Latest Ratios: P/E Ratio 25.6x · EV/EBITDA 16.9x · ROE 5.8%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.8B | $11.9B | $13.8B | $13.0B | $10.5B | $14.2B | $9.2B | $7.9B | $5.8B | $5.8B | $4.9B |
| Enterprise Value | $16.8B | $16.9B | $18.6B | $17.5B | $15.0B | $18.0B | $11.9B | $10.7B | $8.6B | $8.2B | $7.7B |
| P/E Ratio → | 25.59 | 27.20 | 34.65 | 35.60 | 42.45 | 106.37 | 107.14 | 90.38 | 249.37 | — | — |
| P/S Ratio | 6.21 | 6.38 | 7.97 | 8.03 | 7.07 | 10.89 | 7.86 | 6.94 | 5.44 | 6.01 | 5.59 |
| P/B Ratio | 1.58 | 1.54 | 1.75 | 1.70 | 1.47 | 2.11 | 1.42 | 1.31 | 0.98 | 0.98 | 0.99 |
| P/FCF | 12.20 | 15.96 | 19.96 | 21.56 | 20.01 | 30.03 | 24.95 | 20.34 | 16.39 | 16.56 | 19.56 |
| P/OCF | 13.64 | 13.77 | 16.97 | 17.65 | 15.84 | 23.85 | 19.43 | 17.17 | 14.22 | 14.95 | 17.61 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.07 | 10.76 | 10.75 | 10.07 | 13.84 | 10.18 | 9.42 | 8.03 | 8.54 | 8.78 |
| EV / EBITDA | 16.93 | 17.70 | 13.76 | 13.82 | 12.96 | 17.74 | 13.00 | 11.93 | 9.99 | 10.33 | 10.27 |
| EV / EBIT | 37.19 | 24.23 | 46.41 | 49.49 | 48.78 | 66.40 | 51.56 | 45.26 | 38.30 | 41.22 | 50.26 |
| EV / FCF | — | 22.68 | 26.96 | 28.87 | 28.50 | 38.18 | 32.31 | 27.60 | 24.17 | 23.54 | 30.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.4% | 3.4% | 55.6% | 54.4% | 53.8% | 53.8% | 53.1% | 53.7% | 54.1% | 55.3% | 55.2% |
| Operating Margin | 24.2% | 24.2% | 50.6% | 49.7% | 49.1% | 49.4% | 49.0% | 49.9% | 50.7% | 51.7% | 51.4% |
| Net Profit Margin | 24.3% | 24.3% | 23.9% | 23.4% | 18.3% | 14.5% | 12.0% | 12.5% | 10.1% | 8.4% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.8% | 5.8% | 5.3% | 5.1% | 3.9% | 2.9% | 2.2% | 2.4% | 1.8% | 1.5% | 0.2% |
| ROA | 3.4% | 3.4% | 3.2% | 3.1% | 2.4% | 1.8% | 1.5% | 1.6% | 1.2% | 1.0% | 0.1% |
| ROIC | 2.7% | 2.7% | 5.3% | 5.1% | 4.9% | 4.9% | 4.8% | 4.8% | 4.8% | 4.6% | 4.8% |
| ROCE | 3.4% | 3.4% | 6.9% | 6.8% | 6.7% | 6.6% | 6.3% | 6.5% | 6.5% | 6.1% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 0.64 | 0.59 | 0.63 | 0.58 | 0.44 | 0.47 | 0.47 | 0.42 | 0.59 |
| Debt / EBITDA | 5.36 | 5.36 | 3.72 | 3.55 | 3.92 | 3.83 | 3.11 | 3.18 | 3.25 | 3.12 | 3.89 |
| Net Debt / Equity | — | 0.65 | 0.62 | 0.58 | 0.62 | 0.57 | 0.42 | 0.47 | 0.46 | 0.41 | 0.57 |
| Net Debt / EBITDA | 5.25 | 5.25 | 3.57 | 3.50 | 3.86 | 3.78 | 2.96 | 3.14 | 3.22 | 3.06 | 3.73 |
| Debt / FCF | — | 6.72 | 7.00 | 7.31 | 8.48 | 8.15 | 7.36 | 7.26 | 7.78 | 6.97 | 11.17 |
| Interest Coverage | 3.77 | 3.77 | 2.42 | 2.52 | 2.28 | 2.37 | 1.98 | 1.85 | 1.83 | 1.77 | 1.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 62.90 | 62.90 | 1.00 | 0.52 | 0.54 | 0.42 | 1.31 | 1.03 | 0.45 | 0.61 | 1.70 |
| Quick Ratio | 62.90 | 62.90 | 1.00 | 0.52 | 0.54 | 0.42 | 1.31 | 1.03 | 0.45 | 0.61 | 1.70 |
| Cash Ratio | 24.93 | 24.93 | 0.50 | 0.12 | 0.14 | 0.07 | 0.53 | 0.17 | 0.07 | 0.13 | 0.75 |
| Asset Turnover | — | 0.14 | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 3.7% | 2.8% | 2.5% | 2.4% | 1.0% | 0.7% | 0.8% | 1.0% | 0.7% | 1.0% |
| Payout Ratio | 98.5% | 98.5% | 93.0% | 84.0% | 92.4% | 77.3% | 43.5% | 42.4% | 53.9% | 48.0% | 719.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 3.7% | 2.9% | 2.8% | 2.4% | 0.9% | 0.9% | 1.1% | 0.4% | — | — |
| FCF Yield | 8.2% | 6.3% | 5.0% | 4.6% | 5.0% | 3.3% | 4.0% | 4.9% | 6.1% | 6.0% | 5.1% |
| Buyback Yield | 1.3% | 1.3% | 0.0% | 0.0% | 1.5% | 3.5% | 0.0% | 0.0% | 0.6% | 0.0% | 2.0% |
| Total Shareholder Yield | 4.9% | 5.0% | 2.8% | 2.5% | 3.9% | 4.5% | 0.7% | 0.8% | 1.6% | 0.7% | 2.9% |
| Shares Outstanding | — | $371M | $368M | $362M | $350M | $326M | $307M | $300M | $294M | $264M | $234M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying AMH stock.
American Homes 4 Rent's current P/E ratio is 25.6x. The historical average is 63.4x.
American Homes 4 Rent's current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
American Homes 4 Rent's return on equity (ROE) is 5.8%. The historical average is 1.8%.
Based on historical data, American Homes 4 Rent is trading at a P/E of 25.6x. Compare with industry peers and growth rates for a complete picture.
American Homes 4 Rent's current dividend yield is 3.67% with a payout ratio of 98.5%.
American Homes 4 Rent has 3.4% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
American Homes 4 Rent's Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Rate-sensitive leverage and FFO volatility
Metrics are mathematically derived from official filings.
Premium Multiple Versus Peer Anchoring
Based on reported figures, AMH trades at 27.81x trailing earnings and 20.48x P/FFO in 2026Q3, a premium to INVH's 28.23x P/E only partially offset by its lower EV/EBITDA of 17.58x versus 16.36x, suggesting investors are pricing in development-driven growth durability.
The P/FFO multiple has compressed from roughly 21.2x in 2024Q4 to about 20.5x now, which may indicate the market is gradually discounting FFO growth that has slowed after a 28.1% spike in 2024Q4. The implied P/E comparison is distorted by heavy depreciation, so FFO-based multiples are the more appropriate lens for judging whether the 3.7% dividend yield adequately compensates for the leverage embedded in the balance sheet. Investors should monitor whether the P/FFO multiple stabilizes as recent FFO per share declines persist.
FFO Growth Turning Negative Despite Guidance
As reported in financial statements, AMH's FFO per share fell from $0.71 in 2026Q1 to $0.59 in 2026Q3, a 7.0% year-over-year decline, even as management raised full-year Core FFO guidance to a midpoint of $1.97.
The gap between quarterly FFO movement and raised full-year guidance warrants investigation, since the guidance may rely on second-half assumptions that the reported quarterly trend does not yet confirm. NOI margins held in a 53.6% to 58.4% band across most quarters, yet isolated readings near 3.5% and 4.6% in 2026Q1 and 2025Q4 appear inconsistent and may reflect classification effects rather than operating deterioration. Investors should monitor whether NOI margin stability persists once these data anomalies are reconciled.
Dividend Covered but Payout Drifting Higher
Based on AMH's reported figures, the FFO payout ratio rose from 38.6% in 2024Q4 to 55.8% in 2026Q3, while the AFFO payout ratio reached 0.56, leaving a retained cash buffer that appears adequate but is narrowing.
Free cash flow of $206.2M in 2026Q3 against $122.6M in dividends suggests distributions were covered from operating cash generation in the period. However, the rising FFO payout trend indicates less retained cash per dollar of FFO, which may limit flexibility to fund development or absorb a weaker operating quarter. Investors should monitor whether the AFFO payout remains below roughly 0.6 as the 3.7% yield is sustained.
Debt Drifting Higher With Thin Coverage
According to recent SEC filings, AMH's debt-to-equity ratio climbed from 0.62 in 2025Q3 to 0.70 in 2026Q3, while interest coverage of 2.93x leaves limited headroom against refinancing cost increases.
Debt has grown faster than book equity over the last four quarters, which may indicate a leverage trajectory moving away from the company's earlier deleveraging path. Interest coverage has oscillated between roughly 2.3x and 4.2x, and a single weak operating quarter could compress that cushion materially. Investors should monitor debt maturity schedules and the fixed-rate share of debt, since higher-for-longer rates could erode FFO accretion from the development pipeline.
P/E Misleads on Depreciation-Heavy Earnings
Based on reported figures, the 27.81x trailing P/E overstates AMH's valuation because quarterly net income of $85.8M compares with FFO of $213.4M, a gap driven largely by non-cash real estate depreciation.
Applying standard P/E to a REIT ignores the depreciation add-back that dominates the earnings gap, making the multiple look expensive relative to economic earnings. The more appropriate substitute is P/FFO or P/AFFO, adjusted for recurring capital expenditures that FFO alone does not capture. Investors should monitor the spread between FFO and AFFO, since recurring capex swings may obscure the true cash earnings available to shareholders.