Latest Ratios: P/E Ratio 28.1x · EV/EBITDA 16.3x · 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 | $16.0B | $17.0B | $19.6B | $20.9B | $18.1B | $26.3B | $16.5B | $16.0B | $10.4B | $8.0B | — |
| Enterprise Value | $24.2B | $25.3B | $27.6B | $28.8B | $25.6B | $33.6B | $24.3B | $26.5B | $22.8B | $17.5B | — |
| P/E Ratio → | 28.05 | 28.95 | 43.20 | 40.13 | 47.05 | 100.76 | 84.86 | 111.00 | — | — | — |
| P/S Ratio | 5.86 | 6.24 | 7.49 | 8.60 | 8.09 | 13.15 | 9.05 | 9.04 | 6.06 | 7.59 | — |
| P/B Ratio | 1.73 | 1.78 | 2.00 | 2.05 | 1.75 | 2.67 | 1.93 | 1.93 | 1.25 | 0.92 | — |
| P/FCF | 16.60 | 17.69 | 22.75 | 23.61 | 22.21 | 35.26 | 31.46 | 32.05 | 25.15 | 40.56 | — |
| P/OCF | 13.26 | 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 | 16.30 | 17.00 | 18.99 | 20.94 | 19.86 | 29.44 | 23.83 | 27.63 | 25.20 | 40.84 | — |
| EV / EBIT | 32.72 | 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 | 3.6% | 3.5% | 2.3% | 2.5% | 2.1% | 1.0% | 1.2% | 0.9% | — | — | — |
| FCF Yield | 6.0% | 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 28.1x. The historical average is 65.1x.
Invitation Homes Inc.'s current EV/EBITDA is 16.3x. 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 28.1x. Compare with industry peers and growth rates for a complete picture.
Invitation Homes Inc.'s current dividend yield is 4.32% 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 and cost pressures
Metrics are mathematically derived from official filings.
P/FFO Compression Signals Re-rating
INVH's P/FFO has compressed from 16.6x in early 2024 to 15.4x in Q2 2026, despite accelerating FFO growth of 26.6% year-over-year, according to the latest earnings release.
The multiple contraction suggests the market is not fully crediting the operational momentum, possibly due to concerns about regulatory headwinds and rising interest rates. The implied cap rate, derived from NOI and enterprise value, appears to be in line with private market transactions for Sunbelt single-family rentals, indicating that the stock is fairly valued on an asset basis. Investors should monitor whether the earnings beat and guidance raise can sustain the re-rating.
NOI Margin Stability Amid Cost Pressures
NOI margin held steady at 55.1% in Q2 2026, despite rising property taxes and insurance costs, as reported in the financial statements, while FFO per share surged 26.6% year-over-year.
The stability in NOI margin suggests effective cost management and scale efficiencies from the ProCare platform, which likely internalizes maintenance costs. The sharp FFO growth appears driven by operational leverage and lower interest costs, rather than acquisitions, as same-store NOI growth is tracking mid-single digits. However, the low gross margin of 3.7% indicates significant depreciation and cost-of-sales drags, which could pressure reported profitability if revenue growth slows.
Payout Ratio Provides Robust Buffer
FFO payout ratio improved to 43.4% in Q2 2026 from 68.7% in Q2 2024, according to the latest earnings release, indicating a strong dividend safety margin and retained cash flow.
The declining payout ratio reflects both FFO growth and disciplined dividend increases, leaving ample room for future distribution growth or reinvestment. AFFO coverage of 2.3x in Q2 2026 further underscores the safety of the dividend, even after accounting for recurring maintenance capex. This suggests that the dividend is well-covered and sustainable, barring a significant deterioration in operating conditions.
Leverage Contained but Interest Coverage Thin
Debt-to-equity rose to 0.94 in Q2 2026 from 0.84 a year earlier, while interest coverage improved to 3.34x, based on the latest balance sheet data, indicating manageable but rising leverage.
The increase in leverage appears modest and remains within typical REIT ranges, but the absolute level of debt relative to gross assets warrants monitoring given the rising rate environment. Interest coverage improved sequentially, suggesting that FFO growth is outpacing interest expense, but the coverage ratio is still below the 4x threshold that would indicate a fortress balance sheet. The company's fixed-rate exposure and debt maturity profile are not disclosed in the provided data, so refinancing risk remains a key item to watch.
Occupancy and G&A Efficiency Support Returns
With occupancy likely above 97% and G&A costs representing a small fraction of total assets, INVH's portfolio quality appears strong, as per the latest quarterly report, supporting stable NOI margins.
The high occupancy in high-growth Sunbelt markets suggests strong demand and pricing power, while the efficient G&A structure indicates that corporate overhead is well-controlled relative to the asset base. However, the geographic concentration in Florida, Southern California, and Phoenix exposes the portfolio to localized economic and regulatory risks, such as potential rent control measures. The recent expansion into third-party management may diversify revenue but also introduces execution risk.
P/E Misleads Due to Depreciation
The standard P/E of 31.7x is distorted by non-cash depreciation, which exceeded net income by $194M in Q2 2026, according to the cash flow statement, making P/FFO the appropriate valuation metric.
Depreciation on residential properties does not reflect economic value decline, as homes typically appreciate, so P/E understates earnings power. Investors should use P/FFO or P/AFFO, which add back depreciation and adjust for recurring capex, to assess true valuation. The low gross margin of 3.7% also highlights the need to scrutinize expense classification, as some maintenance costs may be capitalized, potentially overstating NOI.