Entrata filed its S-1 on May 28 to list on NYSE under ticker ENT. The multifamily property management platform out of Lehi, Utah, founded in 2003, majority owned by Silver Lake since 2022, is putting up solid numbers: $509M revenue in 2025, up 24% from $412M. Q1 2026 revenue hit $143.5M, about 23% growth, putting the run-rate at $575M ARR.
The Numbers That Matter
Gross margin sits at 60% GAAP, expanding to 63% in Q1. Operating margin jumped to 26% GAAP in Q1, 28% non-GAAP. The company is actually profitable: $50.7M GAAP net income in 2025, 10% net margin. Net revenue retention holds at 117%. Gross retention is 97%, down a point from 99%.
Rule of 40 score lands at 47 non-GAAP (24% growth plus 23% margin), ticking up to 51 on the Q1 run-rate. Strong, not spectacular.
The Real Story: PE Exit Wave Hits Choppy Water
Entrata is the leading edge of a backlog of PE-backed software trying to get out. Private equity moves first when the IPO window opens. The catch: the market suddenly decided efficient growth is not enough. You need acceleration. Almost none of the names lined up behind Entrata are accelerating.
Entrata's growth held flat at 23% between full-year 2025 and Q1 2026. That is fine for a $575M company three years removed from breakeven, but it is not the growth trajectory that gets public market buyers excited in 2026.
What This Means for B2B SaaS Valuations
If Entrata prices conservatively, equity value likely lands in the $2.5B to $3.0B range, call it 4.5x to 5.5x ARR. That multiple reflects vertical software with embedded payments, mandatory product attach (every customer uses Entrata's payment solution), and real profitability. Higher if reception is strong, lower if the market stays cold on deceleration stories.
Worth noting: Entrata took out a $400M term loan in September 2025, then paid a $356M dividend to existing shareholders (mostly Silver Lake) in November. The company is carrying about $270M of net debt into the IPO. Part of the offering proceeds will pay that loan back down. Standard sponsor playbook: extract value before exit, let the public market handle the cleanup.
Context for Sales Professionals
Entrata runs 233 customers spending over $500K annually, accounting for 84% of ARR. Average revenue per unit climbed from $175 to $216 over two years, driven by existing customers buying more products. Top customers pay $580 per unit, 2.7x the average. That expansion motion is why NRR holds at 117%.
The platform consolidated about seven separate systems for its largest 2025 deals. If you are selling into proptech or vertical SaaS, that is the playbook: become the operating system, not another point solution.
We could not verify sales team size, recent leadership changes, or ANZ presence from available sources. If Entrata is hiring in ANZ post-IPO, we will cover it.