Invitation Homes Inc. (INVH) Financial Ratios
12 years of historical data (2014–2025) · Real Estate · REIT - Residential
EV/EBITDA
↓
16.99
↓-20% vs avg
5yr avg: 21.25
30Y Low17.0·High40.8
P/FCF
↓
17.68
↓-27% vs avg
5yr avg: 24.30
30Y Low17.7·High40.6
P/B Ratio
↓
1.82
↓-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 29.6x 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 23%. On a free-cash-flow basis, the stock trades at 17.7x 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 | $17.0B | $17.0B | $19.6B | $20.9B | $18.1B | $26.3B | $16.5B | $16.0B | $10.4B | $8.0B | — |
| Enterprise Value | $25.3B | $25.3B | $27.6B | $28.8B | $25.6B | $33.6B | $24.3B | $26.5B | $22.8B | $17.5B | — |
| P/E Ratio → | 29.59 | 28.95 | 43.20 | 40.13 | 47.05 | 100.76 | 84.86 | 111.00 | — | — | — |
| P/S Ratio | 6.24 | 6.24 | 7.49 | 8.60 | 8.09 | 13.15 | 9.05 | 9.04 | 6.06 | 7.59 | — |
| P/B Ratio | 1.82 | 1.78 | 2.00 | 2.05 | 1.75 | 2.67 | 1.93 | 1.93 | 1.25 | 0.92 | — |
| P/FCF | 17.68 | 17.69 | 22.75 | 23.61 | 22.21 | 35.26 | 31.46 | 32.05 | 25.15 | 40.56 | — |
| P/OCF | 14.12 | 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 17.0x EBITDA, 20% below its 5-year average of 21.2x. This is roughly in line with the Real Estate sector median of 17.0x.
| 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 | 16.99 | 17.00 | 18.99 | 20.94 | 19.86 | 29.44 | 23.83 | 27.63 | 25.20 | 40.84 | — |
| EV / EBIT | 34.12 | 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%, above the Real Estate sector average of 24.8%. 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 (29% 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 | 5.7% | 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 | 4.4% | 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 | 29.6 | 17.0 | 17.7 | 3.7% | 27.1% | 6.1% | 3.1% | 5.6 |
 AMH | $12B | 26.9 | 17.3 | 15.4 | 3.4% | 24.2% | 5.8% | 2.7% | 5.4 |
 NXRT | $684M | -21.4 | 18.0 | 8.2 | 84.3% | 11.1% | -8.9% | 1.1% | 12.6 |
 EQR | $24B | 22.0 | 15.3 | 18.6 | 46.3% | 36.3% | 9.7% | 4.2% | 4.1 |
 AVB | $25B | 24.0 | 18.5 | 17.4 | 67.0% | 30.1% | 8.9% | 3.3% | 5.1 |
 MAA | $15B | 35.1 | 16.7 | 21.5 | 31.8% | 28.0% | 7.5% | 4.2% | 4.4 |
 CPT | $11B | 30.8 | 17.0 | 29.6 | 61.4% | 18.4% | 8.4% | 2.6% | 4.3 |
 UDR | $12B | 33.2 | 18.3 | 19.9 | 25.6% | 18.8% | 8.8% | 2.3% | 6.2 |
 NNN | $9B | 21.7 | 16.0 | 12.8 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 OPEN | $3B | -2.6 | — | 3.3 | 7.0% | -6.2% | -151.3% | -15.8% | — |
 Z | $8B | 354.8 | 28.7 | 32.8 | 74.1% | -1.2% | 0.5% | -0.5% | 2.1 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 12 years · Updated daily
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INVH — 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 29.6x. 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 17.0x. 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 29.6x. 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 4.09% 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.