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Invitation Homes Inc. (INVH)

Invitation Homes is an owner and operator of single-family homes for lease across the United States. At the end of 2025 it wholly owned 86,192 homes for lease, jointly owned 8,006 more, and managed a further 15,866 for other owners, nearly all in 16 core markets. It is a REIT organised in Maryland, founded in 2012, with head office in Dallas.

Invitation Homes Inc.

Invitation Homes is an owner and operator of single-family homes for lease across the United States. At the end of 2025 it wholly owned 86,192 homes for lease, jointly owned 8,006 more, and managed a further 15,866 for other owners, nearly all in 16 core markets. It is a REIT organised in Maryland, founded in 2012, with head office in Dallas.

The houses

The homes it owns average about 1,880 square feet with three to four bedrooms and two bathrooms. The company says that shape of house appeals to a resident base it believes is less transitory than a typical apartment resident. It invests in renovating homes upfront, which it says addresses capital needs, reduces ongoing maintenance cost and drives resident demand.

Markets are concentrated in the Western United States, Florida and the Southeast, chosen for demand drivers, barriers to entry and rent growth potential. The company says the concentration is deliberate: clustering homes gives it local density as well as economies of scale.

The platform

Invitation Homes is vertically integrated, meaning it acquires, renovates, leases, maintains and manages the homes itself rather than hiring that out, and it does the same work for the homes it manages on behalf of others. The structure has three parts as the filing sets it out. A resident-centric model that takes resident feedback into operations. Local presence, with in-market managers running local leasing, property management and maintenance teams. And a centralised infrastructure supplying national strategy, technology-enabled workflows and standards, including standardised leases, a consistent approach to resident screening and a pricing tool that reads publicly available data for local market conditions.

Where the homes come from

The strategy primarily targets newly constructed homes, and the company says it has increasingly leveraged relationships with homebuilders to find them. Strategic relationships with homebuilders let Invitation Homes buy newly built houses designed to be let rather than sold; those contracts generally involve periodic deposits to the builder and scheduled delivery over a set period. The company gives its reasons for preferring new: materially lower maintenance spend in the early years, and modern features such as open floor plans, energy-efficient appliances, smart home technology and updated finishes, with the energy efficiency also cutting the resident's utility bills. The other routes are portfolio acquisitions of existing homes and, on a more limited basis, the open market listing service.

On 14 January 2026 the company acquired ResiBuilt Homes, a fee homebuilder specialising in single-family rental communities with land development and construction general contracting across Southeast markets. The company frames it as bringing land development and construction in-house, giving it more control over the development process and a pipeline of purpose-built rental homes.

In May 2025 it launched a developer lending programme, providing finance to selected homebuilders.

Selling houses back out

The company runs a process to identify and dispose of homes that no longer fit its investment objectives. Homes that no longer fit the investment objectives are sold and the capital recycled into homes that do, through several channels: bulk portfolio sales, direct-to-market sales, and a Resident First Look programme that offers the house to the person already living in it.

Maintenance and renovation

Renovation vendors are engaged directly rather than through third-party general contractors. The company states this means a larger share of the upfront renovation spend goes into the home itself, and lower overall expenditure, than if vendor selection and oversight were outsourced. In-house maintenance associates inspect for lease compliance and for safety hazards or causes of damage that would become costly if left, and act on what they find.

From Invitation Homes' annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Invitation Homes became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 29 October 2026
Revenue
$731 million
+6.3% on the year · -2.2% on the quarter
Q4 FY2024Q3 FY2026
Net income
$158 million
+15.9% on the year · -27.6% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$0.27
+22.7% on the year · -27.0% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Last full yearFY2025ended 31 December 2025 · 10-K filed 19 February 2026
Revenue
$2.7 billion
+4.2% on the year
FY2018FY2025
Net income
$588 million
+29.5% on the year
FY2018FY2025
Diluted EPS
$0.96
+29.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsInvitation Homes (INVH) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 December 2025, up 4.2% on the year before. Net income was $588 million and diluted earnings per share $0.96. Revenue was $2.6 billion in fiscal 2024, $2.4 billion in fiscal 2023, $2.2 billion in fiscal 2022 and $2.0 billion in fiscal 2021. Net income in the same years was $454 million, $519 million, $383 million and $261 million. Over the twelve months to 30 September 2026, Invitation Homes reported revenue of $2.9 billion and net income of $682 million. Revenue grew 8.4% a year, compounded, over the five years to fiscal 2025. Invitation Homes declared $1.19 a share in dividends over the last four quarters and had 582 million shares outstanding at the latest filed count. At the close of 6 November 2026 the market cap of Invitation Homes was $15.8 billion, 23.8 times its earnings over the last twelve months.

Ratios

From the filings

ROE7.7%
ROCE1.9%
Operating margin11.5%
Net margin23.5%
FCF marginn/a
Interest covern/a
Debt to equity0.99x
Cash conversion1.74x
Share count, last 12 months-5.1%
Sales CAGR, 3 years6.8%
Profit CAGR, 3 years15.3%
EPS, TTM$1.14

At the close of 6 November 2026

Price$27.09
Market cap$15.8 billion
Stock P/E23.8x
Price to book1.8x
EV / EBITDAn/a
Dividend yield4.4%
Market cap / sales5.4x
52-week high$30.59
52-week low$24.39
Price, 1 year-2.6%
Price CAGR, 3 years-4.6%
Price CAGR, 5 years-7.9%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Invitation Homes Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
INVHgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue520532557569580590600618624646653660659674681688685734748731
Operating income68.779.790.765.583.096.596.982.281.991.788.269.642.998.710291.096.279.490.067.1
Operating margin13%15%16%12%14%16%16%13%13%14%13%11%7%15%15%13%14%11%12%9%
Interest expense79.174.474.876.578.478.078.686.790.089.8n/an/an/an/an/an/an/an/an/an/a
Net income74.592.611179.210112013813213014273.295.3143166141137145161219158
Net margin14%17%20%14%17%20%23%21%21%22%11%14%22%25%21%20%21%22%29%22%
Diluted EPS$0.12$0.15$0.18$0.13$0.16$0.20$0.22$0.21$0.21$0.23$0.12$0.15$0.23$0.27$0.23$0.22$0.24$0.26$0.37$0.27
Operating cash flow12523531735212031828142187.5266370314133301382395129293384384
Capital expenditure24.836.336.532.117.45.34.29.511.28.56.08.47.87.28.16.86.3n/an/an/a
Free cash flow10119928132010231227741176.3257364305125293374388122n/an/an/a
Buybacksn/an/an/an/an/an/an/an/an/an/an/an/an/a0.00.00.053.2447100250
Dividends paid102135135135135158159161160172172172171178178178178184179178
Shares outstanding601m610m610m611m611m612m612m612m612m612m613m613m613m613m613m613m611m594m591m582m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue8369231,0541,7231,7651,8231,9972,2382,4322,6192,7292,898
Operating income114191118-61.739.2113220319357292388333
Operating margin13.7%20.7%11.2%-3.6%2.2%6.2%11.0%14.2%14.7%11.2%14.2%11.5%
Interest expense274286257384367354323304333n/an/an/a
Income taxn/an/an/a1.22.50.90.60.10.3n/an/an/a
Net income-160-78.2-105-4.9145196261383519454588682
Net margin-19.2%-8.5%-10.0%-0.3%8.2%10.8%13.1%17.1%21.4%17.3%21.5%23.5%
Diluted EPSn/an/an/a-$0.01$0.27$0.35$0.45$0.63$0.85$0.74$0.96$1.14
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow

FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow1972562635616626979081,0241,1071,0821,2061,189
Capital expenditure2.03.94.14.057.498.877.412230.230.628.3n/a
Free cash flow1952522595576055988309011,0771,0511,178n/a
Free cash flow margin23.4%27.3%24.6%32.3%34.3%32.8%41.6%40.3%44.3%40.1%43.2%n/a
Cash from investing-860-25864.763.0102-425-1,160-814-774-466-653-146
Cash from financing652-71.8-331-681-838-146659-574110-1,094-618-1,101
Share-based compensation27.910.281.229.518.217.127.229.029.527.927.838.8
Buybacksn/an/an/an/an/an/an/an/a0.00.053.2851
Dividends paid6820.069.0230277332394539638689713719
Dividend per sharen/an/a$0.22$0.44$0.52$0.60$0.68$0.88$1.04$1.41$1.17$1.20
Diluted shares, weightedn/an/an/a520m532m555m579m611m613m614m613m589m
Shares outstanding at period endn/an/a519m521m542m567m601m611m612m613m611m582m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Liabilities and equity
Shareholders' equity1,8871,9578,4988,2298,2148,5059,79810,29110,1569,7579,5308,820
Non-controlling interestn/an/a15214051.751.241.132.334.535.737.838.8
Debtn/a7,5709,6529,2508,4678,0327,9997,7698,5468,2028,3808,740
Other liabilitiesn/a205382444659919700444484706732932
Total liabilities and equityn/a9,73218,68418,06317,39317,50618,53818,53719,22118,70118,68018,531
Assets
Fixed assetsn/a6.216.611.89.810.016.624.531.542.756.660.7
Goodwilln/a0.0258258258258258258258258258314
Intangible assetsn/an/an/an/an/an/an/an/an/an/a19.450.1
Securities held for sale or to maturityn/a20937936731724515787.086.554.655.055.2
Cash and equivalents27519818014592.321361026370117413078.9
Other assetsn/a9,31917,85017,28216,71616,77917,49617,90418,14418,17118,16117,972
Total assetsn/a9,73218,68418,06317,39317,50618,53818,53719,22118,70118,68018,531
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded12.6%8.4%6.8%7.2%
Profit growth, compoundedn/a24.5%15.3%16.4%
Return on equity, average2.1%4.5%5.3%6.2%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Invitation Homes' revenue in fiscal 2025?

Invitation Homes (INVH) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 December 2025, up 4.2% on the year before.

How much did Invitation Homes earn in fiscal 2025?

Net income was $588 million for fiscal 2025, and diluted earnings per share $0.96.

What is Invitation Homes' P/E ratio?

At the close of 6 November 2026, Invitation Homes traded at 23.8 times its earnings over the twelve months to 30 September 2026.

What is Invitation Homes' market cap?

The market cap of Invitation Homes was $15.8 billion at the close of 6 November 2026.

Does Invitation Homes pay a dividend?

Yes. Invitation Homes declared $1.19 a share in dividends over the four quarters to 30 September 2026.

Peers: Real Estate

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
CBRE Group, Inc. CBRE$39.1 billion29.0215.9%4.6%14.5%0.91n/a
KE Holdings Inc. BEKE *$21.2 billion48.554.5%2.2%1.2%0.021.9%
Jones Lang Lasalle Inc. JLL$16.9 billion16.0414.3%4.9%11.4%0.28n/a
Invitation Homes Inc. INVH$15.8 billion23.767.7%11.5%7.2%0.994.4%
Compass, Inc. COMP$7.8 billion72.934.2%-1.4%89.8%1.00n/a
Terreno Realty Corp. TRNO$7.3 billion19.767.7%41.6%17.2%0.203.2%
Millrose Properties, Inc. MRP$4.3 billion8.598.6%85.2%n/a0.5311.8%
St. Joe Co. JOE$4.0 billion33.1615.8%32.0%11.1%0.710.9%
Marriott Vacations Worldwide Corp. VAC$3.8 billionn/a-11.8%-0.9%4.6%2.552.9%
Curbline Properties Corp. CURB$3.6 billion122.331.2%17.6%50.6%0.262.4%
Cushman & Wakefield Ltd. CWK$3.3 billion48.143.3%4.5%10.2%1.24n/a
American Realty Investors Inc. ARL$363 million43.161.3%-18.3%6.8%0.350.0%
All 38 in Real Estate
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Brookfield Corporation BN *$92.4 billion84.470.8%n/a-12.7%0.090.8%
CBRE Group, Inc. CBRE$39.1 billion29.0215.9%4.6%14.5%0.91n/a
KE Holdings Inc. BEKE *$21.2 billion48.554.5%2.2%1.2%0.021.9%
Jones Lang Lasalle Inc. JLL$16.9 billion16.0414.3%4.9%11.4%0.28n/a
Invitation Homes Inc. INVH$15.8 billion23.767.7%11.5%7.2%0.994.4%
Compass, Inc. COMP$7.8 billion72.934.2%-1.4%89.8%1.00n/a
Terreno Realty Corp. TRNO$7.3 billion19.767.7%41.6%17.2%0.203.2%
Millrose Properties, Inc. MRP$4.3 billion8.598.6%85.2%n/a0.5311.8%
St. Joe Co. JOE$4.0 billion33.1615.8%32.0%11.1%0.710.9%
Marriott Vacations Worldwide Corp. VAC$3.8 billionn/a-11.8%-0.9%4.6%2.552.9%
Curbline Properties Corp. CURB$3.6 billion122.331.2%17.6%50.6%0.262.4%
Cushman & Wakefield Ltd. CWK$3.3 billion48.143.3%4.5%10.2%1.24n/a
Urban Edge Properties UE$2.6 billion24.617.4%n/a5.5%1.214.0%
Newmark Group, Inc. NMRK$2.1 billion14.3510.3%7.4%17.5%1.501.5%
Getty Realty Corp. GTY$1.9 billion17.428.0%63.5%12.3%0.936.8%
Innovative Industrial Properties Inc. IIPR$1.5 billion12.377.7%51.4%-4.4%0.3813.9%
Ellington Financial Inc. EFC$1.5 billion6.7910.3%38.7%48.5%2.0313.8%
Opendoor Technologies Inc. OPEN$1.3 billionn/a-278.5%-19.0%-28.8%5.17n/a
Piedmont Realty Trust, Inc. PDM$1.2 billionn/a-6.1%13.8%2.9%1.621.3%
Forestar Group Inc. FOR$1.2 billion7.139.2%n/a11.8%0.43n/a
Marcus & Millichap, Inc. MMI$1.1 billion71.312.6%1.3%10.0%0.001.8%
Sky Harbour Group Corp. SKYH$788 millionn/a0.6%-80.8%62.2%1.09n/a
Five Point Holdings, LLC FPH$631 million10.921.3%-2.9%-39.1%0.19n/a
Agnt, Inc. AGNT$510 millionn/a-9.2%-0.3%7.7%0.006.5%
Gladstone Commercial Corp. GOOD$493 million51.8712.5%n/a10.6%5.8011.8%
Tejon Ranch Co. TRC$461 million58.811.6%5.8%45.4%0.20n/a
Hudson Pacific Properties, Inc. HPP$460 millionn/a-25.1%n/a2.8%1.310.0%
American Realty Investors Inc. ARL$363 million43.161.3%-18.3%6.8%0.350.0%
FRP Holdings, Inc. FRPH$359 million1,868.000.0%11.6%2.5%0.50n/a
Maui Land & Pineapple Co. Inc. MLP$303 millionn/a-14.9%-36.3%-4.1%0.28n/a
Alico, Inc. ALCO$275 million168.551.5%-138.0%-61.4%0.810.5%
Claros Mortgage Trust, Inc. CMTG$231 millionn/a-44.3%n/a-31.1%1.85n/a
Douglas Elliman Inc. DOUG$143 million5.4114.9%3.5%-2.7%0.00n/a
Amrep Corp. AXR$114 million19.684.2%14.8%-15.3%0.00n/a
Seritage Growth Properties SRG$97 millionn/a-20.1%-172.0%-23.7%0.17n/a
Mobile Infrastructure Corp. BEEP$94 millionn/a-18.0%n/a-4.1%1.52n/a
Star Holdings STHO$92 millionn/a-14.0%-9.4%-10.2%0.67n/a
Intergroup Corp. INTG$83 million50.94n/a16.0%14.9%n/an/a
1 company shares its SEC industry code (Real Estate Operators (No Developers) & Lessors); the rest are the names nearest in size in its wider industry, Real Estate, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on INVH

Dividends$1.19 a share over the four quarters to 30 September 2026, a 4.39% yield
Filings22 in twelve months: 14 current reports (8-K), about 5 regulation FD disclosure; 4 results of operations; 3 officer or director change; 1 material agreement; 1 new financial obligation
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.93 by open interest at the 6 November 2026 close; the straddle prices a 4.7% move to 20 November 2026
13F holders630 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading0 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest18.2 million shares short, 3.45 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202629 October 2026EDGAR
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202519 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202427 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 202425 July 2024EDGAR

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