Pricing Log in Create free account
Friday 6 November 2026 Export INVH’s income statement to Excel — free account

Invitation Home

INVH Real Estate Reit Residential

Invitation Home’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, up 4.21% from fiscal 2024.

Revenue
+6.26%
EPS
+22.9%
Free cash flow
+239.0%
Total debt
+0.35%

Quarter to September 2026, against a year earlier

27.53 0.03 −0.11%
Market cap
$15.9B
P/E
24.0×
Fwd P/E
30.4×
Dividend yield
4.38%
F-score
6/9
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
Valuation Filings

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.96%

Capital & Financial Ratios $m

Size
Market Cap 15,880.00
Revenue ttm 2,898.19
Net income ttm 684.86
Free cash flow ttm 2,200.11
Net debt Q 3,952.70
Valuation
P/E 24.04
Forward P/E 30.40
Price / sales 5.57
Forward P/S Powerpack
Price / FCF 7.33
Price / book 1.82
Financial health
Current ratio Q 0.01
Debt / equity Q 0.46
Interest coverage Q 1.73
Growth
Revenue growth Q +6.26% (above 0%: growing)
Operating income growth Q −12.42% (below 0%: shrinking)
EPS, this year +5.11%
EPS, next year A −27.99% (below 0%: weak)
Revenue, next year A +8.38%
EPS, past 5 yrs +22.36% (at or above 15%: strong)
EPS, next 5 yrs A −5.57% (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 6.9×, against a ten-year median of 12.8×; over the ten years it ranged from 6.7× in 2026 to 17.5× in 2018.
P/E against its own 10 years 1.20%
10-year low 10-year high
P/S against its own 10 years 1.57%
10-year low 10-year high
P/B against its own 10 years 29.37%
10-year low 10-year high
EV/Sales against its own 10 years 0.93%
10-year low 10-year high
EV/FCF against its own 10 years 0.89%
10-year low 10-year high

Dividends

Yield
4.38%
Annual rate
1.20
Payout ratio
105.2%
Growth, 2017–25
+23.2%/yr
  1. 0.22 ’17
  2. 0.44 ’18 +100
  3. 0.52 ’19 +18
  4. 0.60 ’20 +15
  5. 0.68 ’21 +13
  6. 0.88 ’22 +29
  7. 1.32 ’23 +50
  8. 1.13 ’24 −14
  9. 1.17 ’25 +4
  10. 1.20 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 701 174 130 79
Receivables — — — —
Inventory — — — —
Other — — — —
701 174 130 79
2023 2024 2025 Q'26
Payables 201 248 230 407
ST’ Debt — — — 485
Other — — — —
3,506 4,048 4,629 5,788

Compound Annual Growth %

10y 5y 3y
Sales 12.56% 8.41% 6.84%
Cash Flow 19.84% 11.60% 5.63%
Earnings 0.00% 24.56% 15.33%
Book Value 17.63% 2.26% (2.50%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.48 Actual 0.27

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.48 0.27 Miss by 0.21
Q1 FY26 0.48 0.26 Miss by 0.22
Q2 FY26 0.49 0.37 Miss by 0.12
Q3 FY26 0.48 0.27 Miss by 0.21
Q4 FY26 0.50 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.26 0.37 0.27 — —
’25 0.27 0.23 0.22 0.24 0.96
’24 0.23 0.12 0.15 0.23 0.74
’23 0.20 0.22 0.21 0.21 0.85
’22 0.15 0.18 0.13 0.16 0.63
’21 0.10 0.11 0.12 0.12 0.45
’20 0.09 0.08 0.06 0.12 0.35
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 734 748 731 — —
’25 674 681 688 685 2,729
’24 646 653 660 659 2,619
’23 590 600 618 624 2,432
’22 532 557 569 580 2,238
’21 475 492 510 520 1,997
’20 450 450 459 464 1,823
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 293 384 384 — —
’25 301 382 395 129 1,206
’24 266 370 314 133 1,082
’23 318 281 421 88 1,107
’22 235 317 352 120 1,024
’21 241 230 312 125 908
’20 178 218 230 71 697
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 412 607 342 — —
’25 412 428 (246) 839 1,433
’24 345 396 324 353 1,417
’23 350 352 490 151 1,344
’22 206 297 326 105 933
’21 253 245 302 99 899
’20 230 249 286 76 841
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 2.5% a year for ten years.

Implied
2.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
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 923 1,054 1,723 1,765 1,823 1,997 2,238 2,432 2,619 2,729 2,898 +12.8% 2,958 3,022 3,127 +4.6%
Gross margin, % 57.64 58.76 58.16 58.54 59.45 61.05 60.94 59.87 59.04 58.42 55.67 +0.8 pt
EBT (97) (140) (55) 51 143 203 294 337 211 372 467 n/m
EBT margin, % (10.50) (13.25) (3.17) 2.88 7.84 10.16 13.14 13.88 8.05 13.62 16.10 +24.1 pt
Net income (78) (106) (5) 147 197 263 385 521 455 590 685 n/m
Per share, $
Per share, $ Revenue 0.00 3.11 3.31 3.32 3.29 3.46 3.67 3.98 4.28 4.45 4.93 n/m
Earnings — (0.26) (0.01) 0.27 0.35 0.45 0.63 0.85 0.74 0.96 1.14 n/m
Cash flow 0.00 0.77 1.08 1.25 1.26 1.57 1.68 1.81 1.77 1.97 2.02 n/m
Capex 0.00 0.32 0.58 1.19 0.26 (0.01) (0.15) 0.39 0.55 0.37 1.72 n/m
Free cash flow 0.00 1.09 1.66 2.44 1.52 1.56 1.53 2.20 2.31 2.34 3.74 n/m
Book value 0.00 25.48 16.08 15.56 15.44 17.03 16.93 16.65 15.99 15.61 15.06 n/m
Shares, m — 339 520 531 554 578 610 612 613 613 600 +7.7%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 111.00 82.50 100.76 47.19 40.26 43.20 28.95 24.04 45.4
P/S 0.00 7.56 6.06 9.02 9.03 13.12 7.97 8.71 7.48 6.24 5.57 7.5
P/B 0.00 0.92 1.25 1.93 1.92 2.66 1.73 2.08 2.00 1.78 1.82 1.6
EV/Sales 8.08 16.68 11.44 16.31 15.51 17.05 10.58 10.65 9.38 7.72 6.93 12.3
EV/FCF 27.57 47.50 22.81 22.21 33.63 37.86 25.36 19.28 17.33 14.70 9.13 26.8
Cash, $m
Cash, $m Operating cash flow 256 263 561 662 697 908 1,024 1,107 1,082 1,206 1,189 +18.8%
Capex 36 107 303 634 144 (9) (90) 237 335 227 1,011 +22.5%
Free cash flow 293 370 865 1,296 841 899 933 1,344 1,417 1,433 2,200 +19.3%
Balance, $m
Balance, $m Working capital 110 (14) (25) (94) 64 (1,505) (2,454) (2,805) (3,874) (4,499) (5,709) n/m
Net debt 7,459 9,618 9,254 8,523 7,976 5,632 5,164 4,720 4,408 4,036 3,953 (6.6%)
Shareholders’ equity 1,957 8,650 8,369 8,266 8,556 9,839 10,324 10,190 9,793 9,568 8,859 +19.3%
Returns, %
Returns, % ROA (0.80) (0.63) (0.03) 0.82 1.12 1.45 2.06 2.75 2.39 3.14 3.65 +3.9 pt
ROIC 1.27 0.40 1.14 1.51 1.77 2.19 2.51 2.90 2.90 3.40 3.44 +2.1 pt
ROE (4.07) (1.68) (0.07) 1.74 2.33 2.84 3.80 5.06 4.54 6.06 7.34 +10.1 pt
People
People Employees 884 1,445 1,231 1,140 1,149 1,240 1,511 1,555 1,750 1,725 — +7.7%
Revenue/emp, $m 1.04 0.73 1.40 1.55 1.59 1.61 1.48 1.56 1.50 1.58 — +4.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Invitation Homes is a real estate investment trust, or REIT, that owns and operates single-family homes for lease. It serves people and families who want to rent a house rather than buy one. The company was founded in 2012, is headquartered in Dallas, Texas, and is led by Chief Executive Officer Dallas B. Tanner.

As of December 31, 2025, Invitation Homes wholly owned 86,192 homes and jointly owned 8,006 more. It also provided property and asset management for an additional 15,866 homes owned by others. The homes were primarily in 16 core markets across the United States. Its owned homes averaged approximately 1,880 square feet, with three to four bedrooms and two bathrooms.

Invitation Home 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%
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% Compare
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 $13.4B 32.6× 32.3× +4.10% −11.86% +14.16% 59.63% 26.54%

All 20 Reit Residential stocks →

From the latest earnings call

Updated

  • CEO Dallas Tanner said third-quarter same-store blended rent growth was 3%, while CFO John Olsen said home-sale proceeds funded share repurchases.
  • CFO John Olsen said Invitation Homes raised its 2026 core FFO guidance and lowered its expense-growth guidance, mostly because of anticipated property taxes.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 100.67%
Held by the ten largest 60.02%
Holder Shares Stake Change
Vanguard 91.58m 15.51% −1.31m
BlackRock 61.80m 10.46% −2.52m
Norges Bank 51.51m 8.72% +51.51m
State Street 38.05m 6.44% −1.18m
COHEN & STEERS, INC. 37.13m 6.29% +1.95m
Fidelity (FMR) 17.37m 2.94% −894.69k
Geode Capital Management 17.12m 2.90% −193.59k
APG Asset Management US Inc. 15.98m 2.70% 0.00
Invesco 14.99m 2.54% +357.45k
CENTERSQUARE INVESTMENT MANAGEMENT LLC 8.94m 1.51% +1.49m
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 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.10m (577.71k) 109.12
2024 10.97m 4.93m 120.81
2023 10.39m 18.55m 124.71
2022 14.17m (3.99m) 104.17
2021 9.71m 31.94m 155.58

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 16.11%
Blackrock, Inc. 10.39%
Cohen & Steers, Inc. 9.59%
Norges Bank (The Central Bank of Norway) 8.82%
State Street Corporation 6.43%
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

Invitation Home (INVH) Latest News

3 Nov

Impact 3 · · fastcompany.com

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · Zacks

28 Oct

Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · 24/7 Wall St.

22 Oct

Impact 3 · · Barchart

28 Sep

Impact 3 · · Zacks
Impact 3 · · Zacks

24 Sep

Impact 3 ·

23 Sep

Impact 3 · · Simply Wall St.

9 Sep

Impact 3 ·

7 Sep

Impact 3 ·

7 Aug

Impact 4 · · The Motley Fool transcript

31 Jul

Impact 3 · · MarketBeat

30 Jul

Impact 4 ·
Impact 4 · · Moby transcript
Impact 3 ·

29 Jul

Impact 3 ·

28 Jul

Impact 3 ·

29 Jun

Impact 3 ·

18 May

Impact 4 · · Barrons.com

1 May

Impact 4 · · GuruFocus.com
Impact 3 · · MarketBeat

30 Apr

Impact 4 · · Moby
Impact 3 ·

INVH metrics, ten years each

stockrow.com/INVH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com