Invitation Homes Inc. INVH
Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.73B | $2.62B | $2.43B | $2.24B | $2.00B | $1.82B | $1.76B | $1.72B | $1.05B | $44.6M |
| SG&A | $95.2M | $90.6M | $82.3M | $74.0M | $75.8M | $63.3M | $74.3M | $98.8M | $167.7M | $69.1M |
| Total operating expenses | $2.34B | $2.33B | $2.07B | $1.92B | $1.78B | $1.71B | $1.73B | $1.78B | $1.19B | $1.02B |
| Operating income | — | — | — | — | — | — | — | — | $118.2M | $190.8M |
| Interest expense | — | — | $333.5M | $304.1M | $322.7M | $353.9M | $367.2M | $383.6M | $257.0M | $286.0M |
| Pre-tax income | — | — | $519.7M | $383.5M | $262.0M | $197.1M | $148.0M | -$3.7M | — | — |
| Income tax | — | — | $253.0K | $150.0K | $551.0K | $870.0K | $2.5M | $1.2M | — | — |
| Net income | $587.9M | $453.9M | $519.5M | $383.3M | $261.4M | $196.2M | $145.5M | -$4.9M | -$105.3M | -$78.2M |
| EPS, basic | 0.96 | 0.74 | 0.85 | 0.63 | 0.45 | 0.35 | 0.27 | -0.01 | -0.26 | — |
| EPS, diluted | 0.96 | 0.74 | 0.85 | 0.63 | 0.45 | 0.35 | 0.27 | -0.01 | -0.26 | — |
| Shares, diluted (wtd. avg.) | $613.2M | $613.6M | $613.3M | $611.1M | $579.2M | $555.5M | $532.5M | $520.4M | $339.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $130.0M | $174.5M | $897.5M | $453.9M | $818.9M | $411.8M | $286.2M | $360.0M | $416.6M | $420.2M |
| Property, plant and equipment | $56.6M | $42.7M | $31.5M | $24.5M | $16.6M | $10.0M | $9.8M | $11.8M | $16.6M | $6.2M |
| Goodwill | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $0 |
| Total assets | $18.68B | $18.70B | $19.22B | $18.54B | $18.54B | $17.51B | $17.39B | $18.06B | $18.68B | $9.73B |
| Long-term debt | $8.38B | $8.20B | $8.55B | $7.77B | $8.00B | $8.03B | $8.47B | — | $9.65B | — |
| Total liabilities | $9.11B | $8.91B | $9.03B | $8.21B | $8.70B | $8.95B | $9.13B | $9.69B | $10.03B | $7.77B |
| Retained earnings | -$1.61B | -$1.48B | -$1.07B | -$951.2M | -$794.9M | -$661.2M | -$524.6M | -$392.6M | -$157.6M | — |
| Total equity | $9.53B | $9.76B | $10.19B | $10.32B | $9.84B | $8.56B | $8.27B | $8.37B | $8.65B | $1.96B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.21B | $1.08B | $1.11B | $1.02B | $907.7M | $696.7M | $662.1M | $561.2M | $263.0M | $256.1M |
| Depreciation and amortisation | $746.9M | $714.3M | $674.3M | $638.1M | $592.1M | $552.5M | $533.7M | $560.5M | $309.6M | $267.7M |
| Stock-based compensation | $27.8M | $27.9M | $29.5M | $29.0M | $27.2M | $17.1M | $18.2M | $29.5M | $81.2M | $10.2M |
| Capital expenditure | $28.3M | $30.6M | $30.2M | $122.4M | $77.4M | $98.8M | $57.4M | $45.7M | $42.6M | $3.9M |
| Investing cash flow | -$652.6M | -$465.9M | -$773.6M | -$814.4M | -$1.16B | -$425.2M | $102.2M | $63.0M | $64.7M | -$258.0M |
| Financing cash flow | -$618.5M | -$1.09B | $110.0M | -$574.1M | $659.0M | -$146.0M | -$838.1M | -$680.8M | -$331.3M | -$71.8M |
| Dividends paid | $712.8M | $689.2M | $638.1M | $539.0M | $393.8M | $332.2M | $276.7M | $230.1M | $69.0M | $0 |
| Buybacks | $53.2M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001687229-26-000016.
Others in SIC 6510
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BOC | BOSTON OMAHA Corp | $418.6M | — | 5.6% |
| ARL | AMERICAN REALTY INVESTORS INC | $252.0M | 16.1x | 5.7% |
| RITR | Reitar Logtech Holdings Ltd | — | — | -41.7% |