MeritValue

SmartRent, Inc.

SMRTdata completeness 88%6 fiscal years on file
The thesis, from the filings

SmartRent, Inc. earns about -85% on invested capital, but has diluted owners by 154% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$110.6M1$167.8M2$236.8M3$174.9M3$152.3M3
Net income−$72M4−$96.3M5−$34.6M6−$33.6M6−$60.6M6
Operating cash flow−$70.4M7−$77.8M8$5.98M9−$32.9M9−$21.6M9
Capital expenditure$1.47M10$1.11M11$147,00012$1.77M12$3.55M12
Free cash flow (derived)−$71.8M7−$78.9M8$5.83M9−$34.7M9−$25.1M9
Total debt—————
Cash & equivalents$430.8M13$210.4M14$215.2M15$142.5M15$104.6M15
Diluted shares74.7M195.6M200.7M199.2M189.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$12.24
your share of equity
Profit it earned you last year
−$3.19
Free cash flow it threw off
−$1.32
Debt you’d be carrying
—

10 shares is a claim on $12.24 of net worth that earned you −$3.19 and generated −$1.32 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-85% avg · 5y
FY21 -305%FY22 -51%FY23 -16%FY24 -14%FY25 -37%

It earned an average -85% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+154% shares · 5y

Share count is up 154% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-025423 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-033086 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-089953 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-025423 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-033086 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-089953 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-025423 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-033086 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-089953 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-025423 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-033086 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-089953 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-24-025423 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-033086 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-089953 (CashAndCashEquivalentsAtCarryingValue)