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Side-by-side financial comparison of SmartRent, Inc. (SMRT) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
Waterstone Financial, Inc. is the larger business by last-quarter revenue ($37.2M vs $36.5M, roughly 1.0× SmartRent, Inc.). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs 3.1%). Waterstone Financial, Inc. produced more free cash flow last quarter ($23.0M vs $7.7M). Over the past eight quarters, Waterstone Financial, Inc.'s revenue compounded faster (7.1% CAGR vs -15.0%).
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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
SMRT vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $36.5M | $37.2M |
| Net Profit | $-3.2M | — |
| Gross Margin | 38.6% | — |
| Operating Margin | -10.9% | 27.0% |
| Net Margin | -8.9% | — |
| Revenue YoY | 3.1% | 16.7% |
| Net Profit YoY | 71.6% | — |
| EPS (diluted) | $-0.02 | $0.43 |
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 | $36.5M | $37.2M | ||
| Q3 25 | $36.2M | $37.0M | ||
| Q2 25 | $38.3M | $38.0M | ||
| Q1 25 | $41.3M | $29.7M | ||
| Q4 24 | $35.4M | $31.8M | ||
| Q3 24 | $40.5M | $34.1M | ||
| Q2 24 | $48.5M | $37.2M | ||
| Q1 24 | $50.5M | $32.4M |
| Q4 25 | $-3.2M | — | ||
| Q3 25 | $-6.3M | $7.9M | ||
| Q2 25 | $-10.9M | $7.7M | ||
| Q1 25 | $-40.2M | $3.0M | ||
| Q4 24 | $-11.4M | — | ||
| Q3 24 | $-9.9M | $4.7M | ||
| Q2 24 | $-4.6M | $5.7M | ||
| Q1 24 | $-7.7M | $3.0M |
| Q4 25 | 38.6% | — | ||
| Q3 25 | 26.4% | — | ||
| Q2 25 | 33.1% | — | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 28.7% | — | ||
| Q3 24 | 33.2% | — | ||
| Q2 24 | 35.7% | — | ||
| Q1 24 | 38.5% | — |
| Q4 25 | -10.9% | 27.0% | ||
| Q3 25 | -19.4% | 26.6% | ||
| Q2 25 | -30.5% | 25.4% | ||
| Q1 25 | -99.9% | 13.1% | ||
| Q4 24 | -36.6% | 19.5% | ||
| Q3 24 | -29.0% | 17.3% | ||
| Q2 24 | -14.3% | 19.2% | ||
| Q1 24 | -20.1% | 14.7% |
| Q4 25 | -8.9% | — | ||
| Q3 25 | -17.3% | 21.4% | ||
| Q2 25 | -28.3% | 20.3% | ||
| Q1 25 | -97.2% | 10.2% | ||
| Q4 24 | -32.3% | — | ||
| Q3 24 | -24.5% | 13.9% | ||
| Q2 24 | -9.5% | 15.4% | ||
| Q1 24 | -15.2% | 9.4% |
| Q4 25 | $-0.02 | $0.43 | ||
| Q3 25 | $-0.03 | $0.45 | ||
| Q2 25 | $-0.06 | $0.43 | ||
| Q1 25 | $-0.21 | $0.17 | ||
| Q4 24 | $-0.06 | $0.28 | ||
| Q3 24 | $-0.05 | $0.26 | ||
| Q2 24 | $-0.02 | $0.31 | ||
| Q1 24 | $-0.04 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $104.5M | — |
| Total DebtLower is stronger | — | $412.3M |
| Stockholders' EquityBook value | $232.1M | $349.4M |
| Total Assets | $320.9M | $2.3B |
| Debt / EquityLower = less leverage | — | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.5M | — | ||
| Q3 25 | $100.0M | — | ||
| Q2 25 | $105.0M | — | ||
| Q1 25 | $125.6M | — | ||
| Q4 24 | $142.5M | — | ||
| Q3 24 | $163.4M | — | ||
| Q2 24 | $187.4M | — | ||
| Q1 24 | $204.7M | — |
| Q4 25 | — | $412.3M | ||
| Q3 25 | — | $469.1M | ||
| Q2 25 | — | $465.7M | ||
| Q1 25 | — | $395.9M | ||
| Q4 24 | — | $446.5M | ||
| Q3 24 | — | $560.1M | ||
| Q2 24 | — | $660.8M | ||
| Q1 24 | — | $634.2M |
| Q4 25 | $232.1M | $349.4M | ||
| Q3 25 | $234.4M | $345.5M | ||
| Q2 25 | $238.8M | $341.5M | ||
| Q1 25 | $250.7M | $341.4M | ||
| Q4 24 | $289.4M | $339.1M | ||
| Q3 24 | $305.1M | $342.0M | ||
| Q2 24 | $329.4M | $334.9M | ||
| Q1 24 | $333.1M | $338.0M |
| Q4 25 | $320.9M | $2.3B | ||
| Q3 25 | $335.8M | $2.3B | ||
| Q2 25 | $354.0M | $2.3B | ||
| Q1 25 | $366.1M | $2.2B | ||
| Q4 24 | $420.2M | $2.2B | ||
| Q3 24 | $448.6M | $2.2B | ||
| Q2 24 | $475.3M | $2.3B | ||
| Q1 24 | $485.5M | $2.2B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.88× |
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 | $7.7M | $24.2M |
| Free Cash FlowOCF − Capex | $7.7M | $23.0M |
| FCF MarginFCF / Revenue | 21.0% | 61.9% |
| Capex IntensityCapex / Revenue | 0.0% | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-25.1M | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.7M | $24.2M | ||
| Q3 25 | $-2.1M | $32.7M | ||
| Q2 25 | $-14.9M | $-38.4M | ||
| Q1 25 | $-12.2M | $26.7M | ||
| Q4 24 | $-12.0M | $48.1M | ||
| Q3 24 | $-3.7M | $74.1M | ||
| Q2 24 | $-13.9M | $-39.5M | ||
| Q1 24 | $-3.3M | $-9.9M |
| Q4 25 | $7.7M | $23.0M | ||
| Q3 25 | $-2.2M | $32.4M | ||
| Q2 25 | $-16.2M | $-38.5M | ||
| Q1 25 | $-14.3M | $26.5M | ||
| Q4 24 | $-13.3M | $47.0M | ||
| Q3 24 | $-3.9M | $73.9M | ||
| Q2 24 | $-14.1M | $-39.7M | ||
| Q1 24 | $-3.4M | $-10.3M |
| Q4 25 | 21.0% | 61.9% | ||
| Q3 25 | -6.1% | 87.5% | ||
| Q2 25 | -42.3% | -101.2% | ||
| Q1 25 | -34.7% | 89.2% | ||
| Q4 24 | -37.5% | 147.5% | ||
| Q3 24 | -9.7% | 216.9% | ||
| Q2 24 | -29.1% | -106.7% | ||
| Q1 24 | -6.7% | -31.9% |
| Q4 25 | 0.0% | 3.1% | ||
| Q3 25 | 0.2% | 0.8% | ||
| Q2 25 | 3.3% | 0.2% | ||
| Q1 25 | 5.3% | 0.9% | ||
| Q4 24 | 3.5% | 3.5% | ||
| Q3 24 | 0.6% | 0.6% | ||
| Q2 24 | 0.5% | 0.4% | ||
| Q1 24 | 0.1% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 15.67× | ||
| Q2 24 | — | -6.92× | ||
| Q1 24 | — | -3.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
WSBF
Segment breakdown not available.
