What is SmartRent's return on invested capital?

SmartRent (SMRT) reported return on invested capital of -44.2% in Q4 2025.

What is the long-term trend for SmartRent's return on invested capital?

Over 3 years (2022 to 2025), SmartRent's return on invested capital has grown at a -27.4% compound annual growth rate (CAGR), from -115.8% to -44.2%.

What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

SmartRent SMRT Return on invested capital

Return on invested capital at other companies

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186%—

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3.6%+2.2pp

Mid-America Apartment CommunitiesMAA

10.2%-2.3pp

ItronITRI

14.8%0.0pp

AppFolioAPPF

36.1%+1.0pp

SND

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-0.9%-0.3pp

Other financials

Income statement

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Revenue$38.7M-6.4%

Gross profit$15.1M+11.5%

Operating income-$5.1M+87.7%

Net income-$4.4M+88.9%

EPS (diluted)-$0.02+90.5%

Balance sheet

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Cash & equivalents$98.8M-21.3%

Total debt$7.0M-7.8%

Total equity$230.7M-8.0%

Total assets$300.2M-18.0%

Cash flow

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Operating cash flow-$4.5M+62.7%

CapEx$30.0K-98.6%

Free cash flow-$4.6M+68.1%

Valuation

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Market cap$229.48M+23.5%

P/S1.5×+0.3×

Profitability

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Gross margin34.4%+1.5pp

Operating margin-18.6%-6.8pp

Net margin-16.6%-6.1pp

FCF margin-30.4%-43.6pp

Returns & leverage

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Return on equity-10.3%-3.6pp

Debt / equity0×0.0×

Current ratio3.9×+0.9×

Where this comes from

Calculated from SmartRent’s reported figures.

nopat/invested capital=-44.2%

Based on trailing twelve months.

The official record: SmartRent’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is SmartRent's return on invested capital?: SmartRent (SMRT) reported return on invested capital of -44.2% in Q4 2025.
What is the long-term trend for SmartRent's return on invested capital?: Over 3 years (2022 to 2025), SmartRent's return on invested capital has grown at a -27.4% compound annual growth rate (CAGR), from -115.8% to -44.2%.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.