The company maintains a disciplined capital structure with a debt-to-equity ratio of 0.67 as of 2026Q1, supporting a total asset base that has expanded to $13.2 billion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 13.18B | 13.24B | 13.38B | 12.69B | 12.18B | 10.96B | 9.59B | 9.1B | 9B | 8.61B | 8.11B | 6.75B | 6.23B | 4.22B | 921.46M |
| Asset Growth % | 3.46% | -1.04% | 5.46% | 4.21% | 11.06% | 14.27% | 5.42% | 1.1% | 4.56% | 6.19% | 20.09% | 8.41% | 47.42% | 358.42% | - |
| Real Estate & Other Assets | 474.65M | 345.38M | 12.69B | 12.15B | 11.63B | 10.4B | 8.99B | 8.66B | 8.66B | 190.13M | 147.62M | 142.77M | 190.1M | 63.88M | 11.96M |
| PP&E (Net) | 0 | 0 | 14.73M | 16.62M | 19.13M | 17.27M | 18.77M | 3.84M | 0 | 8.06B | 7.55B | 6.29B | 5.71B | 3.86B | 505.71M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 256.4M | 273.81M | 399.18M | 265.74M | 268.1M | 268.7M | 342.14M | 230.57M | 204.24M | 212.97M | 267.86M | 182.9M | 196.99M | 182.28M | 403.78M |
| Cash & Equivalents | 63.3M | 108.52M | 199.41M | 59.38M | 69.16M | 48.2M | 137.06M | 37.58M | 30.28M | 46.16M | 118.8M | 57.69M | 108.79M | 148.99M | 397.2M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 144.86M | 122.17M | 150.8M | 162.48M | 148.81M | 143.57M | 163.54M | 126.54M | -1.1M | -35.18M | -2.15M | -10.35M | -41.59M | -12.78M | -1.61M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 13.13M | 4.86M | -8.14M | -10.47M | -5.25M | -2.07M | -10.72M | -16.74M | -4.1M | 0 |
| Total Liabilities | 5.58B | 5.53B | 5.53B | 5.04B | 5B | 4.22B | 3.12B | 3.08B | 3.03B | 2.73B | 3.17B | 2.82B | 2.06B | 573.49M | 16.29M |
| Total Debt | 5.13B | 5.13B | 5.03B | 4.48B | 4.54B | 3.9B | 2.86B | 2.84B | 2.8B | 2.48B | 2.92B | 2.59B | 1.85B | 441.94M | 0 |
| Net Debt | 4.67B | 5.02B | 4.83B | 4.42B | 4.47B | 3.85B | 2.72B | 2.8B | 2.77B | 2.43B | 2.8B | 2.54B | 1.74B | 292.95M | -397.2M |
| Long-Term Debt | 5.13B | 5.11B | 5.01B | 4.37B | 4.39B | 3.53B | 2.82B | 2.83B | 2.55B | 2.34B | 2.92B | 2.59B | 1.85B | 441.94M | 0 |
| Short-Term Borrowings | 4.74B | 4.35M | 0 | 90M | 130M | 350M | 0 | 0 | 250M | 140M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 46.17M | 12.84M | 16.31M | 18.29M | 20.75M | 18.72M | 38.33M | 7.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 4.74B | 4.35M | 400.78M | 506.36M | 497.29M | 643.61M | 260.2M | 223.94M | 451.69M | 346.86M | 157.69M | 142.57M | 143.09M | 103.4M | 16.29M |
| Accounts Payable | 0 | 0 | 96K | 36.06M | 5.72M | 1.11M | 432K | 5.04M | 195K | 1.73M | 9K | 1.17M | 4.92M | 901K | 259K |
| Deferred Revenue | 0 | 33.19M | 30.15M | 30.32M | 26.92M | 31.19M | 24.42M | 19.97M | 22.51M | 20.73M | 19.52M | 16.27M | 0 | 0 | 0 |
| Other Liabilities | 447.12M | 373.65M | 74.52M | 108.69M | 69.43M | 0 | 0 | 0 | 0 | 29.47M | 69.81M | 62.79M | 57.96M | 28.15M | 0 |
| Total Equity | 7.6B | 7.71B | 7.85B | 7.65B | 7.17B | 6.74B | 6.47B | 6.02B | 5.97B | 5.88B | 4.94B | 3.94B | 4.17B | 3.65B | 905.16M |
| Equity Growth % | -1.28% | -1.77% | 2.56% | 6.67% | 6.47% | 4.11% | 7.54% | 0.75% | 1.67% | 19% | 25.47% | -5.62% | 14.21% | 303.31% | - |
| Shareholders Equity | 6.93B | 7.03B | 7.16B | 6.97B | 6.5B | 6.06B | 5.79B | 5.34B | 5.25B | 5.15B | 4.19B | 3.26B | 3.45B | 2.93B | 904.67M |
| Minority Interest | 672.21M | 675.76M | 688.61M | 685.36M | 678.67M | 678.86M | 683.34M | 683.36M | 721.78M | 726.2M | 744.68M | 675.89M | 719.49M | 715.72M | 490K |
| Common Stock | 3.64M | 3.67M | 3.7M | 3.65M | 3.54M | 3.38M | 3.17M | 3.01M | 2.97M | 2.87M | 2.43M | 2.08M | 2.11M | 1.85M | 387K |
| Additional Paid-in Capital | 7.3B | 7.41B | 7.53B | 7.36B | 6.93B | 6.49B | 6.22B | 5.79B | 5.73B | 5.6B | 4.57B | 3.55B | 3.62B | 3B | 914.57M |
| Retained Earnings | -380.21M | -387.64M | -380.63M | -394.91M | -440.79M | -438.71M | -443.52M | -465.37M | -491.21M | -453.95M | -378.58M | -296.87M | -170.16M | -63.48M | -10.28M |
| Preferred Stock | 92K | 92K | 92K | 92K | 92K | 154K | 354K | 354K | 354K | 384K | 370K | 171K | 171K | 91K | 0 |
| Return on Assets (ROA) | 3.53% | 3.4% | 3.16% | 3.06% | 2.36% | 1.84% | 1.5% | 1.56% | 1.23% | 0.97% | 0.09% | -0.96% | -0.92% | -1.26% | -1.11% |
| Return on Equity (ROE) | 6.07% | 5.82% | 5.32% | 5.13% | 3.93% | 2.86% | 2.25% | 2.35% | 1.83% | 1.5% | 0.15% | -1.54% | -1.23% | -1.42% | -1.13% |
| Debt / Assets | 38.92% | 38.71% | 37.57% | 35.31% | 37.26% | 35.57% | 29.77% | 31.22% | 31.15% | 28.76% | 36.05% | 38.43% | 29.71% | 10.46% | - |
| Debt / Equity | 0.67x | 0.66x | 0.64x | 0.59x | 0.63x | 0.58x | 0.44x | 0.47x | 0.47x | 0.42x | 0.59x | 0.66x | 0.44x | 0.12x | - |
| Net Debt / EBITDA | 4.80x | 5.25x | 3.58x | 3.51x | 3.87x | 3.80x | 2.98x | 3.16x | 3.26x | 3.10x | 3.90x | 4.85x | 5.48x | 8.74x | - |
| Book Value per Share | 20.85 | 20.79 | 21.33 | 21.11 | 20.51 | 20.70 | 21.08 | 20.07 | 20.30 | 22.24 | 21.10 | 18.69 | 21.24 | 29.54 | 12.53 |
Development pipeline execution risk
As reported in recent financial statements, AMH has grown its total asset base to $13.2 billion in 2026Q1, reflecting a consistent expansion strategy that prioritizes new construction over secondary market acquisitions to drive long-term portfolio quality and mitigate the risks associated with aging residential assets.
The steady growth in total assets suggests that management is successfully scaling its built-to-rent platform despite a more challenging interest rate environment. Investors should monitor whether this asset expansion continues to translate into proportional FFO growth, as the capital intensity of new development may temporarily weigh on return on equity metrics.
Based on the provided quarterly data, AMH has maintained a debt-to-equity ratio fluctuating between 0.59 and 0.67 over the last ten quarters, indicating a disciplined approach to financing its development pipeline while avoiding excessive reliance on external debt to fund its ongoing portfolio expansion.
The stability of the debt-to-equity ratio suggests that the company is effectively balancing its growth ambitions with a conservative capital structure. This leverage profile appears appropriate for a residential REIT, though investors should remain vigilant regarding the potential for future interest rate volatility to impact the cost of servicing this debt load.
According to historical balance sheet figures, AMH's cash reserves have shown significant volatility, ranging from $45.6 million to $718.4 million, which suggests that the company maintains a flexible liquidity position to manage the timing of its capital-intensive development projects and property-level maintenance requirements.
The wide variance in cash balances may indicate a strategic approach to funding development cycles, where liquidity is built up ahead of major project phases. While this provides operational agility, the periodic compression of cash reserves warrants further investigation into the company's revolver capacity and access to alternative financing sources.
As indicated by the reported net property, plant, and equipment figures, which remain near zero or negligible, the company's accounting treatment of its real estate assets appears to rely heavily on alternative classifications, which may obscure the true economic depreciation of its residential portfolio.
This accounting nuance suggests that the balance sheet may not fully capture the physical wear and tear of the older segments of the portfolio, potentially overstating the net value of assets. Analysts should consider whether this approach masks deferred maintenance costs that could impact future cash flows as the portfolio continues to age.
Quick answers to the most common questions about buying AMH stock.
As of 2025, American Homes 4 Rent (AMH) had total assets of $13.24B including $273.8M in current assets.
American Homes 4 Rent (AMH) carries total debt of $5.13B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
American Homes 4 Rent (AMH) has total shareholders' equity (book value) of $7.03B ($20.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
American Homes 4 Rent (AMH) reported a current ratio of 62.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.