Invitation Homes Inc. (INVH) Financial Ratios
12 years of historical data (2014–2025) · Real Estate · REIT - Residential
EV/EBITDA
↓
17.09
↓-20% vs avg
5yr avg: 21.25
30Y Low17.0·High40.8
P/FCF
↓
17.83
↓-27% vs avg
5yr avg: 24.30
30Y Low17.7·High40.6
P/B Ratio
↓
1.84
↓-11% vs avg
5yr avg: 2.05
30Y Low0.9·High2.7
ROE
↑
6.1%
↓+36% vs avg
5yr avg: 4.5%
30Y Low-11%·High6%
Debt/EBITDA
↓
5.63
↓-8% vs avg
5yr avg: 6.10
30Y Low5.6·High35.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
INVH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Invitation Homes Inc. trades at 29.8x earnings, 43% below its 5-year average of 52.0x, sitting at the 14th 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 17.8x P/FCF, 27% below the 5-year average of 24.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.2B | $17.0B | $19.6B | $20.9B | $18.1B | $26.3B | $16.5B | $16.0B | $10.4B | $8.0B | — |
| Enterprise Value | $25.4B | $25.3B | $27.6B | $28.8B | $25.6B | $33.6B | $24.3B | $26.5B | $22.8B | $17.5B | — |
| P/E Ratio → | 29.85 | 28.95 | 43.20 | 40.13 | 47.05 | 100.76 | 84.86 | 111.00 | — | — | — |
| P/S Ratio | 6.29 | 6.24 | 7.49 | 8.60 | 8.09 | 13.15 | 9.05 | 9.04 | 6.06 | 7.59 | — |
| P/B Ratio | 1.84 | 1.78 | 2.00 | 2.05 | 1.75 | 2.67 | 1.93 | 1.93 | 1.25 | 0.92 | — |
| P/FCF | 17.83 | 17.69 | 22.75 | 23.61 | 22.21 | 35.26 | 31.46 | 32.05 | 25.15 | 40.56 | — |
| P/OCF | 14.24 | 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
INVH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Invitation Homes Inc.'s enterprise value stands at 17.1x EBITDA, 20% below its 5-year average of 21.2x. This is roughly in line with the Real Estate sector median of 16.7x.
| 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 | 17.09 | 17.00 | 18.99 | 20.94 | 19.86 | 29.44 | 23.83 | 27.63 | 25.20 | 40.84 | — |
| EV / EBIT | 34.32 | 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 | — |
INVH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Invitation Homes Inc. earns an operating margin of 27.1%, roughly in line with the Real Estate sector average. Operating margins have compressed from 28.8% to 27.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 6.1% is modest. ROIC of 3.1% represents below-average returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
INVH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Invitation Homes Inc. carries a Debt/EBITDA ratio of 5.6x, which is highly leveraged (28% below the sector average of 7.9x). Net debt stands at $8.3B ($8.4B total debt minus $130M cash). Interest coverage of just 2.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
INVH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.52x means Invitation Homes Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 5.71x to 1.52x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
INVH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Invitation Homes Inc. returns 4.4% to shareholders annually — split between a 4.1% dividend yield and 0.3% buyback yield. The payout ratio exceeds 100% at 121.2%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.4% (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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 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% | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 3.5% | 2.3% | 2.5% | 2.1% | 1.0% | 1.2% | 0.9% | — | — | — |
| FCF Yield | 5.6% | 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 | 4.4% | 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 |
Peer Comparison
Compare INVH 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 |
|---|---|---|---|---|---|---|---|---|---|
 INVHYou | $17B | 29.8 | 17.1 | 17.8 | 3.7% | 27.1% | 6.1% | 3.1% | 5.6 |
 AMH | $12B | 29.9 | 12.4 | 17.2 | 55.6% | 50.6% | 5.3% | 5.3% | 3.7 |
 NXRT | $748M | -23.4 | 18.5 | 9.0 | 84.3% | 11.1% | -8.9% | 1.1% | 12.6 |
 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 |
 NNN | $8B | 21.5 | 15.8 | 12.7 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 OPEN | $5B | -3.1 | — | 4.8 | 8.0% | -6.6% | -151.3% | -16.6% | — |
 Z | $10B | 483.8 | — | 44.5 | 74.1% | -1.3% | 0.5% | -0.6% | — |
| 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 →
Download Financial Ratios Data
Includes 30+ ratios · 12 years · Updated daily
Full INVH Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See INVH's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs INVH Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare INVH vs AMH
Side-by-side business, growth, and profitability comparison vs American Homes 4 Rent.
Start ComparisonINVH — Frequently Asked Questions
Quick answers to the most common questions about buying INVH stock.
What is Invitation Homes Inc.'s P/E ratio?
Invitation Homes Inc.'s current P/E ratio is 29.8x. The historical average is 65.1x. This places it at the 14th percentile of its historical range.
What is Invitation Homes Inc.'s EV/EBITDA?
Invitation Homes Inc.'s current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.9x.
What is Invitation Homes Inc.'s ROE?
Invitation Homes Inc.'s return on equity (ROE) is 6.1%. The historical average is 0.2%.
Is INVH stock overvalued?
Based on historical data, Invitation Homes Inc. is trading at a P/E of 29.8x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Invitation Homes Inc.'s dividend yield?
Invitation Homes Inc.'s current dividend yield is 4.06% with a payout ratio of 121.2%.
What are Invitation Homes Inc.'s profit margins?
Invitation Homes Inc. has 3.7% gross margin and 27.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Invitation Homes Inc. have?
Invitation Homes Inc.'s Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.