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Thursday 5 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

27.63 1.03 +3.87%
Market cap
$15.3B
P/E
23.3×
Fwd P/E
30.4×
Dividend yield
4.51%
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

Invitation Home (INVH) valuation and DCF model

What the price implies · reverse DCF

At $27.63 the price implies FFO a share growing 2.7% a year for ten years.

FFO a share grew 7.7% a year over the last five years. The price asks for less than its five-year rate. The industry’s median company is priced for 2.8%.

In December 2018 the price assumed 7.6% a year; Invitation Home went on to grow FFO a share 9.2% a year to FY2025.

Q3 2026’s FFO a share is the $0.36 Invitation Home reported, in its results release. It reported AFFO of $0.38 a share for Q3 2026.

Price implies
2.7%
Last 5 years, reported
7.7%
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
2.7% a year for ten years
$27.63
today’s price
Its base case
7.7% a year for five years, then 4.6%
$36.47
32.0% 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 Invitation Home’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 2.7% 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 Invitation Home’s own cost of capital: risk-free 4.3% + beta 0.81 × equity premium 4.5% = 7.9% cost of equity; weighted, 7.9%.

Use 7.9%
Base case value per share $36.47 ten years discounted, and what follows
Current price $27.63 market price per share
Above today’s price 32.0% upside at the base case’s assumptions

How we got there$15.56 10 years of FFO+$20.91 terminal value=$36.47 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 23.34× 36.59× 59.65× 61% below 26.83× 13% below
P/FCF 7.12× 13.54× 16.23× 56% below 23.00× 69% below
P/B 1.77× 1.87× 1.80× 2% below 1.73× 2% above
EV/EBITDA 13.05× 16.37× 22.63× 42% below 15.65× 17% below
EV/Sales 6.77× 9.02× 12.21× 45% below 7.85× 14% below
P/FFO 15.97× 18.53× 23.89× 33% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
1.09×1.58×2.07×2.55×10Y avg 1.80×2017201820192020202120222023202420252026

INVH trades at 1.77× P/B, against a 10-year average of 1.80× (range 0.92×–2.66×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $28.19 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.