Tearsheet

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 47%
  Expensive valuation multiples
P/SPrice/Sales ratio is 18x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 41x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 103x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 76%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 74%
  Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51%
2   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1%
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 47%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 76%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 74%
2 Expensive valuation multiples
P/SPrice/Sales ratio is 18x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 41x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 103x
3 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51%
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1%

Market Valuation & Key Metrics

SAND Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
SAND Return-4%-14%-14%-3%12%119%69%
Peers Return38%-9%-6%-3%-0%79%102%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
SAND Win Rate25%42%42%42%58%89% 
Peers Win Rate37%35%38%40%37%71% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
SAND Max Drawdown-48%-24%-25%-16%-21%-1% 
Peers Max Drawdown-19%-22%-26%-19%-17%-0% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: B, FNV, FSM, NAMM, NEM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventSANDS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-52.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven108.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven607 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-49.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven97.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven45 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-36.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven58.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven98 days120 days

Compare to B, FNV, FSM, NAMM, NEM


In The Past

Sandstorm Gold's stock fell -52.0% during the 2022 Inflation Shock from a high on 6/10/2021. A -52.0% loss requires a 108.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Sandstorm Gold (SAND)

Better Bets than Sandstorm Gold (SAND)

Trade Ideas

Select past ideas related to SAND. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
AXTA_9302025_Dip_Buyer_FCFYield09302025AXTAAxalta Coating SystemsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.1%0.1%-7.8%
GPK_9302025_Dip_Buyer_ValueBuy09302025GPKGraphic PackagingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-17.9%-17.9%-17.9%
FCX_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025FCXFreeport-McMoRanMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
6.8%6.8%-0.9%
KWR_7312025_Dip_Buyer_FCFYield07312025KWRQuaker HoughtonDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
10.3%10.3%0.0%
TGLS_6302025_Quality_Momentum_RoomToRun_10%06302025TGLSTecnoglassQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
-23.9%-23.9%-23.9%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
AXTA_9302025_Dip_Buyer_FCFYield09302025AXTAAxalta Coating SystemsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.1%0.1%-7.8%
GPK_9302025_Dip_Buyer_ValueBuy09302025GPKGraphic PackagingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-17.9%-17.9%-17.9%
FCX_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025FCXFreeport-McMoRanMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
6.8%6.8%-0.9%
KWR_7312025_Dip_Buyer_FCFYield07312025KWRQuaker HoughtonDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
10.3%10.3%0.0%
TGLS_6302025_Quality_Momentum_RoomToRun_10%06302025TGLSTecnoglassQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
-23.9%-23.9%-23.9%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Sandstorm Gold

Financials

SANDBFNVFSMNAMMNEMMedian
NameSandstor.Barrick .Franco-N.Fortuna .Namib Mi.Newmont  
Mkt Price-33.06188.908.261.9282.3133.06
Mkt Cap3.656.736.42.5-90.336.4
Rev LTM19413,8241,3341,098-21,5031,334
Op Inc LTM905,351911322-9,359911
FCF LTM143--938238-6,122191
FCF 3Y Avg-64-42113-2,63677
CFO LTM148-1,176437-9,224806
CFO 3Y Avg140-1,017324-5,616670

Growth & Margins

SANDBFNVFSMNAMMNEMMedian
NameSandstor.Barrick .Franco-N.Fortuna .Namib Mi.Newmont  
Rev Chg LTM13.9%16.9%18.1%26.8%-26.6%18.1%
Rev Chg 3Y Avg15.4%5.9%0.7%16.8%-23.9%15.4%
Rev Chg Q24.3%16.4%42.0%47.4%-20.0%24.3%
QoQ Delta Rev Chg LTM5.5%3.9%8.9%7.2%-4.5%5.5%
Op Mgn LTM46.6%38.7%68.3%29.4%-43.5%43.5%
Op Mgn 3Y Avg39.6%29.4%63.5%19.4%-23.9%29.4%
QoQ Delta Op Mgn LTM2.8%3.2%1.6%2.9%-4.5%2.9%
CFO/Rev LTM76.4%-88.1%39.8%-42.9%59.6%
CFO/Rev 3Y Avg78.4%-82.3%36.2%-32.6%57.3%
FCF/Rev LTM73.9%--70.3%21.7%-28.5%25.1%
FCF/Rev 3Y Avg-40.7%-6.5%10.5%-13.8%8.5%

Valuation

SANDBFNVFSMNAMMNEMMedian
NameSandstor.Barrick .Franco-N.Fortuna .Namib Mi.Newmont  
Mkt Cap3.656.736.42.5-90.336.4
P/S18.44.127.32.3-4.24.2
P/EBIT40.89.936.38.1-8.69.9
P/E103.220.546.416.1-12.620.5
P/CFO24.0-31.05.8-9.816.9
Total Yield1.4%5.8%2.7%6.2%-9.2%5.8%
Dividend Yield0.5%0.9%0.5%0.0%-1.2%0.5%
FCF Yield 3Y Avg-5.8%-0.4%5.4%-3.6%2.0%
D/E0.10.00.00.1-0.10.1
Net D/E0.10.0-0.0-0.1--0.0-0.0

Returns

SANDBFNVFSMNAMMNEMMedian
NameSandstor.Barrick .Franco-N.Fortuna .Namib Mi.Newmont  
1M Rtn-0.9%-15.3%-7.8%-41.6%-2.4%-7.8%
3M Rtn-57.4%18.8%28.1%-51.5%33.0%28.1%
6M Rtn-82.0%14.5%38.8%-61.1%50.0%
12M Rtn-68.6%40.0%61.6%-78.9%65.1%
3Y Rtn-136.8%57.8%197.1%-112.8%124.8%
1M Excs Rtn--3.6%-16.7%-8.7%-40.9%-5.9%-8.7%
3M Excs Rtn-46.2%7.7%19.9%-64.3%22.6%19.9%
6M Excs Rtn-60.2%-7.2%17.1%-39.4%28.2%
12M Excs Rtn-52.1%23.1%44.2%-56.5%48.1%
3Y Excs Rtn-56.5%-17.5%116.1%-34.0%45.2%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Other3637219 
Cerro Moro, Argentina2628   
Mercedes, Mexico2515   
Antamina, Peru154   
Chapada, Brazil1316151011
Caserones, Chile123   
Aurizona, Brazil1071093
Relief Canyon, United States911107 
Bonikro, Côte d'Ivoire95   
Fruta del Norte, Ecuador8763 
Vale Royalties, Brazil684  
Houndé, Burkina Faso66496
Blyvoor, South Africa43   
Diavik, Canada  836
Other Royalties  11 7
Yamana silver stream  251915
Black Fox   44
Bracemac-McLeod   33
Karma   88
Santa Elena   1013
Bachelor Lake    9
Ming    4
Total1801491159389


Assets by Segment
$ Mil20242023202220212020
Investments259130294784
Other25528510890 
Hod Maden20720769102122
Platreef187187   
Antamina, Peru186340   
Vale Royalties, Brazil115117121  
Greenstone107107   
Blyvoor, South Africa104106   
Other assets883861110
Horne 57979   
Caserones, Chile7883   
Mercedes, Mexico5265   
Chapada, Brazil4447505356
Hugo North Extension and Heruga3535575235
Bonikro, Côte d'Ivoire3035   
Houndé, Burkina Faso2830313338
Fruta del Norte, Ecuador2729313333
Relief Canyon, United States2014192426
Cerro Moro, Argentina1526   
Aurizona, Brazil1010111212
Cash and cash equivalents57161147
Diavik, Canada  81121
Vatukoula, Fiji  28  
Yamana silver stream  384858
Black Fox   78
Bracemac-McLeod   24
Karma   913
Santa Elena   22
Deferred income tax assets    4
Ming    9
Other Royalties    80
Total1,9311,975621650623


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity3,759,639
Short Interest: % Change Since 9302025-21.8%
Average Daily Volume6,040,864
Days-to-Cover Short Interest1
Basic Shares Quantity293,185,771
Short % of Basic Shares1.3%

SEC Filings

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Report DateFiling DateFiling
630202580720256-K 6/30/2025
331202550620256-K 3/31/2025
12312024331202540-F 12/31/2024
9302024110720246-K 9/30/2024
630202480120246-K 6/30/2024
331202450220246-K 3/31/2024
12312023327202440-F 12/31/2023
9302023110620236-K 9/30/2023
630202380320236-K 6/30/2023
331202351020236-K 3/31/2023
12312022323202340-F 12/31/2022
9302022110720226-K 9/30/2022
630202281120226-K 6/30/2022
331202251120226-K 3/31/2022
12312021331202240-F 12/31/2021
9302021110320216-K 9/30/2021

Insider Activity

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