Latest Ratios: P/E Ratio 23.4x · EV/EBITDA 17.6x · ROE 6.1%. (2014–2025 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 | $16.1B | $17.0B | $19.6B | $20.9B | $18.1B | $26.3B | $16.5B | $16.0B | $10.4B | $8.0B | — |
| Enterprise Value | $24.3B | $25.3B | $27.6B | $28.8B | $25.6B | $33.6B | $24.3B | $26.5B | $22.8B | $17.5B | — |
| P/E Ratio → | 23.37 | 28.95 | 43.20 | 40.13 | 47.05 | 100.76 | 84.86 | 111.00 | — | — | — |
| P/S Ratio | 5.55 | 6.24 | 7.49 | 8.60 | 8.09 | 13.15 | 9.05 | 9.04 | 6.06 | 7.59 | — |
| P/B Ratio | 1.74 | 1.78 | 2.00 | 2.05 | 1.75 | 2.67 | 1.93 | 1.93 | 1.25 | 0.92 | — |
| P/FCF | 21.12 | 17.69 | 22.75 | 23.61 | 22.21 | 35.26 | 31.46 | 32.05 | 25.15 | 40.56 | — |
| P/OCF | 13.35 | 14.13 | 18.13 | 18.90 | 17.70 | 28.93 | 23.68 | 24.10 | 18.62 | 30.80 | — |
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 | — | 9.27 | 10.56 | 11.83 | 11.45 | 16.85 | 13.34 | 15.01 | 13.21 | 16.57 | — |
| EV / EBITDA | 17.61 | 17.00 | 18.99 | 20.94 | 19.86 | 29.44 | 23.83 | 27.63 | 25.20 | 40.84 | — |
| EV / EBIT | 32.86 | 34.88 | 33.66 | 33.66 | 37.19 | 57.48 | 44.10 | 51.52 | 60.12 | 115.60 | — |
| EV / FCF | — | 26.25 | 32.06 | 32.47 | 31.42 | 45.18 | 46.37 | 53.22 | 54.77 | 88.58 | — |
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 | 3.7% | 3.7% | 59.0% | 59.9% | 60.9% | 61.0% | 59.5% | 58.5% | 58.2% | 58.8% | 57.6% |
| Operating Margin | 27.1% | 27.1% | 28.3% | 28.8% | 29.1% | 27.6% | 25.7% | 24.1% | 19.9% | 11.2% | 20.7% |
| Net Profit Margin | 21.5% | 21.5% | 17.3% | 21.4% | 17.1% | 13.1% | 10.8% | 8.2% | -0.3% | -10.0% | -8.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.1% | 6.1% | 4.5% | 5.1% | 3.8% | 2.8% | 2.3% | 1.7% | -0.1% | -2.0% | -4.1% |
| ROA | 3.1% | 3.1% | 2.4% | 2.8% | 2.1% | 1.5% | 1.1% | 0.8% | -0.0% | -0.7% | -0.8% |
| ROIC | 3.1% | 3.1% | 3.1% | 2.9% | 2.8% | 2.5% | 2.0% | 1.6% | 1.3% | 0.6% | 1.5% |
| ROCE | 4.1% | 4.1% | 4.0% | 3.7% | 3.6% | 3.1% | 2.7% | 2.4% | 1.9% | 0.9% | 2.6% |
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 | 0.88 | 0.88 | 0.84 | 0.84 | 0.75 | 0.81 | 0.94 | 1.29 | 1.49 | 1.12 | 3.87 |
| Debt / EBITDA | 5.63 | 5.63 | 5.64 | 6.22 | 6.02 | 7.00 | 7.87 | 11.09 | 13.79 | 22.56 | 16.51 |
| Net Debt / Equity | — | 0.86 | 0.82 | 0.77 | 0.73 | 0.75 | 0.91 | 1.27 | 1.47 | 1.10 | 3.77 |
| Net Debt / EBITDA | 5.54 | 5.54 | 5.52 | 5.71 | 5.82 | 6.46 | 7.66 | 10.99 | 13.63 | 22.14 | 16.08 |
| Debt / FCF | — | 8.56 | 9.31 | 8.86 | 9.20 | 9.92 | 14.91 | 21.16 | 29.63 | 48.02 | 36.80 |
| Interest Coverage | 2.05 | 2.05 | 2.24 | 2.56 | 2.27 | 1.81 | 1.56 | 1.40 | 0.99 | 0.59 | 0.73 |
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 | 1.52 | 1.52 | 0.82 | 5.71 | 3.41 | 5.06 | 3.59 | 2.48 | 3.41 | 2.36 | 0.21 |
| Quick Ratio | 1.52 | 1.52 | 0.82 | 5.71 | 3.41 | 5.06 | 3.59 | 2.48 | 3.41 | 2.36 | 0.21 |
| Cash Ratio | 0.35 | 0.35 | 0.21 | 3.49 | 1.32 | 3.15 | 1.43 | 0.50 | 0.85 | 0.79 | 0.08 |
| Asset Turnover | — | 0.15 | 0.14 | 0.13 | 0.12 | 0.11 | 0.10 | 0.10 | 0.10 | 0.06 | 0.09 |
| 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 | 4.3% | 4.2% | 3.5% | 3.1% | 3.0% | 1.5% | 2.0% | 1.7% | 2.2% | 0.9% | — |
| Payout Ratio | 121.2% | 121.2% | 151.8% | 122.8% | 140.6% | 150.6% | 169.3% | 190.2% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 3.5% | 2.3% | 2.5% | 2.1% | 1.0% | 1.2% | 0.9% | — | — | — |
| FCF Yield | 4.7% | 5.7% | 4.4% | 4.2% | 4.5% | 2.8% | 3.2% | 3.1% | 4.0% | 2.5% | — |
| Buyback Yield | 0.3% | 0.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.2% | — |
| Total Shareholder Yield | 4.6% | 4.5% | 3.6% | 3.1% | 3.0% | 1.5% | 2.0% | 1.8% | 2.3% | 1.1% | — |
| Shares Outstanding | — | $613M | $614M | $613M | $611M | $579M | $555M | $532M | $520M | $339M | $302M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying INVH stock.
Invitation Homes Inc.'s current P/E ratio is 23.4x. The historical average is 65.1x.
Invitation Homes Inc.'s current EV/EBITDA is 17.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.9x.
Invitation Homes Inc.'s return on equity (ROE) is 6.1%. The historical average is 0.2%.
Based on historical data, Invitation Homes Inc. is trading at a P/E of 23.4x. Compare with industry peers and growth rates for a complete picture.
Invitation Homes Inc.'s current dividend yield is 4.29% with a payout ratio of 121.2%.
Invitation Homes Inc. has 3.7% gross margin and 27.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Invitation Homes Inc.'s Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory pressure on institutional landlords
Metrics are mathematically derived from official filings.
Earnings Multiple Stretched Versus Cash Earnings
Based on INVH's reported figures, the trailing P/E of 28.71 and implied P/FFO near 15 suggest the market prices the stock on cash earnings rather than GAAP net income, which carries heavy depreciation and property gains.
The P/FFO multiple of roughly 15x over recent quarters sits in a range that appears reasonable for a residential REIT, while the 28.71 trailing P/E is distorted by depreciation and does not reflect the economics of the portfolio. Investors should treat the P/E as a poor valuation anchor for this REIT and focus on P/FFO and AFFO-based yield. The implied capitalization rate warrants monitoring against peer cap rates and private transaction levels, as a tightening spread could limit upside.
FFO Growth Recovers After 2024 Trough
As reported in financial statements, FFO per share rose from $0.41 in Q2 2024 to $0.70 in Q2 2026, while the NOI margin held in a 54% to 62% band for most quarters, excluding the anomalous Q4 2025 reading.
The recovery in FFO per share appears driven primarily by organic rent growth and expense control rather than dilutive acquisitions, given the flat asset base in recent quarters. The Q4 2025 NOI margin of 3.1% looks like a classification or data issue and should not be read as operating deterioration without further verification. The sharp quarterly swings in FFO growth, including the 26.6% jump in Q2 2026 followed by 8.9% in Q3 2026, suggest the earnings trajectory may be lumpy rather than steadily accelerating.
AFFO Coverage Comfortable but Volatile
Based on INVH's reported quarterly figures, the FFO payout ratio ranged from roughly 43% to 68% across the ten quarters, with the latest AFFO-based coverage tightening meaningfully in Q3 2026.
The payout ratio improved from the 62% to 69% range seen in 2024 to a more comfortable 43% to 55% band through much of 2025, which suggests a meaningful retained cash buffer. The sharp drop in AFFO per share to $0.27 in Q3 2026 against a dividend yield near 1.1% quarterly implies that dividend safety depends on whether that quarter reflects timing effects or a genuine decline. Investors should monitor whether AFFO recovers toward the $0.43 to $0.50 range seen in prior quarters.
Debt Ratio Drifts Higher Recently
According to recent SEC filings, the debt-to-equity ratio moved from 0.83 in Q1 2025 to 0.99 in Q3 2026, while interest coverage fell from 2.97x to 2.73x over the same span, indicating a modest tightening of leverage metrics.
Leverage appears moderate on a debt-to-equity basis, though the more appropriate debt-to-gross-assets measure would be needed to assess true balance sheet exposure, and the reported 0.88% D/E figure in company-level analysis conflicts with the quarterly data and warrants investigation. Interest coverage in the 2.0x to 3.3x range is adequate but leaves limited headroom if refinancing occurs at materially higher rates. Investors should examine the debt maturity profile and fixed-rate exposure before drawing firm conclusions about refinancing risk.
Demand Tailwinds Versus Concentration Exposure
Based on the company's own commentary, new lease rent growth is accelerating and leasing costs over $1,000 per month less than owning, though the portfolio's concentration in Florida, Southern California, and Phoenix leaves it sensitive to regional conditions.
The affordability gap cited by management suggests durable demand for single-family rentals, which could support occupancy and pricing power if mortgage rates remain elevated. Geographic concentration in a few Sunbelt and coastal markets, however, means regional employment or regulatory shifts could affect a disproportionate share of NOI. Investors should weigh these demand signals against the regulatory risk facing institutional single-family landlords in key states.
Price-to-Earnings Misleads on This REIT
The trailing P/E of 28.71 is the ratio most commonly misapplied to INVH, because depreciation and property gains distort GAAP net income, so it overstates the valuation premium relative to cash-based metrics.
Standard P/E obscures the fact that FFO exceeded net income by ratios ranging from roughly 1.8x to 5.1x across recent quarters, meaning the P/E materially overstates earnings intensity for a REIT. The more appropriate substitutes are P/FFO and P/AFFO, with AFFO adjusted for recurring capital expenditures to reflect the true cash available to shareholders. Investors should also note that the reported gross margin of 3.7% is a classification artifact rather than a meaningful profitability signal for this business.