IPO · Technology · Proposed listing on NYSE
Entrata IPO: how the business makes money
Entrata sells software that US apartment operators use to run their properties, earning $509.3 million of revenue in FY2025.
By Hardik Bhandare · Checked against filings:
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Entrata, Inc. · Lehi, Utah · Founded 2003
Based on the amended registration statement (Form S-1/A) dated .
Figures: from the preliminary prospectus (S-1), subject to change.
The company has publicly filed its registration statement (Form S-1 or F-1) with the SEC. No price range is set yet.
Last updated
- Revenue, FY2025
- $509.3M
- Net income, FY2025
- $50.7M
- Revenue, six months to Jun 30, 2026
- $294.6M
- Debt, Jun 30, 2026
- $388.9M
- Proposed listing
- NYSE: ENT
The short version
The Entrata IPO in 5 points
1 · What it sells
Entrata sells US apartment operators a cloud system for leasing, rent payments, accounting and maintenance, which with payment fees brought $437.7 million of revenue in FY2025; insurance and screening services added $71.6 million.
2 · Who pays it
Apartment operators hold the contracts: subscription-related fees were 86% of Entrata's FY2025 revenue, and Embedded Technology Solutions, including commissions from insurance partners, were 14%.
3 · What it keeps from $100
Of every $100 of FY2025 revenue, Entrata kept $10.0 as net income, after $3.1 of interest and $1.4 of other costs including a loss on repaying old debt; operating income was $82.6 million.
4 · Where the operating profit comes from
Entrata reports one segment, so its S-1/A does not split the $82.6 million of FY2025 operating income by product; gross profit was $60.1 per $100 of revenue, before $43.9 of sales, research and overhead.
5 · The one thing to watch
Entrata's cash flow statement shows $1.8 million of stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more in the six months to Jun 30, 2026, and its S-1/A says most restricted stock unit expense starts in the IPO quarter, in an amount it leaves blank.
Sources: From Entrata's S-1/A dated Sep 1, 2026 · checked
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01The business in one line
What does Entrata do?
Apartment operators pay Entrata per unit, per month, to run leasing, rent collection and accounting on its software; most of the money goes on running the service, sales and engineering, and what's left is profit.
- Contracts generally run 3 to 5 years. Customers must use Entrata's payment system for payments made through the software, which adds processing fees.
- Of every $100 of FY2025 revenue, $39.9 went on cost of revenue and $43.9 on sales, research and overhead. $10.0 was left as net income.
02The offer
What is the Entrata IPO?
- New shares sold by the company
- Not yet in the filing
- To list on
- NYSE
- Proposed ticker
- ENT
- Lock-up on existing holders
- 180 days
- New shares: Entrata itself sells all the shares, so the money, after underwriting costs, goes to the company. No existing stockholders are named as sellers.
- The underwriters get a 30-day option to buy extra Class A shares from Entrata. The S-1/A leaves that number blank.
- The number of shares, price range, money raised, discount and share count after the offering are all blank. A later amendment would add them.
- Buyers get Class A shares with 1 vote each. Class B shares, held by Silver Lake, CEO Adam Edmunds, President Chase Harrington and affiliated entities, carry 10 votes each.
- Entrata has applied to list on the NYSE under the ticker ENT. Goldman Sachs and J.P. Morgan are the representatives of the 12 underwriters.
Entrata, its officers and directors, and holders of substantially all its equity agree not to sell for 180 days after the prospectus date, with certain exceptions. Separate market standoff agreements also run 180 days.
Share classes and votes
- Underwriters
- 12 named in the S-1 (lead: Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC)
- Underwriter conflict of interest
- The S-1/A states no FINRA Rule 5121 conflict of interest. Certain underwriters or their affiliates are lenders under the Credit Agreement and may receive part of the money raised.
- Controlled company
- Entrata expects to be a "controlled company" under NYSE rules because the Silver Lake Stockholders will hold more than 50% of the votes; the exact percentage is blank. It intends to use certain exemptions and does not intend to have a nominating and corporate governance committee.
- Directed share programme
- The S-1/A describes a program reserving shares for directors, officers, certain employees and other associated persons. Goldman Sachs runs it. Its size is blank.
- Lead underwriters
- Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC
- Transfer agent
- Computershare Trust Company, N.A.
Learn: How to read an S-1: Anthropic's IPO registration statement · Dual-class shares: when votes and ownership don't match · IPO lock-up agreements: what they are and when they end
03Where the new money goes
What will Entrata do with the money it raises?
- General corporate purposes, including working capital, operating expenses and capital expendituresNo amount is in the filing yet. The S-1/A says management will have broad discretion over the money.Amount not fixed
- Possibly buying or investing in businesses, products, services or technologiesThe S-1/A says a portion may be used this way, and that it has no agreements or commitments for any material deal.Amount not fixed
- Paying tax withholding and remittance on the settlement of restricted stock units (RSUs)The S-1/A leaves the amount blank.Amount not fixed
- Possibly repaying debt under its Credit Agreement$400.0 million was borrowed under it, due Sep 30, 2032, at a 6.4% rate on Jun 30, 2026. Certain underwriters or their affiliates are lenders and may receive part of the money. The S-1/A states no lender share.Amount not fixed
The S-1/A gives no amounts and says management will have broad discretion. Certain underwriters or their affiliates lend under the Credit Agreement, so they may receive part of the money if that debt is repaid.
Only the shares the company sells raise money for it; money from shares sold by existing stockholders goes to them.
04Key dates
What are the key dates for the Entrata IPO?
Learn: IPO lock-up agreements: what they are and when they end
05What it sells
What does Entrata sell?
Operating System for operators (OXP)
Software for marketing, leasing, screening, accounting, budgeting, purchasing, maintenance and utilities. It is billed per unit per month, with most contracts including yearly price increases.
Resident app (RXP, Homebody)
Residents pay rent, book amenities and manage access through it. It also offers rent reporting, renters insurance and deposit alternatives.
Payment processing
A fixed fee per transaction, or a percentage on credit cards, plus a monthly fee for the payment system. The S-1/A counts it inside subscription-related revenue, which was $437.7 million in FY2025.
Embedded Technology Solutions
Renters insurance and resident screening, bundled with the software and sold to operators. They brought $71.6 million in FY2025.
AI tools (ELI, ELI+)
AI features for leasing, payments, renewals and maintenance. The company says ELI+, launched in 2024, was in over 40% of its most recent new-customer wins.
Think of it like this
Like a shared back office for an apartment building, billed per apartment each month instead of per staff login.
What it does
- Does: Runs leasing, accounting and maintenance for apartment operators
- Does: Processes rent payments made through its software
- Does: Earns fees and commissions on renters insurance and resident screening
What it does not do
- Does not: Carry insurance risk: its partners do the underwriting, and Entrata acts as agent
- Does not: Price per user or seat: pricing follows the number of units on the system
06Who pays it
Who pays Entrata?
Apartment operators: software and payment fees
86%
of revenue
Subscription-related revenue of $437.7 million in FY2025. It includes per-unit software fees, rent credit reporting, utility services and payment processing.
Operators and insurance partners: embedded services
14%
of revenue
Embedded Technology Solutions revenue of $71.6 million in FY2025. It includes insurance and resident screening fees, plus commissions from insurance partners.
- Apartment operators: software and payment fees86%
- Operators and insurance partners: embedded services14%
How spread out the customers are
No customer accounted for more than 10% of revenue in FY2024 or FY2025, or of receivables at either year-end. Revenue comes primarily from US customers; the S-1/A gives no split by country. According to the S-1/A, 4 of the top 10 and 10 of the top 50 operators on the National Multifamily Housing Council list use the Operating System.
07How the money flows · FY2025
How does money flow through Entrata?
Money in
- Revenue (software, payment and embedded service fees)$509M
The company
Entrata
$509M came in
Money out
- Cost of revenue (running the service)$203M
- Sales and marketing$85.7M
- Research and development$73.2M
- General and administrative$64.6M
- Interest$15.8M
- Other costs and a loss on repaying old debt$6.9M
- Tax$9.2M
- Net income$50.7M
- Customers paid Entrata $509.3 million in FY2025 (year to Dec 31, 2025).
- Running the service cost $203.1 million, leaving gross profit of $306.2 million.
- Sales and marketing took $85.7 million, research and development $73.2 million, and general and administrative $64.6 million. That left operating income of $82.6 million.
- Interest cost $15.8 million. Other costs, including a $4.2 million loss on repaying old debt, took $6.9 million, and tax $9.2 million.
- What was left, $50.7 million, was net income.
08Where the money goes · FY2025
Where does $100 of Entrata's money go?
Entrata · FY2025
Receipt for every $100
| Cost of revenue | $39.9 |
|---|---|
| Sales and marketing | $16.8 |
| Research and development | $14.4 |
| General and administrative | $12.7 |
| Interest | $3.1 |
| Other costs and debt repayment loss | $1.4 |
| Tax | $1.8 |
| Kept as net income | $10.0 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from S-1/A filed Sep 1, 2026: each line = line ÷ total money in (revenue; no other income is shown separately) × 100. Rounded, so the lines add to about 100.
09What it needs to run
What does Entrata need to run?
A card payment processor
Worldpay is the only processor for card payments in the US and Canada. The agreement expires in December 2026 and renews for 3 years unless either side gives 90 days' notice.
People
2,246 employees at Jun 30, 2026: 1,175 in the US and 1,071 elsewhere. Offices include Lehi and Logan in Utah, Plano in Texas, Pune, Amsterdam and Tel Aviv.
Insurance partners
Partners carry the underwriting risk on the insurance Entrata sells. Commissions can vary with volumes and how profitable the insurance policies are.
Connections to other software
The S-1/A cites more than 500 third-party integrations.
10Why it makes money
Why does Entrata make money?
Entrata charges per apartment, per month, so revenue grows when customers add units and products.
Contracts generally run 3 to 5 years, and most include yearly price increases. Gross profit rose from $55.5 to $60.1 per $100 of revenue between FY2024 and FY2025. Payment fees also rise with the units on the system and the payments they make.
Gross profit per $100 of revenue (Cityfort calculation from S-1/A filed Sep 1, 2026)
$55.5$60.1
FY2024 to FY2025
- Sign an apartment operator on a multi-year, per-unit contract
- Bill each unit every month
- Process residents' rent payments for a fee
- Sell more products, such as insurance, screening and AI tools
- Grow as operators add units and renew
↺ Step 5 feeds back into step 1.
11Business segments · FY2025
Which businesses make up Entrata?
Subscription-related
86%Entrata reports one segment; this is its revenue split by source, not a segment. Software fees, rent credit reporting, utility services and payment processing.
Revenue $438M
Embedded Technology Solutions
14%Also a revenue source, not a segment. Insurance and resident screening fees, plus insurance commissions.
Revenue $71.6M
How the mix changed
- Subscription-related
- Embedded Technology Solutions
Revenue by segment, FY2024 to FY2025.
US$
See the numbers
12Competitors and what protects it
Who does Entrata compete with?
Yardi
Named in the S-1/A as a legacy incumbent. It also owns Yardi Breeze, for small and midsized businesses.
RealPage
Named in the S-1/A as a legacy incumbent. It also owns Buildium and Propertyware, for small and midsized businesses.
MRI Software
Named in the S-1/A as a legacy incumbent.
AMSI Software
Named in the S-1/A as a legacy incumbent.
AppFolio
Named in the S-1/A as focused on small and midsized businesses.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Customers staying4 of 5
The company reports gross retention of 97% at Dec 31, 2025. It does not count properties that leave when their owner or operator changes, which they can do without penalty. Contracts generally run 3 to 5 years.
- Scale3 of 5
2.53 million units at Jun 30, 2026. That is roughly 10% of about 23.4 million US multifamily units in 2023, according to the S-1/A, which cites the National Multifamily Housing Council.
- Product range3 of 5
One system covers leasing, accounting, payments and maintenance, with more than 500 third-party integrations, per the S-1/A. It also names single-purpose point solutions as competition.
- Against long-established rivals2 of 5
The S-1/A calls incumbents such as Yardi and RealPage deeply entrenched. The company says it won approximately 70% of formal competitive evaluations in 2024 and 2025.
Weak spot
Properties can leave when they change hands
Customers have no obligation to renew, and a property can leave without penalty when its owner or operator changes, per the S-1/A. Rent credit reporting is month-to-month.
13Where growth could come from
Where could Entrata's growth come from?
Entrata's S-1/A (Sep 1, 2026) gives no revenue or profit forecast. It says it plans to win customers, add units and products, serve residents, owners and vendors, and enter new property types and countries.
More units on the system
Working2,529,199 units at Jun 30, 2026, up 9% in a year (S-1/A)
The company says about 60% of unit growth came from existing customers and 40% from new ones.
Status: Working, on track against what the company said.
More revenue per unit
Working$223 per unit at Jun 30, 2026, up 13% in a year (S-1/A)
The company's measure: the last 12 months' revenue divided by units at period end. Most contracts include yearly price increases.
Status: Working, on track against what the company said.
Insurance and screening
Working$45.1 million in the six months to Jun 30, 2026, up from $33.5 million a year earlier (S-1/A)
Embedded Technology Solutions rose to 15% of revenue in that period from 14%.
Status: Working, on track against what the company said.
AI tools
EarlyELI+ in over 40% of the most recent new-customer wins, the company says (S-1/A)
ELI+ launched in 2024. Entrata bought Colleen AI on Jun 18, 2024, for $53.2 million.
Status: Early, too early to judge.
Outside the US
EarlyCustomers in Canada since 2021, and in Ireland and the UK since 2022 (S-1/A)
The S-1/A says revenue comes primarily from US customers and gives no split by country.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
14The numbers · Consolidated · US$
How has Entrata done?
Revenue
$509MFY2025
Revenue rose 24% to $509.3 million in FY2025 from $412.0 million in FY2024, and a rounded graphic in the S-1/A shows $172 million in 2020.
US$
See the numbers
Net profit
$50.7MFY2025
Net income rose to $50.7 million in FY2025 from $21.8 million in FY2024, and was $44.9 million in the first half of 2026 against $11.9 million a year earlier, when stock-based pay in the cash flow statement was $18.6 million rather than $1.8 million.
US$
See the numbers
Profit kept per $100 of revenue
$10.0FY2025
Entrata kept $10.0 of net income per $100 of revenue in FY2025, against $5.3 in FY2024; EBITDA here is a Cityfort calculation from S-1/A filed Sep 1, 2026: operating income plus depreciation and amortization of intangibles, without amortization of deferred contract costs.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$87.1MFY2025
Free cash flow fell to $87.1 million in FY2025 from $152.4 million in FY2024 because FY2024 operating cash flow included a $144.7 million rise in customer deposits, money Entrata holds for customers.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.
Entrata says in its S-1/A that it is an emerging growth company, so the filing gives two audited years instead of three.
Latest part-year · Six months ended Jun 30, 2026 (6 months to Jun 30, 2026)
- Revenue
- $295M
- EBITDA
- $85.6M
- Net profit
- $44.9M
- EPS (not annualised)
- $0.25
A part-year can't be compared with a full year. Audited figures from the S-1/A (interim period unaudited), converted from US$ thousands to US$ million.
Learn: Stock-based compensation and dilution: pay that becomes shares
15The company's own measures · FY2024 to Jun 30, 2026 (dated on each item)
What do Entrata's own measures show?
Official (GAAP): Operating income, FY2025
$82.6M
Company's own measure: Non-GAAP operating income, FY2025
$118M
The company's measure leaves out stock-based pay, amortization of purchased intangibles, transaction costs and changes in contingent consideration.
Official (GAAP): Operating income, six months to Jun 30, 2026
$74.4M
Company's own measure: Non-GAAP operating income, six months to Jun 30, 2026
$81.9M
Same definition. It adds back $2.2 million of stock-based pay and related charges in this period; most RSU expense has not started yet.
Official (GAAP): Operating cash flow, FY2024
$162M
Company's own measure: Non-GAAP operating cash flow, FY2024
$17.2M
The company removes the change in customer deposits, which added $144.7 million in FY2024. That is customers' money passing through Entrata.
Official (GAAP): Operating cash flow, FY2025
$100M
Company's own measure: Non-GAAP operating cash flow, FY2025
$95.5M
Same definition. The change in customer deposits added $4.6 million in FY2025.
Official (GAAP): Operating cash flow, FY2025
$100M
Company's own measure: Adjusted free cash flow, FY2025
$82.5M
The company's measure subtracts capital spending ($13.0 million) and also removes the change in customer deposits. It was $7.7 million in FY2024.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Units on the Operating System, Jun 30, 2026
2,529,199 units
The company's measure: units billed on the Operating System, leaving out units that use only ancillary products. It was 2,440,976 at Dec 31, 2025.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Average revenue per unit, Jun 30, 2026
223 US$ a year
The company's measure: the last 12 months' revenue divided by units at period end. It was $209 at Dec 31, 2025.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Gross retention, Dec 31, 2025
97%
The company's measure: the share of recurring revenue kept from customers active a year earlier, before any additions. It does not count properties that leave when their owner or operator changes. The rate was 99% at Dec 31, 2024.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Net retention, Dec 31, 2025
117%
The company's measure: recurring revenue from customers active a year earlier, including what they added. It was also 117% at Dec 31, 2024.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Customers above $500,000 of recurring revenue, Dec 31, 2025
233 customers
They made up 84% of recurring revenue, up from 183 customers and 81% a year earlier. One operator may count as several customers.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
16Financial strength · Jun 30, 2026
How much debt does Entrata have?
- Total debt$389M
- Cash and investments$151M
- Net debt (debt minus cash)$238M
- Net worth (shareholders' money)$83.9M
- Debt to equity
- 4.64×
- $ of debt for every $1 of shareholders' money
- Net debt and debt to equity are Cityfort calculations from S-1/A filed Sep 1, 2026. Net debt counts cash and equivalents only.
- Designated cash of $288.4 million is customers' money in process, and it backs customer deposits of $286.7 million. It is not counted as Entrata's cash here. Restricted cash of $12.8 million ($12.0 million current plus $0.8 million long-term) is also left out; that total is a Cityfort calculation from S-1/A filed Sep 1, 2026.
- Equity fell from $195.2 million at Dec 31, 2024 to $32.4 million at Dec 31, 2025, despite a $200.0 million stock sale. A $356.3 million special dividend and $93.3 million of share buybacks came out in 2025.
- The debt is a $400.0 million term loan due Sep 30, 2032, at 6.4% on Jun 30, 2026, secured on substantially all assets. A $75.0 million revolving credit line was undrawn.
- Remaining performance obligations (contracted revenue not yet earned) were $320.3 million at Jun 30, 2026, of which $144.6 million falls within 12 months. They leave out usage and commission products.
- Lease liabilities of $48.6 million (non-current) are not counted as debt here.
17Who owns it before the IPO · Jun 30, 2026
Who owns Entrata before the IPO?
From the prospectus table of principal stockholders. Holdings fall after the IPO when new shares are sold; the prospectus also shows the holding after the offering.
18Who runs it
Who runs Entrata, and did they deliver?
Adam Edmunds
Chief Executive Officer and director · since 2020
Holds Class B shares with 10 votes each. FY2025 salary $700,000.
Chase Harrington
President, Chief Revenue Officer and director · since 2015
President since July 2015 and Chief Revenue Officer since March 2026. Holds Class B shares. FY2025 salary $625,000.
Mark Hansen
Chief Financial Officer · since 2021
Catherine Wong
Chief Product Officer and Chief Operating Officer · since 2023
Nico Dato
Chief Marketing Officer
Jason Taylor
Chief Technology Officer and Chief Information Security Officer
Kyle Paster
Director
Senior Partner at Silver Lake, and a Silver Lake designee.
John Rudella
Director
Senior Advisor at Silver Lake, and a Silver Lake designee.
Adena Hefets
Director · since 2026
Works on partnerships at OpenAI. A Silver Lake designee.
William Koefoed
Director · since 2026
Chief Financial Officer of Harness. A Silver Lake designee.
19Governance signals
What do Entrata's governance filings show?
- Auditor
- BDO USA, P.C., since 2023
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- After the IPO Silver Lake keeps director designation and consent rights under a stockholders agreement. A Silver Lake affiliate has a services agreement with Entrata, paid $0.1 million in 2025. Entrata made 2021 loans to stockholder TPP Capital Advisors, since settled, and bought back shares from related holders in 2025.
- Credit rating
- No public credit rating found
Flags to know about
other
Material weakness in internal control
The S-1/A says a material weakness in IT general controls was found in the FY2024 audit. It was not fully fixed at Jun 30, 2026.
other
Controlled company
Entrata expects Silver Lake to hold more than 50% of the votes after the offering. It intends to use certain NYSE exemptions and does not intend to have a nominating and corporate governance committee.
related party
Silver Lake consent rights
Under a stockholders agreement Entrata intends to sign at pricing, Silver Lake's consent will be needed for a change of control, deals or debt above $100 million, equity issues, CEO changes, charter changes, dividends and buybacks, per the S-1/A.
disclosure
Ownership numbers still blank
The S-1/A names the principal stockholders but leaves every share count and percentage blank.
20Group and related parties
How much does Entrata rely on related parties?
- Silver Lake will designate directors in proportion to its share of the common stock, and a designee on each committee. Other Class B holders agree to vote as the agreement says.
- A Silver Lake affiliate has a services agreement with Entrata. It was paid $0.5 million, $0.4 million and $0.1 million in 2023, 2024 and 2025.
- In 2021 Entrata lent about $80.0 million to TPP Capital Advisors. The loans had no recourse beyond TPP's shares, which were used as collateral. $31.9 million was repaid in January 2024, and shares were delivered in February 2024 to settle the rest.
- In 2025 Entrata bought back shares from a TPP entity and a Silver Lake distributee, and ran an employee tender offer in which officers sold shares. Share buybacks totaled $93.3 million that year.
- Silver Lake, TPP, HGGC and a Blackstone entity hold registration rights, which can require Entrata to register their shares for sale.
21Legal cases · as of Sep 1, 2026
What legal cases does the Entrata offer document list?
Outstanding cases
Cases are listed as the offer document describes them. A pending case is an allegation until a court or regulator decides it.
22What could go wrong
What could go wrong for Entrata?
- Demand
Revenue depends on renewals and units
Customers have no obligation to renew. Gross retention was 97% at Dec 31, 2025, down from 99% a year earlier. It does not count properties that leave when their owner or operator changes, which they can do without penalty.
Watch Gross retention and units in the next filing.
- Competition
Rivals with longer histories, and advances in AI
The S-1/A lists four kinds of competitor: legacy systems such as Yardi, RealPage, MRI Software and AMSI Software; systems for small and midsized businesses; single-purpose point solutions; and spreadsheets, email, paper checks and in-house systems. It says advances in AI could enable existing or emerging competitors to quickly build products that remove its technology advantages.
Watch Units added, split between new and existing customers.
- Concentration
One card processor
Worldpay is the only card processor for the US and Canada. The agreement expires in December 2026 and renews for 3 years unless either side gives 90 days' notice.
Watch Any change to the Worldpay agreement in a later filing.
- Regulation
Payment handling rules and fraud
Entrata held $288.4 million of designated cash in process for customers at Jun 30, 2026. The S-1/A lists fraud, disputes, reliance on banks and money-transmission rules as risks.
Watch Payment-related cost and any licensing change.
- Regulation
Screening and rent reporting laws
These services fall under the Fair Credit Reporting Act, the Fair Housing Act and the Credit Repair Organizations Act. The S-1/A says penalties can apply per occurrence.
Watch New proceedings described in later filings.
- Legal
Rent-pricing tools under scrutiny
The S-1/A cites antitrust attention and rent-regulation laws on algorithmic pricing tools. It says it is not a party to the suit by the Department of Justice and 10 states against multifamily rental providers.
Watch New laws or suits named in later filings.
- Debt
Debt after a special dividend
Debt was $388.9 million at Jun 30, 2026. The $400.0 million term loan has covenants and is secured on substantially all assets. It partly financed a $356.3 million dividend in November 2025.
Watch Whether the money raised repays debt; the S-1/A leaves the amount blank.
- Governance
Weak spot in internal controls
A material weakness in IT general controls, found in the FY2024 audit, was not fully fixed at Jun 30, 2026, per the S-1/A.
Watch Progress on the material weakness in the next filing.
- Technology
Resident data and AI output
The company says its system handles 4.5 billion transactions a day and sensitive resident data. The S-1/A also says its AI features may give inaccurate or discriminatory output.
Watch Security incidents or AI issues disclosed in later filings.
23Risks of the offer
What risks does the Entrata offer document flag?
Size and price not yet set
The S-1/A dated Sep 1, 2026 leaves the price range, shares offered, money raised and share count after the offering blank.
Silver Lake control
Silver Lake is expected to hold more than 50% of the votes and keeps consent rights over major decisions. As a controlled company, Entrata may use exemptions from some NYSE governance rules.
Three classes of shares
Class A shares sold in the offering carry 1 vote each, and Class B shares carry 10. Class C shares have no votes except as the law requires.
Stock-based pay charge in the IPO quarter
Most restricted stock units have a condition met by the IPO, so their cumulative expense starts in that quarter. The S-1/A leaves the amount blank.
Broad discretion over the money
The S-1/A gives no amounts for the uses it lists and says management will have broad discretion.
Shares unlocked after 180 days
Holders of substantially all existing shares agree to a 180-day lock-upA period after an IPO when insiders agree not to sell their shares. Learn more. Some also hold registration rights. The S-1/A lists future share sales as a risk to the share price.
No dividends expected
Entrata paid a $356.3 million special dividend in November 2025, before the offering. The S-1/A says it does not expect to pay dividends.
24How it got here
How did Entrata get here?
2003
Milestone
Founded
The company began in 2003 as Property Solutions International, Inc.
2015
Business-model change
Operating System and a new name
It launched its Operating System and renamed itself Entrata in 2015.
2022
Business-model change
Silver Lake takes a majority
Silver Lake first invested in July 2021 and acquired a majority in March 2022. A rounded graphic in the S-1/A shows a 2022 net loss of $200 million, which the filing does not explain.
2023
Milestone
Rent Dynamics bought
Entrata bought Rent Dynamics, a rent credit reporting business, on Jul 10, 2023.
2024
Milestone
AI tools added
Entrata bought Colleen AI on Jun 18, 2024, for $53.2 million, and launched ELI+ that year.
2025
Business-model change
New debt and a special dividend
Entrata sold $200.0 million of stock in May and took a $400.0 million term loan on Sep 30. It paid a $356.3 million special dividend in November.
2026
Milestone
S-1 filed
After a confidential draft on Dec 17, 2025, Entrata filed its Form S-1 on May 28, 2026, and Amendment No. 2 on Sep 1, 2026.
Sources (2)
25Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose 24% to $509.3 million in FY2025, and was $294.6 million in the six months to Jun 30, 2026.
- Operating income was $82.6 million in FY2025 and $74.4 million in the first half of 2026.
- The company reports gross retention of 97% and net retention of 117% at Dec 31, 2025. Gross retention does not count properties that leave when their owner or operator changes.
- No customer accounted for more than 10% of revenue in FY2024 or FY2025, per the S-1/A.
- Remaining performance obligations were $320.3 million at Jun 30, 2026, up from $272.5 million at Dec 31, 2025.
What critics point to
- Debt rose from $168.4 million at Dec 31, 2024 to $388.9 million at Jun 30, 2026, and equity was $83.9 million.
- Silver Lake is expected to hold more than 50% of the votes after the offering, with Class B shares carrying 10 votes each.
- The cash flow statement shows stock-based pay of $1.8 million in the first half of 2026, and the S-1/A says most RSU expense starts in the IPO quarter.
- A material weakness in IT general controls was not fully fixed at Jun 30, 2026.
- Worldpay is the only card processor for the US and Canada, and rent credit reporting contracts are month-to-month.
26What to watch next
What should you watch next for Entrata?
Next event
Amended S-1 (S-1/A) with a price range and share count
Date not announced yet.
Price range and share count
A later amendment would state the shares offered, the price range, the money raised and the share count after the offering.
Ownership percentages
The holdings of Silver Lake, TPP, Dragoneer, Blackstone, HGGC and the officers and directors are blank in the S-1/A.
Size of the stock-based pay charge
The cash flow statement shows stock-based pay of $1.8 million in the first half of 2026. The IPO-quarter charge is blank in the S-1/A.
How much money repays debt
Entrata may use part of the money on its $400.0 million term loan, due Sep 30, 2032. No amount is stated.
Worldpay agreement
The term expires in December 2026 and renews for 3 years unless either side gives 90 days' notice.
27Key facts
Key facts about Entrata
- What does Entrata do?
- Entrata, Inc., of Lehi, Utah, sells a cloud Operating System for US apartment operators. It covers leasing, marketing, resident screening, rent payments, accounting and maintenance. About 2.53 million apartment units were on it at Jun 30, 2026, per its S-1/A dated Sep 1, 2026. FY2025 revenue was $509.3 million.
- How does Entrata make money?
- Entrata's business model charges operators per apartment unit, per month, not per user, on contracts of generally 3 to 5 years. It also earns payment processing fees and fees on insurance and resident screening. FY2025 revenue was $509.3 million, per its S-1/A.
- What is Entrata's subscription-related revenue?
- Entrata's subscription-related revenue was $437.7 million in FY2025, 86% of the total, per its S-1/A. It covers monthly software fees, rent credit reporting, utility services and payment processing. The S-1/A does not split out payment processing.
- What are Entrata's Embedded Technology Solutions?
- Embedded Technology Solutions are Entrata's insurance and resident screening services, including commissions from insurance partners. They brought $71.6 million in FY2025, 14% of revenue, per its S-1/A. The partners carry the underwriting risk; Entrata acts as agent.
- What is Entrata's revenue by segment?
- Entrata reports one segment, so its S-1/A gives no segment split. It splits FY2025 revenue of $509.3 million into two sources: subscription-related $437.7 million and Embedded Technology Solutions $71.6 million.
- Who are Entrata's customers?
- Entrata's customers are apartment operators, mostly in the US. According to the S-1/A, 4 of the top 10 and 10 of the top 50 operators on the National Multifamily Housing Council list use its Operating System. No customer accounted for more than 10% of revenue in FY2024 or FY2025.
- How big is Entrata?
- Entrata's revenue was $509.3 million in FY2025 (year to Dec 31, 2025), up from $412.0 million in FY2024, per its S-1/A. It reached $294.6 million in the six months to Jun 30, 2026, when it had 2,246 employees.
- Is Entrata profitable?
- Yes, in FY2024, FY2025 and the six months to Jun 30, 2026. Entrata's net income was $50.7 million in FY2025 and $44.9 million in the six months to Jun 30, 2026. Operating income was $82.6 million and $74.4 million in those periods.
- Who owns Entrata before the IPO?
- Silver Lake acquired a majority of Entrata in March 2022, per its S-1/A dated Sep 1, 2026. TPP Capital Advisors, Dragoneer, Blackstone and HGGC entities are also named holders. The ownership table leaves every number blank.
- What is the Entrata IPO?
- Entrata filed a Form S-1 with the SEC on May 28, 2026 and its latest amendment on Sep 1, 2026, to list Class A shares on the NYSE under the proposed ticker ENT. Only Entrata sells shares; the share count and price range are not yet in the filing.
28Sources and changes
Where every number on this page comes from
Sources (2 documents)
- S1Entrata, Inc. Form S-1/A, Amendment No. 2, registration statement and preliminary prospectus (no price range), filed Sep 1, 2026 (Reg. No. 333-296292) · Entrata, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 1, 2026
- S5EDGAR submissions for Entrata, Inc. (CIK 0002028464), read Nov 5, 2026: no later amendment, 424B4 or withdrawal · SEC EDGAR · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
- v1 · Nov 5, 2026First version, based on the S-1/A (Amendment No. 2) dated Sep 1, 2026. (first version, based on the S-1/A)
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