Reading the tape
NYSE: AMH
American Homes 4 Rent
Real Estate · REIT - Residential
Market Cap
$11.61B
52w High
$39.07
52w Low
$27.22
P/E
26.13
Volume
3.28M
Outstanding Shares
363.16M
Price vs Fundamentals
Why The Stock Is Moving
Likely multiple compressionModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: -17.73%Revenue (TTM): 7.28%FCF (TTM): 25.3%P/FCF: 3rd pct
What changed
The stock fell 17.73% over the last year. Revenue grew 7.28% over the trailing twelve months. Operating margin moved from 50.58% to 31.38%. Free cash flow grew 25.3% over the trailing twelve months.
What the market seems to be pricing
Visible fundamentals weakened far less than the stock price, and the shares now sit around the 3rd percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.
What would invalidate this read
This read changes if operating margin (currently 31.38%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Company profile
American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and American Homes 4 Rent is fast becoming a nationally recognized brand for rental homes, known for high-quality, good value and tenant satisfaction.
CEOBryan Smith
SectorReal Estate
IndustryREIT - Residential
Employees1,730
IPO dateAug 1, 2013
Valuation
Forward P/E—
EV/EBITDA14.06
Enterprise value$16.91B
Price / Book1.65
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth5.19%
Gross margin43.24%▼93.95%vs FY2024
Operating margin31.38%▼52.12%vs FY2024
ROE6.44%▲11.80%vs FY2024
Analyst consensus
RatingBuy
Target price$35.00▲9.44%
19
Buy
17
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 6, 2026
Q2 FY26 · EPS est $0.18 · Revenue est $470.62M
View
Dividends
$1.23/shareQuarterlyDividend Achiever · 11yrSafeAMH pays a dividend with a 3.85% dividend yield, 11 consecutive years of growth, growing at 37.53% annually, covered 1.6× by free cash flow.
Dividend Yield
3.85%
Annual Div / Share
$1.23
5yr CAGR
+37.53%
Doubles every ~2.2yr
FCF Coverage
1.6×
Safe
Dividend Growth Rate
3yr CAGR
+17.41%
5yr CAGR
+37.53%
10yr CAGR
+19.92%
Dividend Safety
8/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$1.23+13.9%
2024$1.08+17.4%
2023$0.92+21.1%
2022$0.76+58.3%
2021$0.48+92.0%
2020$0.25+25.0%
2019$0.20+0.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$38/yr
$3/mo
In 5 yrs
$68/yr+76%
$6/mo
In 10 yrs
$119/yr+211%
$10/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$38/yr $3/mo | $68/yr+76% $6/mo | $119/yr+211% $10/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 3.85% → 11.95% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
AMH has raised its dividend for 11 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 1.6× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 37.53% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.