A Business at a Glance
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Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.7B | 2.7B | 2.6B | 2.4B | 2.2B | 2.0B |
| Net Income | 587M | 587M | 453M | 519M | 383M | 261M |
| EPS | $0.96 | $0.96 | $0.74 | $0.85 | $0.63 | $0.45 |
| Free Cash Flow | 1.2B | 1.2B | 1.1B | 1.1B | 901M | 830M |
| ROIC | 6.7% | 6.8% | 5.9% | 7.1% | 3.9% | 3.5% |
| Gross Margin | 36.5% | 36.5% | 37.0% | 36.1% | 36.4% | 35.0% |
| Debt/Equity | 0.48 | 0.48 | 0.45 | 0.33 | 0.75 | 0.82 |
| Dividends/Share | $1.17 | $1.17 | $1.41 | $0.00 | $0.88 | $0.68 |
| Operating Income | 940M | 940M | 819M | 852M | 687M | 584M |
| Operating Margin | 34.5% | 34.5% | 31.3% | 35.0% | 30.7% | 29.3% |
| ROE | 6.2% | 6.1% | 4.6% | 5.1% | 3.7% | 2.7% |
| Shares Outstanding | 611M | 611M | 612M | 610M | 607M | 580M |
Invitation Homes Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Invitation Homes Inc. trades at 27.0x 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 13.1x vs a median of 18.3x. The company's 5-year average ROIC is 5.5% with a gross margin of 36.2%. Total shareholder yield (dividends + buybacks) is 4.8%. At current prices, the estimated annualized return to fair value is +11.3%.
Invitation Homes Inc. (INVH) has a current P/E ratio of 27.0, 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 5.5%. This is below average and may indicate limited pricing power.
Invitation Homes Inc. (INVH) has a market capitalization of $15.9B. It is classified as a large-cap stock.
Yes, Invitation Homes Inc. (INVH) pays a dividend with a trailing twelve-month yield of 4.49%. The company also returns capital through share buybacks, with a buyback yield of 0.34%.
Based on historical P/E analysis, Invitation Homes Inc. (INVH) appears fair. The current P/E of 27.0 is 35% below its historical median of 41.7. The estimated fair value CAGR (P/E method) is 32.7%.
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 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 0.48. This indicates a conservatively financed balance sheet.
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.