INVH Real Estate

Invitation Homes Inc.

$26.60-0.97%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Real Estate
Industry: REIT - Residential
Country: United States
Market cap: 15.7B USD
Enterprise value: 24.4B USD
Full-time employees: 1,725

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.43 vs a peer median of 1.20)higher risk: less liquidity (current ratio 0.43 vs peers 1.20)
About average: profitability and valuation

Ranks #367 of 632 real estate companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $85M vs $53M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −3.4% from December 2022 to July 2026.
Over three fiscal years Invitation Homes recorded $85M of stock-based pay expense and spent $53M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Invitation Homes recorded $85M of stock-based pay expense and spent $53M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.8B in 2020 to $2.7B in 2025.
Invitation Homes's fiscal-year revenue rose in each of the five years to 2025, from $1.8B to $2.7B.
Profit is backed by cash. Free cash flow is 145% of reported profit.
Invitation Homes's free cash flow is 145% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

48/ 100

Oct 5 48 → Nov 4 48

Valuation

Is the price right?

51/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Helped by:

▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.2%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.24Sector median: 0.0535 · MAD: 0.0484

EBITDA yield6.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 0.41Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield6.1%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score -0.09Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield57.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

62/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.4%

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth25.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.47Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth6.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.42Sector median: 0.0378 · MAD: 0.0744

Revenue growth6.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.40Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

51/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Net margin rose 2.2 points to 23.1%

Why

Helped by:

▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin27.6%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.03Sector median: 0.2683 · MAD: 0.2257

Return on assets3.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.09Sector median: 0.0211 · MAD: 0.0134

Return on invested capital3.2%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -0.09Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin56.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity7.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.83

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.26Sector median: 0.7490 · MAD: 0.3270

Current ratio0.43×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -1.06Sector median: 1.1950 · MAD: 0.7210

Debt / equity0.94×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.35Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Invitation Homes

Is Invitation Homes getting weaker?: Its latest SEC filing (Jul 30, 2026) got stronger: net margin rose 2.2 points to 23.1%. Its overall score is unchanged at 48/100 since Oct 28, 2026.
How is Invitation Homes valued vs its peers?: Priced about in line with its peers. Valuation scores 51/100 against 762 real estate peers. EBITDA yield 6.2% vs a peer median of 5.4% (stronger than 63% of peers).EBITDA yield 6.2% vs peers 5.4% (stronger than 63% of peers).
Is Invitation Homes growing?: Yes, faster than most of its peers. Growth scores 62/100 against 762 real estate peers. Earnings per share growth 25.8% vs a peer median of 11.2% (stronger than 66% of peers).Earnings per share growth 25.8% vs peers 11.2% (stronger than 66% of peers).
How profitable is Invitation Homes?: About as profitable as its peers. Profitability scores 51/100 against 762 real estate peers. Return on assets 3.6% vs a peer median of 2.1% (stronger than 79% of peers).Return on assets 3.6% vs peers 2.1% (stronger than 79% of peers).
How risky is Invitation Homes?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.43× vs a peer median of 1.20× (weaker than 81% of peers).Current ratio 0.43× vs peers 1.20× (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Net margin rose 2.2 points to 23.1%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.8B USD	2.9B USD	+2.4%
Net income (12 months)	582.7M USD	660.6M USD	+13.4%
Debt	8.8B USD	8.5B USD	−3.1%
Cash	114.1M USD	75.8M USD	−33.6%
Shares outstanding	594.0M	590.6M	−0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Residential companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	13.1%	17.1%	21.4%	17.3%	21.5%	▲ 4.2 pts
Return on assets (ROA)	1.4%	2.1%	2.7%	2.4%	3.1%	▲ 0.7 pts
Return on equity (ROE)	2.7%	3.7%	5.1%	4.7%	6.2%	▲ 1.5 pts
Free cash flow margin	33.4%	31.0%	35.2%	31.8%	34.3%	▲ 2.5 pts
Debt to equity	0.82×	0.75×	0.84×	0.84×	0.88×	▲ 4.6%

INVH price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Millrose Properties, Inc.MRP94/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.43 vs a peer median of 1.20)higher risk: less liquidity (current ratio 0.43 vs peers 1.20)

About average: profitability and valuation

Ranks #367 of 632 real estate companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $85M vs $53M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −3.4% from December 2022 to July 2026.

Over three fiscal years Invitation Homes recorded $85M of stock-based pay expense and spent $53M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Invitation Homes recorded $85M of stock-based pay expense and spent $53M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.8B in 2020 to $2.7B in 2025.

Invitation Homes's fiscal-year revenue rose in each of the five years to 2025, from $1.8B to $2.7B.

Profit is backed by cash. Free cash flow is 145% of reported profit.

Invitation Homes's free cash flow is 145% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Invitation Homes

Is Invitation Homes getting weaker?

Its latest SEC filing (Jul 30, 2026) got stronger: net margin rose 2.2 points to 23.1%. Its overall score is unchanged at 48/100 since Oct 28, 2026.

How is Invitation Homes valued vs its peers?

Priced about in line with its peers. Valuation scores 51/100 against 762 real estate peers. EBITDA yield 6.2% vs a peer median of 5.4% (stronger than 63% of peers).EBITDA yield 6.2% vs peers 5.4% (stronger than 63% of peers).

Is Invitation Homes growing?

Yes, faster than most of its peers. Growth scores 62/100 against 762 real estate peers. Earnings per share growth 25.8% vs a peer median of 11.2% (stronger than 66% of peers).Earnings per share growth 25.8% vs peers 11.2% (stronger than 66% of peers).

How profitable is Invitation Homes?

About as profitable as its peers. Profitability scores 51/100 against 762 real estate peers. Return on assets 3.6% vs a peer median of 2.1% (stronger than 79% of peers).Return on assets 3.6% vs peers 2.1% (stronger than 79% of peers).

How risky is Invitation Homes?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.43× vs a peer median of 1.20× (weaker than 81% of peers).Current ratio 0.43× vs peers 1.20× (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.8B USD

2.9B USD

+2.4%

Net income (12 months)

582.7M USD

660.6M USD

+13.4%

Debt

8.8B USD

8.5B USD

−3.1%

Cash

114.1M USD

75.8M USD

−33.6%

Shares outstanding

594.0M

590.6M

−0.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

13.1%

17.1%

21.4%

17.3%

21.5%

▲ 4.2 pts

Return on assets (ROA)

1.4%

2.1%

2.7%

2.4%

3.1%

▲ 0.7 pts

Return on equity (ROE)

2.7%

3.7%

5.1%

4.7%

6.2%

▲ 1.5 pts

Free cash flow margin

33.4%

31.0%

35.2%

31.8%

34.3%

▲ 2.5 pts

Debt to equity

0.82×

0.75×

0.84×

0.88×

▲ 4.6%