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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
+2.75%
EPS
+10.7%
Free cash flow
+24.8%
Total debt
−0.55%

Quarter to June 2026, against a year earlier

32.71 1.19 +3.78%
Market cap
$11.7B
P/E
26.0×
Fwd P/E
32.4×
Dividend yield
3.94%
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
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American Homes 4 Rent (AMH) valuation and DCF model

What the price implies · reverse DCF

At $32.71 the price implies FFO a share growing 3.9% a year for ten years.

FFO a share grew 9.1% a year over the last ten years, 7.2% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 2.8%.

In December 2017 the price assumed 4.9% a year; American Homes 4 Rent went on to grow FFO a share 7.2% a year to FY2025.

Q3 2026’s FFO a share is the $0.48 American Homes 4 Rent reported, in its results release. It reported AFFO of $0.45 a share for Q3 2026.

Price implies
3.9%
Last 5 years, reported
7.2%
Last 10 years, reported
9.1%
Industry median implies
2.8%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
3.9% a year for ten years
$32.71
today’s price
Its base case
9.1% a year for five years, then 5.5%
$43.08
31.7% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record American Homes 4 Rent’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 3.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against American Homes 4 Rent’s own cost of capital: risk-free 4.3% + beta 0.77 × equity premium 4.5% = 7.8% cost of equity; weighted, 7.8%.

Use 7.8%
Base case value per share $43.08 ten years discounted, and what follows
Current price $32.71 market price per share
Above today’s price 31.7% upside at the base case’s assumptions

How we got there$17.91 10 years of FFO+$25.17 terminal value=$43.08 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Residential).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 25.96× 33.18× 79.77× 67% below 26.83× 3% below
P/FCF 7.89× 17.46× 26.35× 70% below 23.00× 66% below
P/B 1.58× 1.61× 1.48× 6% above 1.73× 9% below
EV/EBITDA 16.90× 19.26× 19.37× 13% below 15.65× 8% above
EV/Sales 8.89× 9.84× 9.84× 10% below 7.85× 13% above
P/FFO 17.49× 19.90× 21.39× 18% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
42.49×104.78×167.08×229.38×10Y avg 79.77×201820192020202120222023202420252026

AMH trades at 25.96× P/E, against a 10-year average of 79.77× (range 25.96×–248.13×). That is cheaper than 100% of the last 8 year-end readings; re-rating to the average implies $100.51 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.