Invitation Homes (INVH)
Real Estate · $16.0B market cap · SEC CIK 0001687229
fundamentals score out of 100
Next reports on Oct 27, 2026, after the close, with analysts expecting $0.18 in earnings per share.
The case for INVH
- 23% of revenue drops through to net profit.
- Pays a 3.1% dividend while you wait.
- Gross margin of 56% absorbs cost shocks.
The case against
- Long-term debt of $8.4B would take 7 years of operating cash flow to repay.
- Return on equity of only 7%.
- Current liabilities exceed current assets (ratio 0.31).
- Dividend takes 109% of earnings, leaving little cushion.
- The price trend is weak (39/100): -8.6% over a year, -4.7% over three months, 44% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 70 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 54 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 54 |
| Momentumhow the price has behaved lately | 39 |
| Stabilityhow violently it moves, what it owes and what it pays you | 60 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 24.3× |
|---|---|
| Price / book | 1.98× |
| Price / sales | 5.6× |
| Revenue growth (YoY) | +6.7% |
| EPS growth (YoY) | +23.1% |
| Gross margin | 56% |
| Operating margin | 25% |
| Net margin | 23% |
| Return on equity | 7% |
| Debt / equity | 0.94× |
| Current ratio | 0.31 |
| Dividend yield | 3.12% |
| Beta | 0.82 |
| 52-week range | $24.25 – $30.89 |
| Position in that range | 44% of the way up |
| 3-month return | -4.7% |
| 1-year return | -8.6% |
Five years of financials, as filed
Pulled from Invitation Homes's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $2.7B | $2.6B | $2.4B | $2.2B | $2.0B |
| Net income | $588M | $454M | $519M | $383M | $261M |
| Operating cash flow | $1.2B | $1.1B | $1.1B | $1.0B | $908M |
| Total assets | $18.7B | $18.7B | $19.2B | $18.5B | $18.5B |
| Total liabilities | $9.1B | $8.9B | $9.0B | $8.2B | $8.7B |
| Shareholder equity | $9.5B | $9.8B | $10.2B | $10.3B | $9.8B |
| Cash | $130M | $174M | $701M | $263M | $610M |
| Long-term debt | $8.4B | $8.2B | $8.5B | $7.8B | $8.0B |
| Net margin | 21.5% | 17.3% | 21.4% | 17.1% | 13.1% |
| Diluted shares | 613M | 614M | 613M | 611M | 579M |
Share count is up 5.9% over 4 years. Mild issuance.
What Invitation Homes says it does
Overview Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people. We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily…
Risk factors INVH lists in its 10-K
- Risks Related to Our Business Environment and Industry
- Our operating results are subject to general economic conditions and risks associated with our real estate assets
- Many factors impact the single-family rental market; and if rents in our markets do not increase sufficiently to keep pace with rising costs of operations, our income and distributable cash could decline
- Inflation and other macroeconomic factors could adversely affect our business and financial results
- Increasing property taxes, insurance costs, and HOA fees may negatively affect our financial results
- We may suffer losses that are not covered by insurance
- Our business, results of operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease
- Risks Related to our Business and Operations
- We may not be able to effectively manage our growth, and any failure to do so may have an adverse effect on our business and operating results
- A significant portion of our costs and expenses are fixed, and we may not be able to adapt our cost structure to offset declines in our revenue
- We recorded net losses in the past and we may experience net losses in the future
- We may not be able to effectively control the timing and costs relating to the renovation and maintenance of our properties, which may adversely affect our operating results and ability to make distributions to our stockholders
- We face significant competition in the leasing market for quality residents, which may limit our ability to lease the single-family homes we own and manage on favorable terms
- Our expansion into land development and home construction activities exposes us to additional operational and real estate risks, which may adversely affect our financial condition, cash flows, and operating results."