Monitor for the final IPO pricing and prospectus to assess valuation and use of proceeds. The material weakness in internal controls is a risk factor for post-IPO reporting quality. Silver Lake's control structure limits minority shareholder influence.
Executive Summary
Entrata filed Amendment No. 2 to its S-1 for an IPO of Class A common stock on the NYSE under symbol ENT. The company provides a cloud-based operating system for multifamily property management, serving 2.5 million units as of June 30, 2026. Financials show strong growth: FY2025 revenue of $509.3M (+24% YoY), net income of $50.7M, and improving GAAP operating margins from 13% to 16% (FY2024 to FY2025) and from 2% to 25% (Q2 2025 vs Q2 2026). IPO size, price range, and underwriter details remain undisclosed (placeholders). Silver Lake will maintain majority voting control post-IPO, making Entrata a 'controlled company' exempt from certain NYSE governance requirements. The filing also discloses a material weakness in internal controls over financial reporting related to IT general controls, which has not been fully remediated as of June 30, 2026.
Key Financial Metrics
Key Facts
- FY2025 revenue of $509.3M, up 24% YoY from $412.0M in FY2024.
- FY2025 net income of $50.7M, up from $21.8M in FY2024.
- Q2 2026 revenue of $151.1M, up 24% YoY from $122.2M in Q2 2025.
- Q2 2026 GAAP operating margin of 25%, up from 2% in Q2 2025.
- 2.5 million units on the Operating System as of June 30, 2026, up 9% YoY.
- ARPU of $223 as of June 30, 2026, up 13% YoY.
- Net retention rate of 117% as of December 31, 2024 and 2025.
- Gross retention of 97% as of December 31, 2025.
- Silver Lake will hold majority voting power post-IPO, making Entrata a 'controlled company'.
- Material weakness in internal control over financial reporting (IT general controls) not fully remediated as of June 30, 2026.
- IPO price range, number of shares, and underwriter details remain undisclosed (placeholders).
- Proceeds to be used for general corporate purposes, tax withholding on RSUs, and potential debt repayment.
Financial Impact
FY2025 revenue $509.3M, net income $50.7M; Q2 2026 revenue $151.1M, net income $21.6M. IPO size and valuation not disclosed.
Risk Factors
- IPO pricing and demand are unknown; no price range disclosed.
- Material weakness in internal controls over financial reporting not yet remediated.
- Silver Lake's majority voting control limits minority shareholder influence.
- Intense competition from legacy providers (Yardi, RealPage) and AI-driven point solutions.
- Regulatory risks including FCRA, money transmission, and antitrust scrutiny of pricing tools.
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001628280-26-059692 |
| Exhibit: exhibit231-sx1a2.htm | 0001628280-26-059692 |
| Document: 0001628280-26-059692-index-headers.html | 0001628280-26-059692 |
| Document: 0001628280-26-059692-index.html | 0001628280-26-059692 |
| Document: 0001628280-26-059692.txt | 0001628280-26-059692 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 7w ago | S-1/A | — | awaiting T+20 | — | — |
Jun 11, 2026 19w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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