89 美元股价。如果收益和现金流的视角都表明被高估，市场究竟在押注什么？</p>
<p>了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/1a600d62-1eb4-47af-9fd5-a2ed7cf24239/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/1a600d62-1eb4-47af-9fd5-a2ed7cf24239/chart/dcf"/></p>
<p>截至 2025 年 12 月的 SND 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 Smart Sand）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 905 只基于现金流的被低估股票。如果您保存了筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的 Smart Sand 叙述</h2>
<p>如果您对数字有不同看法或想要对自己的假设进行压力测试，您可以在几分钟内从头开始构建完整的叙述：按您的方式进行。</p>
<p>您对 Smart Sand 研究的一个很好的起点是我们的分析，强调 1 个关键回报和 2 个可能影响您投资决策的重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>聪明的投资决策很少来自于观察单一股票，因此请将您的研究付诸实践，使用专注的筛选器在其他人之前发现下一个机会。</p>
<ul>
<li>通过针对这些 905 只基于现金流的被低估股票，捕捉潜在的反转故事，这些股票的交易价格低于内在价值。</li>
<li>通过筛选这些 26 只具有动量和盈利能力的 AI 便士股票，寻找自动化和数据中的结构性趋势。</li>
<li>通过关注这些 15 只股息收益率超过 3% 的可靠支付者，增强您的收入基础。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

<p>Smart Sand (SND) 的股票因对压裂砂的强劲需求而达到多年高点，最近价格为 3.89 美元，市盈率高达 43.4 倍，显示出潜在的高估。尽管利润适中，但市场可能高估了未来的收益。折现现金流模型显示公允价值为 0.53 美元，强调了如果钻探放缓或价格压力出现的风险</p>

<p>The latest buzz around Smart Sand (SND) stems from its shares pushing to fresh multi year highs, as sustained demand for northern white fracking sand and related logistics keeps investors focused on the company.</p>
<div class="lb-trans"><p>关于 Smart Sand (SND) 的最新动态源于其股价创下多年来的新高，持续的北方白色压裂砂及相关物流需求使投资者对该公司保持关注。</p>
</div><p>See our latest analysis for Smart Sand.</p>
<div class="lb-trans"><p>请查看我们对 Smart Sand 的最新分析。</p>
</div><p>The surge to a $3.89 share price caps an impressive run, with an 86.12% 1 month share price return and a 168.58% 3 year total shareholder return signalling that momentum is firmly building rather than fading.</p>
<div class="lb-trans"><p>股价飙升至 3.89 美元，标志着其令人印象深刻的表现，1 个月股价回报率为 86.12%，3 年总股东回报率为 168.58%，显示出动能正在稳步增强而非减弱。</p>
</div><p>If this proppant rally has you rethinking your playbook, it could be a smart moment to explore fast growing stocks with high insider ownership as potential next wave opportunities.</p>
<div class="lb-trans"><p>如果这波支撑剂的上涨让你重新考虑你的投资策略，现在可能是探索高内部持股的快速增长股票作为潜在下一个机会的好时机。</p>
</div><p>With Smart Sand now trading near fresh highs despite modest recent profits, the key question is whether the market is underestimating its embedded earnings power or already pricing in years of proppant-fueled growth.</p>
<div class="lb-trans"><p>尽管 Smart Sand 最近的利润 modest，但其股价已接近新高，关键问题是市场是否低估了其内在盈利能力，还是已经将数年的支撑剂驱动增长计入了价格。</p>
</div><h2>Price-to-Earnings of 43.4x: Is it justified?</h2>
<div class="lb-trans"><h2>43.4 倍的市盈率：是否合理？</h2>
</div><p>Smart Sand's recent close at $3.89 comes with a lofty price-to-earnings ratio of 43.4x, putting the stock on a rich valuation footing versus peers.</p>
<div class="lb-trans"><p>Smart Sand 最近收盘价为 3.89 美元，市盈率高达 43.4 倍，使得该股票在同行中显得估值偏高。</p>
</div><p>The price-to-earnings multiple compares the share price to the company’s earnings per share, making it a simple way to gauge how much investors are paying for each dollar of profit. For a cyclical, capital intensive energy services and proppant logistics business like Smart Sand, this measure often reflects how sustainable investors believe current profitability will be through commodity and activity cycles.</p>
<div class="lb-trans"><p>市盈率将股价与公司的每股收益进行比较，是衡量投资者为每一美元利润支付多少的简单方法。对于像 Smart Sand 这样的周期性、资本密集型能源服务和支撑剂物流公司，这一指标通常反映了投资者对当前盈利能力在商品和活动周期中可持续性的看法。</p>
</div><p>In this case, the market is assigning Smart Sand a premium valuation that appears to run ahead of its recent earnings profile. The company has only just returned to profitability, its return on equity sits at a low 1.6 percent, and reported earnings have been flattered by a sizable one off gain, which suggests investors may be paying up for a level of normalized profitability that is not yet evident in the historical numbers.</p>
<div class="lb-trans"><p>在这种情况下，市场给 Smart Sand 赋予了一个看似超前于其近期盈利状况的溢价估值。该公司刚刚恢复盈利，股本回报率仅为 1.6%，报告的收益受到了一次性大额收益的影响，这表明投资者可能为尚未在历史数据中显现的正常盈利水平支付了溢价。</p>
</div><p>The premium stands out sharply when stacked against benchmarks, with Smart Sand’s 43.4x price-to-earnings multiple towering over both the US Energy Services industry average of 18.3x and the 21.8x peer group average. This gap implies the market is baking in meaningfully stronger or more resilient earnings than are currently visible on the income statement.</p>
<div class="lb-trans"><p>与基准相比，Smart Sand 的 43.4 倍市盈率显得格外突出，远高于美国能源服务行业平均的 18.3 倍和同行组平均的 21.8 倍。这一差距暗示市场正在预期比当前损益表上可见的更强劲或更具韧性的盈利。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看这些数字对该价格的看法——在我们的估值分析中了解更多。</p>
</div><p><strong>Result: Price-to-earnings of 43.4x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：市盈率为 43.4 倍（被高估）</strong></p>
</div><p>However, stretched valuation and reliance on buoyant frac activity mean that any slowdown in drilling or pricing pressure could quickly puncture the current optimism.</p>
<div class="lb-trans"><p>然而，估值过高和对活跃压裂活动的依赖意味着，任何钻探放缓或价格压力都可能迅速打击当前的乐观情绪。</p>
</div><p>Find out about the key risks to this Smart Sand narrative.</p>
<div class="lb-trans"><p>了解 Smart Sand 叙述中的关键风险。</p>
</div><h2>Another View: DCF Flags Even Richer Pricing</h2>
<div class="lb-trans"><h2>另一种观点：DCF 模型显示更高的定价</h2>
</div><p>While the 43.4x price to earnings ratio already looks stretched, our DCF model is even harsher. It suggests fair value closer to $0.53, well below the current $3.89 share price. If both earnings and cash flow lenses indicate overvaluation, what exactly is the market betting on?</p>
<div class="lb-trans"><p>虽然 43.4 倍的市盈率已经显得过高，但我们的 DCF 模型更为严厉。它建议的公允价值接近 0.53 美元，远低于当前的 3.89 美元股价。如果收益和现金流的视角都表明被高估，市场究竟在押注什么？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/1a600d62-1eb4-47af-9fd5-a2ed7cf24239/chart/dcf" alt="" original-src="https://images.simplywall.st/company/1a600d62-1eb4-47af-9fd5-a2ed7cf24239/chart/dcf"/></p>
<p>SND Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 SND 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Smart Sand for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 905 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 Smart Sand）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 905 只基于现金流的被低估股票。如果您保存了筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own Smart Sand Narrative</h2>
<div class="lb-trans"><h2>构建您自己的 Smart Sand 叙述</h2>
</div><p>If you see the numbers differently or want to stress test your own assumptions, you can build a full narrative from scratch in minutes: Do it your way.</p>
<div class="lb-trans"><p>如果您对数字有不同看法或想要对自己的假设进行压力测试，您可以在几分钟内从头开始构建完整的叙述：按您的方式进行。</p>
</div><p>A great starting point for your Smart Sand research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您对 Smart Sand 研究的一个很好的起点是我们的分析，强调 1 个关键回报和 2 个可能影响您投资决策的重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Smart moves rarely come from watching a single stock, so put your research to work and use focused screeners to spot the next opportunity before everyone else.</p>
<div class="lb-trans"><p>聪明的投资决策很少来自于观察单一股票，因此请将您的研究付诸实践，使用专注的筛选器在其他人之前发现下一个机会。</p>
</div><ul>
<li>Capture potential turnaround stories by targeting quality names trading below intrinsic value with these 905 undervalued stocks based on cash flows built from cash flow analysis.</li>
<li>Look for structural trends in automation and data by filtering for standout innovators through these 26 AI penny stocks with momentum and earnings strength.</li>
<li>Strengthen your income base by focusing on reliable payers using these 15 dividend stocks with yields &gt; 3% where yields clear the 3 percent hurdle.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过针对这些 905 只基于现金流的被低估股票，捕捉潜在的反转故事，这些股票的交易价格低于内在价值。</li>
<li>通过筛选这些 26 只具有动量和盈利能力的 AI 便士股票，寻找自动化和数据中的结构性趋势。</li>
<li>通过关注这些 15 只股息收益率超过 3% 的可靠支付者，增强您的收入基础。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

Smart Sand (SND)：在压裂砂需求强劲推动下股价达到多年高点，进行估值检查