A Business at a Glance
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American Homes 4 Rent
AMH
$12.4B
Mkt Cap
$33.37
+0.79%
American Homes 4 Rent (AMH) has a current P/E ratio of 28.3, compared to its historical median P/E of 38.4. The stock is currently considered Fair based on its historical valuation range.
American Homes 4 Rent (AMH) has a 5-year average return on invested capital (ROIC) of 4.1%. This is below average and may indicate limited pricing power.
American Homes 4 Rent (AMH) has a market capitalization of $12.2B. It is classified as a large-cap stock.
Yes, American Homes 4 Rent (AMH) pays a dividend with a trailing twelve-month yield of 3.74%.
Based on historical P/E analysis, American Homes 4 Rent (AMH) appears fair. The current P/E of 28.3 is 26% below its historical median of 38.4. The estimated fair value CAGR (P/E method) is 40.3%.
American Homes 4 Rent (AMH) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
American Homes 4 Rent (AMH) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
American Homes 4 Rent is an internally managed REIT that develops, renovates, leases and manages single-family rental homes across a geographically diversified portfolio of 61,479 properties in 24 states as of December 31, 2025, with an additional 3,785 properties held in unconsolidated joint ventures. The company operates through an integrated platform of 1,598 personnel and generates revenue primarily through rental income from occupied properties, complemented by capital recycling from selective property dispositions that fund its in-house development program, which delivered over 2,300 homes in 2025 and targets approximately 1,900 deliveries in 2026. The business model emphasizes operational excellence and revenue optimization through lease expiration management and pricing strategies, with a focus on building occupancy during peak leasing seasons while managing renewal rate growth in the 3% range; the company targets leverage in the mid-5s on a net debt-to-EBITDA basis and maintains a fully unencumbered balance sheet with no maturities until 2028. AMH's competitive positioning rests on its scale, brand recognition for quality and resident satisfaction, proprietary development capabilities that allow accretive capital redeployment, and a diversified geographic footprint spanning Sun Belt and Midwest markets that collectively serve the approximately one-in-three U.S. households that choose to rent rather than own.
【Occupancy building through leasing season】 Management expects seasonal demand to strengthen through the spring leasing season with record leasing volumes and continued momentum, positioning the portfolio to build occupancy into May and June before moderating in the back half of the year. The company anticipates a flatter seasonal curve for rate growth and occupancy than historically typical, with new lease spreads expected to remain flat for the full year while renewal rates are contemplated in the 3% area, resulting in blended spread growth in the low 2% range. Controllable expenses are expected to remain tightly managed, with property tax growth moderated to approximately 3% and insurance costs declining double-digits year-over-year following a successful renewal campaign, supporting same-home core NOI growth of 2% at the midpoint. The development program is strategically sized to be funded through recycled capital from dispositions and incremental debt capacity, with the company maintaining a patient approach to share repurchases while monitoring market conditions and regulatory developments that could create future opportunities for the program.
| Metric | Target | Period |
|---|---|---|
| Core FFO per share and unit | $1.89 to $1.95 | FY2026 |
| Same-Home Core Revenue Growth | 2.25% | FY2026 |
| Same-Home Core Property Operating Expense Growth | 2.75% | FY2026 |
| Same-Home Core NOI Growth | 2% | FY2026 |
| Total Capital Deployment (including joint ventures) | approximately $750 million | FY2026 |
| Wholly Owned Portfolio Capital Investment | approximately $550 million | FY2026 |
| Newly Constructed Homes Delivered | approximately 1,900 | FY2026 |
| Share Repurchases | $115 million | FY2026 |
Core FFO per share and unit (FY2026): “For the full year, we expect Core FFO per share and unit of $1.89 to $1.95, which at the midpoint represents year-over-year growth of 2.7%.”
Same-Home Core Revenue Growth (FY2026): “For the Same-Home portfolio, at the midpoint, our expectations contemplate Core revenues growth of 2.25%, which reflects Average Monthly Realized Rent growth in the 2.5% area, and a 25 basis point year-over-year occupancy headwind, as we expect 2026 Average Occupied Days in the high 95% area.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.9B | 1.7B | 1.6B | 1.5B | 1.3B |
| Net Income | 457M | 439M | 398M | 366M | 251M | 135M |
| EPS | $1.24 | $1.18 | $1.08 | $1.01 | $0.71 | $0.41 |
| Free Cash Flow | 804M | 812M | 742M | 667M | 594M | 550M |
| ROIC | 0.0% | 5.1% | 4.8% | 4.5% | 3.6% | 2.7% |
| Gross Margin | - | 28.9% | 27.5% | 26.3% | - | - |
| Debt/Equity | 0.80 | 0.78 | 0.70 | 0.65 | 0.72 | 0.70 |
| Dividends/Share | $1.25 | $1.20 | $1.04 | $0.88 | $0.72 | $0.44 |
| Operating Income | 0 | 624M | 564M | 506M | 386M | 250M |
| Operating Margin | 0.0% | 33.7% | 32.6% | 31.2% | 25.9% | 19.2% |
| ROE | 6.6% | 6.2% | 5.6% | 5.4% | 4.0% | 2.3% |
| Shares Outstanding | 364M | 372M | 369M | 363M | 353M | 330M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 399M | 631M | 879M | 960M | 1.1B | 1.1B | 1.2B | 1.3B | 1.5B | 1.6B | 1.7B | 1.9B | 1.9B |
| Gross Margin | 12.2% | 24.5% | 29.9% | 32.1% | N/A | N/A | N/A | N/A | N/A | 26.3% | 27.5% | 28.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 22M | 27M | 33M | 35M | 37M | 43M | 49M | 56M | 68M | 75M | 84M | 83M | 85M |
| EBIT | -47M | 4.8M | 97M | 90M | 146M | 213M | 202M | 250M | 386M | 506M | 564M | 624M | 0 |
| Op. Margin | -11.8% | 0.8% | 11.1% | 9.4% | 13.6% | 18.6% | 17.1% | 19.2% | 25.9% | 31.2% | 32.6% | 33.7% | 0.0% |
| Net Income | -67M | -85M | -34M | -22M | 23M | 86M | 85M | 135M | 251M | 366M | 398M | 439M | 457M |
| Net Margin | -16.8% | -13.4% | -3.8% | -2.3% | 2.2% | 7.5% | 7.2% | 10.4% | 16.8% | 22.6% | 23.1% | 23.7% | 24.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -1.6% | 0.1% | 1.5% | 1.2% | 1.9% | 2.6% | 2.4% | 2.7% | 3.6% | 4.5% | 4.8% | 5.1% | 0.0% |
| ROE | -2.1% | -2.5% | -0.9% | -0.5% | 0.5% | 1.6% | 1.5% | 2.3% | 4.0% | 5.4% | 5.6% | 6.2% | 6.6% |
| ROA | -1.3% | -1.3% | -0.5% | -0.3% | 0.3% | 0.9% | 0.9% | 1.3% | 2.2% | 2.9% | 3.1% | 3.3% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 176M | 212M | 279M | 386M | 411M | 458M | 474M | 595M | 666M | 739M | 812M | 864M | 844M |
| Free Cash Flow | -9.9M | 65M | 239M | 338M | 359M | 440M | 438M | 550M | 594M | 667M | 742M | 812M | 804M |
| Owner Earnings | 7.4M | -34M | -23M | 84M | 89M | 124M | 121M | 205M | 212M | 257M | 304M | 334M | 312M |
| CapEx | 185M | 148M | 40M | 48M | 52M | 18M | 37M | 45M | 71M | 72M | 70M | 53M | 40M |
| Maint. CapEx | 166M | 243M | 299M | 297M | 319M | 329M | 343M | 373M | 427M | 457M | 477M | 504M | 507M |
| Growth CapEx | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 166M | 243M | 299M | 297M | 319M | 329M | 343M | 373M | 427M | 457M | 477M | 504M | 507M |
| CapEx/OCF | 8.9% | 12.9% | 10.0% | 9.7% | 13.3% | 15.6% | 22.1% | 20.6% | 20.9% | 18.2% | 15.0% | 13.7% | 4.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 40M | 42M | 48M | 39M | 58M | 60M | 61M | 146M | 253M | 319M | 384M | 446M | 455M |
| Dividend Yield | 1.4% | 1.4% | 1.3% | 0.7% | 1.1% | 1.0% | 0.8% | 1.3% | 2.2% | 2.8% | 3.0% | 3.5% | 3.7% |
| Share Buybacks | 0 | 57M | 96M | 0 | 35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 1.9% | 2.3% | N/A | 0.7% | N/A | N/A | N/A | N/A | N/A | N/A | 1.3% | 0.0% |
| Stock-Based Comp | 2.6M | 3.1M | 3.6M | 4.2M | 3.4M | 4.8M | 9.8M | 18M | 27M | 25M | 31M | 26M | 25M |
| Debt Repayment | 42M | 25M | 10M | 4.0M | 5.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 1.9B | 2.5B | 2.8B | 2.4B | 2.8B | 2.8B | 2.7B | 4.2B | 4.6B | 4.5B | 4.8B | 5.3B | 5.5B |
| Cash & Equiv. | 109M | 58M | 119M | 46M | 30M | 38M | 137M | 48M | 69M | 59M | 199M | 109M | 63M |
| Long-Term Debt | 1.8B | 2.5B | 2.9B | 2.5B | 2.8B | 2.8B | 2.8B | 3.9B | 4.5B | 4.5B | 5.0B | 5.1B | 5.1B |
| Debt/Equity | 0.58 | 0.77 | 0.70 | 0.48 | 0.54 | 0.53 | 0.49 | 0.70 | 0.72 | 0.65 | 0.70 | 0.78 | 0.80 |
| Interest Coverage | -2.4 | 0.1 | 0.7 | 0.8 | 1.2 | 1.7 | 1.7 | 2.2 | 2.9 | 3.6 | 3.4 | 3.4 | 3.4 |
| Equity | 3.5B | 3.3B | 4.2B | 5.1B | 5.3B | 5.3B | 5.8B | 6.1B | 6.5B | 7.0B | 7.2B | 7.0B | 6.9B |
| Total Assets | 6.2B | 6.8B | 8.1B | 8.6B | 9.0B | 9.1B | 9.6B | 11.0B | 12.2B | 12.7B | 13.4B | 13.2B | 13.2B |
| Total Liabilities | 2.1B | 2.8B | 3.2B | 2.7B | 3.0B | 3.1B | 3.1B | 4.2B | 5.0B | 5.0B | 5.5B | 5.5B | 5.6B |
| Intangibles | N/A | N/A | N/A | N/A | 13M | 6.8M | 4.9M | 13M | 10M | 7.6M | 12M | 9.5M | 8.7M |
| Retained Earnings | -170M | -297M | -379M | -454M | -491M | -465M | -444M | -439M | -441M | -395M | -381M | -388M | -380M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | 177M | 223M | 219M | 243M | 299M | 344M | 484M | 574M | 522M | 437M | 447M |
| Per Share Data | |||||||||||||
| EPS | -0.34 | -0.40 | -0.14 | -0.08 | 0.08 | 0.29 | 0.28 | 0.41 | 0.71 | 1.01 | 1.08 | 1.18 | 1.24 |
| Owner EPS | 0.04 | -0.16 | -0.10 | 0.31 | 0.30 | 0.42 | 0.40 | 0.62 | 0.60 | 0.71 | 0.82 | 0.90 | 0.86 |
| Book Value | 17.51 | 15.41 | 17.50 | 18.61 | 17.90 | 18.01 | 19.01 | 18.36 | 18.39 | 19.22 | 19.41 | 18.90 | 19.01 |
| Cash Flow/Share | 0.89 | 1.00 | 1.16 | 1.39 | 1.40 | 1.55 | 1.56 | 1.80 | 1.88 | 2.04 | 2.20 | 2.32 | 2.64 |
| Dividends/Share | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.44 | 0.72 | 0.88 | 1.04 | 1.20 | 1.25 |
| Shares Out. | 197.0M | 211.4M | 239.6M | 276.7M | 293.4M | 296.2M | 304.4M | 330.0M | 353.2M | 362.6M | 369.0M | 372.1M | 364.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 215.6 | 78.9 | 94.4 | 93.9 | 38.4 | 33.7 | 33.2 | 27.0 | 27.0 |
| P/FCF | N/A | 45.5 | 17.7 | 15.5 | 14.1 | 15.4 | 18.4 | 23.1 | 16.2 | 18.5 | 17.8 | 14.6 | 15.1 |
| EV/EBIT | N/A | 595.4 | 42.6 | 58.0 | 39.2 | 35.6 | 42.8 | 58.3 | 31.4 | 29.3 | 759.8 | 26.8 | N/A |
| Price/Book | 0.8 | 0.9 | 1.0 | 1.0 | 1.0 | 1.3 | 1.4 | 2.1 | 1.5 | 1.8 | 1.8 | 1.7 | 1.8 |
| Price/Sales | 7.1 | 4.7 | 4.3 | 5.5 | 5.0 | 5.5 | 6.2 | 8.4 | 7.8 | 7.0 | 7.5 | 6.9 | 6.5 |
| FCF Yield | -0.3% | 2.2% | 5.7% | 6.5% | 7.1% | 6.5% | 5.4% | 4.3% | 6.2% | 5.4% | 5.6% | 6.8% | 6.6% |
| Market Cap | 2.9B | 2.9B | 4.2B | 5.2B | 5.1B | 6.8B | 8.0B | 12.7B | 9.6B | 12.4B | 13.2B | 11.9B | 12.2B |
| Avg. Price | 14.29 | 13.91 | 15.91 | 19.18 | 18.11 | 21.25 | 24.03 | 33.26 | 32.89 | 31.57 | 34.98 | 34.19 | 33.37 |
| Year-End Price | 14.52 | 13.92 | 17.65 | 18.89 | 17.25 | 22.87 | 26.43 | 38.51 | 27.27 | 34.08 | 35.81 | 31.89 | 33.37 |
American Homes 4 Rent passes 5 of 9 quality checks, suggesting mixed fundamentals.
American Homes 4 Rent trades at 28.3x trailing earnings, compared to its 15-year median P/E of 38.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.2x vs a median of 16.9x. The company's 5-year average ROIC is 4.1% with a gross margin of 27.6%. Total shareholder yield (dividends) is 3.7%. At current prices, the estimated annualized return to fair value is +7.4%.
American Homes 4 Rent (AMH) has a net profit margin of 23.7%. This is a strong margin indicating high profitability.
American Homes 4 Rent (AMH) generated $812 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
American Homes 4 Rent (AMH) has a debt-to-equity ratio of 0.78. This indicates moderate leverage.
American Homes 4 Rent (AMH) reported earnings per share (EPS) of $1.18 in its most recent fiscal year.
American Homes 4 Rent (AMH) has a return on equity (ROE) of 6.2%. This indicates moderate shareholder returns.
American Homes 4 Rent (AMH) has a 5-year average gross margin of 27.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 14 years of financial data for American Homes 4 Rent (AMH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
American Homes 4 Rent (AMH) has a book value per share of $18.90, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects seasonal demand to strengthen through the spring leasing season with record leasing volumes and continued momentum, positioning the portfolio to build occupancy into May and June before moderating in the back half of the year. The company anticipates a flatter seasonal curve for rate growth and occupancy than historically typical, with new lease spreads expected to remain flat for the full year while renewal rates are contemplated in the 3% area, resulting in blended spread growth in the low 2% range. Controllable expenses are expected to remain tightly managed, with property tax growth moderated to approximately 3% and insurance costs declining double-digits year-over-year following a successful renewal campaign, supporting same-home core NOI growth of 2% at the midpoint. The development program is strategically sized to be funded through recycled capital from dispositions and incremental debt capacity, with the company maintaining a patient approach to share repurchases while monitoring market conditions and regulatory developments that could create future opportunities for the program.
Based on recent SEC filings and earnings calls, American Homes 4 Rent (AMH) has provided the following forward guidance: Core FFO per share and unit: $1.89 to $1.95 (FY2026); Same-Home Core Revenue Growth: 2.25% (FY2026); Same-Home Core Property Operating Expense Growth: 2.75% (FY2026); Same-Home Core NOI Growth: 2% (FY2026); Total Capital Deployment (including joint ventures): approximately $750 million (FY2026), plus 3 additional metrics.
Same-Home Core Property Operating Expense Growth (FY2026): “Additionally, our outlook contemplates Core property operating expense growth of 2.75%, driven by property tax growth in the 3% area, representing another year of below-average growth and mid-2% growth on all other expenses, driven by another successful insurance renewal campaign and our continued commitment to efficiently managing controllable expenses.”
Same-Home Core NOI Growth (FY2026): “Put together our Same-Home revenue and expense growth expectations, we expect 2026 Same-Home Core NOI growth of 2% at the midpoint.”
Total Capital Deployment (including joint ventures) (FY2026): “From an investment standpoint, given the current capital market conditions, we have strategically moderated our development plan activities, but we expect to deploy approximately $750 million of total capital, including joint ventures, adding approximately 1,900 newly constructed AMH Development homes to our wholly owned and joint venture portfolios.”
Wholly Owned Portfolio Capital Investment (FY2026): “Specifically, for our wholly owned portfolio, we expect to invest approximately $550 million of AMH capital, consisting of 1,400 homes added from our Development Program that we plan to fund entirely through recycled capital from our disposition program.”
Newly Constructed Homes Delivered (FY2026): “In 2026, we plan to deliver around 1,900 newly constructed homes across the portfolio”
Share Repurchases (FY2026): “Additionally, our full-year outlook only contemplates the $115 million of share repurchases that were already executed in January.”