Invitation Homes (INVH)

Real Estate · $15.6B market cap · SEC CIK 0001687229

Next reports on Feb 16, 2027, after the close, with analysts expecting $0.20 in earnings per share.

52-week range $24.25 to $30.89. 12% below its 52-week high and 12% above its low.

The case for INVH

• Generated $1.2B of free cash flow in FY2025, 43% of revenue.
• 24% of revenue drops through to net profit.
• Free cash flow of 7.5% of its market value a year: a lot of cash for the price.
• Pays a 3.1% dividend while you wait.
• Gross margin of 56% absorbs cost shocks.
• Moves less than the market (beta 0.79).

The case against

• Long-term debt of $8.4B would take 7 years of operating cash flow to repay.
• Operating profit covers its interest bill only 2.6 times.
• Return on equity of only 7%.
• Current liabilities exceed current assets (ratio 0.32).
• Dividend takes 105% of earnings, leaving little cushion.
• The price trend is weak (39/100): −2.9% over a year, −9.0% over three months, 12% below its 52-week high.

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. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 30 Real Estate companies.

The financials

The financials, five years deep

Pulled from Invitation Homes's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

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

• 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
• 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.”
• Competition in identifying and acquiring our properties and in pursuing development opportunities could adversely affect our ability to implement our business and growth strategies, which could materially and adversely affect us
• We rely on information supplied by prospective residents in managing our business
• Our dependence upon third parties for key services may have an adverse effect on our operating results or reputation if the third parties fail to perform
• Our reliance on a limited number of third-party digital marketing and lead-generation platforms, including a single dominant platform, exposes us to significant business, financial, and operational risk
• We are subject to certain risks associated with bulk portfolio acquisitions and dispositions
• Our developer lending program exposes us to additional credit, construction, operational, and valuation risks that could adversely affect our financial condition, cash flows, and operating results
• Unoccupied homes could be difficult to lease, which could adversely affect our revenues
• Our leases are relatively short-term, exposing us to the risk that we may have to re-lease our properties frequently, which we may be unable to do on attractive terms, on a timely basis, or at all
• Declining real estate valuations and impairment charges could adversely affect our financial condition and operating results
• We are subject to risks from natural disasters such as earthquakes, wildfires, and severe weather
• We may have difficulty selling our real estate investments, and our ability to distribute all or a portion of the net proceeds from any such sale to our stockholders may be limited
• We may not be able to operate our business successfully or generate sufficient cash flows to make or sustain distributions to our stockholders
• City of San Diego et al v. Invitation Homes, Inc
• Contingent or unknown liabilities could adversely affect our financial condition, cash flows, and operating results
• Title defects could lead to material losses on our investments in our properties
• Eminent domain could lead to material losses on our investments in our properties
• We are highly dependent on information systems, and system failures could significantly disrupt our business, which may, in turn, negatively affect our operating results and the value of our common stock
• Security breaches and other disruptions could compromise our information systems and expose us to liability, which would cause our business and reputation to suffer
• Our business is subject to laws and regulations regarding privacy, data protection, consumer protection, and other matters
• Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, or otherwise harm our business
• Climate change and related environmental issues, related legislative and regulatory responses to climate change, and the transition to a lower-carbon economy may adversely affect our business
• Environmentally hazardous conditions may adversely affect us
• Our cash flows and operating results could be adversely affected by required payments of debt or related interest and other risks of our debt financing
• We utilize a significant amount of indebtedness in the operation of our business
• We may be unable to obtain financing through the debt and equity markets, which would have a material adverse effect on our growth strategy and our financial condition and results of operations
• A downgrade in our credit ratings could adversely affect our financing ability
• Secured indebtedness exposes us to the possibility of foreclosure on our ownership interests in our rental homes
• Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition
• Offerings of additional debt securities or equity securities that rank senior to our common stock may adversely affect the market price of our common stock
• Failure to hedge effectively against interest rate increases may adversely affect our results of operations and our ability to make distributions to our stockholders
• Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities
• Provisions of Maryland law may limit the ability of a third party to acquire control of us by requiring our board of directors or stockholders to approve proposals to acquire our company or effect a change in control
• Our board of directors may approve the issuance of stock, including preferred stock, with terms that may discourage a third party from acquiring us
• Our rights and the rights of our stockholders to take action against our directors and officers are limited
• Our charter contains a provision that expressly permits our non-employee directors and their affiliates to compete with us
• If we do not maintain our qualification as a REIT, we will be subject to tax as a regular domestic corporation and could face a substantial tax liability
• REITs, in certain circumstances, may incur tax liabilities that would reduce our cash flows
• Complying with REIT requirements may cause us to forgo otherwise attractive opportunities, limit our expansion opportunities, and/or force us to liquidate or restructure otherwise attractive investments
• The 100% prohibited transactions tax may limit our ability to engage in sale transactions
• We may choose to make distributions in our own stock that require you to pay income taxes in excess of any cash distributions
• We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility, and reduce the price of our common stock
• Our ownership of TRSs is subject to limitations, and our transactions with our TRSs will cause us to be subject to a 100% excise tax on certain income or deductions if those transactions are not conducted on arm’s-length terms
• We may face risks in connection with Section 1031 exchanges

Filings

Other Real Estate companies