I 
Invitation Homes INVH · USD
Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
27.20
+0.37%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$2.73bn
FY2016FY2025
Net income
$587.9m
FY2016FY2025
Free cash flow
$963.5m
FY2016FY2025
Shareholders' equity
$9.53bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.73bn | $2.62bn | $2.43bn | $2.24bn | $2.00bn | $1.82bn | $1.76bn | $1.72bn | $1.05bn | $922.6m |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $741.0m | $741.2m | $699.5m | $651.7m | $550.9m | $467.8m | $425.1m | $342.8m | $118.2m | $190.8m |
| Net income | $587.9m | $453.9m | $519.5m | $383.3m | $261.4m | $196.2m | $145.5m | −$4.9m | −$105.3m | −$78.2m |
| Diluted earnings per share | 0.96 | 0.74 | 0.85 | 0.63 | 0.44 | 0.35 | 0.27 | -0.01 | -0.20 | -0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $18.68bn | $18.70bn | $19.22bn | $18.54bn | $18.54bn | $17.51bn | $17.39bn | $18.06bn | $18.68bn | $9.73bn |
| Cash and short-term investments | $130.0m | $174.5m | $700.6m | $262.9m | $610.2m | $213.4m | $92.3m | $144.9m | $179.9m | $198.1m |
| Total liabilities | $9.11bn | $8.91bn | $9.03bn | $8.21bn | $8.70bn | $8.95bn | $9.13bn | $9.69bn | $10.03bn | $7.77bn |
| Debt | $8.38bn | $8.21bn | $8.55bn | $7.77bn | $8.00bn | $8.04bn | $8.47bn | $9.25bn | $9.65bn | $7.57bn |
| Shareholders' equity | $9.53bn | $9.76bn | $10.16bn | $10.32bn | $9.84bn | $8.56bn | $8.27bn | $8.37bn | $8.65bn | $1.96bn |
| Shares outstanding | 613m | 613m | 614m | 612m | 600m | 566m | 542m | 521m | 520m | 302m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.21bn | $1.08bn | $1.11bn | $1.02bn | $907.7m | $696.7m | $662.1m | $561.2m | $259.8m | $250.1m |
| Capital spending | −$242.8m | −$219.4m | −$221.1m | −$208.1m | −$162.8m | −$172.3m | −$164.2m | −$145.7m | −$62.5m | −$49.8m |
| Free cash flow | $963.5m | $862.4m | $886.0m | $815.5m | $744.8m | $524.4m | $497.9m | $415.5m | $197.2m | $200.3m |
| Dividends paid | −$712.8m | −$689.2m | −$638.1m | −$539.0m | −$393.8m | −$332.2m | −$276.7m | −$230.1m | −$69.0m | −$136,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $747.5m | $734.1m | $685.3m | $688.2m | $681.4m | $674.5m | $659.1m | $660.3m |
| Operating income | $278.0m | $79.4m | $181.5m | $410.7m | $192.2m | $187.6m | $185.6m | $186.6m |
| Net income | $218.8m | $160.5m | $144.6m | $136.7m | $140.9m | $165.7m | $143.1m | $95.3m |
| Diluted earnings per share | 0.37 | 0.27 | 0.24 | 0.22 | 0.23 | 0.27 | 0.23 | 0.16 |
| Cash from operations | $386.0m | $293.0m | $128.0m | $394.0m | $382.0m | $300.0m | $132.0m | $313.0m |
| Capital spending | −$116.0m | −$57.0m | −$58.0m | −$110.0m | −$59.0m | −$50.0m | −$51.0m | −$68.0m |
| Free cash flow | $270.0m | $236.0m | $70.0m | $284.0m | $323.0m | $250.0m | $81.0m | $245.0m |
| Total assets | $18.45bn | $18.70bn | $18.68bn | $18.78bn | $18.66bn | $18.58bn | $18.70bn | $19.63bn |
| Cash and short-term investments | $75.8m | $114.1m | $130.0m | $155.4m | $65.1m | $84.4m | $174.5m | $1.03bn |
| Debt | $8.25bn | $8.80bn | $8.38bn | $8.27bn | $8.17bn | $8.10bn | $8.20bn | $9.01bn |
| Shareholders' equity | $9.05bn | $9.09bn | $9.53bn | $9.63bn | $9.67bn | $9.72bn | $9.76bn | $9.92bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 27.1% | 28.3% | 28.8% | 29.1% | 27.6% | 25.7% | — | — |
| Net margin | 21.5% | 17.3% | 21.4% | 17.1% | 13.1% | 10.8% | — | — |
| Return on equity | 6.2% | 4.7% | 5.1% | 3.7% | 2.7% | 2.3% | — | — |
| Return on assets | 3.1% | 2.4% | 2.7% | 2.1% | 1.4% | 1.1% | — | — |
| Free cash flow yield | 8.9% | 8.0% | 8.2% | 7.6% | 6.7% | 5.8% | — | — |
| Revenue growth | 4.2% | 7.7% | 8.7% | 12.1% | 9.5% | 3.3% | — | — |
| Earnings growth | 29.5% | -12.6% | 35.5% | 46.6% | 33.2% | 34.9% | — | — |
| Current ratio | 1.52x | 0.82x | 5.71x | 2.29x | 4.23x | 2.76x | — | — |
| Debt to equity | 0.88x | 0.84x | 0.90x | 0.82x | 1.04x | 1.39x | — | — |
| Equity ratio | 51.0% | 52.2% | 52.8% | 55.7% | 53.1% | 48.9% | — | — |
| Interest coverage | 2.10x | 2.02x | 2.10x | 2.14x | 1.71x | 1.32x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | 0.1% | -0.2% | -2.1% | -6.1% | -4.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.8% | 8.4% | 12.6% |
| Operating income | 4.4% | 9.6% | 20.5% |
| Net income | 15.3% | 24.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 27.7% | 28.3% | 27.8% | 25.0% |
| Net margin | 19.5% | 19.4% | 17.4% | 10.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 29.0 | 43.2 | 40.3 | 47.3 | 104.0 | 85.6 | 111.6 | -2122.7 | -116.3 |
| Price to sales | 6.2 | 7.5 | 8.6 | 8.1 | 13.6 | 9.2 | 9.2 | 6.1 | 11.6 |
Market value over time
28 Feb 2017 to 28 Sept 2026, in USD
$6.80bn$15.72bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Return | -13% | -9% | 16% | -30% | 48% | -3% | 44% | -13% | 17% |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 24 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.90 | 1.17 | 1.13 | 1.32 | 0.88 | 0.68 | 0.60 | 0.52 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.