Latest Ratios: P/E Ratio -3.5x · EV/EBITDA N/A · ROE -23.2%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $218M | $383M | $349M | $640M | $475M | $1.9B | — | — |
| Enterprise Value | $121M | $286M | $213M | $426M | $265M | $1.4B | — | — |
| P/E Ratio → | -3.53 | — | — | — | — | — | — | — |
| P/S Ratio | 1.43 | 2.52 | 1.99 | 2.70 | 2.83 | 16.96 | — | — |
| P/B Ratio | 0.92 | 1.65 | 1.20 | 1.87 | 1.30 | 4.17 | — | — |
| P/FCF | — | — | — | 289.96 | — | — | — | — |
| P/OCF | — | — | — | 107.04 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.88 | 1.22 | 1.80 | 1.58 | 13.07 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 193.08 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | 32.7% | 34.5% | 20.9% | 0.8% | -9.1% | -8.2% | -2.9% |
| Operating Margin | -24.7% | -24.7% | -23.9% | -18.2% | -62.1% | -64.8% | -68.0% | -67.4% |
| Net Profit Margin | -39.8% | -39.8% | -19.2% | -14.6% | -57.4% | -65.0% | -70.6% | -92.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -23.2% | -23.2% | -10.6% | -9.8% | -23.7% | -29.8% | -212.3% | -1883.5% |
| ROA | -16.3% | -16.3% | -7.2% | -6.5% | -16.9% | -21.1% | -49.1% | -70.5% |
| ROIC | -19.6% | -19.6% | -22.2% | -22.9% | -90.7% | -595.6% | — | — |
| ROCE | -12.4% | -12.4% | -11.3% | -10.5% | -22.2% | -24.7% | -73.5% | -93.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.02 | 0.00 | — | — | 0.15 | 9.95 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.42 | -0.47 | -0.62 | -0.58 | -0.96 | -1.02 | -2.10 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | -96.88 | — | — | — | — |
| Interest Coverage | -99.68 | -99.68 | — | — | — | -287.76 | -65.12 | — |
Net cash position: cash ($105M) exceeds total debt ($7M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.13 | 3.13 | 3.63 | 2.90 | 2.85 | 7.60 | 2.67 | 1.89 |
| Quick Ratio | 2.69 | 2.69 | 3.13 | 2.55 | 2.28 | 7.13 | 2.13 | 1.59 |
| Cash Ratio | 1.74 | 1.74 | 2.01 | 1.83 | 1.58 | 6.11 | 1.18 | 1.01 |
| Asset Turnover | — | 0.47 | 0.42 | 0.46 | 0.30 | 0.19 | 0.51 | 0.76 |
| Inventory Turnover | 3.84 | 3.84 | 3.25 | 4.51 | 2.20 | 3.63 | 3.22 | 5.93 |
| Days Sales Outstanding | — | 113.58 | 123.76 | 95.40 | 135.81 | 150.06 | 144.43 | 68.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | 0.3% | — | — | — | — |
| Buyback Yield | 2.2% | 1.3% | 8.2% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 2.2% | 1.3% | 8.2% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $190M | $199M | $201M | $196M | $194M | $10M | $921000 |
Persistent negative operating margins
Based on current market data, SmartRent trades at a price-to-sales ratio of 1.60, which appears to reflect a distressed growth profile as investors weigh the company's negative earnings against its historical role as a specialized provider of integrated property management technology solutions.
The lack of a meaningful P/E or EV/EBITDA multiple suggests that the market is currently unable to assign a value based on traditional earnings metrics. This valuation gap implies that investors are heavily discounting the firm's future growth potential until the company can demonstrate a clear path to positive operating leverage.
According to recent financial disclosures, SmartRent's ROIC has remained consistently negative, bottoming out at -21.7% in 2025Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its deployment of capital into hardware-heavy property management infrastructure.
The persistent negative returns on invested capital suggest that the firm's current business model is not yet generating sufficient margins to cover the cost of its asset base. This trend warrants further investigation into whether the company's high-friction installation model can ever achieve the efficiency required to generate positive economic profit.
As reported in quarterly filings, SmartRent's cash conversion cycle remains elevated at 154 days in 2026Q1, reflecting significant operational friction in managing inventory and accounts receivable within the institutional multifamily sector compared to more streamlined software-as-a-service peers.
The high days-in-inventory and days-sales-outstanding figures suggest that the company is carrying significant working capital burdens that tie up cash. This inefficiency appears to be a structural byproduct of the hardware-intensive nature of the business, which complicates the transition to a more scalable software-centric model.
Based on the most recent balance sheet data, SmartRent maintains a current ratio of 3.90, which provides a substantial liquidity cushion that appears sufficient to support the firm's ongoing operations despite the persistent cash burn observed over the last ten quarters.
While the liquidity position is healthy, the decline in cash reserves suggests that the company is consuming its capital base to fund its current operating model. Investors should monitor whether this liquidity buffer remains adequate if the company fails to reach an inflection point in its profitability trajectory.
The most commonly misapplied metric for SmartRent is the pure-play SaaS revenue multiple, which obscures the reality that a significant portion of the company's revenue is derived from low-margin hardware sales and labor-intensive professional services that do not carry the same scalability as software.
Applying a standard software valuation to SmartRent ignores the high-friction nature of its hardware-dependent customer acquisition strategy. A more appropriate approach would involve adjusting for the hardware-to-SaaS revenue mix to isolate the true recurring software value from the transactional, capital-intensive hardware business.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying SMRT stock.
SmartRent, Inc.'s current P/E ratio is -3.5x. This places it at the 50th percentile of its historical range.
SmartRent, Inc.'s return on equity (ROE) is -23.2%. The historical average is -51.6%.
Based on historical data, SmartRent, Inc. is trading at a P/E of -3.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SmartRent, Inc. has 32.7% gross margin and -24.7% operating margin.