Reading the tape
NYSE: INVH
Invitation Homes Inc.
Real Estate · REIT - Residential
Market Cap
$17.07B
52w High
$35.23
52w Low
$24.25
P/E
29.88
Volume
3.02M
Outstanding Shares
594.04M
Price vs Fundamentals
Why The Stock Is Moving
Likely multiple compressionHigh confidence
1Y Price: -16.89%Revenue (TTM): 5.35%FCF (TTM): 27.89%P/FCF: 5th pct
What changed
The stock fell 16.89% over the last year. Revenue grew 5.35% over the trailing twelve months. Operating margin moved from 28.07% to 31.17%. Free cash flow grew 27.89% 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 5th 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 31.17%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Company profile
Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools.
CEODallas Tanner
SectorReal Estate
IndustryREIT - Residential
Employees1,750
IPO dateFeb 1, 2017
Valuation
Forward P/E—
EV/EBITDA17.18
Enterprise value$25.28B
Price / Book1.79
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 growth8.84%
Gross margin45.04%▼93.75%vs FY2024
Operating margin31.17%▼4.08%vs FY2024
ROE6.17%▲32.60%vs FY2024
Analyst consensus
RatingHold
Target price$32.22▲12.15%
16
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
Jul 29, 2026
Q3 FY26 · EPS est $0.18 · Revenue est $707M
View
Dividends
$1.18/shareQuarterlyAdequateINVH pays a dividend with a 4.11% dividend yield, growing at 14.29% annually, covered 1.4× by free cash flow.
Dividend Yield
4.11%
Annual Div / Share
$1.18
5yr CAGR
+14.29%
Doubles every ~5.2yr
FCF Coverage
1.4×
Adequate
Dividend Growth Rate
3yr CAGR
+9.96%
5yr CAGR
+14.29%
Dividend Safety
5/10Adequate
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$1.17+3.5%
2024$1.13-14.4%
2023$1.32+50.0%
2022$0.88+29.4%
2021$0.68+13.3%
2020$0.60+15.4%
2019$0.52+18.2%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$41/yr
$3/mo
In 5 yrs
$72/yr+76%
$6/mo
In 10 yrs
$128/yr+211%
$11/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$41/yr $3/mo | $72/yr+76% $6/mo | $128/yr+211% $11/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 4.11% → 12.76% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 14.29% 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.