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Side-by-side financial comparison of FGI Industries Ltd. (FGI) and SmartRent, Inc. (SMRT). Click either name above to swap in a different company.
SmartRent, Inc. is the larger business by last-quarter revenue ($36.5M vs $30.5M, roughly 1.2× FGI Industries Ltd.). FGI Industries Ltd. runs the higher net margin — -8.6% vs -8.9%, a 0.3% gap on every dollar of revenue. On growth, SmartRent, Inc. posted the faster year-over-year revenue change (3.1% vs -14.4%). SmartRent, Inc. produced more free cash flow last quarter ($7.7M vs $2.3M). Over the past eight quarters, FGI Industries Ltd.'s revenue compounded faster (-0.5% CAGR vs -15.0%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.
FGI vs SMRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $36.5M |
| Net Profit | $-2.6M | $-3.2M |
| Gross Margin | 26.7% | 38.6% |
| Operating Margin | -2.2% | -10.9% |
| Net Margin | -8.6% | -8.9% |
| Revenue YoY | -14.4% | 3.1% |
| Net Profit YoY | -553.1% | 71.6% |
| EPS (diluted) | $-1.63 | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $30.5M | $36.5M | ||
| Q3 25 | $35.8M | $36.2M | ||
| Q2 25 | $31.0M | $38.3M | ||
| Q1 25 | $33.2M | $41.3M | ||
| Q4 24 | $35.6M | $35.4M | ||
| Q3 24 | $36.1M | $40.5M | ||
| Q2 24 | $29.4M | $48.5M | ||
| Q1 24 | $30.8M | $50.5M |
| Q4 25 | $-2.6M | $-3.2M | ||
| Q3 25 | $-1.7M | $-6.3M | ||
| Q2 25 | $-1.2M | $-10.9M | ||
| Q1 25 | $-629.1K | $-40.2M | ||
| Q4 24 | $-402.3K | $-11.4M | ||
| Q3 24 | $-550.1K | $-9.9M | ||
| Q2 24 | $163.6K | $-4.6M | ||
| Q1 24 | $-412.2K | $-7.7M |
| Q4 25 | 26.7% | 38.6% | ||
| Q3 25 | 26.5% | 26.4% | ||
| Q2 25 | 28.1% | 33.1% | ||
| Q1 25 | 26.8% | 32.8% | ||
| Q4 24 | 24.6% | 28.7% | ||
| Q3 24 | 25.8% | 33.2% | ||
| Q2 24 | 30.5% | 35.7% | ||
| Q1 24 | 27.4% | 38.5% |
| Q4 25 | -2.2% | -10.9% | ||
| Q3 25 | 1.0% | -19.4% | ||
| Q2 25 | -2.7% | -30.5% | ||
| Q1 25 | -3.9% | -99.9% | ||
| Q4 24 | -3.5% | -36.6% | ||
| Q3 24 | -0.2% | -29.0% | ||
| Q2 24 | -1.5% | -14.3% | ||
| Q1 24 | -1.0% | -20.1% |
| Q4 25 | -8.6% | -8.9% | ||
| Q3 25 | -4.6% | -17.3% | ||
| Q2 25 | -4.0% | -28.3% | ||
| Q1 25 | -1.9% | -97.2% | ||
| Q4 24 | -1.1% | -32.3% | ||
| Q3 24 | -1.5% | -24.5% | ||
| Q2 24 | 0.6% | -9.5% | ||
| Q1 24 | -1.3% | -15.2% |
| Q4 25 | $-1.63 | $-0.02 | ||
| Q3 25 | $-0.86 | $-0.03 | ||
| Q2 25 | $-0.64 | $-0.06 | ||
| Q1 25 | $-0.07 | $-0.21 | ||
| Q4 24 | $-0.38 | $-0.06 | ||
| Q3 24 | $-0.29 | $-0.05 | ||
| Q2 24 | $0.08 | $-0.02 | ||
| Q1 24 | $-0.04 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9M | $104.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $17.3M | $232.1M |
| Total Assets | $69.5M | $320.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $104.5M | ||
| Q3 25 | $1.9M | $100.0M | ||
| Q2 25 | $2.5M | $105.0M | ||
| Q1 25 | $1.2M | $125.6M | ||
| Q4 24 | $4.6M | $142.5M | ||
| Q3 24 | $3.0M | $163.4M | ||
| Q2 24 | $1.3M | $187.4M | ||
| Q1 24 | $3.3M | $204.7M |
| Q4 25 | $17.3M | $232.1M | ||
| Q3 25 | $19.7M | $234.4M | ||
| Q2 25 | $21.3M | $238.8M | ||
| Q1 25 | $21.8M | $250.7M | ||
| Q4 24 | $22.3M | $289.4M | ||
| Q3 24 | $23.5M | $305.1M | ||
| Q2 24 | $23.8M | $329.4M | ||
| Q1 24 | $23.9M | $333.1M |
| Q4 25 | $69.5M | $320.9M | ||
| Q3 25 | $73.0M | $335.8M | ||
| Q2 25 | $71.7M | $354.0M | ||
| Q1 25 | $68.5M | $366.1M | ||
| Q4 24 | $75.5M | $420.2M | ||
| Q3 24 | $74.7M | $448.6M | ||
| Q2 24 | $69.9M | $475.3M | ||
| Q1 24 | $68.6M | $485.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.3M | $7.7M |
| Free Cash FlowOCF − Capex | $2.3M | $7.7M |
| FCF MarginFCF / Revenue | 7.5% | 21.0% |
| Capex IntensityCapex / Revenue | 0.2% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | $-25.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $7.7M | ||
| Q3 25 | $-1.9M | $-2.1M | ||
| Q2 25 | $7.6M | $-14.9M | ||
| Q1 25 | $-7.4M | $-12.2M | ||
| Q4 24 | $617.4K | $-12.0M | ||
| Q3 24 | $-915.0K | $-3.7M | ||
| Q2 24 | $862.1K | $-13.9M | ||
| Q1 24 | $-8.0M | $-3.3M |
| Q4 25 | $2.3M | $7.7M | ||
| Q3 25 | $-2.1M | $-2.2M | ||
| Q2 25 | $7.4M | $-16.2M | ||
| Q1 25 | $-7.7M | $-14.3M | ||
| Q4 24 | $-214.1K | $-13.3M | ||
| Q3 24 | $-1.1M | $-3.9M | ||
| Q2 24 | $281.5K | $-14.1M | ||
| Q1 24 | $-8.6M | $-3.4M |
| Q4 25 | 7.5% | 21.0% | ||
| Q3 25 | -5.9% | -6.1% | ||
| Q2 25 | 23.8% | -42.3% | ||
| Q1 25 | -23.3% | -34.7% | ||
| Q4 24 | -0.6% | -37.5% | ||
| Q3 24 | -3.0% | -9.7% | ||
| Q2 24 | 1.0% | -29.1% | ||
| Q1 24 | -28.0% | -6.7% |
| Q4 25 | 0.2% | 0.0% | ||
| Q3 25 | 0.7% | 0.2% | ||
| Q2 25 | 0.7% | 3.3% | ||
| Q1 25 | 1.1% | 5.3% | ||
| Q4 24 | 2.3% | 3.5% | ||
| Q3 24 | 0.5% | 0.6% | ||
| Q2 24 | 2.0% | 0.5% | ||
| Q1 24 | 2.0% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.27× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
SMRT
| Hosted Services | $18.1M | 50% |
| Hardware Service | $12.5M | 34% |
| Smart Operations Solutions | $2.6M | 7% |
| Access Control | $2.0M | 5% |
| Other Smart Communities Solutions | $1.3M | 3% |
