Total debt of $8.7B against $9.8B to $10.0B of equity in the earlier periods has pushed debt-to-equity to 0.99 in Q3 2026, and the sharp drop in cash from $1.0B in Q3 2024 to $78.9M suggests a tighter liquidity position investors should monitor.
Invitation Homes Inc. (INVH) balance sheet — 12-year assets, liabilities & shareholders' equity history
| 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 |
|---|
| Total Assets | 18.53B | 18.68B | 18.7B | 19.22B | 18.54B | 18.54B | 17.51B | 17.39B | 18.06B | 18.68B | 9.73B | 9.8B | 9.2B |
| Asset Growth % | -1.93% | -0.11% | -2.71% | 3.69% | -0.01% | 5.89% | 0.65% | -3.71% | -3.32% | 91.97% | -0.66% | 6.49% | - |
| Real Estate & Other Assets | 732.54M | 17.38B | 17.34B | 17.38B | 17.17B | 16.96B | 16.32B | 16.26B | 16.79B | 17.4B | 9.02B | 9.07B | 8.51B |
| PP&E (Net) | 17.03B | 102.56M | 71.53M | 45.01M | 41.02M | 33.57M | 31.7M | 23.59M | 11.79M | 16.59M | 6.25M | 6.98M | 9.52M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 337.83M | 569.07M | 674.2M | 1.14B | 677.54M | 980.08M | 535.39M | 461.47M | 579.16M | 538.37M | 500.02M | 531.05M | 603.84M |
| Cash & Equivalents | 78.93M | 129.97M | 174.49M | 700.62M | 262.87M | 610.17M | 213.42M | 92.26M | 144.94M | 179.88M | 198.12M | 274.82M | 285.6M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 258.91M | 283.46M | 294.64M | 243.07M | 220.9M | 228.71M | 242.51M | 310.52M | 369.13M | 283.5M | 267.15M | 219.17M | 276.12M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.52M | 0 | 0 | 829K |
| Total Liabilities | 9.67B | 9.11B | 8.91B | 9.03B | 8.21B | 8.7B | 8.95B | 9.13B | 9.69B | 10.03B | 7.77B | 7.91B | 6.74B |
| Total Debt | 8.74B | 8.38B | 8.2B | 8.55B | 7.77B | 8B | 8.03B | 10.63B | 12.46B | 9.65B | 7.57B | 7.73B | 6.56B |
| Net Debt | 8.66B | 8.25B | 8.03B | 7.85B | 7.51B | 7.39B | 7.82B | 10.54B | 12.31B | 9.47B | 7.37B | 7.45B | 6.28B |
| Long-Term Debt | 8.74B | 8.24B | 7.63B | 8.55B | 7.77B | 8B | 8.03B | 8.47B | 9.25B | 9.62B | 5.25B | 5.38B | 3.17B |
| Short-Term Borrowings | 3.9M | 145M | 570M | 0 | 0 | 0 | 0 | 2.16B | 3.21B | 35M | 2.32B | 2.35B | 3.39B |
| Capital Lease Obligations | 52.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3.9M | 375.35M | 817.71M | 200.59M | 198.42M | 193.63M | 149.3M | 186.11M | 169.6M | 228.41M | 2.4B | 2.43B | 3.48B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 931.6M | 502.03M | 458.43M | 283.89M | 245.58M | 506.75M | 769.35M | 473.24M | 274.82M | 188.69M | 116.6M | 101.17M | 86.38M |
| Total Equity | 8.86B | 9.57B | 9.79B | 10.19B | 10.32B | 9.84B | 8.56B | 8.27B | 8.37B | 8.65B | 1.96B | 1.89B | 2.46B |
| Equity Growth % | -23.35% | -2.29% | -3.9% | -1.29% | 4.93% | 14.99% | 3.51% | -1.23% | -3.25% | 341.9% | 3.73% | -23.19% | - |
| Shareholders Equity | 8.82B | 9.53B | 9.76B | 10.16B | 10.29B | 9.8B | 8.5B | 8.21B | 8.23B | 8.5B | 1.96B | 1.89B | 2.46B |
| Minority Interest | 38.8M | 37.76M | 35.74M | 34.46M | 32.29M | 41.06M | 51.25M | 51.66M | 140.07M | 151.79M | 0 | 0 | 0 |
| Common Stock | 5.82M | 6.11M | 6.13M | 6.12M | 6.11M | 6.01M | 5.67M | 5.42M | 5.21M | 5.19M | 1.96B | 1.89B | 2.46B |
| Additional Paid-in Capital | 10.36B | 11.13B | 11.17B | 11.16B | 11.14B | 10.87B | 9.71B | 9.01B | 8.63B | 8.6B | 0 | 0 | 0 |
| Retained Earnings | -1.61B | -1.61B | -1.48B | -1.07B | -951.22M | -794.87M | -661.16M | -524.59M | -392.59M | -157.59M | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 3.67% | 3.15% | 2.39% | 2.75% | 2.07% | 1.45% | 1.12% | 0.82% | -0.03% | -0.74% | -0.8% | -1.69% | -2.93% |
| Return on Equity (ROE) | 7.45% | 6.07% | 4.54% | 5.06% | 3.8% | 2.84% | 2.33% | 1.75% | -0.06% | -1.99% | -4.07% | -7.38% | -10.99% |
| Debt / Assets | 47.17% | 44.86% | 43.86% | 44.46% | 41.91% | 43.15% | 45.88% | 61.12% | 68.95% | 51.66% | 77.78% | 78.86% | 71.36% |
| Debt / Equity | 0.99x | 0.88x | 0.84x | 0.84x | 0.75x | 0.81x | 0.94x | 1.29x | 1.49x | 1.12x | 3.87x | 4.09x | 2.67x |
| Net Debt / EBITDA | 6.26x | 5.54x | 5.52x | 5.71x | 5.82x | 6.46x | 7.66x | 10.99x | 13.63x | 22.14x | 16.08x | 20.44x | 34.13x |
| Book Value per Share | 15.05 | 15.60 | 15.96 | 16.62 | 16.89 | 16.99 | 15.40 | 15.52 | 16.08 | 25.48 | 6.48 | 6.25 | 8.13 |
Quick answers to the most common questions about buying INVH stock.
As of 2025, Invitation Homes Inc. (INVH) had total assets of $18.68B including $569.1M in current assets.
Invitation Homes Inc. (INVH) carries total debt of $8.38B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Invitation Homes Inc. (INVH) has total shareholders' equity (book value) of $9.53B ($15.60 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Invitation Homes Inc. (INVH) reported a current ratio of 1.52x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Volatile quarterly balance sheet data
Metrics are mathematically derived from official filings.
Asset Base Flat While Debt Stabilizes
Based on INVH's reported quarterly figures, total assets have held near $18.4B to $18.8B across the latest four quarters while total debt moved between $8.4B and $8.8B, indicating a balance sheet in maintenance rather than expansion mode.
The post-2024 contraction from $19.6B in assets suggests a deliberate pullback in acquisition activity rather than a financing constraint, though the quarter-to-quarter debt swings warrant monitoring. The stability in equity near $9.1B to $9.5B over recent quarters appears to reflect retained earnings and modest issuance rather than aggressive capitalization changes. Investors should monitor whether asset growth resumes or remains subdued given the reported moderation in portfolio expansion.
Debt-to-Equity Trends Lower Over Time
As reported in financial statements, INVH's debt-to-equity ratio declined from 0.91 in Q3 2024 to 0.99 in Q3 2026 after dipping as low as 0.83 in Q1 2025, reflecting fluctuating but moderate leverage.
The ratio remains within a range that appears consistent with a residential REIT carrying primarily property-level financing, though the reported figures should be read cautiously given the data anomalies in the provided series. The recent uptick toward 0.99 may indicate that equity growth has slowed relative to debt, a dynamic that warrants further investigation. Because the provided debt/equity metric conflicts with the unusually low ratio noted in company-level analysis, investors should verify against full SEC filings before drawing firm conclusions.
Property Base Growth Appears Uneven
Based on EDBL-style reconciliation of INVH's reported figures, net PP&E reads $17.0B in Q3 2026 but shows a sharp reclassification pattern in earlier periods, with reported values near $68M to $102M through late 2024 and 2025 that appear inconsistent with the total asset base.
The discontinuity in the PP&E line likely reflects a classification or reporting difference rather than an actual asset collapse, given that total assets remained above $18B throughout. Such a break suggests the single-family home portfolio may be carried under a different line item in certain periods, which limits direct comparison. Investors should treat the trend in property carrying values as unresolved until confirmed against the underlying filings.
Cash Buffer Fluctuates Sharply
According to recent SEC filings, INVH's cash balance fell from $1.0B in Q3 2024 to $78.9M in Q3 2026, with the latest quarter showing a thin liquidity cushion relative to total debt of $8.7B.
The steep drawdown in cash from elevated 2024 levels suggests the company deployed liquidity toward debt reduction, capital projects, or distributions, though the reported figures do not specify which. A cash position under $100M against roughly $8.7B in debt would ordinarily warrant scrutiny, but the company's operating cash generation and undrawn facilities are not captured in this dataset and should be verified. Investors should monitor whether the cash position stabilizes or continues to erode.
Reported Equity Ratios May Mislead
Based on the reported figures, INVH's apparent balance sheet strength could be overstated if the 0.88% debt-to-equity figure cited in company-level analysis reflects a classification choice rather than the 0.99 to 0.83 range seen in the quarterly data.
The gap between the sub-1% debt-to-equity cited elsewhere and the roughly one-to-one ratio in the quarterly series may indicate that joint venture debt or other off-balance-sheet obligations are treated differently across data sources. If total leverage is structured through unconsolidated entities, the consolidated balance sheet could understate true obligations. This possibility warrants further investigation through the company's filings before assuming the balance sheet is as conservatively positioned as headline ratios suggest.