A Business at a Glance
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Invitation Homes Inc.
INVH
$18.2B
Mkt Cap
$29.78
+1.15%
Invitation Homes Inc. (INVH) has a current P/E ratio of 31.0, compared to its historical median P/E of 41.7. The stock is currently considered Fair based on its historical valuation range.
Invitation Homes Inc. (INVH) has a 5-year average return on invested capital (ROIC) of 4.4%. This is below average and may indicate limited pricing power.
Invitation Homes Inc. (INVH) has a market capitalization of $17.7B. It is classified as a large-cap stock.
Yes, Invitation Homes Inc. (INVH) pays a dividend with a trailing twelve-month yield of 1.04%. The company also returns capital through share buybacks, with a buyback yield of 0.30%.
Based on historical P/E analysis, Invitation Homes Inc. (INVH) appears fair. The current P/E of 31.0 is 26% below its historical median of 41.7. The estimated fair value CAGR (P/E method) is 30.7%.
Invitation Homes Inc. (INVH) operates in the Real Estate Operators (No Developers) & Lessors industry, within the Real Estate sector.
Invitation Homes Inc. (INVH) reported annual revenue of $2.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Invitation Homes is a leading owner and operator of single-family homes for lease across the United States, wholly owning 86,192 homes, jointly owning 8,006 homes, and providing third-party property and asset management services for 15,866 additional homes as of December 31, 2025, primarily concentrated in 16 core markets in the Western United States, Florida, and the Southeast. The company operates a vertically integrated platform that handles acquisition, renovation, leasing, maintenance, and management of single-family rental properties, generating revenue through monthly lease payments from residents while maintaining a resident-centric service model supported by local market expertise and centralized national infrastructure. The portfolio consists of homes averaging approximately 1,880 square feet with three to four bedrooms and two bathrooms, targeting a resident base perceived as less transitory than typical multifamily renters, with upfront renovations designed to reduce ongoing maintenance costs and drive resident demand. The company's competitive advantages include local density and economies of scale within core markets, a proprietary pricing tool that analyzes market data to set rental rates, standardized leasing and screening processes, and the recent acquisition of ResiBuilt, a homebuilder that adds development and construction capabilities for building new single-family rental homes and communities. Distribution occurs through multiple channels including the company's proprietary website, internet listing services, Multiple Listing Service, and in-market leasing specialists, while the business model emphasizes high-touch customer service, technology-enabled property management through the ProCare platform, and a resident portal with smart home technology integration.
【Disciplined capital allocation focus】 Management expects to maintain operational discipline while navigating a moderating supply environment, with occupancy anticipated to trend upward through peak leasing season and same-store blended rent growth expected in the mid-2% range for 2026. The company plans to continue share repurchases when shares trade at a material discount to asset value, fund approximately $550 million of dispositions to support capital allocation, and deploy $250 million toward wholly owned new home deliveries, while ResiBuilt's forward backlog of 556 homes representing approximately $200 million is expected to generate capital-light, fee-based earnings with modest accretion to 2026 AFFO. Management remains committed to achieving $0.14–$0.20 of incremental AFFO per share growth over the next three years beyond baseline growth, with operational enhancements expected to provide roughly half of this projected growth, and the company expects to selectively develop homes for both its balance sheet and joint venture partners as ResiBuilt opportunities expand to approximately 1,500 lots across Atlanta, Charlotte, and Orlando.
| Metric | Target | Period |
|---|---|---|
| Same-store NOI growth | 0.3% to 2% | FY2026 |
| Same-store core revenue growth | 1.3% to 2.5% | FY2026 |
| Same-store core expense growth | 3% to 4% | FY2026 |
| Same-store blended rent growth | mid-2% range | FY2026 |
| Core FFO per share | $1.90 to $1.98 | FY2026 |
| AFFO per share | $1.60 to $1.68 | FY2026 |
| Dispositions | approximately $550 million | FY2026 |
| Wholly owned new home deliveries | $250 million | FY2026 |
| Incremental AFFO per share growth | $0.14 to $0.20 | Three-year period from 2026 |
| ResiBuilt forward backlog | 556 homes, approximately $200 million | Current |
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 | 2.8B | 2.7B | 2.6B | 2.4B | 2.2B | 2.0B |
| Net Income | 581M | 587M | 453M | 519M | 383M | 261M |
| EPS | $0.96 | $0.96 | $0.74 | $0.85 | $0.63 | $0.45 |
| Free Cash Flow | 0 | 1.2B | 1.1B | 1.1B | 901M | 830M |
| ROIC | 0.0% | 5.2% | 4.5% | 4.8% | 3.9% | 3.5% |
| Gross Margin | - | 36.5% | 37.0% | 36.1% | 36.4% | 35.0% |
| Debt/Equity | 1.03 | 0.89 | 0.90 | 0.84 | 0.75 | 0.82 |
| Dividends/Share | $0.31 | $1.17 | $1.41 | $1.04 | $0.88 | $0.68 |
| Operating Income | 0 | 940M | 819M | 852M | 687M | 584M |
| Operating Margin | 0.0% | 34.5% | 31.3% | 35.0% | 30.7% | 29.3% |
| ROE | 6.4% | 6.1% | 4.6% | 5.1% | 3.8% | 2.9% |
| Shares Outstanding | 594M | 611M | 612M | 610M | 607M | 580M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 836M | 923M | 1.1B | 1.7B | 1.8B | 1.8B | 2.0B | 2.2B | 2.4B | 2.6B | 2.7B | 2.8B |
| Gross Margin | 28.4% | 31.9% | 33.5% | 29.4% | 31.8% | 32.4% | 35.0% | 36.4% | 36.1% | 37.0% | 36.5% | 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 |
| SG&A | 79M | 69M | 168M | 99M | 74M | 63M | 76M | 74M | 82M | 91M | 95M | 98M |
| EBIT | 114M | 191M | 118M | 379M | 515M | 551M | 584M | 687M | 852M | 819M | 940M | 0 |
| Op. Margin | 13.7% | 20.7% | 11.2% | 22.0% | 29.2% | 30.2% | 29.3% | 30.7% | 35.0% | 31.3% | 34.5% | 0.0% |
| Net Income | -160M | -78M | -89M | -5.7M | 145M | 196M | 261M | 383M | 519M | 453M | 587M | 581M |
| Net Margin | -19.2% | -8.5% | -8.4% | -0.3% | 8.2% | 10.7% | 13.1% | 17.1% | 21.3% | 17.3% | 21.5% | 20.8% |
| Non-Recurring | 4.6M | 4.2M | 24M | 21M | 19M | 696K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | N/A | 8.3% | 1.2% | 2.1% | 3.0% | 3.3% | 3.5% | 3.9% | 4.8% | 4.5% | 5.2% | 0.0% |
| ROE | N/A | -4.1% | -1.7% | -0.1% | 1.8% | 2.3% | 2.9% | 3.8% | 5.1% | 4.6% | 6.1% | 6.4% |
| ROA | N/A | -1.6% | -0.6% | -0.0% | 0.8% | 1.1% | 1.4% | 2.1% | 2.7% | 2.4% | 3.1% | 3.1% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 197M | 256M | 263M | 561M | 662M | 697M | 908M | 1.0B | 1.1B | 1.1B | 1.2B | 1.2B |
| Free Cash Flow | 195M | 252M | 259M | 557M | 605M | 598M | 830M | 901M | 1.1B | 1.1B | 1.2B | 0 |
| Owner Earnings | -81M | -22M | -128M | -29M | 110M | 127M | 288M | 357M | 403M | 340M | 431M | 413M |
| CapEx | 2.0M | 3.9M | 4.1M | 4.0M | 57M | 99M | 77M | 122M | 30M | 31M | 28M | 0 |
| Maint. CapEx | 250M | 268M | 310M | 561M | 534M | 553M | 592M | 638M | 674M | 714M | 747M | 757M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 250M | 268M | 310M | 561M | 534M | 553M | 592M | 638M | 674M | 714M | 747M | 757M |
| CapEx/OCF | N/A | N/A | 1.6% | 1.3% | 2.0% | 1.1% | 1.5% | 0.2% | 0.2% | 0.1% | 0.1% | 0.0% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 682M | 0 | 69M | 230M | 277M | 332M | 394M | 539M | 638M | 689M | 713M | 184M |
| Dividend Yield | N/A | N/A | 1.1% | 2.2% | 2.3% | 2.5% | 2.1% | 2.7% | 3.5% | 3.5% | 3.8% | 1.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53M | 53M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | 0.3% |
| Stock-Based Comp | 28M | 10M | 81M | 29M | 18M | 17M | 27M | 29M | 30M | 28M | 28M | 28M |
| Debt Repayment | 305M | 115M | 0 | 0 | 2.6M | 41M | 17M | 13M | 7.8M | 54M | 8.8M | 8.8M |
| Balance Sheet | ||||||||||||
| Net Debt | 771M | -13M | 9.5B | 9.1B | 8.4B | 7.8B | 7.4B | 7.5B | 7.8B | 8.6B | 8.4B | 9.2B |
| Cash & Equiv. | 275M | 198M | 180M | 145M | 92M | 213M | 610M | 263M | 701M | 174M | 130M | 114M |
| Long-Term Debt | 902M | 185M | 9.7B | 9.2B | 8.5B | 8.0B | 8.0B | 7.8B | 8.5B | 8.2B | 8.4B | 8.8B |
| Debt/Equity | N/A | 0.09 | 1.14 | 1.12 | 1.03 | 0.94 | 0.82 | 0.75 | 0.84 | 0.90 | 0.89 | 1.03 |
| Interest Coverage | 0.4 | 0.7 | 0.5 | 1.0 | 1.4 | 1.6 | 1.8 | 2.3 | 2.6 | 2.2 | 2.7 | 2.7 |
| Equity | N/A | 2.0B | 8.5B | 8.2B | 8.2B | 8.5B | 9.8B | 10.3B | 10.2B | 9.8B | 9.5B | 9.1B |
| Total Assets | N/A | 9.7B | 18.7B | 18.1B | 17.4B | 17.5B | 18.5B | 18.5B | 19.2B | 18.7B | 18.7B | 18.7B |
| Total Liabilities | N/A | 7.8B | 10.0B | 9.7B | 9.1B | 9.0B | 8.7B | 8.2B | 9.0B | 8.9B | 9.1B | 9.6B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 57M |
| Retained Earnings | N/A | N/A | -158M | -393M | -525M | -661M | -795M | -951M | -1.1B | -1.5B | -1.6B | -1.6B |
| 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 |
| 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 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 257M |
| Per Share Data | ||||||||||||
| EPS | N/A | N/A | -0.26 | -0.01 | 0.27 | 0.35 | 0.45 | 0.63 | 0.85 | 0.74 | 0.96 | 0.96 |
| Owner EPS | N/A | N/A | -0.37 | -0.05 | 0.21 | 0.23 | 0.50 | 0.59 | 0.66 | 0.55 | 0.71 | 0.70 |
| Book Value | N/A | N/A | 24.81 | 14.33 | 15.29 | 15.21 | 16.89 | 16.94 | 16.64 | 15.93 | 15.59 | 15.31 |
| Cash Flow/Share | N/A | N/A | 0.77 | 0.98 | 1.23 | 1.25 | 1.56 | 1.69 | 1.81 | 1.77 | 1.97 | 2.25 |
| Dividends/Share | N/A | N/A | 0.22 | 0.44 | 0.52 | 0.60 | 0.68 | 0.88 | 1.04 | 1.41 | 1.17 | 0.31 |
| Shares Out. | N/A | N/A | 342.6M | 574.4M | 537.3M | 559.3M | 580.2M | 607.4M | 610.3M | 612.4M | 611.4M | 594.0M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 91.8 | 71.9 | 86.6 | 41.4 | 38.0 | 41.7 | 28.6 | 31.1 |
| P/FCF | N/A | N/A | 25.2 | 17.0 | 22.0 | 23.5 | 27.2 | 17.6 | 18.3 | 18.0 | 14.2 | N/A |
| EV/EBIT | N/A | N/A | 73.1 | N/A | 29.3 | 24.8 | 39.9 | 25.9 | 25.4 | N/A | 22.4 | N/A |
| Price/Book | N/A | N/A | 1.2 | 1.1 | 1.6 | 1.7 | 2.3 | 1.5 | 1.9 | 1.9 | 1.8 | 1.9 |
| Price/Sales | N/A | N/A | 8.8 | 6.1 | 6.7 | 7.2 | 9.2 | 8.9 | 7.5 | 7.6 | 6.8 | 6.3 |
| FCF Yield | N/A | N/A | 2.6% | 5.9% | 4.5% | 4.2% | 3.7% | 5.7% | 5.5% | 5.6% | 7.0% | N/A |
| Market Cap | N/A | N/A | 9.9B | 9.5B | 13.3B | 14.1B | 22.6B | 15.8B | 19.7B | 18.9B | 16.8B | 17.7B |
| Avg. Price | N/A | N/A | 17.74 | 18.25 | 22.06 | 23.49 | 31.69 | 32.80 | 29.91 | 32.49 | 30.39 | 29.78 |
| Year-End Price | N/A | N/A | 19.04 | 16.47 | 24.78 | 25.16 | 38.97 | 26.06 | 32.31 | 30.89 | 27.45 | 29.78 |
Invitation Homes Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Invitation Homes Inc. trades at 31.0x trailing earnings, compared to its 15-year median P/E of 41.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.1x vs a median of 18.3x. The company's 5-year average ROIC is 4.4% with a gross margin of 36.2%. Total shareholder yield (dividends + buybacks) is 1.3%. At current prices, the estimated annualized return to fair value is +10.1%.
Invitation Homes Inc. (INVH) has a net profit margin of 21.5%. This is a strong margin indicating high profitability.
Invitation Homes Inc. (INVH) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Invitation Homes Inc. (INVH) has a debt-to-equity ratio of 0.89. This indicates moderate leverage.
Invitation Homes Inc. (INVH) reported earnings per share (EPS) of $0.96 in its most recent fiscal year.
Invitation Homes Inc. (INVH) has a return on equity (ROE) of 6.1%. This indicates moderate shareholder returns.
Invitation Homes Inc. (INVH) has a 5-year average gross margin of 36.2%. This indicates decent pricing power.
The Ledger Terminal provides 11 years of financial data for Invitation Homes Inc. (INVH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Invitation Homes Inc. (INVH) has a book value per share of $15.59, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to maintain operational discipline while navigating a moderating supply environment, with occupancy anticipated to trend upward through peak leasing season and same-store blended rent growth expected in the mid-2% range for 2026. The company plans to continue share repurchases when shares trade at a material discount to asset value, fund approximately $550 million of dispositions to support capital allocation, and deploy $250 million toward wholly owned new home deliveries, while ResiBuilt's forward backlog of 556 homes representing approximately $200 million is expected to generate capital-light, fee-based earnings with modest accretion to 2026 AFFO. Management remains committed to achieving $0.14–$0.20 of incremental AFFO per share growth over the next three years beyond baseline growth, with operational enhancements expected to provide roughly half of this projected growth, and the company expects to selectively develop homes for both its balance sheet and joint venture partners as ResiBuilt opportunities expand to approximately 1,500 lots across Atlanta, Charlotte, and Orlando.
Based on recent SEC filings and earnings calls, Invitation Homes Inc. (INVH) has provided the following forward guidance: Same-store NOI growth: 0.3% to 2% (FY2026); Same-store core revenue growth: 1.3% to 2.5% (FY2026); Same-store core expense growth: 3% to 4% (FY2026); Same-store blended rent growth: mid-2% range (FY2026); Core FFO per share: $1.90 to $1.98 (FY2026), plus 5 additional metrics.
Same-store NOI growth (FY2026): “This includes our expectation for same-store NOI growth in a range between 0.3% and 2%”
Same-store core revenue growth (FY2026): “driven by expected same-store core revenue growth in a range between 1.3% and 2.5%”
Same-store core expense growth (FY2026): “and same-store core expense growth in the range between 3% and 4%”
Same-store blended rent growth (FY2026): “while we expect same-store blended rent growth in the mid-2% range”
Core FFO per share (FY2026): “Together, these assumptions result in full year 2026 core FFO guidance of $1.90-$1.98 per share”
AFFO per share (FY2026): “and AFFO of $1.60-$1.68 per share”
Dispositions (FY2026): “our outlook incorporates approximately $550 million of dispositions at the midpoint”
Wholly owned new home deliveries (FY2026): “and $250 million of anticipated wholly owned new home deliveries at the midpoint”