| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 1.20 |
—
—
—
|
| 2025 | 1.17 |
—
—
—
—
|
| 2024 | 1.13 |
—
—
—
—
|
| 2023 | 1.32 |
—
—
—
—
—
|
| 2022 | 0.88 |
—
—
—
—
|
| 2021 | 0.68 |
—
—
—
—
|
| 2020 | 0.60 |
—
—
—
—
|
| 2019 | 0.52 |
—
—
—
—
|
| 2018 | 0.44 |
—
—
—
—
|
| 2017 | 0.22 |
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 700.62 | 174.49 | 129.97 | 75.79 |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 700.62 | 174.49 | 129.97 | 75.79 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 200.59 | 247.71 | 230.35 | 325.12 |
| ST’ Debt | — | 570.00 | 145.00 | 280.00 |
| Other | — | — | — | — |
| 3,506.06 | 4,048.40 | 4,629.27 | 5,007.96 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 734.11 | 747.55 | — | — |
—
|
| ’25 | 674.48 | 681.40 | 688.17 | 685.25 |
2,729.30
|
| ’24 | 646.04 | 653.45 | 660.32 | 659.13 |
2,618.94
|
| ’23 | 589.89 | 600.37 | 617.70 | 624.32 |
2,432.28
|
| ’22 | 532.31 | 557.30 | 568.68 | 579.84 |
2,238.12
|
| ’21 | 475.23 | 491.63 | 509.53 | 520.23 |
1,996.62
|
| ’20 | 449.79 | 449.76 | 459.18 | 464.10 |
1,822.83
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 293.05 | 383.62 | — | — |
—
|
| ’25 | 300.52 | 382.46 | 394.60 | 128.65 |
1,206.23
|
| ’24 | 265.59 | 369.80 | 313.62 | 132.81 |
1,081.81
|
| ’23 | 317.79 | 280.95 | 420.80 | 87.54 |
1,107.09
|
| ’22 | 235.03 | 317.02 | 351.89 | 119.64 |
1,023.59
|
| ’21 | 240.59 | 229.51 | 312.21 | 125.35 |
907.66
|
| ’20 | 177.72 | 218.21 | 229.74 | 71.04 |
696.71
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 412.28 | 606.95 | — | — |
—
|
| ’25 | 412.28 | 427.53 | 405.55 | 187.90 |
1,433.25
|
| ’24 | 344.58 | 395.99 | 323.78 | 352.64 |
1,416.98
|
| ’23 | 350.32 | 351.86 | 490.40 | 151.26 |
1,343.83
|
| ’22 | 206.23 | 296.62 | 325.77 | 104.57 |
933.18
|
| ’21 | 252.57 | 244.96 | 302.11 | 99.45 |
899.10
|
| ’20 | 229.78 | 249.24 | 285.78 | 75.80 |
840.59
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.26 | 0.37 | — | — |
—
|
| ’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
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 29.07 | 28.49 | 31.01 | 26.02 | — | — | — |
Low Price
|
| — | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 45.72 | 36.54 | 37.80 | 35.80 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,511 | 1,555 | 1,750 | 1,725 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.48 | 1.56 | 1.50 | 1.58 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,238.12 | 2,432.28 | 2,618.94 | 2,729.30 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 60.94% | 59.87% | 59.04% | 58.42% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 294.10 | 337.49 | 210.81 | 371.67 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.14% | 13.88% | 8.05% | 13.62% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 384.80 | 521.03 | 455.37 | 589.91 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 654.78 | 692.49 | 735.69 | 771.74 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.67 | 3.98 | 4.28 | 4.45 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 0.63 | 0.85 | 0.74 | 0.96 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.68 | 1.81 | 1.77 | 1.97 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.15) | 0.39 | 0.55 | 0.37 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.53 | 2.20 | 2.31 | 2.34 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.93 | 16.65 | 15.99 | 15.61 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 609.77 | 611.89 | 612.55 | 612.95 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 47.19 | 40.26 | 43.20 | 28.95 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.97 | 8.71 | 7.48 | 6.24 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.73 | 2.08 | 2.00 | 1.78 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.58 | 10.65 | 9.38 | 7.72 | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.36 | 19.28 | 17.33 | 14.70 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,023.59 | 1,107.09 | 1,081.81 | 1,206.23 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (90.41) | 236.75 | 335.18 | 227.02 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 933.18 | 1,343.83 | 1,416.98 | 1,433.25 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2,453.74) | (2,805.44) | (3,873.91) | (4,499.30) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,090.44 | 5,421.04 | 5,152.48 | 4,310.64 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,827.57 | 4,720.42 | 4,977.99 | 4,180.66 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,323.63 | 10,190.43 | 9,792.51 | 9,567.89 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.06% | 2.75% | 2.39% | 3.14% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.41% | 2.90% | 2.79% | 3.37% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.80% | 5.06% | 4.54% | 6.06% | — | — | — |
ROE
|
Invitation Homes (INVH), the largest U.S. single-family rental REIT, has evolved from a post-2008 crisis play into a scaled operator with over 80,000 homes, driving revenue from $923 million in 2016 to $2.62 billion in 2024 at a 16% CAGR. Fueled by portfolio expansion, same-store rent growth, and efficiencies yielding $1.5 million revenue per employee, the company boasts resilient 59-61% gross margins and robust free cash flow per share of $2.31. Yet, amid softening Sun Belt rents, rising capex, and high mortgage rates, the stock trades near 2026 lows—decoupled from fundamentals, at a 22% discount to mean analyst targets.
Deleveraging stands out, with debt slashed 65% to $5.15 billion, bolstering ROE to 4.5% and financial flexibility in a rising-rate world. Profitability has surged post-2019, with EPS at $0.74 in 2024 and projections rebounding to $0.90 in 2025, supported by stable dividends and EV/FCF at 17x. Valuation metrics like forward P/E of 30-35x and P/B near 2x signal undervaluation versus historical rebounds, where similar discounts delivered strong returns.
Risks include rent deceleration, capex pressures, recessionary vacancies, and Sun Belt climate vulnerabilities, tempering 5-6% revenue CAGR forecasts through 2027. Still, INVH’s FCF fortress and tech-driven NOI growth position it for 10-15% total returns over three years for patient investors—read the full analysis for data correlations, projections, and key monitors like Q1 2026 occupancy.
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