Entrata, Inc.

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Investment Snapshot

S-1 All Filings

Symbol

ENT

Offer Range

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Shares Offered

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Total Shares Post-IPO

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Market Cap

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Target Price

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Implied Upside vs Midpoint

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Use of Proceeds

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Valuation & Price Target

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Company Description (Source)

Our mission is to create a better living experience in every residential community. Home is tied to life’s most important moments, whether forming a household, welcoming a child, starting a new job, navigating major life changes, or seeking a fresh start. Entrata’s technology empowers property owners and operators to run tens of thousands of thriving residential communities, delivering better experiences for millions of residents while strengthening the entire residential ecosystem. Multifamily real estate is one of the largest and most complex industries in the world comprising housing types such as conventional, student, and affordable, yet for decades it has relied on fragmented tools and legacy systems that are not built for such an essential part of everyday life. Entrata provides a modern and autonomous Operating System (“Operating System” or “OS”) that connects the broader residential ecosystem within a single platform, including owners, operators, residents, and vendors. The Entrata Operating System replaces legacy systems and disconnected point solutions across Customer Relationship Management (“CRM”), Enterprise Resource Planning (“ERP”), Property Operations, and Resident Engagement with one unified, end-to-end system customizable by customers that streamlines property operations, strengthens the resident experience from move-in to move-out, addresses regulatory requirements, and delivers portfolio-level intelligence. The industry’s largest and most complex operators run their communities on Entrata—Entrata’s customers include 4 of the top 10 operators on the National Multifamily Housing Council’s list of Top 50 Managers, including the 2 largest(1). The Entrata Operating System works as a single, cloud-native system of record for each customer that also serves as a system of context and a system of action. Entrata is built on a Unified Data Layer, enabling every stakeholder to operate on the same data and creating the foundation for fully automated property operations. We refer to our proprietary approach designed to automate the entire lifecycle as Autonomous Property Management® (“APM”). Across Entrata-powered communities, the Unified Data Layer processes over 4.5 billion daily system transactions, enabling each customer’s dedicated system of record. Our Unified Data Layer underpins Entrata Layered Intelligence (“ELI”), our embedded agentic artificial intelligence (“AI”) and automation engine, which powers agentic AI across operational domains such as leasing, payments, renewals, and maintenance, enabling both visible tasks and background system workflows. Our agentic layer enables autonomous operational workflows, allowing property managers to supervise AI-led operations. Through the use of our Operating System, our customers improve their operating efficiency, grow their business, and provide better living experiences for their residents. APM requires a depth of domain data, workflow context, and operational connectivity that general-purpose AI tools and vertical point solutions generally lack access to or receive in fragmented, delayed, and incomplete forms. We believe our purpose-built Operating System, which captures a customer’s real-time operational transactions, is uniquely positioned to deliver agentic automation at scale. This automation requires an end-to-end Operating System that captures system transactions across CRM, ERP, Property Operations, and Resident Engagement to enable a continuous stream of repeatable and highly interdependent workflows. Entrata is the control point that powers daily operations, maintains the real-time dataset, and orchestrates the workflows that drive the multifamily industry. While the Operating System supports a wide range of complex and interconnected capabilities with a single login user experience, usability is a core focus and is delivered through tailored experience layers for operators and residents. The Operations Experience Platform (“OXP”) provides guided workflows for operators that connect CRM, ERP, and Property Operations. The Resident Experience Platform (“RXP”), known by residents as Homebody, offers a mobile-first interface for resident services, financial wellness, and loyalty. Each additional unit, workflow, and stakeholder (consisting of owners, operators, residents, and vendors) strengthens our Operating System and expands the benefits and utility for each customer. As connected units increase, our data and AI models grow more complete, which accelerates automation, reduces costs, and improves net operating income for the operator. Residents benefit from a more seamless and personalized living experience, and vendors gain efficiency from operating within a single connected ecosystem. As operators and residents benefit together, satisfaction and retention improve, driving portfolio consolidation onto Entrata and further expanding the overall network. These dynamics reinforce Entrata as the system of record at the center of modern multifamily operations. Entrata pairs decades of multifamily experience with a technology-first approach built on innovation, agility, and rapid iteration. This combination of strengths allows us to deliver sophisticated functionality through a simple and intuitive product. This enterprise-grade, cloud-native foundation enables us to meet the full complexity of property operations while still prioritizing fast, intuitive implementation in ways that legacy systems and point solutions are not architected to replicate. We participate in what we believe is one of the largest, most durable, and least digitized markets of the U.S. economy—the rental property market, which accounts for approximately $1 trillion of annual rental spend(2). Within this broader landscape, our core focus is on the U.S. multifamily housing sector, which includes approximately 23.4 million units as of 2023(3). As of March 31, 2026, we powered 2.5 million units, or roughly 10% of the U.S. multifamily market, with particular strength among the largest and most complex enterprise operators, which we define as operators managing properties with units ranging from thousands to hundreds of thousands. Our ability to scale with enterprise customers is evidenced by our 233 customers with annualized recurring revenue (“ARR”) exceeding $500,000 as of December 31, 2025, compared to 183 such customers as of December 31, 2024, representing an increase of 27% in the customer count. These customers with ARR exceeding $500,000 represented 84% of total ARR as of December 31, 2025, compared to 81% of total ARR as of December 31, 2024. The combination of a large and mission-critical market that is heavily regulated, accelerating demand for automation, and our unified Operating System positions us to lead the industry’s next phase of transformation. - Since our founding in 2003 and the launch of our Operating System in 2015, we have rapidly scaled while delivering strong growth and improving profitability. Revenue grew from $412.0 million in 2024 to $509.3 million in 2025, an increase of 24%. We retain customers by building brand loyalty among our operators and creating positive experiences for our residents. This is evidenced by our gross retention of 99% and 97% as of December 31, 2024 and 2025, respectively. We intend to continue to prioritize efficient growth. We have historically invested in our product and go-to-market strategy and will continue to improve upon each. Our operating income grew from $52.5 million in 2024 to $82.6 million in 2025 and our non-GAAP operating income grew from $58.4 million in 2024 to $117.8 million in 2025. We have reached 13% and 16% operating margin in 2024 and 2025, respectively. In addition, we have reached 14% and 23% in non-GAAP operating margin in 2024 and 2025, respectively, reflecting the operating leverage inherent in our model. (1) Only includes operators for which data is available going back to 2020. National Multifamily Housing Council, NMHC Top 50 Managers. (2) Calculated by multiplying 46 million units by $1,742 average monthly rent times 12 months. Based on Entrata Internal Data as of December 31, 2025 and Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States. (3) National Multifamily Housing Council, Characteristics of Apartment Stock, Apartment Units by Number of Units in Structure. --- We were incorporated in 2003 as Property Solutions International, Inc., a Delaware corporation. In 2015, we changed our name to Entrata, Inc. Our principal executive offices are located at 4205 Chapel Ridge Road, Lehi, UT 84048, and our telephone number is (801) 375-5522. Our website address is www.entrata.com.

Competitor Set

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