American Homes 4 Rent (AMH) Financial Ratios
13 years of historical data (2012–2024) · Real Estate · REIT - Residential
EV/EBITDA
↑
12.39
↓-13% vs avg
5yr avg: 14.30
30Y Low10.1·High68.5
P/FCF
↓
17.22
↓-26% vs avg
5yr avg: 23.30
30Y Low16.4·High123.8
P/B Ratio
↑
1.51
↓-11% vs avg
5yr avg: 1.69
30Y Low0.5·High2.1
ROE
↑
5.3%
↓+37% vs avg
5yr avg: 3.9%
30Y Low-2%·High5%
Debt/EBITDA
↑
3.73
+3% vs avg
5yr avg: 3.64
30Y Low3.1·High13.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AMH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
American Homes 4 Rent trades at 29.9x earnings, 54% below its 5-year average of 65.2x, sitting at the 0th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 24%. On a free-cash-flow basis, the stock trades at 17.2x P/FCF, 26% below the 5-year average of 23.3x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.9B | $13.8B | $13.0B | $10.5B | $14.2B | $9.2B | $7.9B | $5.8B | $5.8B | $4.9B | $3.5B |
| Enterprise Value | $16.7B | $18.6B | $17.5B | $15.0B | $18.0B | $11.9B | $10.7B | $8.6B | $8.2B | $7.7B | $6.0B |
| P/E Ratio → | 29.89 | 34.65 | 35.60 | 42.45 | 106.37 | 107.14 | 90.38 | 249.37 | — | — | — |
| P/S Ratio | 6.87 | 7.97 | 8.03 | 7.07 | 10.89 | 7.86 | 6.94 | 5.44 | 6.01 | 5.59 | 5.56 |
| P/B Ratio | 1.51 | 1.75 | 1.70 | 1.47 | 2.11 | 1.42 | 1.31 | 0.98 | 0.98 | 0.99 | 0.89 |
| P/FCF | 17.22 | 19.96 | 21.56 | 20.01 | 30.03 | 24.95 | 20.34 | 16.39 | 16.56 | 19.56 | 18.97 |
| P/OCF | 14.64 | 16.97 | 17.65 | 15.84 | 23.85 | 19.43 | 17.17 | 14.22 | 14.95 | 17.61 | 16.53 |
P/E links to full P/E history page with 30-year chart
AMH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
American Homes 4 Rent's enterprise value stands at 12.4x EBITDA, 13% below its 5-year average of 14.3x. The Real Estate sector median is 16.7x, placing the stock at a 26% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.76 | 10.75 | 10.07 | 13.84 | 10.18 | 9.42 | 8.03 | 8.54 | 8.78 | 9.59 |
| EV / EBITDA | 12.39 | 13.80 | 13.86 | 12.99 | 17.81 | 13.06 | 12.03 | 10.12 | 10.46 | 10.72 | 11.56 |
| EV / EBIT | 19.11 | 46.41 | 49.49 | 48.78 | 66.40 | 51.56 | 45.26 | 38.30 | 41.22 | 50.26 | 119.55 |
| EV / FCF | — | 26.96 | 28.87 | 28.50 | 38.18 | 32.31 | 27.60 | 24.17 | 23.54 | 30.72 | 32.69 |
AMH Profitability
Margins and return-on-capital ratios measuring operating efficiency
American Homes 4 Rent earns an operating margin of 50.6%, significantly above the Real Estate sector average of 26.0%. Operating margins have expanded from 49.1% to 50.6% over the past 3 years, signaling improving operational efficiency. ROE of 5.3% is modest. ROIC of 5.3% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.6% | 55.6% | 54.4% | 53.8% | 53.8% | 53.1% | 53.7% | 54.1% | 55.3% | 55.2% | 50.8% |
| Operating Margin | 50.6% | 50.6% | 49.7% | 49.1% | 49.4% | 49.0% | 49.9% | 50.7% | 51.7% | 51.4% | 46.5% |
| Net Profit Margin | 23.9% | 23.9% | 23.4% | 18.3% | 14.5% | 12.0% | 12.5% | 10.1% | 8.4% | 0.8% | -9.9% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 5.1% | 3.9% | 2.9% | 2.2% | 2.4% | 1.8% | 1.5% | 0.2% | -1.5% |
| ROA | 3.2% | 3.2% | 3.1% | 2.4% | 1.8% | 1.5% | 1.6% | 1.2% | 1.0% | 0.1% | -1.0% |
| ROIC | 5.3% | 5.3% | 5.1% | 4.9% | 4.9% | 4.8% | 4.8% | 4.8% | 4.6% | 4.8% | 3.6% |
| ROCE | 6.9% | 6.9% | 6.8% | 6.7% | 6.6% | 6.3% | 6.5% | 6.5% | 6.1% | 6.2% | 4.6% |
AMH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
American Homes 4 Rent carries a Debt/EBITDA ratio of 3.7x, which is moderately leveraged (53% below the sector average of 7.9x). Net debt stands at $4.8B ($5.0B total debt minus $199M cash). Interest coverage of 5.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 0.59 | 0.63 | 0.58 | 0.44 | 0.47 | 0.47 | 0.42 | 0.59 | 0.66 |
| Debt / EBITDA | 3.73 | 3.73 | 3.56 | 3.93 | 3.85 | 3.13 | 3.21 | 3.29 | 3.16 | 4.06 | 4.96 |
| Net Debt / Equity | — | 0.62 | 0.58 | 0.62 | 0.57 | 0.42 | 0.47 | 0.46 | 0.41 | 0.57 | 0.64 |
| Net Debt / EBITDA | 3.58 | 3.58 | 3.51 | 3.87 | 3.80 | 2.98 | 3.16 | 3.26 | 3.10 | 3.90 | 4.85 |
| Debt / FCF | — | 7.00 | 7.31 | 8.48 | 8.15 | 7.36 | 7.26 | 7.78 | 6.97 | 11.17 | 13.72 |
| Interest Coverage | 5.29 | 5.29 | 5.75 | 5.42 | 5.61 | 4.91 | 4.44 | 4.42 | 4.41 | 3.46 | 3.28 |
AMH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 1.00x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.54x to 1.00x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 0.52 | 0.54 | 0.42 | 1.31 | 1.03 | 0.45 | 0.61 | 1.70 | 1.28 |
| Quick Ratio | 1.00 | 1.00 | 0.52 | 0.54 | 0.42 | 1.31 | 1.03 | 0.45 | 0.61 | 1.70 | 1.28 |
| Cash Ratio | 0.50 | 0.50 | 0.12 | 0.14 | 0.07 | 0.53 | 0.17 | 0.07 | 0.13 | 0.75 | 0.40 |
| Asset Turnover | — | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | 0.11 | 0.09 |
| Inventory Turnover | 7.20 | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
AMH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
American Homes 4 Rent returns 3.2% to shareholders annually primarily through dividends. The payout ratio of 93.0% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 3.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 2.8% | 2.5% | 2.4% | 1.0% | 0.7% | 0.8% | 1.0% | 0.7% | 1.0% | 1.2% |
| Payout Ratio | 93.0% | 93.0% | 84.0% | 92.4% | 77.3% | 43.5% | 42.4% | 53.9% | 48.0% | 719.5% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 2.9% | 2.8% | 2.4% | 0.9% | 0.9% | 1.1% | 0.4% | — | — | — |
| FCF Yield | 5.8% | 5.0% | 4.6% | 5.0% | 3.3% | 4.0% | 4.9% | 6.1% | 6.0% | 5.1% | 5.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.5% | 3.5% | 0.0% | 0.0% | 0.6% | 0.0% | 2.0% | 1.6% |
| Total Shareholder Yield | 3.2% | 2.8% | 2.5% | 3.9% | 4.5% | 0.7% | 0.8% | 1.6% | 0.7% | 2.9% | 2.8% |
| Shares Outstanding | — | $368M | $362M | $350M | $326M | $307M | $300M | $294M | $264M | $234M | $211M |
Peer Comparison
Compare AMH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AMHYou | $12B | 29.9 | 12.4 | 17.2 | 55.6% | 50.6% | 5.3% | 5.3% | 3.7 |
 INVH | $17B | 29.8 | 17.1 | 17.8 | 3.7% | 27.1% | 6.1% | 3.1% | 5.6 |
 EQR | $25B | 22.8 | 15.7 | 19.2 | 46.3% | 36.3% | 9.7% | 4.2% | 4.1 |
 AVB | $26B | 25.1 | 19.1 | 18.2 | 67.0% | 30.1% | 8.9% | 3.3% | 5.1 |
 MAA | $15B | 34.4 | 16.5 | 21.1 | 31.8% | 28.0% | 7.5% | 4.2% | 4.4 |
 CPT | $11B | 29.6 | 16.5 | 28.4 | 61.4% | 18.4% | 8.4% | 2.6% | 4.3 |
 UDR | $12B | 32.7 | 18.1 | 19.6 | 25.6% | 18.8% | 8.8% | 2.3% | 6.2 |
 DHI | $42B | 12.7 | 10.0 | 12.9 | 23.7% | 12.9% | 14.2% | 12.1% | 1.3 |
 LEN | $19B | 10.8 | 7.3 | 659.9 | 17.7% | 8.0% | 8.2% | 7.9% | 2.2 |
 PHM | $23B | 10.6 | 7.4 | 13.0 | 26.4% | 17.3% | 17.7% | 17.2% | 0.8 |
 OPEN | $5B | -3.1 | — | 4.8 | 8.0% | -6.6% | -151.3% | -16.6% | — |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAMH — Frequently Asked Questions
Quick answers to the most common questions about buying AMH stock.
What is American Homes 4 Rent's P/E ratio?
American Homes 4 Rent's current P/E ratio is 29.9x. The historical average is 69.4x.
What is American Homes 4 Rent's EV/EBITDA?
American Homes 4 Rent's current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
What is American Homes 4 Rent's ROE?
American Homes 4 Rent's return on equity (ROE) is 5.3%. The historical average is 1.5%.
Is AMH stock overvalued?
Based on historical data, American Homes 4 Rent is trading at a P/E of 29.9x. Compare with industry peers and growth rates for a complete picture.
What is American Homes 4 Rent's dividend yield?
American Homes 4 Rent's current dividend yield is 3.23% with a payout ratio of 93.0%.
What are American Homes 4 Rent's profit margins?
American Homes 4 Rent has 55.6% gross margin and 50.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does American Homes 4 Rent have?
American Homes 4 Rent's Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.