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Independence Realty Trust, Inc.

IRT Real Estate Reit Residential

Independence Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $657.7 million, up 2.76% from fiscal 2024.

Revenue
+2.97%
EPS
+264.0%
Free cash flow
+235.8%
Total debt
+4.58%

Quarter to September 2026, against a year earlier

14.95 0.37 −2.42%
Market cap
$3.7B
P/E
56.7×
Fwd P/E
92.2×
Dividend yield
4.68%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.08
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 1 1 1 1 1 1 1 1 1
Insider Ownership 0.55%

Capital & Financial Ratios $m

Size
Market Cap 3,700.00
Revenue ttm 671.80
Net income ttm 63.03
Free cash flow ttm 201.86
Net debt Q 2,280.36
Valuation
P/E 56.69 (above 35: high)
Forward P/E 92.20 (above 35: high)
Price / sales 5.24
Forward P/S Powerpack
Price / FCF 17.44
Price / book 1.01
Financial health
Current ratio Q 0.81
Debt / equity Q 0.69
Interest coverage Q 1.27
Growth
Revenue growth Q +2.97% (above 0%: growing)
Operating income growth Q −5.70% (below 0%: shrinking)
EPS, this year −38.60% (below 0%: weak)
EPS, next year A +32.92% (at or above 15%: strong)
Revenue, next year A +2.65%
EPS, past 5 yrs +8.45%
EPS, next 5 yrs A −12.66% (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 8.7×, against a ten-year median of 10.0×; over the ten years it ranged from 7.8× in 2017 to 32.5× in 2021.
P/E against its own 10 years 56.51%
10-year low 10-year high
P/S against its own 10 years 40.32%
10-year low 10-year high
P/B against its own 10 years 22.03%
10-year low 10-year high
EV/Sales against its own 10 years 9.97%
10-year low 10-year high
EV/FCF against its own 10 years 34.79%
10-year low 10-year high

Dividends raised 3 years running

Yield
4.68%
Annual rate
0.70
Payout ratio
265.8%
Growth, 2017–25
−0.90%/yr
  1. 0.72 ’17
  2. 0.72 ’18 +0
  3. 0.72 ’19 +0
  4. 0.54 ’20 −25
  5. 0.58 ’21 +7
  6. 0.54 ’22 −7
  7. 0.62 ’23 +15
  8. 0.64 ’24 +3
  9. 0.67 ’25 +5
  10. 0.71 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 140 135 146 121
Receivables — — — —
Inventory — — — —
Other — — — —
140 135 146 121
2023 2024 2025 Q'26
Payables 109 95 92 139
ST’ Debt 123 59 — —
Other — — — —
240 162 101 149

Compound Annual Growth %

10y 5y 3y
Sales 19.63% 25.42% 1.52%
Cash Flow 31.16% 30.36% 4.18%
Earnings 7.19% 30.81% (21.57%)
Book Value 24.85% 38.17% (1.34%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.29 Actual 0.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.32 0.32 Met by 0.00
Q1 FY26 0.27 0.26 Miss by 0.01
Q2 FY26 0.27 0.28 Beat by 0.01
Q3 FY26 0.29 0.29 Met by 0.00
Q4 FY26 0.32 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.00 0.01 0.11 — —
’25 0.04 0.03 0.03 0.14 0.24
’24 0.08 0.05 0.05 0.00 0.17
’23 0.04 0.05 0.02 (0.18) (0.08)
’22 0.34 (0.03) 0.07 0.15 0.53
’21 0.01 0.03 0.11 0.23 0.41
’20 0.00 0.01 0.01 0.14 0.16
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 165 167 172 — —
’25 161 162 167 167 658
’24 161 158 160 161 640
’23 161 164 169 167 661
’22 150 155 161 163 629
’21 55 57 61 77 250
’20 51 52 54 54 212
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 55 81 81 — —
’25 60 82 79 60 282
’24 44 83 69 63 260
’23 47 80 76 59 262
’22 41 71 80 58 250
’21 21 23 30 (21) 52
’20 12 23 26 14 75
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 0 38 90 — —
’25 82 45 (66) 73 133
’24 298 67 7 (135) 237
’23 41 24 13 202 280
’22 176 15 (142) 106 156
’21 13 (127) 55 105 47
’20 (47) 14 15 (32) (50)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
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 153 161 191 203 212 250 629 661 640 658 672 +17.6% 675 697 728 +3.4%
Gross margin, % 55.67 56.13 56.43 57.05 56.83 58.93 59.22 58.94 58.52 59.06 58.68 +3.4 pt
EBT (10) 31 27 46 15 46 121 (18) 40 58 63 n/m
EBT margin, % (6.23) 19.50 13.92 22.81 7.02 18.19 19.20 (2.69) 6.25 8.77 9.38 +15.0 pt
Net income (10) 31 27 46 15 46 121 (18) 40 58 63 n/m
Per share, $
Per share, $ Revenue 2.94 2.20 2.20 2.26 2.26 2.31 2.83 2.95 2.85 2.81 2.85 (0.5%)
Earnings (0.19) 0.43 0.29 0.51 0.16 0.41 0.53 (0.08) 0.17 0.24 0.26 n/m
Cash flow (0.14) 0.74 0.79 0.84 0.80 0.48 1.12 1.17 1.16 1.21 1.18 n/m
Capex 0.54 (2.61) (2.63) (1.18) (1.33) (0.05) (0.42) 0.08 (0.10) (0.64) (0.32) n/m
Free cash flow 0.39 (1.87) (1.85) (0.35) (0.53) 0.44 0.70 1.25 1.05 0.57 0.86 +4.2%
Book value 10.13 8.81 7.23 6.90 7.61 33.55 16.84 15.90 15.90 15.34 14.78 +4.7%
Shares, m 52 73 87 90 94 109 222 224 225 234 235 +18.1%
Valuation, ×
Valuation, × P/E 224.75 23.89 31.66 28.16 86.15 67.97 31.38 0.00 113.37 72.83 56.69 68.0
P/S 3.06 4.63 4.18 6.22 5.94 11.20 5.87 5.27 6.97 6.22 5.24 6.0
P/B 0.89 1.16 1.27 2.04 1.76 0.77 0.99 0.98 1.25 1.14 1.01 1.2
EV/Sales 7.74 9.37 9.25 11.04 14.80 32.46 9.88 8.91 10.40 9.55 8.72 12.3
EV/FCF 57.90 (10.99) (10.99) (71.46) (63.24) 171.92 39.91 21.03 28.09 47.08 29.02 20.9
Cash, $m
Cash, $m Operating cash flow (8) 54 69 75 75 52 250 262 260 282 278 n/m
Capex 28 (192) (229) (106) (125) (5) (94) 18 (23) (149) (76) n/m
Free cash flow 20 (137) (161) (31) (50) 47 156 280 237 133 202 +23.1%
Balance, $m
Balance, $m Working capital 17 5 (7) (13) (14) (23) 7 (100) (27) 45 (28) +11.4%
Net debt 720 767 974 979 1,878 5,320 5,139 2,410 2,198 2,136 2,280 +12.8%
Shareholders’ equity 529 646 630 620 713 3,642 3,738 3,567 3,575 3,589 3,479 +23.7%
Returns, %
Returns, % ROA (0.73) 2.20 1.69 2.76 0.87 1.08 1.80 (0.27) 0.64 0.94 1.01 +1.7 pt
ROIC 1.98 2.01 2.02 1.97 1.06 0.36 0.72 1.54 1.36 1.31 1.21 (0.7) pt
ROE (2.13) 5.14 4.12 7.34 2.22 2.05 3.18 (0.47) 1.10 1.58 1.74 +3.7 pt
People
People Employees 395 421 455 444 444 485 923 952 917 904 — +9.6%
Revenue/emp, $m 0.39 0.38 0.42 0.46 0.48 0.52 0.68 0.69 0.70 0.73 — +7.2%
Negative figures in brackets.
estimates

All 10 years →

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

Independence Realty Trust, Inc. 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
CPT Camden Property Trust $14.0B 9.2× 66.4× −3.69% (below 0%: shrinking) +779.00% (above 0%: growing) −36.56% (below 0%: shrinking) 63.05% 0.00% 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 16.8× 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 26.0× 32.4× +4.10% (above 0%: growing) +0.22% (above 0%: growing) −25.98% (below 0%: shrinking) 55.72% 25.15% 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
MRP Millrose Properties, Inc. $4.1B 8.6× 8.3× +17.71% (above 0%: growing) +23.81% (above 0%: growing) +61.32% (above 0%: growing) 85.66% 85.52% Compare
IRT Independence Realty Trust, Inc. $3.7B 56.7× 92.2× +2.97% (above 0%: growing) +264.00% (above 0%: growing) +235.79% (above 0%: growing) 58.16% 16.71%
UMH UMH Properties, Inc. $1.3B 140× 99.7× +10.78% (above 0%: growing) −27.40% (below 0%: shrinking) +16.10% (above 0%: growing) 53.76% 18.37% Compare
CSR Centerspace $1.0B 8.7× — (loss-making) −16.64% (below 0%: shrinking) +165.61% (above 0%: growing) +226.92% (above 0%: growing) 86.32% 254.51% Compare
Median of peers $10.7B 16.8× 31.3× +4.16% +23.81% +24.78% 58.96% 29.25%

All 20 Reit Residential stocks →

Pay and ownership Proxy statement filed 19 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.27m 4.29m 152.12
2024 5.03m 8.84m 160.93
2023 4.85m 2.91m 124.15
2022 4.86m 583.50k 130.87
2021 4.52m 15.56m 190.70
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. Read the proxy statement

Independence Realty Trust, Inc. (IRT) Latest News

3 Nov

Impact 4 · · GuruFocus.com
Impact 3 · · MarketBeat
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

2 Nov

Impact 4 · · Business Wire

1 Oct

Impact 4 · · PR Newswire

30 Sep

Impact 4 · · multifamilydive.com

29 Sep

Impact 4 · · Business Wire
Impact 3 · · bisnow.com

22 Sep

Impact 3 · · Zacks

20 Sep

Impact 4 · · Insider Monkey

14 Sep

Impact 4 · · multifamilydive.com

10 Sep

Impact 5 · · credaily.com

9 Sep

Impact 5 · · bisnow.com
Impact 5 ·
Impact 5 · · multifamilydive.com
Impact 4 · · PR Newswire

10 Aug

Impact 3 · · The Motley Fool transcript

5 Aug

Impact 4 · · MarketBeat

4 Aug

Impact 4 · transcript
Impact 3 · · Moby transcript

3 Aug

Impact 3 ·

19 May

Impact 3 · · multifamilydive.com

13 May

Impact 4 · · Business Wire

1 May

Impact 4 · · MarketBeat

30 Apr

Impact 3 · · Moby

29 Apr

Impact 3 · · Zacks
Impact 3 · · Business Wire

6 Apr

Impact 3 · · Simply Wall St.

26 Feb

Impact 4 · · Insider Monkey

IRT metrics, ten years each

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