SmartRent, Inc.

SMRT

TechnologySoftware - ApplicationNYSE

$1.11

Market Cap: $214.05M

SmartRent, Inc. (SMRT) Valuation Summary

Updated Apr 16, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.06 – $3.00	$0.06	-95.7%
▸ Trading Multiples
EV/Revenue	$1.23 – $4.74	$2.46	+67.3%

Valuation History

DCF Analysis

SmartRent, Inc. (SMRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.06

Market Price

$1.11

Upside / Downside

-94.6%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -24.7% to a target of 10.1% over 5 years, discounted at a WACC of 8.9%, SmartRent, Inc. (SMRT) has an intrinsic value of $0.06 per share (range: $0.06 – $3.00).

Key Assumptions

Current Operating Margin

-24.7%

Target Operating Margin

10.1%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.4%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	160	4.8%	-17.8%	-28	-28	3	(4)	23	-53	-51
2027	198	24.1%	-10.8%	-21	-21	4	(6)	20	-44	-39
2028	371	87.2%	-3.9%	-14	-14	7	(13)	91	-112	-90
2029	402	8.3%	3.1%	12	10	7	(16)	16	-15	-11
2030	435	8.3%	10.1%	44	35	8	(18)	18	6	4
2031	467	7.4%	10.1%	47	37	8	(21)	17	7	4
2032	498	6.6%	10.1%	50	40	9	(25)	16	8	5
2033	526	5.7%	10.1%	53	42	9	(28)	15	9	5
2034	551	4.8%	10.1%	55	44	10	(31)	13	9	5
2035	573	3.9%	10.1%	58	46	10	(34)	11	10	5

Enterprise Value Bridge

Sum of PV(FCFF)-164

Terminal Value (Gordon Growth at 3.0%)177

PV of Terminal Value79

Enterprise Value-85

(–) Net Debt-97

Equity Value12

(÷) Shares Outstanding190

Fair Value per Share$0.06

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
6.9%	$-1	$-1	$0	$2	$3
7.9%	$-1	$-1	$0	$1	$2
8.9%	$-1	$-1	$0	$1	$2
9.9%	$-1	$-1	$-0	$1	$1
10.9%	$-1	$-1	$-0	$1	$1

Current price: $1.11. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 52.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.46

Market Price

$1.11

Upside / Downside

+121.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), SmartRent, Inc. (SMRT) has a fair value of $2.46 based on 9 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
SmartRent, Inc.SMRT	211	0.7x	0.6x
ON24, Inc.ONTF	348	2.3x	2.1x
A2Z Cust2Mate Solutions Corp.AZ	310	37.8x	23.2x
8x8, Inc.EGHT	269	0.8x	0.8x
Asure Software, Inc.ASUR	253	2.2x	2.2x
Marti Technologies, Inc.MRT	185	6.7x	15.9x
Unisys CorporationUIS	178	0.3x	0.3x
ReposiTrak, Inc.TRAK	143	5.1x	5.6x
Waldencast plcWALD	125	0.9x	1.0x
ALT5 Sigma CorporationALTS	122	5.3x	5.9x
Industry Median		2.3x	2.2x
(*) Revenue		152	179
= Enterprise Value		346	392
(-) Net Debt		-97	-97
Equity Value		444	489
(/) Outstanding shares		190	190
Fair Price		$2	$3

Selected Fair Value (avg of trailing + forward)

$2.46

+121.6%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.06 – $3.00

$0.06

-95.7%

▸ Trading Multiples

EV/Revenue

$1.23 – $4.74

$2.46

+67.3%

DCF Analysis

SmartRent, Inc. (SMRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.06

Market Price

$1.11

Upside / Downside

-94.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-24.7%

Target Operating Margin

10.1%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.4%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	160	4.8%	-17.8%	-28	-28	3	(4)	23	-53	-51
2027	198	24.1%	-10.8%	-21	-21	4	(6)	20	-44	-39
2028	371	87.2%	-3.9%	-14	-14	7	(13)	91	-112	-90
2029	402	8.3%	3.1%	12	10	7	(16)	16	-15	-11
2030	435	8.3%	10.1%	44	35	8	(18)	18	6	4
2031	467	7.4%	10.1%	47	37	8	(21)	17	7	4
2032	498	6.6%	10.1%	50	40	9	(25)	16	8	5
2033	526	5.7%	10.1%	53	42	9	(28)	15	9	5
2034	551	4.8%	10.1%	55	44	10	(31)	13	9	5
2035	573	3.9%	10.1%	58	46	10	(34)	11	10	5

Enterprise Value Bridge

Sum of PV(FCFF)-164

Terminal Value (Gordon Growth at 3.0%)177

PV of Terminal Value79

Enterprise Value-85

(–) Net Debt-97

Equity Value12

(÷) Shares Outstanding190

Fair Value per Share$0.06

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
6.9%	$-1	$-1	$0	$2	$3
7.9%	$-1	$-1	$0	$1	$2
8.9%	$-1	$-1	$0	$1	$2
9.9%	$-1	$-1	$-0	$1	$1
10.9%	$-1	$-1	$-0	$1	$1

Current price: $1.11. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 52.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.46

Market Price

$1.11

Upside / Downside

+121.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), SmartRent, Inc. (SMRT) has a fair value of $2.46 based on 9 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
SmartRent, Inc.SMRT	211	0.7x	0.6x
ON24, Inc.ONTF	348	2.3x	2.1x
A2Z Cust2Mate Solutions Corp.AZ	310	37.8x	23.2x
8x8, Inc.EGHT	269	0.8x	0.8x
Asure Software, Inc.ASUR	253	2.2x	2.2x
Marti Technologies, Inc.MRT	185	6.7x	15.9x
Unisys CorporationUIS	178	0.3x	0.3x
ReposiTrak, Inc.TRAK	143	5.1x	5.6x
Waldencast plcWALD	125	0.9x	1.0x
ALT5 Sigma CorporationALTS	122	5.3x	5.9x
Industry Median		2.3x	2.2x
(*) Revenue		152	179
= Enterprise Value		346	392
(-) Net Debt		-97	-97
Equity Value		444	489
(/) Outstanding shares		190	190
Fair Price		$2	$3

Selected Fair Value (avg of trailing + forward)

$2.46

+121.6%