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Invitation Homes Inc. (INVH) 10-Year Financial Performance & Capital Metrics

INVH • • REIT / Real Estate
Real EstateResidential REITsSingle-Family RentalsNational Single-Family Rental Platforms
AboutInvitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, Together with you, we make a house a home, reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.Show more
  • Revenue $2.62B +7.7%
  • FFO $1.17B -2.1%
  • FFO/Share 1.90 -2.2%
  • FFO Payout 59% +10.4%
  • FFO per Share 1.90 -2.2%
  • NOI Margin 59.04% -1.4%
  • FFO Margin 44.61% -9.1%
  • ROE 4.54% -10.3%
  • ROA 2.39% -13.0%
  • Debt/Assets 43.86% -1.4%
  • Net Debt/EBITDA 5.52 -3.4%
  • Book Value/Share 15.96 -4.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 25.6%
  • ✓FFO growing 15.7% TTM
  • ✓Sustainable FFO payout ratio of 59.0%
  • ✓Healthy dividend yield of 4.2%

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.5%
  • ✗Weak momentum: RS Rating 20 (bottom 20%)
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.8%
5Y8.22%
3Y9.47%
TTM4.61%

Profit (Net Income) CAGR

10Y-
5Y25.56%
3Y20.19%
TTM33.18%

EPS CAGR

10Y-
5Y22.34%
3Y18.03%
TTM33.8%

ROCE

10Y Avg2.67%
5Y Avg3.42%
3Y Avg3.77%
Latest4.02%

Peer Comparison

National Single-Family Rental Platforms
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
INVHInvitation Homes Inc.16.59B27.0636.577.67%21.7%6.07%5.2%0.84
AMHAmerican Homes 4 Rent11.75B31.7229.376.47%24.68%5.77%5.87%0.64

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+836.05M922.59M1.05B1.72B1.76B1.82B2B2.24B2.43B2.62B
Revenue Growth %0.27%0.1%0.14%0.63%0.02%0.03%0.1%0.12%0.09%0.08%
Property Operating Expenses387.42M390.82M434.84M720.9M731.6M739.16M777.76M874.29M976.14M1.07B
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+334.25M340.99M501.41M659.3M607.99M615.84M667.95M712.14M756.63M804.94M
G&A Expenses79.43M69.1M167.74M98.76M74.27M63.3M75.81M74.03M82.34M90.61M
EBITDA+364.62M458.46M427.79M903.3M958.81M1.02B1.14B1.29B1.37B1.46B
EBITDA Margin %----------
Depreciation & Amortization+250.24M267.68M309.58M560.54M533.72M552.53M592.13M638.11M674.29M714.33M
D&A / Revenue %----------
Operating Income+114.38M190.78M118.21M342.76M425.09M467.84M550.91M651.7M699.5M741.24M
Operating Margin %----------
Interest Expense+273.74M286.05M256.97M383.6M367.17M353.92M322.66M304.09M333.46M366.07M
Interest Coverage0.42x0.67x0.46x0.89x1.16x1.32x1.71x2.14x2.10x2.02x
Non-Operating Income3.12M-17.03M-32.94M-35.82M-89.19M-83.53M-34.53M-37.2M-154.98M-80.19M
Pretax Income+-162.48M-78.24M-105.83M-5.01M147.11M197.45M262.78M384.8M521.03M455.37M
Pretax Margin %----------
Income Tax+0000000000
Effective Tax Rate %----------
Net Income+-160.21M-78.24M-105.34M-4.93M145.46M196.21M261.43M383.33M519.47M453.92M
Net Margin %----------
Net Income Growth %0.41%0.51%-0.35%0.95%30.52%0.35%0.33%0.47%0.36%-0.13%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %2.67%1.1%0.08%1.72%0.22%0.1%0.14%0.2%0.17%-0.02%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+-0.52-0.26-0.26-0.010.270.350.450.630.850.74
EPS Growth %0.4%0.5%0%0.96%25.55%0.3%0.29%0.4%0.35%-0.13%
EPS (Basic)-0.52-0.26-0.26-0.010.270.350.450.630.850.74
Diluted Shares Outstanding302.12M302.12M339.42M520.38M532.5M555.46M579.21M611.11M613.29M613.63M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+9.8B9.73B18.68B18.06B17.39B17.51B18.54B18.54B19.22B18.7B
Asset Growth %0.06%-0.01%0.92%-0.03%-0.04%0.01%0.06%-0%0.04%-0.03%
Real Estate & Other Assets+9.07B9.02B17.4B16.79B16.26B16.32B16.96B17.17B17.38B17.34B
PP&E (Net)6.98M6.25M16.59M11.79M23.59M31.7M33.57M41.02M45.01M71.53M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets+531.05M500.02M538.37M579.16M461.47M535.39M980.08M677.54M1.14B674.2M
Cash & Equivalents274.82M198.12M179.88M144.94M92.26M213.42M610.17M262.87M700.62M174.49M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets219.17M267.15M283.5M369.13M310.52M242.51M228.71M220.9M243.07M294.64M
Intangible Assets0037.52M0000000
Total Liabilities7.91B7.77B10.03B9.69B9.13B8.95B8.7B8.21B9.03B8.91B
Total Debt+7.73B7.57B9.65B12.46B10.63B8.03B8B7.77B8.55B8.2B
Net Debt7.45B7.37B9.47B12.31B10.54B7.82B7.39B7.51B7.85B8.03B
Long-Term Debt5.38B5.25B9.62B9.25B8.47B8.03B8B7.77B8.55B7.63B
Short-Term Borrowings1000K1000K1000K1000K1000K00001000K
Capital Lease Obligations000014.91M24.38M19.27M16.68M15.28M30.54M
Total Current Liabilities+2.43B2.4B228.41M169.6M186.11M149.3M193.63M198.42M200.59M817.71M
Accounts Payable0000000000
Deferred Revenue0000000000
Other Liabilities101.17M116.6M188.69M274.82M473.24M769.35M506.75M245.58M269M458.43M
Total Equity+1.89B1.96B8.65B8.37B8.27B8.56B9.84B10.32B10.19B9.79B
Equity Growth %-0.23%0.04%3.42%-0.03%-0.01%0.04%0.15%0.05%-0.01%-0.04%
Shareholders Equity1.89B1.96B8.5B8.23B8.21B8.5B9.8B10.29B10.16B9.76B
Minority Interest00151.79M140.07M51.66M51.25M41.06M32.29M34.46M35.74M
Common Stock1.89B1.96B5.19M5.21M5.42M5.67M6.01M6.11M6.12M6.13M
Additional Paid-in Capital008.6B8.63B9.01B9.71B10.87B11.14B11.16B11.17B
Retained Earnings00-157.59M-392.59M-524.59M-661.16M-794.87M-951.22M-1.07B-1.48B
Preferred Stock0000000000
Return on Assets (ROA)-0.02%-0.01%-0.01%-0%0.01%0.01%0.01%0.02%0.03%0.02%
Return on Equity (ROE)-0.07%-0.04%-0.02%-0%0.02%0.02%0.03%0.04%0.05%0.05%
Debt / Assets0.79%0.78%0.52%0.69%0.61%0.46%0.43%0.42%0.44%0.44%
Debt / Equity4.09x3.87x1.12x1.49x1.29x0.94x0.81x0.75x0.84x0.84x
Net Debt / EBITDA20.44x16.08x22.14x13.63x10.99x7.66x6.46x5.82x5.71x5.52x
Book Value per Share6.256.4825.4816.0815.5215.4016.9916.8916.6215.96

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+197.47M250.13M259.79M561.24M662.13M696.71M907.66M1.02B1.11B1.08B
Operating CF Growth %3.08%0.27%0.04%1.16%0.18%0.05%0.3%0.13%0.08%-0.02%
Operating CF / Revenue %----------
Net Income-160.21M-78.24M-105.83M-5.01M147.11M197.45M262.78M384.8M521.03M455.37M
Depreciation & Amortization340.09M267.68M309.58M560.54M533.72M552.53M592.13M638.11M674.29M714.33M
Stock-Based Compensation27.92M10.21M81.2M29.5M18.16M17.09M27.17M28.96M29.5M27.92M
Other Non-Cash Items2.88M63.75M32.86M53.91M50.65M46.31M34.11M-17.9M-129.69M-136.7M
Working Capital Changes-13.21M-6.27M-32.21M-46.77M-7.3M-46.05M24.76M-10.39M11.96M20.89M
Cash from Investing+-859.83M-255.04M53.28M62.99M102.23M-425.16M-1.16B-814.41M-773.55M-465.87M
Acquisitions (Net)0084.95M192.57M586.08M-16.34M-65M-167.73M00
Purchase of Investments-909.16M-300.26M-95.17M-211.74M-586.08M172.28M162.83M3.94M-33.93M-4.72M
Sale of Investments1000K1000K1000K1000K1000K1000K1000K1000K861K0
Other Investing05.72M46.75M3.83M216.51M-480.92M-1.21B-518.86M-489.18M-241.76M
Cash from Financing+651.58M-71.79M-331.31M-680.8M-838.1M-146.03M658.99M-574.11M110.02M-1.09B
Dividends Paid-682.61M-136K-69M-230.07M-276.68M-332.15M-393.81M-539.03M-638.13M-689.24M
Common Dividends-682.47M0-69M-230.07M-276.68M-332.15M-393.81M-539.03M-638.13M-689.24M
Debt Issuance (Net)1000K-1000K-1000K-1000K-1000K-1000K1000K-1000K1000K-1000K
Share Repurchases00-15.88M-9.24M-8.16M000-8.15M-10.89M
Other Financing-51.49M-10.24M1.63B-61.38M40.7M-65.88M-52.16M-44.62M-13.12M-62.11M
Net Change in Cash+-10.78M-76.7M-18.24M-56.57M-73.75M125.52M407.09M-364.93M443.56M-477.79M
Exchange Rate Effect0000000000
Cash at Beginning285.6M274.82M198.12M416.56M359.99M286.25M411.77M818.86M453.93M897.48M
Cash at End274.82M198.12M179.88M359.99M286.25M411.77M818.86M453.93M897.48M419.69M
Free Cash Flow+145.67M200.33M197.25M415.53M497.89M524.43M744.83M815.52M885.99M862.41M
FCF Growth %12.64%0.38%-0.02%1.11%0.2%0.05%0.42%0.09%0.09%-0.03%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share0.30.630.61.071.281.351.471.671.951.9
FFO Payout Ratio758.04%0.07%33.78%41.41%40.74%44.36%46.14%52.77%53.46%59%
NOI Margin53.66%57.64%58.76%58.16%58.54%59.45%61.05%60.94%59.87%59.04%
Net Debt / EBITDA20.44x16.08x22.14x13.63x10.99x7.66x6.46x5.82x5.71x5.52x
Debt / Assets78.86%77.78%51.66%68.95%61.12%45.88%43.15%41.91%44.46%43.86%
Interest Coverage0.42x0.67x0.46x0.89x1.16x1.32x1.71x2.14x2.10x2.02x
Book Value / Share6.256.4825.4816.0815.5215.416.9916.8916.6215.96
Revenue Growth26.92%10.35%14.29%63.4%2.42%3.29%9.53%12.1%8.67%7.67%

Frequently Asked Questions

Valuation & Price

Invitation Homes Inc. (INVH) has a price-to-earnings (P/E) ratio of 36.6x. This suggests investors expect higher future growth.

Growth & Financials

Invitation Homes Inc. (INVH) reported $2.70B in revenue for fiscal year 2024. This represents a 310% increase from $658.7M in 2014.

Invitation Homes Inc. (INVH) grew revenue by 7.7% over the past year. This is steady growth.

Yes, Invitation Homes Inc. (INVH) is profitable, generating $586.5M in net income for fiscal year 2024 (17.3% net margin).

Dividend & Returns

Yes, Invitation Homes Inc. (INVH) pays a dividend with a yield of 4.15%. This makes it attractive for income-focused investors.

Invitation Homes Inc. (INVH) has a return on equity (ROE) of 4.5%. This is below average, suggesting room for improvement.

Industry Metrics

Invitation Homes Inc. (INVH) generated Funds From Operations (FFO) of $1.33B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Invitation Homes Inc. (INVH) offers a 4.15% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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