NYSE: INVH · Single-Family Residential REITs
Invitation Homes
Invitation Homes, based in Dallas, is a real estate investment trust (REIT) that owns and leases single-family homes. At the end of 2025 it wholly owned 86,192 homes, jointly owned 8,006 more and managed 15,866 homes for third parties, mainly in 16 core U.S. markets. 2025 total revenues rose 4.2% to $2,729 million, almost all of it rental revenue and other property income ($2,642 million), and net income was $588 million (diluted EPS $0.96). The company paid $1.16 per share in dividends in 2025. In January 2026 it bought ResiBuilt Homes, a fee homebuilder of single-family rental communities in the Southeast. In 2024 it resolved an FTC investigation and a San Diego lawsuit for $68.0 million in total.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 09:56 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.05x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 24.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.53
Higher than 50% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 76% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$26.90close on 2026-11-04
Market cap$16.43B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 24.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 7.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 4.3%
At FY2025 year-end: 29.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.8x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 6.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$688M → $731M (vs. a year earlier)↑ +6.3%$688M → $731M (vs. a year earlier)
- Net income$137M → $158M (vs. a year earlier)↑ +15.9%$137M → $158M (vs. a year earlier)
- Diluted EPS$0.22 → $0.27 (vs. a year earlier)↑ +22.7%$0.22 → $0.27 (vs. a year earlier)
- Cash$76M → $79M (vs. previous quarter-end)↑ +4.1%$76M → $79M (vs. previous quarter-end)
- Long-term debt$8.53B → $8.74B (vs. previous quarter-end)↑ +2.5%$8.53B → $8.74B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- Invitation Homes Inc.
- Headquarters
- DALLAS, TX
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: INVH
- Industry
- Single-Family Residential REITs
- CIK
- 1687229
Workforce (as of FY2025 year-end)
Employees
1,725
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 44–57 days after quarter end (Feb 18, 2026; Feb 26, 2025; Feb 13, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–57 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 26, 2025 (+57 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 13, 2024 (+44 days) | Feb 21, 2024 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Single-family rental
Homes for lease
Updated single-family homes for lease near jobs and schools, mainly in 16 core markets.
Single-family rental
Third-party management
Property and asset management for 15,866 homes owned by others and 8,006 jointly owned homes.
Single-family rental
Homebuilding (ResiBuilt)
Fee homebuilding of single-family rental communities, land development and construction contracting in the Southeast (acquired January 14, 2026).
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Single-family homes for lease
U.S. single-family rental
U.S. share
A leading owner and operator
Company-disclosed“Invitation Homes is a leading owner and operator of single-family homes for lease…”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Total revenues $2,729M (+4.2%); net income $588M; diluted EPS $0.96.
Source: Form 10-K (FY2025)
Q3 2026
Total revenues $731M (+6.3%); net income to common $158M ($0.27 per share, +15.6%); Core FFO $0.48 (+2.4%); same-store NOI +1.1% on 1.6% core revenue growth. Invitation Homes consolidated 894 homes by acquiring the remaining interests in Pathway Property Company.
Source: Q3 2026 earnings release; Form 10-Q (quarter ended 2026-09-30)
ResiBuilt acquisition
Acquired ResiBuilt Homes, a fee homebuilder for single-family rental communities, on January 14, 2026.
Source: Form 10-Q (quarter ended 2026-06-30)
Debt
Priced $500M of 4.950% senior notes due 2032 on June 30, 2026.
Source: Form 8-K (2026-07-06) — Item 8.01 $500M senior notes offering
Capex ÷ D&A (FY2025)
0.04x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$28M ÷ $747M = 0.04x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $99M in FY2020 to $28M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$2.73B
As reported in the 10-K
Revenue CAGR (5 years)
+8.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($2,729M ÷ $1,823M) ^ (1÷5) − 1 = 8.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
6.1%
6-year average: 4.1%
As reported in the 10-K
P/B (FY2025 end)
1.78x
formulafiscal year-end closing price ÷ book value per share
e.g.$27.79 ÷ $15.60 = 1.78x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.4% a year over 5 years (strong growth)
From $1.82B in FY2020 to $2.73B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 51.0% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged 4.1% over 6 years (latest: 6.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- ResiBuilt Homes
07 · what it does
Key activities
- Leasing and maintaining single-family homes
- Acquiring and building homes (ResiBuilt from 2026)
- Third-party property and asset management
06 · what it draws on
Key resources
- 1,725 full-time associates
- About 86,000 wholly owned homes in 16 core markets
- Secured debt, unsecured notes and term loans (about $8.4B)
02 · why customers buy
Value propositions
- Single-family rental homes with high-touch resident service backed by local presence and national infrastructure.
04 · how it keeps them
Customer relationships
- Leases and renewals; 24/7 emergency maintenance line.
03 · how it reaches them
Channels
- Its own brokerages and in-market leasing specialists; online and mobile app.
01 · who it serves
Customer segments
- Residents leasing homes across the U.S. Sun Belt and West
09 · where money goes
Cost structure
FY2025, share of revenue ($2.73B)
- Selling, general & administrative3.5%
Depreciation & amortization (inside the costs above): $747M. Capital spending: $28M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Rental revenues and other property income $2,642M
- Management fee and other revenue (2025 total $2,729M)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Buys, renovates and leases single-family homes, earning rent and other property income, plus fees for managing homes owned by joint ventures and third parties.
01 what it draws on
Inputs & resources
- 1,725 full-time associates
- About 86,000 wholly owned homes in 16 core markets
- Secured debt, unsecured notes and term loans (about $8.4B)
02 what it does
Activities
- Leasing and maintaining single-family homes
- Acquiring and building homes (ResiBuilt from 2026)
- Third-party property and asset management
03 who it serves
Customers
- Residents leasing homes across the U.S. Sun Belt and West
04 how money comes in
How it earns
- Rental revenues and other property income $2,642M
- Management fee and other revenue (2025 total $2,729M)
How the business makes money
- 2025 property operating and maintenance expense $986M; interest expense $353M; depreciation $747M.
- Quarterly dividend raised to $0.30 (declared December 2025).
- Unsecured notes $4.4B, term loans $2.5B and secured debt $1.4B at end-2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Invitation Homes may lose past government subsidies and faces new housing legislation.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Government assistance
May not receive government subsidies or assistance it received before; legislation could target its business.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Rental revenues and other property income
2,642 (97%)Other revenues (management fees etc.)
87.3 (3%)
Source: Form 10-K (FY2025) One reportable segment; total revenues $2,729.3M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
ResiBuilt Homes
Acquired January 14, 2026; fee homebuilder of single-family rental communities.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individual residents leasing homes.
Named by the company
No customer concentration.
Suppliers
Home sellers, contractors and service vendors.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Invitation Homes competes with REITs, specialty finance companies, funds, banks, insurers and other institutional investors to acquire homes, and on a limited basis with individual buyers; the same groups compete for residents. It names no competitors.
Competitors named in the 10-K
The 10-K names no specific competitors.
Peer group the company chose
2025 compensation peer group (15 REITs), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
REITs across residential, storage, office, specialty and retail; Healthpeak removed and Public Storage added.
- American Homes 4 Rentsite ↗
- AvalonBay Communitiessite ↗
- BXPsite ↗
- Camden Property Trustsite ↗
- Digital Realtysite ↗
- Equity Residentialsite ↗
- Essex Property Trustsite ↗
- Extra Space Storagesite ↗
- Mid-America Apartment Communities (MAA)site ↗
- Public Storagesite ↗
- Realty Incomesite ↗
- Regency Centerssite ↗
- SBA Communicationssite ↗
- Sun Communitiessite ↗
- UDRsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,823 | 1,997 | 2,238 | 2,432 | 2,619 | 2,729 |
| Net income (attributable) | 196 | 261 | 383 | 519 | 454 | 588 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 9.5% | 12.1% | 8.7% | 7.7% | 4.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 10.8% | 13.1% | 17.1% | 21.4% | 17.3% | 21.5% |
| Balance sheet ($M) | ||||||
| Total assets | 17,506 | 18,538 | 18,537 | 19,221 | 18,701 | 18,680 |
| Total equity | 8,556 | 9,839 | 10,324 | 10,190 | 9,793 | 9,568 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 8,032 | 7,999 | 7,769 | 8,546 | 8,202 | 8,380 |
| Equity ratio | 48.6% | 52.9% | 55.5% | 52.8% | 52.2% | 51.0% |
| ROE | 2.3% | 2.9% | 3.8% | 5.1% | 4.6% | 6.1% |
| Cash flow ($M) | ||||||
| Operating CF | 697 | 908 | 1,024 | 1,107 | 1,082 | 1,206 |
| Investing CF | -425 | -1,160 | -814 | -774 | -466 | -653 |
| Financing CF | -146 | 659 | -574 | 110 | -1,094 | -618 |
| Free cash flowcalccash flow from operations − capital expenditures | 598 | 830 | 901 | 1,077 | 1,051 | 1,178 |
| Cash and equivalents | 213 | 610 | 263 | 701 | 174 | 130 |
| Per share & other | ||||||
| EPS ($) | 0.35 | 0.45 | 0.63 | 0.85 | 0.74 | 0.96 |
| BVPS ($) | 15.00 | 16.30 | 16.83 | 16.60 | 15.93 | 15.60 |
| Dividend per share ($) | 0.60 | 0.68 | 0.88 | 1.04 | 1.12 | 1.16 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 171.4% | 151.1% | 139.7% | 122.4% | 151.4% | 120.8% |
| P/E (x) | 84.9 | 100.8 | 47.1 | 40.1 | 43.2 | 29.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.98 | 2.78 | 1.76 | 2.06 | 2.01 | 1.78 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $731M+6.3% | $158M+15.9% | $0.27 |
| 2026-06-30 | $748M+9.7% | $219M+55.3% | $0.37 |
| 2026-03-31 | $734M+8.8% | $161M-3.2% | $0.26 |
| 2025-12-31 † | $685M+4.0% | $145M+1.0% | — |
| 2025-09-30 | $688M | $137M | $0.22 |
| 2025-06-30 | $681M | $141M | $0.23 |
| 2025-03-31 | $674M | $166M | $0.27 |
| 2024-12-31 † | $659M | $143M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.4% − 4.8%
Past FCF growth (FY2020–FY2025)
+14.5%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+8.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.18B (operating CF − capex); enterprise value $24.68B = market cap $16.43B (latest close, 2026-11-04) + debt $8.38B − cash and short-term investments $130M; r = WACC of 6.4% using this page’s default assumptions (β 0.53, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$24.54B
FCF $1.18B ÷ (6.4% − 1.6%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.4% | 5.4% | 6.4% | 7.4% | 8.4% |
|---|---|---|---|---|---|
| 0% | 1.08x | 0.88x | 0.75x | 0.64x | 0.57x |
| 2% | 1.99x | 1.40x | 1.08x | 0.88x | 0.75x |
| 4% | 11.93x | 3.41x | 1.99x | 1.40x | 1.08x |
| 6% | — | — | 11.93x | 3.41x | 1.99x |
| 8% | — | — | — | — | 11.93x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.71x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.3%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,206M ÷ $588M = 2.05x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 57 of 416
- Beta (adjusted)
- 0.53
Reported total 100.8%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 13% of covered companies have more
above 1 = swings more than the market
- 595.3M shares reported by 624 13F filers ÷ 590.6M shares outstanding on 2026-07-29. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-26 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-29)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale
A leading owner and operator of single-family homes for lease, with over 110,000 homes owned, jointly owned or managed.
Evidence: Form 10-K (FY2025)
2. Steady cash flow
Operating cash flow rose from $697M (2020) to $1,206M (2025).
Evidence: Form 10-K (FY2025)
3. Dividend growth
Dividends paid per share rose from $0.60 (2020) to $1.16 (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Low accounting earnings
Diluted EPS was $0.96 in 2025, held down by $747M of depreciation and amortization.
Evidence: Form 10-K (FY2025)
2. Leverage
About $8.4B of debt against $9.6B of equity.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
29.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.17%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
121%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.9%
(Operating CF − capex) ÷ market cap
1. Housing demand
Leasing serves a growing share of Americans who rent homes.
- What has to hold
- Rents keep rising.
- The other side
- New supply and affordability limits.
Evidence: Form 10-K (FY2025)
2. REIT dividends
REITs distribute at least 90% of taxable income.
- What has to hold
- Cash flow grows.
- The other side
- Rate sensitivity.
Evidence: Form 10-K (FY2025)
As a REIT, earnings per share are reduced by depreciation; the company reports FFO measures. Dividend per share for 2024–25 is the amount paid during the year.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$130M vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
1.7x
$1.18B vs. $713M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income stayed positive every year 2020–2025 ($196M–$588M).
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Invitation Homes says it is not currently in any proceedings expected to have a material adverse effect. In 2024 it resolved an FTC investigation and a San Diego lawsuit.
0 open matters · 1 settled or closed
FTC investigation and City of San Diego lawsuit
SettledEnforcement / sanctionFTC; City of San Diego et al.
In 2024 Invitation Homes resolved an FTC investigation into certain business practices during the COVID-19 pandemic and settled City of San Diego et al. v. Invitation Homes, without admitting liability; aggregate monetary relief was $68.0M.
- Amounts
- $68.0M
Source: Form 10-K (FY2025)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Legal and Other Matters, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Interest expense was $353M in 2025; refinancing at higher rates would raise costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Law & regulation
Regulation of rental housing
- Company disclosure (summarized from the 10-K)
- Scrutiny of landlord practices; 2024 FTC and San Diego matters cost $68.0M.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Competition & technology shift
Competition for homes
- Company disclosure (summarized from the 10-K)
- Competes with REITs, funds and other investors to buy homes, and with them and individual landlords for residents.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Disaster
Climate and casualty losses
- Company disclosure (summarized from the 10-K)
- Homes are exposed to hurricanes, wildfires and other severe weather events.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Costs & inflation
Property taxes and insurance
- Company disclosure (summarized from the 10-K)
- Property operating and maintenance costs rose 5.4% in 2025.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
and other entities. On a limited basis, when acquiring existing homes through retail channels, we may also compete with individual home buyers and small-scale investors. Read more
With respect to our development and construction activities, we also compete with national and regional homebuilders, land developers, and other build-to-rent operators for the acquisition of developable land, finished lots, and lot option contracts, as well as for construction labor, materials, and subcontractor services.
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 rely heavily on third-party digital marketing and residential listing platforms to generate leasing leads for our homes. Read more
A substantial portion of prospective residents are introduced to our properties through a single, widely used third-party platform that plays a significant role in resident search behavior and lead origination. As a result, our ability to attract residents, maintain occupancy levels, and efficiently lease our homes is materially dependent on the continued effectiveness, availability, and commercial terms of that platform.
Our reliance on this platform subjects us to risks largely outside of our control, including changes in pricing, algorithms, listing prioritization, data access, advertising formats, contractual terms, or policies governing the display or distribution of our listings. Any adverse changes to these factors could reduce lead volume or quality, increase our marketing and customer acquisition costs, or impair our ability to convert prospects into residents, any of which could materially and adversely affect our operating results and cash flows.
In addition, the platform may prioritize its own interests or those of competitors, including by favoring certain listings, business models, or service offerings, or by entering into strategic relationships that disadvantage us. Read more
We generally do not control how prospective residents interact with or are directed by the platform, and we may have limited ability to influence changes that negatively impact our visibility or performance.
Our dependence on this platform also exposes us to operational and reputational risks arising from service disruptions, system outages, cybersecurity incidents, data integrity issues, or reputational harm suffered by the platform itself. Read more
Any interruption in the platform’s operations or loss of consumer trust could materially reduce leasing activity for our homes.
While we seek to diversify our marketing channels and invest in alternative lead-generation strategies, there can be no assurance that we will be able to do so effectively or on commercially reasonable terms, or that alternative channels would generate comparable lead volume or efficiency. If our relationship with this platform were terminated, materially altered, or became significantly more costly or less effective, we may not be able to replace the lost leads in a timely or cost-effective manner, which could have a material adverse effect on our business, financial condition, results of operations, and ability to execute our growth strategy.
As part of our growth strategy, we completed the acquisition of ResiBuilt and expanded our platform to engage in the development and construction of single-family rental homes and communities, including through build-to-rent development and third-party fee-building arrangements. These activities involve substantial up-front costs, operational complexity, and execution risk, and require us to successfully manage land acquisition strategies, construction processes, and development timelines before homes are available for rent and to generate income. Our development and construction strategy may also be restricted by governmental regulations and zoning requirements that limit the locations, density, or types of homes we are able to build. Building rental homes and rental communities also involves significant risks to our business, such as delays or cost increases due to changes in or…
No longer in the text (4)
For example, in 2019, the state of California passed the Tenant Protection Act of 2019, a rent control law which limits our ability to increase rental rates for existing residents and put into place protections for the terminations of tenancies. This law has negatively impacted our rental income from certain of the 11,453 homes we own in California as of December 31, 2024, and may continue to do so.
In August 2021, the Federal Trade Commission (“FTC”) initiated an investigation into certain of our business practices, focusing on our general operations and practices during the COVID-19 pandemic. Read more
After fully cooperating with the inquiry and engaging in extensive negotiations, we entered into a stipulated order with the FTC in September 2024, resolving all aspects of the investigation without any admission of liability and agreeing to $48.0 million in monetary relief.
Separately, in July 2024, we reached a settlement agreement in the legal dispute City of San Diego et al v. Read more
Invitation Homes, Inc ., which fully released INVH without any admission of liability. In October 2024, $20.0 million from the settlement was disbursed to the plaintiffs.
We are subject to evolving, complex, and sometimes, inconsistent disclosure obligations promulgated by governmental and regulatory organizations relating to sustainability. Read more
In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors . This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC issued an order voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their validity. On February 11, 2025, SEC Acting Chairman Mark T. Uyeda released a public statement and notified the United States Court of Appeals for the Eighth Circuit (where the challenges are consolidated) to hold off scheduling the case for argument to provide…
11 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
25
What to watch going forwardSite analysis
- Same-store rent growth and occupancy.
- Integration of ResiBuilt homebuilding.
- Interest costs and refinancing.
- Dividend growth.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 09:56 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Invitation Homes’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.