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Side-by-side financial comparison of NELNET INC (NNI) 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 $33.5M, roughly 1.1× NELNET INC). NELNET INC runs the higher net margin — 172.3% vs -8.9%, a 181.1% gap on every dollar of revenue. On growth, NELNET INC posted the faster year-over-year revenue change (79.6% vs 3.1%). NELNET INC produced more free cash flow last quarter ($396.7M vs $7.7M). Over the past eight quarters, NELNET INC's revenue compounded faster (62.0% CAGR vs -15.0%).
Nelnet, Inc. is a United States–based conglomerate that primarily focuses on financial services including student and consumer loan origination and servicing. Additionally, the company operates an investing arm, an internet bank and has a 26% stake in Allo Fiber, a cable and internet provider. The company is headquartered in Lincoln, Nebraska.
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.
NNI vs SMRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $33.5M | $36.5M |
| Net Profit | $57.8M | $-3.2M |
| Gross Margin | 50.5% | 38.6% |
| Operating Margin | — | -10.9% |
| Net Margin | 172.3% | -8.9% |
| Revenue YoY | 79.6% | 3.1% |
| Net Profit YoY | -8.5% | 71.6% |
| EPS (diluted) | $1.62 | $-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 | $33.5M | $36.5M | ||
| Q3 25 | $23.2M | $36.2M | ||
| Q2 25 | $26.1M | $38.3M | ||
| Q1 25 | $24.7M | $41.3M | ||
| Q4 24 | $18.7M | $35.4M | ||
| Q3 24 | $16.6M | $40.5M | ||
| Q2 24 | $14.9M | $48.5M | ||
| Q1 24 | $12.8M | $50.5M |
| Q4 25 | $57.8M | $-3.2M | ||
| Q3 25 | $106.7M | $-6.3M | ||
| Q2 25 | $181.5M | $-10.9M | ||
| Q1 25 | $82.6M | $-40.2M | ||
| Q4 24 | $63.2M | $-11.4M | ||
| Q3 24 | $2.4M | $-9.9M | ||
| Q2 24 | $45.1M | $-4.6M | ||
| Q1 24 | $73.4M | $-7.7M |
| Q4 25 | 50.5% | 38.6% | ||
| Q3 25 | 29.6% | 26.4% | ||
| Q2 25 | 29.8% | 33.1% | ||
| Q1 25 | 30.5% | 32.8% | ||
| Q4 24 | 13.7% | 28.7% | ||
| Q3 24 | 0.1% | 33.2% | ||
| Q2 24 | 27.3% | 35.7% | ||
| Q1 24 | 15.3% | 38.5% |
| Q4 25 | — | -10.9% | ||
| Q3 25 | — | -19.4% | ||
| Q2 25 | — | -30.5% | ||
| Q1 25 | — | -99.9% | ||
| Q4 24 | 97.7% | -36.6% | ||
| Q3 24 | -13.4% | -29.0% | ||
| Q2 24 | 88.0% | -14.3% | ||
| Q1 24 | — | -20.1% |
| Q4 25 | 172.3% | -8.9% | ||
| Q3 25 | 460.5% | -17.3% | ||
| Q2 25 | 694.9% | -28.3% | ||
| Q1 25 | 334.4% | -97.2% | ||
| Q4 24 | 338.2% | -32.3% | ||
| Q3 24 | 14.4% | -24.5% | ||
| Q2 24 | 303.6% | -9.5% | ||
| Q1 24 | 574.4% | -15.2% |
| Q4 25 | $1.62 | $-0.02 | ||
| Q3 25 | $2.94 | $-0.03 | ||
| Q2 25 | $4.97 | $-0.06 | ||
| Q1 25 | $2.26 | $-0.21 | ||
| Q4 24 | $1.74 | $-0.06 | ||
| Q3 24 | $0.07 | $-0.05 | ||
| Q2 24 | $1.23 | $-0.02 | ||
| Q1 24 | $1.98 | $-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 | $296.0M | $104.5M |
| Total DebtLower is stronger | $7.8B | — |
| Stockholders' EquityBook value | $3.7B | $232.1M |
| Total Assets | $14.1B | $320.9M |
| Debt / EquityLower = less leverage | 2.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $296.0M | $104.5M | ||
| Q3 25 | $216.4M | $100.0M | ||
| Q2 25 | $225.8M | $105.0M | ||
| Q1 25 | $220.5M | $125.6M | ||
| Q4 24 | $194.5M | $142.5M | ||
| Q3 24 | $219.7M | $163.4M | ||
| Q2 24 | $145.5M | $187.4M | ||
| Q1 24 | $179.7M | $204.7M |
| Q4 25 | $7.8B | — | ||
| Q3 25 | $7.8B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | $8.3B | — | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $9.6B | — | ||
| Q1 24 | $10.6B | — |
| Q4 25 | $3.7B | $232.1M | ||
| Q3 25 | $3.7B | $234.4M | ||
| Q2 25 | $3.6B | $238.8M | ||
| Q1 25 | $3.4B | $250.7M | ||
| Q4 24 | $3.3B | $289.4M | ||
| Q3 24 | $3.3B | $305.1M | ||
| Q2 24 | $3.3B | $329.4M | ||
| Q1 24 | $3.3B | $333.1M |
| Q4 25 | $14.1B | $320.9M | ||
| Q3 25 | $13.9B | $335.8M | ||
| Q2 25 | $13.7B | $354.0M | ||
| Q1 25 | $14.2B | $366.1M | ||
| Q4 24 | $13.8B | $420.2M | ||
| Q3 24 | $14.1B | $448.6M | ||
| Q2 24 | $14.5B | $475.3M | ||
| Q1 24 | $15.4B | $485.5M |
| Q4 25 | 2.11× | — | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 2.21× | — | ||
| Q1 25 | 2.53× | — | ||
| Q4 24 | 2.48× | — | ||
| Q3 24 | 2.72× | — | ||
| Q2 24 | 2.90× | — | ||
| Q1 24 | 3.20× | — |
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 | $423.0M | $7.7M |
| Free Cash FlowOCF − Capex | $396.7M | $7.7M |
| FCF MarginFCF / Revenue | 1183.0% | 21.0% |
| Capex IntensityCapex / Revenue | 78.2% | 0.0% |
| Cash ConversionOCF / Net Profit | 7.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | $663.4M | $-25.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $423.0M | $7.7M | ||
| Q3 25 | $112.4M | $-2.1M | ||
| Q2 25 | $81.8M | $-14.9M | ||
| Q1 25 | $91.2M | $-12.2M | ||
| Q4 24 | $662.9M | $-12.0M | ||
| Q3 24 | $137.0M | $-3.7M | ||
| Q2 24 | $133.8M | $-13.9M | ||
| Q1 24 | $211.6M | $-3.3M |
| Q4 25 | $396.7M | $7.7M | ||
| Q3 25 | $100.8M | $-2.2M | ||
| Q2 25 | $78.1M | $-16.2M | ||
| Q1 25 | $87.8M | $-14.3M | ||
| Q4 24 | $642.0M | $-13.3M | ||
| Q3 24 | $132.6M | $-3.9M | ||
| Q2 24 | $123.1M | $-14.1M | ||
| Q1 24 | $188.3M | $-3.4M |
| Q4 25 | 1183.0% | 21.0% | ||
| Q3 25 | 435.0% | -6.1% | ||
| Q2 25 | 299.0% | -42.3% | ||
| Q1 25 | 355.6% | -34.7% | ||
| Q4 24 | 3438.0% | -37.5% | ||
| Q3 24 | 797.9% | -9.7% | ||
| Q2 24 | 829.2% | -29.1% | ||
| Q1 24 | 1473.7% | -6.7% |
| Q4 25 | 78.2% | 0.0% | ||
| Q3 25 | 50.4% | 0.2% | ||
| Q2 25 | 14.2% | 3.3% | ||
| Q1 25 | 13.7% | 5.3% | ||
| Q4 24 | 111.9% | 3.5% | ||
| Q3 24 | 26.7% | 0.6% | ||
| Q2 24 | 71.5% | 0.5% | ||
| Q1 24 | 181.7% | 0.1% |
| Q4 25 | 7.32× | — | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 10.50× | — | ||
| Q3 24 | 57.39× | — | ||
| Q2 24 | 2.97× | — | ||
| Q1 24 | 2.88× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NNI
Segment breakdown not available.
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% |
