Latest Ratios: P/E Ratio -17.6x · 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 | $307M | $383M | $349M | $640M | $475M | $1.9B | — | — |
| Enterprise Value | $209M | $286M | $213M | $426M | $265M | $1.4B | — | — |
| P/E Ratio → | -17.61 | — | — | — | — | — | — | — |
| P/S Ratio | 1.96 | 2.52 | 1.99 | 2.70 | 2.83 | 16.96 | — | — |
| P/B Ratio | 1.30 | 1.65 | 1.20 | 1.87 | 1.30 | 4.17 | — | — |
| P/FCF | 111.17 | — | — | 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 | -159.10 | -159.10 | — | — | — | -287.54 | -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 | 0.9% | — | — | 0.3% | — | — | — | — |
| Buyback Yield | 1.6% | 1.3% | 8.2% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.6% | 1.3% | 8.2% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $190M | $199M | $201M | $196M | $194M | $10M | $921000 |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SMRT stock.
SmartRent, Inc.'s current P/E ratio is -17.6x. 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 -17.6x. 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.
Key Metrics
Top Statement Risk
Cash burn outpacing revenue recovery
Metrics are mathematically derived from official filings.
Loss-Making Multiple Rests on Recovery Hope
SmartRent trades at 1.67 times sales and 1.08 times book while posting a negative trailing P/E of -4.12, which according to current market multiples suggests investors are pricing a margin recovery rather than paying for demonstrated earnings power.
The 1.08x price/book sits near Resideo's 0.93x and far below Arlo's 11.24x, but roughly $92.3M of the $225.1M equity base is goodwill, implying an effective multiple closer to 1.8x tangible book if that intangible is set aside. EBITDA- and FCF-based multiples are unavailable in the supplied data, so the sales and book multiples carry the entire valuation argument while operating margin remains at -16.2% and free cash flow margin at -4.8%.
Returns Remain Negative Despite Improvement
SmartRent's ROIC has been negative in all ten quarters, from -21.7% in 2025Q1 to -3.5% in 2026Q2, while peers ARLO and REZI posted 35.9% and 9.5% respectively, based on the peer and ratio data compiled here.
The gradual narrowing from the -21.7% trough appears driven by gross margin recovery to 40.7% rather than capital efficiency, since asset turnover only moved from 0.08 to 0.13 over the same window. ROE of -2.5% is less negative than ROIC mainly because the equity base is unencumbered (D/E of 0.02), so the shortfall reflects operating losses, not financing drag; the -64.2x interest coverage figure carries little meaning when operating income is negative.
Cycle Tightens but Suppliers Stay Unleveraged
The cash conversion cycle shortened to 141 days in 2026Q2 from 256 days in 2024Q4, driven mainly by DSO falling to 85 days from 159, yet it remains far longer than a typical software peer, according to SmartRent's reported quarterly ratio series.
The improvement looks genuine on the receivable side but the payables side shows little supplier leverage: DPO has hovered between 21 and 49 days and returned to 33, meaning SmartRent collects far slower than it pays. With inventory at 88 days of cost and asset turnover at only 0.13, the company still self-funds a long working capital cycle, which may help explain why operating losses translate into cash burn.
Ample Ratios on a Shrinking Cushion
SmartRent's current ratio of 3.80 and quick ratio of 3.30 in 2026Q2 appear ample, but inventory of 88 days of cost and a cash balance down 55% over ten quarters suggest the cushion is narrowing, based on SmartRent's reported balance sheet and ratio data.
The 0.50 gap between current and quick ratios indicates inventory is a meaningful but not dominant component of current assets, so a shock would be absorbed more through cash depletion than forced inventory liquidation. Under a stress reading, if the average quarterly cash decline of roughly $11M observed across the ten-quarter period persists alongside negative operating cash flow in nine of ten quarters, investors should monitor how many quarters of runway the remaining cash represents.
Profitability Gap Looks Structural, Not Cyclical
Against Arlo's 35.9% ROIC and 2.8% net margin and Resideo's 9.5% ROIC, SmartRent's -3.5% ROIC and -14.2% net margin place it closer to loss-making Opendoor, as shown in the peer comparison table, despite a comparable 1.08x price/book multiple.
The gap versus Arlo and Resideo appears structural rather than timing-related: both peers convert revenue to positive returns while SmartRent has yet to produce a single profitable quarter in the series, and its D/E of 0.02 reflects an absence of capital deployment rather than deliberate conservatism. The one area where SmartRent compares reasonably is against Opendoor on net margin, but with a 67% decline in deferred revenue, its forward pipeline position may be weaker than the trailing margin comparison suggests.
Sales Multiple Misreads Mixed Revenue Quality
The most misapplied metric here is the sales multiple: SmartRent's 1.67x P/S values revenue that carries only a 40.7% gross margin and a 67% decline in deferred revenue, according to SmartRent's reported statements, obscuring how little of that top line converts to profit.
A sales multiple implicitly assumes the revenue base is durable and high-margin recurring software, whereas the 40.7% gross margin and volatile top line imply a mixed-quality stream where a large share of each revenue dollar is consumed before overhead. A gross-profit-adjusted multiple or a deferred-revenue-normalized measure would be more informative, and should be paired with cash-based metrics given the unusual non-cash adjustments — including the -$7.1M stock-based compensation reversal — that flattered the 2025Q4 result. The negative trailing P/E of -4.12 is likewise non-meaningful and should not be read as a discount to peers.