Invitation Homes Inc. INVH

Real estate SIC 6510 - Real Estate Operators (No Developers) & Lessors NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 27.54 2026-10-23
Market cap $16.27B 2026-06-30 share count
52-week range 24.25 - 30.89

Valuation FY2025 figures against the last close

P/S6.0x
P/E28.7x
P/FCF13.8x
EV/EBITDA—
Dividend yield4.4%
Diluted EPS0.96

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.960.740.850.630.450.350.27-0.01-0.26—
EPS, diluted 0.960.740.850.630.450.350.27-0.01-0.26—
Shares, diluted (wtd. avg.) 613.2M613.6M613.3M611.1M579.2M555.5M532.5M520.4M339.4M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 44.6M Net income, FY2016: -78.2M Revenue, FY2017: 1.1B Net income, FY2017: -105.3M Revenue, FY2018: 1.7B Net income, FY2018: -4.9M Revenue, FY2019: 1.8B Net income, FY2019: 145.5M Revenue, FY2020: 1.8B Net income, FY2020: 196.2M Revenue, FY2021: 2B Net income, FY2021: 261.4M Revenue, FY2022: 2.2B Net income, FY2022: 383.3M Revenue, FY2023: 2.4B Net income, FY2023: 519.5M Revenue, FY2024: 2.6B Net income, FY2024: 453.9M Revenue, FY2025: 2.7B Net income, FY2025: 587.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $44.6M $1.05B $1.72B $1.76B $1.82B $2.00B $2.24B $2.43B $2.62B $2.73B
Gross profit — — — — — — — — — —
Net income -$78.2M -$105.3M -$4.9M $145.5M $196.2M $261.4M $383.3M $519.5M $453.9M $587.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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