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.

American Homes 4 Rent Financials

AMH

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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 2026-05-14

This asset-heavy business is moving toward internally funded growth as cash generation rises and financing dependence eases.

From FY2023 to FY2025, operating cash flow rose from $739M to $864M while investing outflows roughly halved, indicating the business needed less cash for expansion than it did two years earlier. Even with dividends up to $446M, financing cash flow fell to -$656M, showing the annual capital program relied less on fresh debt or equity.

Earnings quality looks better than net income alone implies because operating cash flow stayed above accounting profit throughout the last three annual periods. With FY2025 depreciation at $504M, a large part of expense recognition is non-cash, so reported earnings likely understate the cash available to service debt and fund distributions.

With total assets roughly flat year over year, return on assets still improved to 3.9% from 3.5%, which points to better yield from the existing asset base rather than growth driven only by balance-sheet expansion. At the same time, debt to equity moved up to 0.7x, so the stronger returns came alongside a somewhat tighter capital structure instead of coming from deleveraging alone.

Financial Health Signals

Financial health score pending refresh

We are recalculating American Homes 4 Rent's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. 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

1.68x

For every $1 of reported earnings, American Homes 4 Rent generates $1.68 in operating cash flow ($864.3M OCF vs $513.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$513.4M

YoY+9.7%

5Y CAGR+27.1%

American Homes 4 Rent reported $513.4M in net income in fiscal year 2025. This represents an increase of 9.7% from the prior year.

EPS (Diluted)

$1.18

YoY+9.3%

5Y CAGR+33.3%

American Homes 4 Rent earned $1.18 per diluted share (EPS) in fiscal year 2025. This represents an increase of 9.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$108.5M

YoY-45.6%

5Y CAGR-4.6%

10Y CAGR+6.5%

American Homes 4 Rent held $108.5M in cash against $5.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.20

YoY+15.4%

10Y CAGR+19.6%

American Homes 4 Rent paid $1.20 per share in dividends in fiscal year 2025. This represents an increase of 15.4% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

7.3%

YoY+0.8pp

5Y CAGR+4.6pp

10Y CAGR+8.8pp

American Homes 4 Rent's ROE was 7.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

AMH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	$1.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$83.0M-0.7%	$83.6M+12.0%	$74.6M+9.6%	$68.1M+20.6%	$56.4M+16.3%	$48.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$185.2M+12.0%	$165.4M+17.9%	$140.2M+3.9%	$134.9M+17.4%	$114.9M-1.8%	$117.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$513.4M+9.7%	$468.1M+8.3%	$432.1M+39.4%	$310.0M+47.2%	$210.6M+36.0%	$154.8M
EPS (Diluted)	$1.18+9.3%	$1.08+6.9%	$1.01+42.3%	$0.71+73.2%	$0.41+46.4%	$0.28

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$21.3M	N/A	$20.5M+2.5%	$20.0M+1.7%	$19.7M	N/A	$19.2M-11.3%	$21.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$48.2M	N/A	$48.2M+4.1%	$46.3M+1.9%	$45.4M	N/A	$43.6M+12.8%	$38.7M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$148.8M	N/A	$116.8M-5.5%	$123.6M-4.0%	$128.7M	N/A	$87.6M-19.3%	$108.5M
EPS (Diluted)	$0.35	N/A	$0.27-3.6%	$0.28-6.7%	$0.30	N/A	$0.20-20.0%	$0.25

AMH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$13.2B-1.0%	$13.4B+5.5%	$12.7B+4.2%	$12.2B+11.1%	$11.0B+14.3%	$9.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$108.5M-45.6%	$199.4M+235.8%	$59.4M-14.1%	$69.2M+43.5%	$48.2M-64.8%	$137.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$43.1M-11.0%	$48.5M+13.1%	$42.8M-10.3%	$47.8M+14.8%	$41.6M+0.1%	$41.5M
Goodwill	$120.3M0.0%	$120.3M0.0%	$120.3M0.0%	$120.3M0.0%	$120.3M0.0%	$120.3M
Total Liabilities	$5.5B0.0%	$5.5B+9.9%	$5.0B+0.7%	$5.0B+18.4%	$4.2B+35.3%	$3.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.1B+1.7%	$5.0B+12.3%	$4.5B-1.2%	$4.5B+16.4%	$3.9B+37.7%	$2.8B
Total Equity	$7.0B-1.8%	$7.2B+2.8%	$7.0B+7.3%	$6.5B+7.2%	$6.1B+4.7%	$5.8B
Retained Earnings	-$387.6M-1.8%	-$380.6M+3.6%	-$394.9M+10.4%	-$440.8M-0.5%	-$438.7M+1.1%	-$443.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$13.2B-0.5%	$13.2B-0.1%	$13.3B-2.5%	$13.6B+2.3%	$13.3B-0.7%	$13.4B+4.2%	$12.8B-3.5%	$13.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$63.3M-41.7%	$108.5M+137.8%	$45.6M-85.9%	$323.3M+363.8%	$69.7M-65.0%	$199.4M+22.7%	$162.5M-77.4%	$718.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$48.2M+11.9%	$43.1M-23.7%	$56.5M+12.0%	$50.4M-3.1%	$52.0M+7.4%	$48.5M-2.6%	$49.7M+14.4%	$43.5M
Goodwill	$120.3M0.0%	$120.3M0.0%	$120.3M0.0%	$120.3M0.0%	$120.3M0.0%	$120.3M0.0%	$120.3M0.0%	$120.3M
Total Liabilities	$5.6B+0.8%	$5.5B+2.2%	$5.4B-5.8%	$5.7B+5.5%	$5.4B-1.5%	$5.5B+7.5%	$5.1B-7.9%	$5.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.1B+0.6%	$5.1B+5.2%	$4.8B-6.1%	$5.2B+4.7%	$4.9B-1.7%	$5.0B+10.9%	$4.5B-9.5%	$5.0B
Total Equity	$6.9B-1.5%	$7.0B-1.8%	$7.2B-0.1%	$7.2B+0.2%	$7.2B-0.1%	$7.2B+2.1%	$7.0B-0.2%	$7.0B
Retained Earnings	-$380.2M+1.9%	-$387.6M+3.2%	-$400.4M-3.0%	-$388.7M-1.7%	-$382.4M-0.5%	-$380.6M+6.5%	-$407.3M-5.7%	-$385.3M

AMH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$864.3M+6.5%	$811.5M+9.9%	$738.7M+11.0%	$665.5M+11.8%	$595.2M+25.5%	$474.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$328.2M+60.3%	-$825.9M-19.2%	-$692.6M+51.4%	-$1.4B+17.8%	-$1.7B-169.6%	-$642.9M
Financing Cash Flow	-$655.7M-559.5%	$142.7M+438.1%	-$42.2M-105.4%	$786.2M-26.2%	$1.1B+294.7%	$269.8M
Dividends Paid	$446.3M+16.4%	$383.5M+20.0%	$319.5M+26.5%	$252.5M+72.7%	$146.2M+139.5%	$61.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$203.1M+39.3%	$145.8M-34.7%	$223.3M-17.9%	$271.9M+21.7%	$223.4M+118.6%	$102.2M-56.2%	$233.6M-14.8%	$274.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$10.3M+121.6%	-$47.5M+9.0%	-$52.2M+56.7%	-$120.7M-12.1%	-$107.7M+79.8%	-$532.8M-188.4%	-$184.7M-359.9%	-$40.2M
Financing Cash Flow	-$235.8M-444.4%	-$43.3M+90.6%	-$461.9M-578.2%	$96.6M+139.1%	-$247.1M-153.4%	$463.0M+175.6%	-$612.6M-268.1%	$364.5M
Dividends Paid	$121.5M+9.7%	$110.7M-0.9%	$111.7M0.0%	$111.6M-0.7%	$112.4M+16.6%	$96.4M+0.8%	$95.6M0.0%	$95.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AMH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	13.1%
Return on Equity	7.3%+0.8pp	6.5%+0.3pp	6.2%+1.4pp	4.8%+1.3pp	3.5%+0.8pp	2.7%
Return on Assets	3.9%+0.4pp	3.5%+0.1pp	3.4%+0.9pp	2.5%+0.6pp	1.9%+0.3pp	1.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.72+0.0	0.70+0.1	0.64-0.1	0.70+0.1	0.64+0.2	0.49
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	2.1%	N/A	1.6%-0.1pp	1.7%-0.1pp	1.8%	N/A	1.3%-0.3pp	1.5%
Return on Assets	1.1%	N/A	0.9%-0.0pp	0.9%-0.1pp	1.0%	N/A	0.7%-0.1pp	0.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.74+0.0	0.72+0.0	0.68-0.0	0.72+0.0	0.69-0.0	0.70+0.1	0.64-0.1	0.71
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is American Homes 4 Rent profitable?

Yes, American Homes 4 Rent (AMH) reported a net income of $513.4M in fiscal year 2025.

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.

Does American Homes 4 Rent pay dividends?

Yes, American Homes 4 Rent (AMH) paid $1.20 per share in dividends during fiscal year 2025.

What is American Homes 4 Rent's return on equity (ROE)?

American Homes 4 Rent (AMH) has a return on equity of 7.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is American Homes 4 Rent's operating cash flow?

American Homes 4 Rent (AMH) generated $864.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are American Homes 4 Rent's total assets?

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

What is American Homes 4 Rent's debt-to-equity ratio?

American Homes 4 Rent (AMH) had a debt-to-equity ratio of 0.72 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is American Homes 4 Rent's return on assets (ROA)?

American Homes 4 Rent (AMH) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is American Homes 4 Rent's Piotroski F-Score?

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.

Are American Homes 4 Rent's earnings high quality?

American Homes 4 Rent (AMH) has an earnings quality ratio of 1.68x, 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.