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AMERICAN HOMES 4 RENT (AMH) Financials

AMH
FY2025 annual
Net Income $439.0M +10.2% YoY
EPS (Diluted) $1.18 +9.3% YoY
Free Cash Flow $823.7M +5.9% YoY
Operating Cash Flow $864.3M +6.5% YoY
Market Cap $11.5B as of Oct 23, 2026
Price / Sales n/m no revenue reported
Price / Earnings 26.2x on $439.0M net income, FY2025
Price / Book 1.7x on $6.8B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AMH SEC filings page.

This page shows AMERICAN HOMES 4 RENT (AMH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AMH FY2025

American Homes 4 Rent converts accounting earnings into cash, but rising financing costs and distributions increasingly shape returns.

The important quality signal is that cash generation kept pace with reported profit across FY2023-FY2025: operating cash flow and free cash flow both increased, with FCF up 17.9%, so the earnings expansion was not merely non-cash. Yet interest expense climbed 32.1% over that span versus 19.9% for net income, meaning financing is taking a larger share of the economics even while returns improve.

This is an asset-heavy, debt-funded model rather than an asset-light operator: FY2025 total assets were $13.2B, while liabilities were $5.5B. Long-term debt was $5.1B and debt-to-equity reached 0.7x. Equity fell 1.8%, so balance-sheet growth did not translate into a thicker ownership cushion.

Cash conversion is supported by modest reinvestment: capital expenditures were only 4.7% of operating cash flow, leaving free cash flow close to operating cash flow rather than absorbing it. However, distribution growth outpaced cash growth: dividends rose 16.4% in FY2025 while free cash flow rose 5.9%, so payouts grew faster than internally generated cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

AMERICAN HOMES 4 RENT does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
4/5

AMERICAN HOMES 4 RENT passes 4 of 5 computable financial strength tests (4 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed
1.97x

For every $1 of reported earnings, AMERICAN HOMES 4 RENT generates $1.97 in operating cash flow ($864.3M OCF vs $439.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Net Income
$113.6M
YoY+7.6%
QoQ-11.1%

AMERICAN HOMES 4 RENT reported $113.6M in net income in Q2 2026. This represents an increase of 7.6% from the same quarter a year earlier. Against the prior quarter it is down 11.1%.

EPS (Diluted)
$0.31
YoY+10.7%
QoQ-11.4%
5Y CAGR+38.9%

AMERICAN HOMES 4 RENT earned $0.31 per diluted share (EPS) in Q2 2026. This represents an increase of 10.7% from the same quarter a year earlier. Against the prior quarter it is down 11.4%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow
$277.0M
YoY+7.5%
QoQ+43.0%
5Y CAGR+9.5%
10Y CAGR+12.2%

AMERICAN HOMES 4 RENT generated $277.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 7.5% from the same quarter a year earlier. Against the prior quarter it is up 43.0%.

Cash & Debt
$83.7M
YoY-74.1%
QoQ+32.2%
5Y CAGR+15.6%
10Y CAGR-11.1%

AMERICAN HOMES 4 RENT held $83.7M in cash against $5.1B in long-term debt as of Q2 2026.

Dividends Per Share
$0.33
YoY+10.0%
QoQ0.0%

AMERICAN HOMES 4 RENT paid $0.33 per share in dividends in Q2 2026. This represents an increase of 10.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding
Diluted avg 361M

AMERICAN HOMES 4 RENT had a weighted average of 361M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Margins & Returns

Return on Equity
1.7%
YoY+0.2pp
QoQ-0.2pp

AMERICAN HOMES 4 RENT's quarterly ROE was 1.7% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures
$15.7M
YoY+11.0%
QoQ+66.5%
5Y CAGR+29.9%
10Y CAGR+11.2%

AMERICAN HOMES 4 RENT invested $15.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 11.0% from the same quarter a year earlier. Against the prior quarter it is up 66.5%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

AMH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AMH quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
SG&A Expenses$21.7M+8.3%$21.3M+8.4%N/A$20.5M+6.5%$20.0M-7.8%$19.7M-10.1%N/A$19.2M+5.0%
Interest Expense$49.5M+7.0%$48.2M+6.2%N/A$48.2M+10.5%$46.3M+19.7%$45.4M+17.8%N/A$43.6M+26.8%
Net Income$113.6M+7.6%$127.8M+16.2%N/A$99.7M+35.1%$105.6M+14.6%$110.0M+0.6%N/A$73.8M-0.4%
EPS (Basic)$0.31+10.7%$0.35+16.7%$0.330.0%$0.27+35.0%$0.28+12.0%$0.300.0%$0.33+57.1%$0.200.0%
EPS (Diluted)$0.31+10.7%$0.35+16.7%$0.330.0%$0.27+35.0%$0.28+12.0%$0.300.0%$0.33+57.1%$0.200.0%
Diluted Shares (Avg)361M-2.8%364M-1.7%N/A372M+1.1%371M+1.0%371M+1.0%N/A368M+1.3%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.

AMH Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AMH quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$13.1B-3.5%$13.2B-0.9%$13.2B-1.0%$13.3B+3.2%$13.6B+2.2%$13.3B+4.1%$13.4B+5.5%$12.8B+2.3%
Cash & Equivalents$83.7M-74.1%$63.3M-9.2%$108.5M-45.6%$45.6M-71.9%$323.3M-55.0%$69.7M-44.2%$199.4M+235.8%$162.5M+133.7%
Accounts Receivable$45.4M-10.1%$48.2M-7.3%$43.1M-11.0%$56.5M+13.6%$50.4M+16.1%$52.0M+16.3%$48.5M+13.1%$49.7M-7.5%
Goodwill$120.3M0.0%$120.3M0.0%$120.3M0.0%$120.3M0.0%$120.3M0.0%$120.3M0.0%$120.3M0.0%$120.3M0.0%
Total Liabilities$5.6B-1.8%$5.6B+2.3%$5.5B0.0%$5.4B+5.2%$5.7B+2.8%$5.4B+7.7%$5.5B+9.9%$5.1B+2.8%
Long-Term Debt$5.1B-0.6%$5.1B+4.1%$5.1B+1.7%$4.8B+7.2%$5.2B+3.3%$4.9B+9.4%$5.0B+12.3%$4.5B+3.3%
Total Equity$6.8B-5.0%$6.9B-3.2%$7.0B-1.8%$7.2B+2.1%$7.2B+2.0%$7.2B+1.9%$7.2B+2.8%$7.0B+2.1%
Retained Earnings-$385.9Mn/m-$380.2Mn/m-$387.6Mn/m-$400.4Mn/m-$388.7Mn/m-$382.4Mn/m-$380.6Mn/m-$407.3Mn/m

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, Current Liabilities, Non-Current Liabilities.

AMH Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AMH quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow$292.6M+7.6%$203.1M-9.1%$145.8M+42.7%$223.3M-4.4%$271.9M-0.8%$223.4M+10.7%$102.2M-11.4%$233.6M+12.5%
Depreciation & Amortization$127.6M+0.5%$127.3M+1.9%$125.8M+1.5%$126.7M+5.8%$126.9M+7.9%$124.9M+8.0%$124.0M+7.1%$119.7M+4.2%
Stock-Based Compensation$6.6M+2.7%$6.8M-11.8%N/A$6.2M+8.4%$6.5M-38.3%$7.7M-22.8%N/A$5.7M-10.5%
Capital Expenditures$15.7M+11.0%$9.4M+26.2%$10.3M+141.7%$8.7M+5.9%$14.1M+31.6%$7.5M-31.0%$4.3M-73.7%$8.2M-8.4%
Free Cash Flow$277.0M+7.5%$193.7M-10.3%$135.5M+38.4%$214.5M-4.8%$257.7M-2.1%$215.9M+13.1%$97.9M-1.2%$225.3M+13.4%
Investing Cash Flow$16.9Mn/m$10.3Mn/m-$47.5Mn/m-$52.2Mn/m-$120.7Mn/m-$107.7Mn/m-$532.8Mn/m-$184.7Mn/m
Financing Cash Flow-$260.0M-369.1%-$235.8Mn/m-$43.3M-109.4%-$461.9Mn/m$96.6M-73.5%-$247.1Mn/m$463.0M+407.9%-$612.6Mn/m
Dividends Paid$119.1M+6.7%$121.5M+8.1%$110.7M+14.8%$111.7M+16.8%$111.6M+16.7%$112.4M+17.2%$96.4M+20.6%$95.6M+19.7%

Not reported in any period shown, so not listed: Share Buybacks.

AMH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AMH quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Return on Equity1.7%+0.2pp1.8%+0.3ppN/A1.4%+0.3pp1.5%+0.2pp1.5%0.0ppN/A1.1%0.0pp
Return on Assets0.9%+0.1pp1.0%+0.1ppN/A0.8%+0.2pp0.8%+0.1pp0.8%0.0ppN/A0.6%0.0pp
Debt-to-Equity0.750.0x0.74+0.1x0.720.0x0.680.0x0.720.0x0.690.0x0.70+0.1x0.640.0x
Liabilities-to-Equity0.830.0x0.800.0x0.790.0x0.760.0x0.800.0x0.760.0x0.77+0.1x0.730.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
AMERICAN HOMES 4 RENT AMH FY2025 N/A $439.0M N/A $11.5B —
UDR, Inc. UDR FY2025 $1.7B $377.7M 22.1% $11.5B 65/100
Mid-America Apartment Communities, Inc. MAA FY2025 $2.2B $446.9M 20.2% $13.9B 59/100
Invitation Homes Inc. INVH FY2025 $2.7B $587.9M 21.5% $16.3B 62/100
Sun Communities, Inc SUI FY2025 $2.3B $1.4B 61.3% $14.6B 80/100
Equity Lifestyle Properties, Inc. ELS FY2025 $1.5B $402.1M 26.3% $11.8B 56/100

Frequently Asked Questions

Is AMERICAN HOMES 4 RENT profitable?

Yes, AMERICAN HOMES 4 RENT (AMH) reported a net income of $439.0M in fiscal year 2025.

What is AMERICAN HOMES 4 RENT's earnings per share (EPS)?

AMERICAN HOMES 4 RENT (AMH) reported diluted earnings per share of $1.18 for fiscal year 2025. This represents a 9.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does AMERICAN HOMES 4 RENT have?

As of fiscal year 2025, AMERICAN HOMES 4 RENT (AMH) had $108.5M in cash and equivalents against $5.1B in long-term debt.

Yes, AMERICAN HOMES 4 RENT (AMH) paid $1.20 per share in dividends during fiscal year 2025.

AMERICAN HOMES 4 RENT (AMH) has a return on equity of 6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

AMERICAN HOMES 4 RENT (AMH) generated $823.7M in free cash flow during fiscal year 2025. This represents a 5.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

AMERICAN HOMES 4 RENT (AMH) generated $864.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

AMERICAN HOMES 4 RENT (AMH) had $13.2B in total assets as of fiscal year 2025, including both current and long-term assets.

AMERICAN HOMES 4 RENT (AMH) invested $40.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

AMERICAN HOMES 4 RENT (AMH) had a debt-to-equity ratio of 0.72 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

AMERICAN HOMES 4 RENT (AMH) had a liabilities-to-equity ratio of 0.79 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

AMERICAN HOMES 4 RENT (AMH) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

AMERICAN HOMES 4 RENT (AMH) trades at 26.2x earnings, its market capitalization divided by $439.0M net income, FY2025. The market capitalization is $11.5B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

AMERICAN HOMES 4 RENT (AMH) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $11.5B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

AMERICAN HOMES 4 RENT (AMH) has a Piotroski F-Score of 4 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

AMERICAN HOMES 4 RENT (AMH) has an earnings quality ratio of 1.97x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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