Smartrent, Inc. (SMRT)
NYSE:SMRT
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SmartRent
(NYSE:SMRT)
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Rating:54Neutral
Price Target:
$1.50
▼(-4.46% Downside)
Action:ReiteratedDate:03/05/26
The score is held back mainly by weak financial performance (persistent losses and inconsistent cash generation) and limited valuation support due to negative earnings. Offsetting factors include a relatively strong balance sheet and a more constructive earnings-call outlook pointing to margin/expense improvements and targeted profitability and free-cash-flow positivity in 2026, while technicals are modestly supportive but not strongly bullish.
Positive Factors
Balance Sheet Strength
A low‑leverage balance sheet with roughly $105M cash and sizable equity provides multi‑quarter runway to fund deployments, absorb continued losses, and invest in sales/implementation. This financial flexibility lowers bankruptcy risk and supports execution on multi‑year scale targets.
Negative Factors
Inconsistent Cash Generation
Volatile and often negative operating and free cash flow undermine the company’s ability to self‑fund rollouts and hire ahead of growth. Continued inconsistency increases reliance on cash reserves or financing, raising execution risk and potentially forcing tradeoffs between growth investments and profitability targets.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A low‑leverage balance sheet with roughly $105M cash and sizable equity provides multi‑quarter runway to fund deployments, absorb continued losses, and invest in sales/implementation. This financial flexibility lowers bankruptcy risk and supports execution on multi‑year scale targets.
Read all positive factors
SmartRent (SMRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$257.63M
Dividend YieldN/A
Average Volume (3M)806.68K
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue Growth-12.90%
EPS Growth-88.57%
CountryUS
Employees494
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.02
Shares Outstanding192,257,950
10 Day Avg. Volume757,106
30 Day Avg. Volume806,678
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.65
Price to Sales (P/S)2.52
P/FCF Ratio-15.25
Enterprise Value/Market Cap0.62
Enterprise Value/Revenue1.05
Enterprise Value/Gross Profit3.22
Enterprise Value/Ebitda-5.45
Forecast
1Y Price Target
$2.00Price Target Upside27.39% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.07
Revenue Forecast (FY)$166.47M
SmartRent Business Overview & Revenue Model
Company Description
SmartRent, Inc., an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. Its solution...
How the Company Makes Money
SmartRent makes money primarily by selling and deploying smart building hardware and by charging recurring software and services fees tied to its platform. Key revenue streams generally include: (1) Product (hardware) revenue from the sale of devi...
SmartRent Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down SmartRent's income across different business areas, highlighting which segments drive growth and profitability.
Breaks down SmartRent's income across different business areas, highlighting which segments drive growth and profitability.
Data provided by:
The Fly
The FlySmartRent Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented a constructive operational turnaround: Q4 delivered the first YoY revenue growth in seven quarters, meaningful gross margin expansion, reduced operating expenses and a move to positive adjusted EBITDA on a run-rate basis, supported by a strong liquidity position (~$105M cash). Management laid out a clear Vision 2028 with aggressive scale targets (1M installed units in 4–5 quarters; >1.2M by 2028) and expects full-year 2026 adjusted EBITDA and free cash flow positivity. Key risks include a full-year revenue decline in 2025 (-13%), a larger full-year adjusted EBITDA loss, decreasing non-cash hub amortization (which changes revenue mix), deployment timing variability, and some pressure in units-booked ARPU in the quarter. Overall, the operational improvements, cost savings (> $30M annualized), strong cash position, and trajectory toward profitable growth outweigh the near-term mix and timing headwinds.Positive Updates
Return to Year-over-Year Revenue Growth
Q4 total revenue of $36.5M, up ~3% YoY (first YoY growth in seven quarters). Core revenue (total less hub amortization) grew ~12% YoY in Q4 to ~$33.8M, indicating underlying business momentum.
Negative Updates
Full-Year Revenue Decline
Full-year total revenue was $152.3M, down ~13% YoY, largely driven by the company's transition away from bulk hardware transactions and timing differences in customer implementations.
Read all updates
Q4-2025 Updates
Positive
Negative
Return to Year-over-Year Revenue Growth
Q4 total revenue of $36.5M, up ~3% YoY (first YoY growth in seven quarters). Core revenue (total less hub amortization) grew ~12% YoY in Q4 to ~$33.8M, indicating underlying business momentum.
Read all positive updates
Company Guidance
Management guided that 2026 will be a return to profitable, growth‑oriented performance driven by double‑digit ARR growth, with the company targeting adjusted EBITDA and free cash flow positivity on a full‑year basis and a march to 1,000,000 installed units within four‑to‑five quarters as part of a double‑digit CAGR to >1.2M installed units by exit‑2028. Key metrics cited include ARR just under $62M (≈40% of revenue), Q4 total revenue $36.5M (+3% YoY) and FY revenue $152.3M (‑13% YoY), Q4 SaaS $15.4M / FY SaaS $57.8M (+12% YoY), core Q4 revenue ~$33.8M (+~12% YoY), hub amortization FY25 $15.4M (expected < $5M in 2026), Q4 gross margin 38.6% (+990 bps YoY) with hosted services margin 75.7%, Q4 OpEx $18M (‑22% YoY) and FY OpEx $88.9M (‑13% YoY), Q4 adjusted EBITDA ≈+$0.2M (improved 103%), Q4 net loss $3.2M (FY net loss $0.6M, including a $24.9M goodwill charge), cash ~$105M with no debt under the $75M facility, annualized cost savings >$30M, Q4 SaaS ARPU $5.83 (+3% YoY) and units‑booked ARPU trends disclosed, while management is roughly doubling the sales organization and expects to leverage existing ~600 customers and a deployed footprint of ~890,000 rental units (maintenance/leasing reach >1.2M units, >3M IoT devices across ~3,500 properties) to drive the plan.SmartRent Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 152.33M | 174.88M | 236.84M | 167.82M | 110.64M |
| Gross Profit | 49.87M | 60.34M | 49.53M | 1.35M | -10.07M |
| EBITDA | -29.44M | -35.28M | -37.63M | -99.99M | -71.19M |
| Net Income | -60.56M | -33.64M | -34.59M | -96.32M | -71.96M |
Balance Sheet | |||||
| Total Assets | 320.93M | 420.18M | 509.76M | 560.85M | 579.68M |
| Cash, Cash Equivalents and Short-Term Investments | 104.55M | 142.48M | 215.21M | 210.41M | 430.84M |
| Total Debt | 7.41M | 7.02M | 1.31M | 0.00 | 0.00 |
| Total Liabilities | 88.79M | 130.74M | 167.31M | 196.65M | 130.18M |
| Stockholders Equity | 232.14M | 289.44M | 342.45M | 364.20M | 449.50M |
Cash Flow | |||||
| Free Cash Flow | -25.13M | -40.51M | 2.21M | -82.15M | -71.85M |
| Operating Cash Flow | -21.57M | -32.91M | 5.98M | -77.83M | -70.38M |
| Investing Cash Flow | -8.63M | -7.60M | -6.02M | -133.99M | -9.37M |
| Financing Cash Flow | -7.44M | -32.96M | -1.91M | -2.80M | 473.93M |
SmartRent Technical Analysis
Positive
1.57
Price Trends
1.60
Negative
1.73
Negative
1.53
Positive
Market Momentum
-0.04
Negative
53.93
Neutral
71.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMRT, the sentiment is Positive. The current price of 1.57 is above the 20-day moving average (MA) of 1.49, below the 50-day MA of 1.60, and above the 200-day MA of 1.53, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 53.93 is Neutral, neither overbought nor oversold. The STOCH value of 71.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SMRT.
SmartRent Risk Analysis
SmartRent disclosed 53 risk factors in its most recent earnings report. SmartRent reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SmartRent Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $1.11B | -40.34 | -13.21% | ― | 13.03% | 7.07% | |
62 Neutral | $283.47M | 6.24 | -38.92% | 14.78% | -19.72% | 189.10% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $257.63M | -6.33 | -25.34% | ― | -12.90% | -88.57% |
* Technology Sector Average
SMRT
SmartRent
1.34
0.39
41.05%
PRCH
Porch Group
10.13
4.33
74.66%
MKTW
MarketWise
17.65
5.23
42.12%
SmartRent Corporate Events
Business Operations and StrategyFinancial Disclosures
SmartRent Returns to Growth With First Positive EBITDA
Positive
Mar 4, 2026
On March 4, 2026, SmartRent reported financial results for the fourth quarter and full year ended December 31, 2025, highlighting a return to year-over-year quarterly revenue growth and its first positive adjusted EBITDA in seven quarters. Fourth-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.