NYSE: INVH
Invitation Homes
Real Estate · Real Estate Operators (No Developers) & Lessors
52-week range
$24.25$30.89
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$15.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | $12.3B |
| FY2018, ended Dec 31, 2018 | $10.5B |
| FY2019, ended Dec 31, 2019 | $16.2B |
| FY2020, ended Dec 31, 2020 | $16.8B |
| FY2021, ended Dec 31, 2021 | $27.6B |
| FY2022, ended Dec 31, 2022 | $18.1B |
| FY2023, ended Dec 31, 2023 | $20.9B |
| FY2024, ended Dec 31, 2024 | $19.6B |
| FY2025, ended Dec 31, 2025 | $16.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $15.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.90B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $923M |
| FY2017, ended Dec 31, 2017 | $1.05B |
| FY2018, ended Dec 31, 2018 | $1.72B |
| FY2019, ended Dec 31, 2019 | $1.76B |
| FY2020, ended Dec 31, 2020 | $1.82B |
| FY2021, ended Dec 31, 2021 | $2.00B |
| FY2022, ended Dec 31, 2022 | $2.24B |
| FY2023, ended Dec 31, 2023 | $2.43B |
| FY2024, ended Dec 31, 2024 | $2.62B |
| FY2025, ended Dec 31, 2025 | $2.73B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.90B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$78.2M | $252M |
| FY2017, ended Dec 31, 2017 | −$105M | $259M |
| FY2018, ended Dec 31, 2018 | −$4.93M | $557M |
| FY2019, ended Dec 31, 2019 | $145M | $605M |
| FY2020, ended Dec 31, 2020 | $196M | $598M |
| FY2021, ended Dec 31, 2021 | $261M | $830M |
| FY2022, ended Dec 31, 2022 | $383M | $901M |
| FY2023, ended Dec 31, 2023 | $519M | $1.08B |
| FY2024, ended Dec 31, 2024 | $454M | $1.05B |
| FY2025, ended Dec 31, 2025 | $588M | $1.18B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $682M | $1.00B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$78.9M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $198M |
| FY2017, ended Dec 31, 2017 | $180M |
| FY2018, ended Dec 31, 2018 | $145M |
| FY2019, ended Dec 31, 2019 | $92.3M |
| FY2020, ended Dec 31, 2020 | $213M |
| FY2021, ended Dec 31, 2021 | $610M |
| FY2022, ended Dec 31, 2022 | $263M |
| FY2023, ended Dec 31, 2023 | $701M |
| FY2024, ended Dec 31, 2024 | $174M |
| FY2025, ended Dec 31, 2025 | $130M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $78.9M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$8.74B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | $9.65B |
| FY2018, ended Dec 31, 2018 | $9.25B |
| FY2019, ended Dec 31, 2019 | $8.47B |
| FY2020, ended Dec 31, 2020 | $8.03B |
| FY2021, ended Dec 31, 2021 | $8.00B |
| FY2022, ended Dec 31, 2022 | $7.77B |
| FY2023, ended Dec 31, 2023 | $8.55B |
| FY2024, ended Dec 31, 2024 | $8.20B |
| FY2025, ended Dec 31, 2025 | $8.38B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $8.74B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 85.6% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.576M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 310M |
| FY2017, ended Dec 31, 2017 | 520M |
| FY2018, ended Dec 31, 2018 | 521M |
| FY2019, ended Dec 31, 2019 | 542M |
| FY2020, ended Dec 31, 2020 | 567M |
| FY2021, ended Dec 31, 2021 | 608M |
| FY2022, ended Dec 31, 2022 | 611M |
| FY2023, ended Dec 31, 2023 | 612M |
| FY2024, ended Dec 31, 2024 | 613M |
| FY2025, ended Dec 31, 2025 | 609M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 576M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $812M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $10.2M | — |
| FY2017, ended Dec 31, 2017 | — | $81.2M | $0 |
| FY2018, ended Dec 31, 2018 | — | $29.5M | $0 |
| FY2019, ended Dec 31, 2019 | — | $18.2M | $55.3M |
| FY2020, ended Dec 31, 2020 | — | $17.1M | $687M |
| FY2021, ended Dec 31, 2021 | — | $27.2M | $934M |
| FY2022, ended Dec 31, 2022 | — | $29.0M | $98.4M |
| FY2023, ended Dec 31, 2023 | $0 | $29.5M | $0 |
| FY2024, ended Dec 31, 2024 | $0 | $27.9M | $0 |
| FY2025, ended Dec 31, 2025 | $53.2M | $27.8M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $851M | $38.8M | — |
Revenue (TTM)
$2.90B
+7.2% YoY
Net income (TTM)
$682M
+16.4% YoY
Cash
$78.9M
−49.2% YoY
Total debt
$8.74B
+6.2% YoY
Valuation
At current price- Market Cap
- $15.3B
- P/E
- 22.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.3×
- Price / Book
- 1.7×
- EV / EBITDA
- 21.7×
Growth
Trailing 12 months- Revenue (TTM)
- $2.90B
- Revenue Growth YoY
- 7.2%
- Revenue CAGR 3Y
- 6.8%
- Revenue CAGR 5Y
- 8.4%
- EPS Growth YoY
- 20.0%
- Net Income Growth YoY
- 16.4%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 11.5%
- Net Margin
- 23.5%
- FCF Margin
- 34.6%
- Return on Equity
- 7.4%
Earnings
Trailing 12 months- Net Income
- $682M
- EPS (diluted)
- $1.14
- EBITDA
- $1.11B
- Operating Income
- $333M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $78.9M
- Total Debt
- $8.74B
- Net Debt
- $8.66B
- Total Assets
- $18.5B
- Total Liabilities
- $9.67B
- Shareholders' Equity
- $8.82B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.19B
- Capital Expenditure
- $187M
- Free Cash Flow
- $1.00B
Dividends and risk
Last 12 months- Dividend Yield
- 4.5%
- Dividend / Share
- $1.20
- Beta (5Y)
- 0.83
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 7.2% year over year, at $2.90B.
Note
Net margin of 23.5% over the last 12 months.
Watch
Net debt is 7.8× EBITDA ($8.66B), a heavy load.
Strength
Turns 34.6% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K60Nothing notable
60Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 19, 2026 · Read the filing on EDGAR
- Revenue rose 4.2% to $2.73 billion and net income rose 29.5% to $590 million, largely because 2024's hurricane and legal settlement costs did not repeat.
- A recent executive order targets institutional home buyers and could limit acquisitions and financing, a sharper version of earlier government scrutiny.
- The company bought homebuilder ResiBuilt in January 2026 and launched a lending program for homebuilders, adding construction and credit risks.
- The SEC closed its building-code inquiry with no enforcement action, and the board authorized a $500 million share buyback.
Business momentum
Improving
“For the years ended December 31, 2025 and 2024, total revenues were $2,729.3 million and $2,618.9 million, respectively.”
Outlook
Cautious
“Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes could limit our ability to acquire additional homes”
Financial stress
Low
“We have no debt reaching final maturity until June 2027.”
Tone against the previous report
About the same
Red flags
- Medium
Other
“These actions and initiatives include a recent executive order directing federal agencies and government-sponsored enterprises to define the attributes of an “institutional investor” (potentially including attributes that we are likely to exhibit)”
Positives
SEC building-code inquiry ended with no enforcement action
“In December 2025, the SEC notified us that it had concluded this inquiry and did not intend to recommend any enforcement action.”
Cash from operations grew 11.5% and covered dividends
“Net cash provided by operating activities was $1,206.2 million and $1,081.8 million for the years ended December 31, 2025 and 2024, respectively, an increase of 11.5%.”
Large unused credit line available
“As of December 31, 2025, $1,605.0 million of our revolving facility (the “Revolving Facility”) is undrawn”
Concerns
Softer leasing: rents on new leases fell and occupancy slipped
“new lease net effective rental rate growth for the total portfolio averaged (0.8)% and 1.0% for the years ended December 31, 2025 and 2024, respectively”
Profit jump owes much to smaller one-off costs, not stronger operations
“Casualty losses, impairment, and other expenses were $11.4 million and $82.9 million for the years ended December 31, 2025 and 2024, respectively.”
Homes sit empty longer between residents
“For the Same Store portfolio, a home remained unoccupied on average for 47 and 40 days between residents for the years ended December 31, 2025 and 2024, respectively.”
New risks since the previous report
Executive order could restrict institutional home buying and federal-backed financing
“These actions and initiatives include a recent executive order directing federal agencies and government-sponsored enterprises to define the attributes of an “institutional investor” (potentially including attributes that we are likely to exhibit)”
Integrating ResiBuilt and taking on land development and construction
“The successful integration of ResiBuilt’s operations, personnel, systems, and development pipeline into our organization is subject to execution risk.”
Loans to homebuilders could suffer defaults or losses
“We have launched a developer lending program pursuant to which we provide financing to experienced homebuilders for the development of single-family rental communities that may serve as future acquisition opportunities.”
Heavy dependence on one online listing platform for rental leads
“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.”
Proposed laws could remove tax benefits for institutional home owners
“proposals and potential legislative initiatives targeted at institutional owners of single-family rental housing that could limit, condition, or eliminate tax benefits integral to REIT qualification or operations”
Biggest risks named
- Executive order and laws limiting institutional home ownership and purchases
- Eviction, rent control and tenant protection laws limiting rent collection and increases
- Inflation, property taxes and insurance costs outpacing rent growth
- Execution risks from expanding into homebuilding and lending to developers
- Reliance on outside capital, including refinancing secured debt maturing in 2027
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 60 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 19, 2026 | 60 | Improving | 1 medium | |
| 10-K | Feb 27, 2025 | 50 | Mixed | 1 medium | |
| 10-K | Feb 21, 2024 | 68 | Strong improvement | None | |
| 10-K | Feb 22, 2023 | 64 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 22, 2022 | 64 | Strong improvement | 2 medium | |
| 10-K | Feb 19, 2021 | 68 | Strong improvement | None | |
| 10-K | Feb 19, 2020 | 65 | Strong improvement | None | |
| 10-K | Feb 28, 2019 | 68 | Strong improvement | None | |
| 10-K | Mar 29, 2018 | 35 | Sharp deterioration | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR