— Know what they know.
/
Not Investment Advice

INVH

NYSE · USD
Invitation Homes Inc.
Real Estate · REIT - Residential
CEO Dallas Tanner Employees 1,725 R&D / revenue 0.0%
Last price
$27.07+1.01%last session
Market cap
$16.0B
P/E (TTM)
24.8x
From 52w high
−12.4%
From 52w low
+11.6%
1-year return
−4.9%
RSI 14 · vs SMA200
51.6 · −2.5%
IS score
57.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

INVH   SPY   XLRE (sector ETF) · weekly closes
90100110Jan 26Apr 26Jul 26Oct 26SPY 116XLRE 101INVH 95

Score DNA

Each bar is a 0-100 score within the scored universe
61
Profitability
59
Growth
60
Value
87
Momentum
30
Risk (safety)
77
Quality
41
Balance sheet
91
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Altman distress zone
Observations
Moat model: Weak, Switching CostsPiotroski 7 / 9Altman Z 1.4Beta 0.833 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-03-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+40
98 new holders, 51 closed
626 filers hold 101.8% · 243 added, 217 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+144
895 funds adding shares
751 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
52.8%
20-day avg 45.1%, 50-day avg 45.5%
Latest 7.7 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$2.7B
Revenue growth YoY+4.2%
Gross margin3.7%
Operating income$741.0M
Operating margin27.1%
Net income$587.9M
Net margin21.5%
EPS (diluted)$0.96
Cash flow
Operating cash flow$1.2B
Capital expenditure$0
Free cash flow$1.2B
FCF conversion (FCF / OCF)100.0%
Stock-based compensation$27.8M
FCF less SBC$1.2B
Buybacks$0
Dividends$0
Balance sheet & returns
Cash & short-term investments$130.0M
Total debt$8.4B
Net debt$8.3B
Shareholders' equity$9.6B
Goodwill & intangibles$258.2M
Debt / equity0.94
ROE (TTM)7.1%
ROIC (TTM)4.7%
Operating margin by fiscal year
27.6%FY202129.1%FY202228.8%FY202328.3%FY202435.8%FY2025
Revenue $2.0B (FY2021) to $2.7B (FY2025), a 8.1% CAGR.

Valuation

P/E (TTM)24.8x
EV / EBITDA14.0x
Price / sales5.60x
Price / FCF14.8x
FCF yield6.76%
Buyback yield0.00%
SBC / revenue1.0%
Price / book1.77x
Forward P/E FY202626.9x
Forward P/E FY202736.5x
Forward P/E FY202835.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $31.83 across 6 analysts last quarter is theirs, not ours.

INVH vs industry median

40 companies in REIT - Residential
Gross margin 44.4% 60.6% Operating margin 30.2% 24.6% Net margin 23.1% 6.8% ROIC 4.7% 4.3%
INVH (TTM)Industry median Asset turnover 0.15 vs industry 0.13 · financial leverage 2.04

Earnings delivery

Next report 2026-10-28 · consensus EPS $0.18
50%
beat rate, 6 of 12 quarters
+2.5%
median EPS surprise
3
longest beat streak
+24+17+28-33-12-51-43-52-53+48+46+117
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
INVH Invitation Homes Inc. $16.0B24.8x7.1%23.1%+4.2% −4.9%
ESS Essex Property Trust, Inc. $17.3B41.9x7.6%12.8%+4.7% +4.6%
SUI Sun Communities, Inc. $14.4Bn/m-13.4%—−20.0% −4.5%
MAA Mid-America Apartment Commun $13.5B34.1x7.1%21.9%+0.8% −11.3%
ELS Equity LifeStyle Properties, $11.9B30.6x23.0%24.2%+9.6% +1.9%
AMH American Homes 4 Rent $11.2B24.8x6.8%24.9%+4.5% —
UDR UDR, Inc. $11.0B21.7x16.7%16.2%+1.5% —
EQR Equity Residential $23.9B27.6x8.1%14.5%+3.0% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-09-09Regulation FD; Exhibits
2026-07-29Earnings Release; Exhibits
2026-07-08Material Agreement; Financial Obligation; Exhibits
2026-07-06Other Events; Exhibits
2026-06-01Regulation FD; Exhibits
2026-05-08Officer/Director Change; Shareholder Vote; Exhibits

Context

Shares outstanding590,623,252
Free float90.9%
Institutional ownership101.8%
Beta0.83
Dividend yield4.43%
Last dividend$0.30 on 2026-09-24
50 / 200-day average$28.12 / $27.81
Large-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where INVH sits among 13 scored companies in REIT - Residential (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureINVHIndustry medianIndustry percentileSector median
P/E (TTM) 24.2x 30.0x
33rd		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) 1.51 2.56
0th		 1.55
Price / sales 5.6x 6.0x
42nd		 3.7x
Price / book 1.8x 1.9x
42nd		 1.3x
Price / tangible book 2.0x 2.8x
42nd		 1.6x
Price / free cash flow 14.8x 14.9x
42nd		 15.1x
Price / operating cash flow 13.3x 13.0x
58th		 12.3x
Enterprise value $24.5B $15.2B
100th		 $7.5B
EV / sales 8.6x 8.6x
42nd		 9.4x
EV / EBITDA 14.0x 15.2x
42nd		 15.7x
EV / EBIT 25.0x 30.6x
27th		 27.2x
EV / free cash flow 22.6x 22.9x
42nd		 29.4x
Earnings yield 4.1% 3.0%
75th		 3.2%
FCF yield 6.8% 6.7%
58th		 5.6%
Operating cash flow yield 7.5% 7.7%
42nd		 7.9%
Graham number (per share) $19.58 $21.76
33rd		 $22.48

Profitability (TTM)

MeasureINVHIndustry medianIndustry percentileSector median
Gross margin 44.4% 47.3%
42nd		 51.4%
EBITDA margin 61.1% 59.2%
55th		 54.9%
Operating margin 30.2% 26.9%
75th		 29.0%
EBIT margin 34.3% 29.5%
64th		 31.7%
Net margin 23.1% 20.7%
67th		 12.2%
NOPAT margin 30.2% 26.3%
83rd		 25.5%
FCF margin 37.9% 35.4%
64th		 21.8%
Operating cash flow margin 42.1% 41.7%
55th		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 3.6% 4.9%
25th		 6.6%
Stock comp / revenue 1.0% 1.1%
42nd		 1.2%
Effective tax rate 0.0% 0.6%
8th		 1.9%

Returns on capital

MeasureINVHIndustry medianIndustry percentileSector median
ROE (on average equity) 7.1% 7.1%
50th		 5.3%
ROA 3.6% 3.4%
67th		 1.6%
ROIC 4.9% 4.4%
67th		 3.7%
ROCE 5.3% 5.5%
42nd		 4.4%
Return on tangible assets 5.3% 5.3%
58th		 3.8%
Cash ROIC (OCF / invested capital) 6.9% 9.1%
33rd		 5.7%
Gross profitability (GP / assets) 6.9% 8.1%
25th		 5.3%
ROIC, 3-yr average 3.5% 3.4%
55th		 2.4%
ROIC, 5-yr average 3.0% 3.0%
45th		 2.6%
ROE, 5-yr average 5.1% 5.2%
45th		 4.4%
Incremental ROIC -130.8% 26.6%
0th		 6.5%

Growth

MeasureINVHIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.7% 3.4%
75th		 8.4%
Revenue growth (QoQ) 1.8% 1.0%
92nd		 2.2%
Revenue CAGR, 3 yr 6.9% 2.1%
91st		 5.8%
Revenue CAGR, 5 yr 8.6% 7.5%
73rd		 9.5%
Gross profit CAGR, 3 yr -3.5% -2.0%
45th		 -0.8%
Operating income CAGR, 3 yr 8.1% -3.3%
82nd		 3.0%
Net income growth (TTM YoY) 21.2% 16.7%
56th		 21.3%
Net income CAGR, 3 yr 14.7% 7.3%
86th		 8.5%
EPS growth (TTM YoY) 25.5% 20.1%
56th		 17.6%
EPS CAGR, 3 yr 16.0% 7.6%
86th		 5.7%
EPS CAGR, 5 yr 23.5% 8.7%
88th		 5.6%
FCF growth (TTM YoY) 20.4% 18.6%
55th		 3.0%
FCF CAGR, 3 yr 8.3% 9.3%
40th		 5.6%
Operating cash flow CAGR, 3 yr 4.0% 3.1%
55th		 3.7%
Book value CAGR, 3 yr -2.9% -3.7%
64th		 -2.0%
Dividend CAGR, 3 yr 2.1% 1.0%
73rd		 -1.2%
Sustainable growth rate -0.6% -0.7%
56th		 -1.4%

Margin history & stability

MeasureINVHIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 54.2% 49.4%
82nd		 59.1%
Operating margin, 3-yr average 28.8% 26.5%
73rd		 28.6%
Net margin, 3-yr average 20.8% 17.2%
64th		 12.3%
FCF margin, 3-yr average 35.9% 30.4%
73rd		 27.4%
Revenue stability (0-1) 0.99 0.83
82nd		 0.82
Earnings stability (0-1) 0.98 0.18
100th		 0.36
Margin stability (0-1) 0.88 0.85
55th		 0.83

Liquidity (latest quarter)

MeasureINVHIndustry medianIndustry percentileSector median
Cash & short-term investments $75.8M $44.7M
75th		 $141.2M
Net cash (− = net debt) −$8.5B −$3.9B
0th		 −$3.3B
Working capital $324.1M −$57.7M
92nd		 $19.5M
Current ratio —
Quick ratio —
Cash ratio (cash + ST investments / current liabilities) 23.95 0.27
92nd		 0.36
Defensive interval (days) 158 days 202 days
40th		 554 days

Leverage & solvency (latest quarter)

MeasureINVHIndustry medianIndustry percentileSector median
Total debt $8.5B $4.1B
100th		 $3.5B
Debt / equity 0.94 1.05
42nd		 1.33
Net debt / equity 0.94 1.04
42nd		 1.26
Debt / assets 46.3% 47.5%
42nd		 51.3%
Debt / capital 48.6% 51.2%
42nd		 57.1%
Debt / EBITDA 4.90 4.55
58th		 6.47
Net debt / EBITDA 4.86 4.54
58th		 6.15
Interest coverage (EBIT / interest) 2.6x 2.7x
42nd		 1.5x
Cash interest coverage 3.2x 4.3x
25th		 2.1x
Debt payback (years of OCF) 7.1 yrs 6.0 yrs
67th		 8.9 yrs
Liabilities / assets 50.7% 53.3%
42nd		 60.0%
IS credit model rating BBB — —
Implied credit spread (bps) 275 400
25th		 650

Efficiency

MeasureINVHIndustry medianIndustry percentileSector median
Asset turnover 0.15 0.15
50th		 0.12
Fixed asset turnover 0.17 0.19
29th		 0.90
Inventory turnover —
Receivables turnover 35.1 22.8
78th		 7.6
Days sales outstanding 10 days 14 days
42nd		 37 days
Days inventory outstanding —
Days payables outstanding 0 days 29 days
0th		 53 days
Cash conversion cycle (days) 10 days −10 days
82nd		 −6 days
Capex / revenue 4.3% 6.5%
40th		 4.4%
Capex / depreciation 0.16 0.22
22nd		 0.32
Operating expense ratio 30.5% 44.7%
0th		 30.9%

Cash flow & earnings quality

MeasureINVHIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.82 2.49
33rd		 1.83
FCF / net income 1.64 1.85
33rd		 1.43
FCF / operating cash flow 89.9% 82.5%
70th		 82.5%
Capex / operating cash flow 10.1% 17.5%
30th		 17.9%
Accruals ratio -2.9% -5.1%
92nd		 -3.1%
Sloan accruals ratio -0.6% -2.8%
67th		 -3.3%
Earnings quality score (0-1) 1.00 1.00
44th		 1.00

Dividends & buybacks

MeasureINVHIndustry medianIndustry percentileSector median
Dividend yield 4.4% 4.4%
50th		 5.2%
Dividend per share (TTM) $1.20 $2.14
17th		 $1.21
Payout ratio (dividends / net income) 109.0% 109.0%
50th		 110.2%
Dividends / FCF 66.6% 66.3%
55th		 79.1%
Dividend growth (YoY) 6.3% 6.3%
50th		 2.3%
Buyback yield 3.4% 1.2%
67th		 0.1%
Shareholder yield (dividends + buybacks) 7.9% 7.2%
75th		 5.9%
Share count change (YoY) -3.4% 0.0%
8th		 0.5%
Buybacks, last 5 years $988.6M $162.5M
83rd		 $15.9M

Scores & forensic checks

MeasureINVHIndustry medianIndustry percentileSector median
IS score 57 44
83rd		 43
IS profitability 61 53
67th		 44
IS growth 59 55
83rd		 58
IS value 60 49
83rd		 53
IS momentum 87 80
83rd		 77
IS risk (safety) 30 30
42nd		 15
IS quality 77 68
75th		 59
IS balance sheet 41 36
67th		 35
IS earnings quality 91 84
75th		 72
IS cash flow 81 81
58th		 61
Piotroski F-score (0-9) 7 6
67th		 6
Altman Z-score 1.4 1.4
50th		 0.8
Beneish M-score −2.51 −3.41
100th		 −2.71
Ohlson O-score −8.28 −7.51
17th		 −6.91
IS credit score 58 46
67th		 34

Per share

MeasureINVHIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.12 $1.32
42nd		 $0.78
Book value per share $15.28 $18.77
42nd		 $15.91
Tangible book per share $14.82 $20.18
42nd		 $16.11
Revenue per share $4.82 $7.93
25th		 $6.28
FCF per share $1.83 $2.83
17th		 $1.49
Operating cash flow per share $2.03 $3.27
17th		 $1.95
Cash per share $0.13 $0.44
17th		 $0.95

Size (TTM)

MeasureINVHIndustry medianIndustry percentileSector median
Market cap $16.0B $11.0B
92nd		 $2.5B
Revenue $2.9B $1.6B
100th		 $956.7M
EBITDA $1.7B $901.2M
100th		 $399.5M
Net income $660.6M $401.8M
100th		 $109.6M
Free cash flow $1.1B $665.9M
92nd		 $157.8M
Total assets $18.4B $9.7B
100th		 $6.6B
Shareholders' equity $9.1B $3.8B
100th		 $1.8B
Employees 1,725 1,598
75th		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-07-31Eisen Scott G.
EVP, Chief Investment Officer
 Tax withholding 7,420$29.72$220,522263,812
2026-05-07Howard Hugh Wyman Iii
Director
 Award / grant 6,559——15,545
2026-05-07Sevilla-Sacasa Frances Aldrich
Director
 Award / grant 6,559——23,128
2026-05-07Kelter Jeffrey E
Director
 Award / grant 6,559——63,845
2026-05-07Margolis Joseph D
Director
 Award / grant 6,559——38,474
2026-05-07Fascitelli Michael D
Director
 Award / grant 6,559——87,541
2026-05-07Taylor Keith D
Director
 Award / grant 6,559——23,128
2026-05-07Smith Kenny Kellyn
Director
 Award / grant 6,559——12,143
2026-05-07Barbe, Cohen Jana
Director
 Award / grant 6,559——40,211
2026-05-05Solls Mark A
EVP & CLO
 Award / grant 8,727——224,790

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJul

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired961,199—
Tax withholdingDisposed17,420$220,522
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
2025-06-13Dallas B. Tanner148,749$5.0M
2024-12-10Eisen Scott G.11,000$369,675
2024-11-26Solls Family Trust Dtd 01-24-200816,100$543,245
2024-05-24Jana Barbe7,200$248,544
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 8 trades (4 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2026-02-10Gilbert CisnerosHouseSale$1,001 - $15,0002026-03-10
2026-02-10Gilbert Ray CisnerosHouseSale$1,001 - $15,0002026-03-10
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.61,799,827$1.9B10.46%
NORGES BANK51,511,025$1.6B8.72%
VANGUARD PORTFOLIO MANAGEMENT LLC48,041,805$1.5B8.13%
STATE STREET CORP38,049,776$1.2B6.44%
VANGUARD CAPITAL MANAGEMENT LLC37,314,783$1.1B6.32%
COHEN & STEERS, INC.37,129,067$1.1B6.29%
FMR LLC17,367,397$524.7M2.94%
GEODE CAPITAL MANAGEMENT, LLC17,118,534$515.4M2.90%
APG Asset Management US Inc.15,975,264$484.8M2.70%
Invesco Ltd.14,990,389$452.9M2.54%
CENTERSQUARE INVESTMENT MANAGEMENT LLC8,939,707$270.1M1.51%
Madison Avenue Partners, LP8,335,309$251.8M1.41%
DIMENSIONAL FUND ADVISORS LP8,233,305$248.7M1.39%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC7,925,434$239.4M1.34%
Sixth Street Partners Management Company, L.P.7,925,434$239.4M1.34%

Institutional ownership by quarter

2023-092026-06101.8%
% of shares held by 13F filers
2023-092026-06626
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30626101.8%9824321751
2026-03-3158692.1%8721921883
2025-12-31593104.0%10422119867
2025-09-3056996.6%6921222371
2025-06-30577104.1%9625415850
2025-03-31541103.8%7919819663
2024-12-31530103.4%7617721078
2024-09-30541103.1%7219920362
2024-06-30537101.3%6522218437
2024-03-31516104.3%5218520057
2023-12-31525105.9%9219317538
2023-09-30479106.7%4419516256

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-07SCHEDULE 13G/ACohen & Steers Ireland Limited0.0%79,135
2026-04-29SCHEDULE 13GVanguard Portfolio Management8.2%49,469,555
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-13SCHEDULE 13G/ACohen & Steers Ireland Limited0.0%49,038
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VGSNX0.80%$533.1M
VNQ0.80%$533.1M
VGSLX0.80%$533.1M
VITSX0.02%$492.9M
VTSAX0.02%$492.9M
VTI0.02%$492.9M

Share structure

Shares outstanding590,623,252
Float536,817,450
Free float90.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.0B$2.2B$2.4B$2.6B$2.7B
Cost of revenue$777.8M$874.3M$976.1M$1.1B$2.6B
Gross profit$1.2B$1.4B$1.5B$1.5B$100.7M
R&D$0$0$0$0$0
SG&A$75.8M$74.0M$82.3M$90.6M$95.2M
Operating income$550.9M$651.7M$699.5M$741.2M$741.0M
EBITDA$1.2B$1.3B$1.5B$1.5B$1.5B
Pretax income$262.8M$384.8M$521.0M$455.4M$371.7M
Income tax$0$0$0$0$0
Net income$261.4M$383.3M$519.5M$453.9M$587.9M
EPS, diluted$0.45$0.63$0.85$0.74$0.96
Diluted shares579.2M611.1M613.3M613.6M613.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$610.2M$262.9M$700.6M$174.5M$130.0M
Receivables$37.5M$54.1M$60.8M$61.2M$59.9M
Inventory$0$0$0$0$0
Total current assets$980.1M$677.5M$1.1B$674.2M$569.1M
PP&E, net$33.6M$41.0M$45.0M$71.5M$102.6M
Goodwill & intangibles$258.2M$258.2M$258.2M$258.2M$258.2M
Total assets$18.5B$18.5B$19.2B$18.7B$18.7B
Accounts payable$0$0$0$0$0
Total current liabilities$193.6M$198.4M$200.6M$817.7M$375.4M
Long-term debt$8.0B$7.8B$8.5B$7.6B$8.2B
Total liabilities$8.7B$8.2B$9.0B$8.9B$9.1B
Shareholders' equity$9.8B$10.3B$10.2B$9.8B$9.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$262.8M$384.8M$521.0M$455.4M$587.9M
Depreciation & amortization$592.1M$638.1M$674.3M$714.3M$746.9M
Stock-based compensation$27.2M$29.0M$29.5M$27.9M$27.8M
Change in working capital$24.8M−$10.4M$12.0M$20.9M$0
Operating cash flow$907.7M$1.0B$1.1B$1.1B$1.2B
Capital expenditure−$162.8M−$208.1M−$221.1M−$219.4M$0
Free cash flow$744.8M$815.5M$886.0M$862.4M$1.2B
Investing cash flow−$1.2B−$814.4M−$773.6M−$465.9M$0
Net debt issued / repaid$171.2M−$88.8M$769.4M−$331.5M$0
Buybacks$0$0−$8.1M−$10.9M$0
Dividends paid−$393.8M−$539.0M−$638.1M−$689.2M$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin61.0%60.9%59.9%59.0%45.9%
Operating margin27.6%29.1%28.8%28.3%35.8%
Net margin13.1%17.1%21.4%17.3%21.5%
FCF margin37.3%36.4%36.4%32.8%42.0%
ROE2.9%3.8%5.1%4.6%6.1%
ROIC3.2%3.7%3.9%4.2%5.5%
ROA1.5%2.1%2.8%2.4%3.1%
Debt / equity0.820.750.840.840.88
Interest coverage1.8x2.3x2.6x2.2x2.5x
Current ratio5.063.415.710.821.52
Revenue growth+9.5%+12.1%+8.7%+7.7%+4.2%
EPS growth+25.6%+43.7%+35.2%−12.6%+29.6%
P/E at year end91.9x42.8x37.9x42.0x29.0x
EV / EBITDA at year end26.7x18.0x18.0x17.6x15.5x
FCF yield at year end3.10%4.97%4.50%4.50%6.74%
Dividend payout150.6%140.6%122.8%151.8%121.2%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $0.18 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.0B$2.9B – $3.0B$1.01$1.00 – $1.01626.9x
2027$3.0B$3.0B – $3.0B$0.74$0.74 – $0.75636.5x
2028$3.1B$3.1B – $3.2B$0.77$0.60 – $1.00635.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$0.17$0.37+116.6%$731.1M$747.5M+2.2%
2026-04-29$0.18$0.26+46.3%$689.9M$734.1M+6.4%
2026-02-18$0.18$0.27+48.2%$686.7M$685.2M−0.2%
2025-10-29$0.47$0.22−53.2%$683.0M$688.2M+0.8%
2025-07-30$0.48$0.23−52.1%$681.7M$681.4M−0.0%
2025-04-30$0.47$0.27−42.6%$664.4M$674.5M+1.5%
2025-02-26$0.47$0.23−51.1%$658.7M$659.1M+0.1%
2024-10-30$0.17$0.15−11.8%$660.3M$660.3M+0.0%
2024-07-24$0.18$0.12−33.3%$642.6M$653.5M+1.7%
2024-04-30$0.18$0.23+27.8%$642.0M$646.0M+0.6%
2024-02-13$0.18$0.21+16.7%$623.6M$624.3M+0.1%
2023-10-25$0.17$0.21+23.5%$611.8M$617.7M+1.0%
2023-07-26$0.17$0.22+29.4%$605.9M$600.4M−0.9%
2023-05-01$0.16$0.20+25.0%$591.2M$589.9M−0.2%
2023-02-15$0.15$0.16+6.7%$568.8M$579.8M+1.9%
2022-10-26$0.16$0.13−18.8%$561.3M$568.7M+1.3%
2022-07-27$0.15$0.18+20.0%$539.7M$557.3M+3.3%
2022-04-27$0.14$0.15+7.1%$526.5M$532.3M+1.1%
2022-02-15$0.12$0.120.0%$516.6M$520.2M+0.7%
2021-10-27$0.10$0.12+20.0%$495.6M$509.5M+2.8%
2021-07-28$0.08$0.11+37.5%$480.7M$491.6M+2.3%
2021-04-28$0.07$0.10+42.9%$448.1M$475.2M+6.1%
2021-02-16$0.06$0.13+116.7%$430.7M$464.1M+7.7%
2020-10-28$0.04$0.06+35.4%$306.1M$459.2M+50.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.206-220.106-290.107-060.107-130.107-200.207-270.208-030.108-100.108-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$90.9M3,151,37961,384
2026-08-24$117.5M3,950,81360,589
2026-08-17$90.3M3,006,90757,174
2026-08-10$84.6M2,816,38647,854
2026-08-03$152.6M5,024,73771,586
2026-07-27$163.1M5,458,33490,566

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1552.8%
DateShort shareShort volumeTotal volume
2026-10-1552.8%652,9011,237,475
2026-10-1451.3%577,2671,126,355
2026-10-1353.6%756,9661,411,547
2026-10-1260.6%865,2771,428,881
2026-10-0963.6%955,9011,503,160
2026-10-0875.1%1,956,6852,603,785
2026-10-0784.0%2,872,9363,420,769
2026-10-0657.2%1,015,9031,775,699
2026-10-0551.3%752,3311,466,169
2026-10-0240.8%709,4821,738,400
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.7Jan-0.2Feb+0.5Mar+3.2Apr+2.0May+0.7Jun+2.1Jul+1.4Aug-3.9Sep-3.0Oct+3.3Nov-0.4Dec
MonthAvg returnUp yearsYears
Jan+1.7%44%9
Feb−0.2%50%10
Mar+0.5%80%10
Apr+3.2%56%9
May+2.0%56%9
Jun+0.7%56%9
Jul+2.1%67%9
Aug+1.4%67%9
Sep−3.9%11%9
Oct−3.0%22%9
Nov+3.3%56%9
Dec−0.4%44%9
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1451.6
MFI48.1
ADX40.1
Stochastic %K / %D69.7 / 63.3
Williams %R-11.3
CCI148
TSI / signal-20.2 / -35.5
Chaikin money flow-0.10
ATR$0.47
Bollinger width4.3%
Volume vs 20-day avg0.71x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$26.53 (+2.0%)
SMA 50$28.00 (−3.3%)
SMA 200$27.77 (−2.5%)
EMA 21$26.80 (+1.0%)
EMA 50$27.58 (−1.8%)
EMA 200$28.31 (−4.4%)
Bollinger upper$27.10 (−0.1%)
Bollinger lower$25.96 (+4.3%)
Parabolic SAR$26.02 (+4.0%)
Open the live chart, 110+ indicators

About Invitation Homes Inc.

Invitation Homes Inc., an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Their purpose, Unlock the Power of Home, reflects their commitment to address America’s housing needs by delivering high-quality living solutions and genuine care to those who choose the flexibility and value of leasing. Invitation Homes Inc. was incorporated in 6th June 2012 and is based in Dallas, United States.

http://www.invitationhomes.com

Key executives

NameTitlePayBorn
Dallas TannerCo-Founder, Chief Executive Officer, President & Director$3.1M1981
Scott G. EisenExecutive Vice President & Chief Investment Officer$1.8M1970
Jonathan S. OlsenExecutive Vice President, Chief Financial Officer & Treasurer$1.5M1974
Mark A. SollsExecutive VP, Chief Legal Officer & Secretary$1.2M1957
Timothy J. LobnerExecutive Vice President & Chief Operating Officer$1.2M1977
Greg Van WinkleSenior Vice President of Corporate Strategy & Capital Markets——
James CurlExecutive VP & Chief Technology Officer——
Kristi DesJarlaisSenior Vice President of Communications & Media Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Dallas B. Tanner (Chief Executive Officer)2025$1.0M$11.0M$2.1M$14.1M
Timothy J. Lobner (Executive Vice President and Chief Operating Officer)2025$490,385$4.1M$701,250$5.3M
Scott G. Eisen (Executive Vice President and Chief Investment Officer)2025$700,000$3.4M$1.1M$5.2M
Charles D. Young (Former President)2025$527,692$4.3M$0$4.8M
Jonathan S. Olsen (Executive Vice President and Chief Financial Officer)2025$590,385$2.3M$907,826$3.8M
Mark A. Solls (Executive Vice President and Chief Legal Officer)2025$525,000$1.6M$691,688$2.9M

Employees

1k20181k20191k20201k20212k20222k20232k20242k2025

Dividends

Ex-dateAmountPaid
2026-09-24$0.32026-10-16
2026-06-25$0.32026-07-17
2026-03-26$0.32026-04-17
2025-12-23$0.32026-01-16
2025-09-25$0.292025-10-17
2025-06-26$0.292025-07-18
2024-12-26$0.292025-01-17
2024-06-27$0.282024-07-19

Moat model

Weak · Switching Costs · 2026-06-30
Cost advantage59
Intangibles31
Switching costs63
Network effect50
Efficient scale56
Our component scores (0-100) and overall 51.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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