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Invitation Homes Inc. (INVH) Financials

INVH
Trailing 12 months to June 30, 2026
Revenue $2.9B +6.7% YoY
Net Income $660.6M +21.2% YoY
EPS (Diluted) $1.09 +23.9% YoY
Operating Cash Flow $1.2B +6.2% YoY
Market Cap $15.8B as of Oct 10, 2026
Price / Sales 5.5x on $2.9B revenue, trailing 12 months to June 30, 2026
Price / Earnings 24.0x on $660.6M net income, trailing 12 months to June 30, 2026
Price / Book 1.7x on $9.1B 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 10, 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 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the INVH SEC filings page.

Invitation Homes Inc. (INVH) reported $2.9B in revenue over the twelve months to Jun 30, 2026, up 6.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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 INVH FY2025

Invitation Homes turns operating revenue into cash, while higher obligations and distributions gradually reduce the balance-sheet cushion.

The FY2025 margin recovery to 21.5% arrived alongside $1.2B of operating cash flow, linking the profit rebound to cash rather than an accounting-only improvement. That alignment matters because depreciation is substantial in this asset-heavy model, so net income alone understates the cash produced by operations.

Total assets remained around $18.7B in FY2025, yet equity fell to $9.5B; liabilities therefore absorb a larger share of a largely stable asset base. The debt-to-equity ratio reached 0.9x, showing that improving earnings have not reduced dependence on creditors.

Operating cash flow of $1.2B exceeded the $713M dividend payment, but distributions still consumed most internally generated cash available for other uses. Investment cash outflow was $653M, so capital allocation is splitting cash between shareholder distributions and asset investment rather than allowing it all to strengthen the balance sheet.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 40 / 100
Financial Health Score 40/100
Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Invitation Homes Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin
64

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Invitation Homes Inc. scores 64/100 on it among other REITs.

FFO Growth
51

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Invitation Homes Inc. scores 51/100 on it among other REITs.

Leverage
0

Not available for Invitation Homes Inc., and counted as zero in the overall score.

Interest Cov.
0

Not available for Invitation Homes Inc., and counted as zero in the overall score.

AFFO Margin
68

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Invitation Homes Inc. scores 68/100 on it among other REITs.

Dividend Cov.
59

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Invitation Homes Inc. scores 59/100 on it among other REITs.

Piotroski F-Score Partial
6/7

Invitation Homes Inc. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.05x

For every $1 of reported earnings, Invitation Homes Inc. generates $2.05 in operating cash flow ($1.2B OCF vs $587.9M 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
$747.5M
YoY+9.7%
QoQ+1.8%
5Y CAGR+8.7%

Invitation Homes Inc. generated $747.5M in revenue in Q2 2026. This represents an increase of 9.7% from the same quarter a year earlier. Against the prior quarter it is up 1.8%.

Net Income
$218.8M
YoY+55.3%
QoQ+36.3%
5Y CAGR+29.4%

Invitation Homes Inc. reported $218.8M in net income in Q2 2026. This represents an increase of 55.3% from the same quarter a year earlier. Against the prior quarter it is up 36.3%.

EPS (Diluted)
$0.37
YoY+60.9%
QoQ+42.3%
5Y CAGR+27.5%

Invitation Homes Inc. earned $0.37 per diluted share (EPS) in Q2 2026. This represents an increase of 60.9% from the same quarter a year earlier. Against the prior quarter it is up 42.3%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt
$75.8M
YoY+16.4%
QoQ-33.6%
5Y CAGR-9.7%
10Y CAGR-12.8%

Invitation Homes Inc. held $75.8M in cash against $8.5B in long-term debt as of Q2 2026.

Dividends Per Share
$0.30
YoY+3.4%
QoQ0.0%
5Y CAGR+12.0%

Invitation Homes Inc. paid $0.30 per share in dividends in Q2 2026. This represents an increase of 3.4% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding
591M
YoY-3.7%
QoQ-0.6%
5Y CAGR+0.5%

Invitation Homes Inc. had 591M shares outstanding in Q2 2026. This represents a decrease of 3.7% from the same quarter a year earlier. Against the prior quarter it is down 0.6%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Net Margin
29.3%
YoY+8.6pp
QoQ+7.4pp
5Y change+17.0pp

Invitation Homes Inc.'s net profit margin was 29.3% in Q2 2026, showing the share of revenue converted to profit. This is up 8.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.4 percentage points.

Return on Equity
2.4%
YoY+1.0pp
QoQ+0.6pp
5Y change+1.7pp

Invitation Homes Inc.'s ROE was 2.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks
$100.1M
QoQ-77.6%

Invitation Homes Inc. spent $100.1M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 77.6%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

INVH 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.

INVH quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$747.5M+9.7%$734.1M+8.8%$685.3M+4.0%$688.2M+4.2%$681.4M+4.3%$674.5M+4.4%$659.1M+5.6%$660.3M+6.9%
SG&A Expenses$29.3M+24.3%$32.3M+9.5%$23.7M-1.0%$18.4M-15.1%$23.6M+9.7%$29.5M+25.9%$23.9M+6.9%$21.7M-4.3%
Interest Expense$94.0M+7.5%$95.3M+13.1%$90.9M-4.5%$90.8M-0.3%$87.4M-2.9%$84.3M-6.2%$95.2M+5.7%$91.1M+5.0%
Net Income$218.8M+55.3%$160.5M-3.2%$144.6M+1.0%$136.7M+43.5%$140.9M+92.5%$165.7M+16.4%$143.1M+10.5%$95.3M-27.7%
EPS (Basic)$0.37+60.9%$0.26-3.7%$0.24+4.3%$0.22+37.5%$0.23+91.7%$0.27+17.4%$0.23+9.5%$0.16-27.3%
EPS (Diluted)$0.37+60.9%$0.26-3.7%$0.24+4.3%$0.22+46.7%$0.23+91.7%$0.27+17.4%$0.23+9.5%$0.15-28.6%
Diluted Shares (Avg)592M-3.4%606M-1.2%N/A613M-0.1%613M-0.1%613M-0.1%N/A614M0.0%

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

INVH 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.

INVH quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$18.4B-1.1%$18.7B+0.7%$18.7B-0.1%$18.8B-4.3%$18.7B-3.0%$18.6B-3.3%$18.7B-2.7%$19.6B+0.9%
Cash & Equivalents$75.8M+16.4%$114.1M+35.2%$130.0M-25.5%$155.4M-84.9%$65.1M-91.3%$84.4M-88.6%$174.5M-75.1%$1.0B+34.7%
Short-Term Investments$0$0$0$0$0$0$0$0
Long-Term Investments$0$0$0$0$0$0$0$0
Goodwill$314.2M+21.7%$314.2M+21.7%$258.2M0.0%$258.2M0.0%$258.2M0.0%$258.2M0.0%$258.2M0.0%$258.2M0.0%
Total Liabilities$9.4B+4.5%$9.6B+8.5%$9.1B+2.3%$9.1B-5.8%$9.0B-2.4%$8.8B-2.4%$8.9B-1.4%$9.7B+5.3%
Long-Term Debt$8.5B+4.3%$8.8B+8.6%$8.4B+2.2%$8.2B-8.6%$8.2B-4.3%$8.1B-5.2%$8.2B-4.0%$9.0B+5.4%
Total Equity$9.1B-6.3%$9.1B-6.5%$9.5B-2.3%$9.6B-2.9%$9.7B-3.6%$9.7B-4.1%$9.8B-3.9%$9.9B-3.1%
Retained Earnings-$1.6B-3.8%-$1.6B-9.1%-$1.6B-8.8%-$1.6B-23.2%-$1.5B-27.8%-$1.5B-35.8%-$1.5B-38.3%-$1.3B-22.7%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities.

INVH 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.

INVH quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow$383.6M+0.3%$293.0M-2.5%$128.7M-3.1%$394.6M+25.8%$382.5M+3.4%$300.5M+13.2%$132.8M+51.7%$313.6M-25.5%
Depreciation & Amortization$198.7M+6.2%$197.1M+6.7%$191.1M+4.5%$189.6M+4.3%$187.1M+5.4%$184.8M+4.8%$182.8M+5.1%$181.8M+6.0%
Stock-Based Compensation$9.3M+10.4%$10.7M+5.3%N/A$1.9M-64.6%$8.5M+13.0%$10.2M+28.6%N/A$5.4M-39.3%
Investing Cash Flow$133.4M+144.1%-$52.3M+54.2%-$81.6M-404.1%-$154.1M+47.3%-$302.7M-72.7%-$114.2M-358.8%$26.8M+778.1%-$292.5M+56.8%
Financing Cash Flow-$562.7M-390.7%-$222.6M+22.5%-$87.9M+91.1%-$128.6M-149.2%-$114.7M+35.8%-$287.4M-50.6%-$985.4M-493.6%$261.2M-57.7%
Dividends Paid$179.3M+0.8%$184.5M+3.5%$178.0M+3.8%$178.0M+3.3%$178.0M+3.6%$178.2M+2.9%$171.5M+6.9%$172.4M+7.4%
Share Buybacks$100.1M$447.2MN/AN/A$0$0N/AN/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

INVH 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.

INVH quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Net Margin29.3%+8.6pp21.9%-2.7pp21.1%-0.6pp19.9%+5.4pp20.7%+9.5pp24.6%+2.5pp21.7%+1.0pp14.4%-6.9pp
Return on Equity2.4%+1.0pp1.8%+0.1pp1.5%+0.1pp1.4%+0.5pp1.5%+0.7pp1.7%+0.3pp1.5%+0.2pp1.0%-0.3pp
Return on Assets1.2%+0.4pp0.9%0.0pp0.8%0.0pp0.7%+0.2pp0.8%+0.4pp0.9%+0.1pp0.8%+0.1pp0.5%-0.2pp
Debt-to-Equity0.94+0.1x0.97+0.1x0.880.0x0.85-0.1x0.850.0x0.830.0x0.840.0x0.91+0.1x
Asset Turnover0.040.0x0.040.0x0.040.0x0.040.0x0.040.0x0.040.0x0.040.0x0.030.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, 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
Invitation Homes Inc. INVH FY2025 $2.7B $587.9M 21.5% $15.8B 40/100
Essex Property Trust, Inc ESS FY2025 $1.9B $702.8M 37.2% $17.5B 57/100
Mid-America Apartment Communities, Inc. MAA FY2025 $2.2B $446.9M 20.2% $13.6B 41/100
Sun Communities, Inc SUI FY2025 $2.3B $1.4B 61.3% $13.9B 42/100
AMERICAN HOMES 4 RENT AMH FY2025 N/A $513.4M N/A $11.1B —
AvalonBay Communities, Inc. AVB FY2025 $3.0B $1.1B 34.8% $26.3B 65/100

Frequently Asked Questions

What is Invitation Homes Inc.'s annual revenue?

Invitation Homes Inc. (INVH) reported $2.7B in total revenue for fiscal year 2025. This represents a 4.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Invitation Homes Inc.'s revenue growing?

Invitation Homes Inc. (INVH) revenue grew by 4.2% year-over-year, from $2.6B to $2.7B in fiscal year 2025.

Is Invitation Homes Inc. profitable?

Yes, Invitation Homes Inc. (INVH) reported a net income of $587.9M in fiscal year 2025, with a net profit margin of 21.5%.

Invitation Homes Inc. (INVH) reported diluted earnings per share of $0.96 for fiscal year 2025. This represents a 29.7% 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.

As of fiscal year 2025, Invitation Homes Inc. (INVH) had $130.0M in cash and equivalents against $8.4B in long-term debt.

Invitation Homes Inc. (INVH) had a net profit margin of 21.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Invitation Homes Inc. (INVH) paid $1.17 per share in dividends during fiscal year 2025.

Invitation Homes Inc. (INVH) has a return on equity of 6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Invitation Homes Inc. (INVH) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Invitation Homes Inc. (INVH) had $18.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Invitation Homes Inc. (INVH) spent $53.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Invitation Homes Inc. (INVH) had 609M shares outstanding as of fiscal year 2025.

Invitation Homes Inc. (INVH) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Invitation Homes Inc. (INVH) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Invitation Homes Inc. (INVH) trades at 24.0x earnings, its market capitalization divided by net income of $660.6M net income, trailing 12 months to June 30, 2026. The market capitalization is $15.8B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Invitation Homes Inc. (INVH) trades at 5.5x sales, its market capitalization divided by revenue of $2.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $15.8B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Invitation Homes Inc. (INVH) has a Piotroski F-Score of 6 out of 7 computable signals; 2 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.

Invitation Homes Inc. (INVH) has an earnings quality ratio of 2.05x, 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.

Invitation Homes Inc. (INVH) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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