$SMRT - Another undervalued software company

For reference I gave you $BLZE at $4 at the beggining of the year. Today it's at $20. Link to $BLZE analysis

SmartRent Analysis:

SmartRent sells smart-home/smart-building tech for multifamily landlords: locks, thermostats, access control, monitoring, community WiFi, and software. Just based on the ARR and the growth, the company should have an enterprise value of $375M(ARR*5.5). Which is around $4/share. Here are the numbers.

• Market Cap: ~$269M

• TTM Revenue: ~$151.2M

• Cash: $92.7M

• Debt: $0

• Enterprise Value: ~$176.5M

• P/S Ratio: ~1.8x

• EV/Sales: ~1.17x

• Revenue Growth: FY2025 -13%; Q2 2026 +4% YoY; Core Revenue +14% YoY

• ARR: $64.5M, +13% YoY

• Insider Ownership: 2.3% for current directors/executives at the latest proxy date. Insiders keep buying.

• Retention: 111% Customer NRR; 99% Property NRR

They are currently in around 930k units (homes/apartments). The partners that they work with control around 6M units. There is a lot of room for growth.

Disclaimer: I am long the stock.