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Friday 6 November 2026 Export AMH’s income statement to Excel — free account

American Homes 4 Rent

AMH Real Estate Reit Residential

American Homes 4 Rent’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 7.03% from fiscal 2024.

Revenue
+4.10%
EPS
−14.8%
Free cash flow
−26.0%
Total debt
+6.58%

Quarter to September 2026, against a year earlier

32.95 0.32 +0.98%
Market cap
$11.9B
P/E
27.0×
Fwd P/E
32.4×
Dividend yield
3.92%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2018

  • Rent From Single Family Properties
  • Tenant Charge-backs
  • Fees From Single-Family Properties
  • Other Revenue

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 1.12
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — 4 2 — 2 — — 3 1 — —
Sell — — — — — — — — — — — —
Insider Ownership 8.34%

Capital & Financial Ratios $m

Size
Market Cap 11,910.00
Revenue ttm 1,895.19
Net income ttm 523.32
Free cash flow ttm 879.90
Net debt Q 4,929.71
Valuation
P/E 27.01
Forward P/E 32.40
Price / sales 6.25
Forward P/S Powerpack
Price / FCF 7.85
Price / book 1.61
Financial health
Current ratio Q 0.55
Debt / equity Q 0.70
Interest coverage Q 0.00
Growth
Revenue growth Q +4.10% (above 0%: growing)
Operating income growth Q +7.46% (above 0%: growing)
EPS, this year −14.27% (below 0%: weak)
EPS, next year A −21.13% (below 0%: weak)
Revenue, next year A +2.91%
EPS, past 5 yrs +33.34% (at or above 15%: strong)
EPS, next 5 yrs A −15.40% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.9×, against a ten-year median of 9.7×; over the ten years it ranged from 7.7× in 2018 to 13.7× in 2021.
P/E against its own 10 years 10.11%
10-year low 10-year high
P/S against its own 10 years 28.75%
10-year low 10-year high
P/B against its own 10 years 62.71%
10-year low 10-year high
EV/Sales against its own 10 years 24.86%
10-year low 10-year high
EV/FCF against its own 10 years 2.56%
10-year low 10-year high

Dividends raised 5 years running

Yield
3.92%
Annual rate
1.29
Payout ratio
105.7%
Growth, 2017–25
+25.1%/yr
  1. 0.20 ’17
  2. 0.25 ’18 +25
  3. 0.20 ’19 −20
  4. 0.20 ’20 +0
  5. 0.40 ’21 +100
  6. 0.72 ’22 +80
  7. 0.88 ’23 +22
  8. 1.04 ’24 +18
  9. 1.20 ’25 +15
  10. 1.32 ’26e +10
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 222 350 231 233
Receivables 43 48 43 56
Inventory — — — —
Other — — — —
265 399 274 288
2023 2024 2025 Q'26
Payables 574 522 437 524
ST’ Debt — — — —
Other — — — —
574 522 437 524

Compound Annual Growth %

10y 5y 3y
Sales 11.37% 9.55% 7.47%
Cash Flow 15.07% 12.76% 9.10%
Earnings 0.00% 38.79% 20.52%
Book Value 6.96% 3.56% 2.43%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.49 Actual 0.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.47 0.47 Met by 0.00
Q1 FY26 0.48 0.48 Met by 0.00
Q2 FY26 0.48 0.49 Beat by 0.01
Q3 FY26 0.49 0.50 Beat by 0.01
Q4 FY26 0.49 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.35 0.31 0.23 — —
’25 0.30 0.28 0.27 0.33 1.18
’24 0.30 0.25 0.20 0.33 1.08
’23 0.32 0.27 0.20 0.21 1.01
’22 0.16 0.16 0.14 0.25 0.71
’21 0.09 0.06 0.11 0.14 0.41
’20 0.07 0.05 0.07 0.09 0.28
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 472 470 498 — —
’25 459 458 478 455 1,850
’24 424 423 445 437 1,729
’23 398 396 422 409 1,624
’22 356 362 392 381 1,491
’21 313 314 340 338 1,304
’20 287 281 308 297 1,173
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 203 293 238 — —
’25 223 272 223 146 864
’24 202 274 234 102 812
’23 200 215 208 115 739
’22 159 220 218 69 666
’21 152 180 166 97 595
’20 126 153 148 47 474
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 379 471 238 — —
’25 331 378 322 323 1,353
’24 330 369 301 (232) 768
’23 350 307 241 164 1,062
’22 (101) 43 173 143 258
’21 82 (23) (199) (138) (277)
’20 82 136 (52) 164 329
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 4.0% a year for ten years. It grew 9.1% a year over the last ten.

Implied
4.0%
10 years, reported
9.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 879 960 1,073 1,132 1,173 1,304 1,491 1,624 1,729 1,850 1,895 +8.6% 1,904 1,971 2,064 +3.7%
Gross margin, % 55.85 55.77 54.56 54.00 53.93 54.98 55.40 55.48 56.31 56.83 0.00 +1.0 pt
EBT 10 76 112 156 155 211 310 432 468 513 523 +54.2%
EBT margin, % 1.19 7.96 10.48 13.80 13.20 16.15 20.80 26.62 27.08 27.75 27.61 +26.6 pt
Net income 10 76 112 156 155 211 310 432 468 513 523 +54.2%
Per share, $
Per share, $ Revenue 3.76 3.63 3.65 3.78 3.82 4.02 4.27 4.48 4.70 4.99 5.27 +3.2%
Earnings (0.14) (0.08) 0.08 0.29 0.28 0.42 0.72 1.01 1.08 1.18 1.22 n/m
Cash flow 1.19 1.46 1.40 1.53 1.55 1.84 1.91 2.04 2.21 2.33 2.45 +7.7%
Capex (0.87) (2.99) (1.50) (0.66) (0.47) (2.69) (1.17) 0.89 (0.12) 1.32 0.00 n/m
Free cash flow 0.32 (1.53) (0.10) 0.87 1.07 (0.85) 0.74 2.93 2.09 3.65 2.45 +31.1%
Book value 21.10 22.24 20.34 20.10 21.11 20.78 20.54 21.14 21.36 20.81 20.49 (0.2%)
Shares, m 234 264 294 299 307 324 349 362 367 371 364 +5.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 248.13 90.38 107.14 106.37 41.92 36.18 34.65 27.20 27.01 69.2
P/S 5.53 5.91 5.43 6.93 7.85 10.84 6.97 8.15 7.95 6.43 6.25 7.2
P/B 0.98 0.97 0.98 1.30 1.42 2.10 1.45 1.73 1.75 1.54 1.61 1.4
EV/Sales 8.57 8.30 7.88 9.29 10.02 13.67 9.86 10.76 10.65 9.06 8.85 9.8
EV/FCF 101.11 (19.72) (279.97) 40.48 35.76 (64.34) 56.91 16.45 23.98 12.39 11.11 (7.7)
Cash, $m
Cash, $m Operating cash flow 279 386 411 458 474 595 666 739 812 864 880 +13.4%
Capex (204) (790) (441) (198) (146) (872) (407) 323 (44) 489 630 n/m
Free cash flow 75 (404) (30) 260 329 (277) 258 1,062 768 1,353 880 +38.0%
Balance, $m
Balance, $m Working capital 91 (10) (15) (49) 8 (110) (219) (309) (123) (163) (236) n/m
Net debt 2,672 2,293 2,628 2,669 2,552 3,689 4,298 4,240 4,661 4,865 4,930 +6.9%
Shareholders’ equity 4,938 5,876 5,974 6,019 6,472 6,738 7,175 7,653 7,849 7,710 7,368 +5.1%
Returns, %
Returns, % ROA (0.45) (0.26) 0.27 0.95 0.91 1.32 2.17 2.95 3.06 3.30 3.40 +3.8 pt
ROIC 1.11 1.42 1.58 1.70 1.60 1.63 1.64 1.85 1.96 2.25 0.00 +1.1 pt
ROE (0.76) (0.41) 0.40 1.43 1.36 2.05 3.61 4.94 5.14 5.64 5.89 +6.4 pt
People
People Employees 953 1,135 1,234 1,324 1,447 1,538 1,794 1,725 1,730 1,598 — +5.9%
Revenue/emp, $m 0.92 0.85 0.87 0.86 0.81 0.85 0.83 0.94 1.00 1.16 — +2.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

American Homes 4 Rent, or AMH, is an internally managed real estate investment trust (REIT) that develops, renovates, leases and manages single-family rental homes. Its customers are households looking to rent a house rather than own one. AMH sets rents, screens applicants, collects payments and handles most repairs and maintenance.

The company builds homes specifically for long-term rental through its AMH Development Program. It also evaluates opportunities to buy newly constructed homes from other developers and, at times, existing homes or portfolios. Its homes typically have three or more bedrooms and two or more bathrooms. Residents can search and apply online, use self-guided showings for substantially all homes, and request maintenance through the website, local offices or a call center.

Where the money comes from and where it goes Fiscal 2018

Fiscal 2018: revenue by products and services, and margins
Rent From Single Family Properties 909 84.72%
Tenant Charge-backs 147 13.68%
Fees From Single-Family Properties 11 1.02%
Other Revenue 6 0.58%
Gross margin 54.56%
Operating margin 20.28%
Pre-tax margin 10.48%

Revenue by segment since 2016

American Homes 4 Rent vs peers in Reit Residential (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ESS Essex Property Trust, Inc. $18.1B 49.3× 46.4× +4.10% (above 0%: growing) −36.97% (below 0%: shrinking) −5.14% (below 0%: shrinking) 66.94% 31.82% Compare
INVH Invitation Home $15.9B 24.0× 30.4× +6.26% (above 0%: growing) +22.91% (above 0%: growing) +239.04% (above 0%: growing) 54.14% 21.76% Compare
SUI Sun Communities, Inc. $14.6B — (loss-making) — (loss-making) +12.56% (above 0%: growing) +1,411.29% (above 0%: growing) +42.90% (above 0%: growing) 63.45% 28.16% Compare
MAA Mid-America Apartment Communities, Inc. $14.5B 36.5× 32.1× +1.04% (above 0%: growing) −11.86% (below 0%: shrinking) +81.71% (above 0%: growing) 57.07% 24.91% Compare
CPT Camden Property Trust $14.0B 34.2× 66.4× −0.90% (below 0%: shrinking) −75.68% (below 0%: shrinking) −1,195.62% (below 0%: shrinking) 64.13% 12.20% Compare
ELS Equity Lifestyle Properties, Inc. $12.7B 31.0× 28.8× +4.22% (above 0%: growing) −10.00% (below 0%: shrinking) +33.46% (above 0%: growing) 52.10% 33.35% Compare
UDR United Dominion Realty Trust, Inc. $12.5B 16.9× 30.1× −0.88% (below 0%: shrinking) +500.08% (above 0%: growing) −180.36% (below 0%: shrinking) 62.20% 63.12% Compare
AMH American Homes 4 Rent $11.9B 27.0× 32.4× +4.10% (above 0%: growing) −14.81% (below 0%: shrinking) −25.98% (below 0%: shrinking) 0.00% 0.00%
JAN Janus Living, Inc. $9.5B — (loss-making) — +78.32% (above 0%: growing) n/m +592.48% (above 0%: growing) 27.91% (4.66%) Compare
Median of peers $14.3B 32.6× 31.3× +4.16% −10.00% +38.18% 59.63% 26.54%

All 20 Reit Residential stocks →

From the latest earnings call

Updated

  • CEO Brian Smith said occupancy held steady in October and that the company is using property-sale proceeds as its primary funding source for development.
  • CFO Chris Lau said updated property tax values contributed to a lower expense-growth expectation as AMH raised its full-year core FFO guidance midpoint.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 90.62%
Held by the ten largest 51.83%
Holder Shares Stake Change
BlackRock 45.69m 12.72% +1.21m
Vanguard 45.40m 12.64% −712.66k
Norges Bank 22.08m 6.15% +22.08m
Principal Financial 20.69m 5.76% +1.75m
State Street 15.62m 4.35% −593.83k
Fidelity (FMR) 9.64m 2.68% +348.39k
AQR Capital Management 7.73m 2.15% +2.94m
Geode Capital Management 7.50m 2.09% −50.24k
Arrowstreet Capital 6.12m 1.70% +2.58m
T. Rowe Price 5.68m 1.58% +6.64k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.54m 5.68m 121.00
2024 10.35m 11.44m 136.00
2023 8.08m 11.29m 127.00
2022 6.48m 5.06m 104.00
2021 4.59m 6.62m 147.00

Ownership

Directors and executive officers, together 5.70%
HF Investments 13.13%
The Vanguard Group 10.69%
BlackRock, Inc.50 Hudson YardsNew York, NY 10.54%
Norges Bank (The Central Bank of Norway)Bankplassen 5.58%
Tamara Gustavson 5.18%
Tamara H. Gustavsonc/o Malibu Management22917 Pacific Coast Highway, Suite 5.14%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

American Homes 4 Rent (AMH) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Moby

4 Nov

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23 Oct

Impact 3 · · 24/7 Wall St.

28 Sep

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30 Jul

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29 Jun

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14 Jun

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6 Jun

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22 May

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9 May

Impact 4 · · MarketBeat

7 May

Impact 4 · · The Motley Fool transcript

6 May

Impact 4 · · Zacks
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25 Mar

Impact 4 · · Simply Wall St.

23 Mar

Impact 3 · · The Wall Street Journal

16 Mar

Impact 4 · · Barrons.com
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4 Mar

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28 Feb

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24 Feb

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23 Feb

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22 Feb

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20 Feb

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AMH metrics, ten years each

stockrow.com/AMH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com