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American Homes
(NYSE:AMH)
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Rating:64Neutral
Price Target:
$34.00
â–¼(-1.62% Downside)
Action:Reiterated
Date:09/10/26
AMH scores in the mid-range driven primarily by stable financial positioning and strong cash generation, reinforced by a constructive earnings call with raised Core FFO guidance and solid operating execution. The score is held back by weak near-term technical momentum and reduced confidence from recent TTM revenue/margin volatility, while valuation is mixed with a decent yield but a higher P/E.
Positive Factors
High occupancy and leasing
Occupancy near 96% and positive renewal and blended lease spreads show that AMH is retaining residents while still achieving rent increases. This supports recurring rental revenue, limits vacancy-related leakage, and provides a durable operating base as leases roll into 2027.
Negative Factors
Revenue and margin volatility
The sharp TTM revenue decline and unusually wide margin swings make recent earnings less comparable and reduce confidence in near-term operating visibility. If reported profitability continues to reflect non-recurring effects, core rental growth may provide a less reliable guide to future earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and leasing
Occupancy near 96% and positive renewal and blended lease spreads show that AMH is retaining residents while still achieving rent increases. This supports recurring rental revenue, limits vacancy-related leakage, and provides a durable operating base as leases roll into 2027.
Read all positive factors
American Homes (AMH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.04B
Dividend Yield4.24%
Average Volume (3M)2.61M
Price to Earnings (P/E)24.1
Beta (1Y)0.28
Revenue Growth4.15%
EPS Growth13.70%
CountryUS
Employees1,598
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)1.26
Shares Outstanding359,179,930
10 Day Avg. Volume4,130,137
30 Day Avg. Volume2,607,367
Financial Highlights & Ratios
PEG Ratio2.94
Price to Book (P/B)1.69
Price to Sales (P/S)6.37
P/FCF Ratio15.94
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$36.68Price Target Upside6.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)1.11
Revenue Forecast (FY)$1.91B
American Homes Business Overview & Revenue Model
Company Description
American Homes 4 Rent (AMH, listed on the NYSE) holds a leading position in the single-family rental housing market. This company is rapidly establishing itself as a nationally recognized brand, highly regarded for providing rental homes that offe...
How the Company Makes Money
AMH primarily makes money by owning and operating a portfolio of single-family homes and collecting rental income from residents under lease agreements. Its core revenue stream is residential rent, which is driven by (1) the number of occupied hom...
American Homes Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call emphasized broad operational execution: strong leasing momentum, tight expense control, successful pre-leasing and development lease-ups, ahead-of-plan dispositions, and a modest upward guidance revision for Core FFO per share. Offsetting items include pockets of market weakness (Atlanta, Phoenix, Tampa), an expected moderation of revenue growth in H2 versus H1, measured development pacing despite capacity to accelerate, and leverage/liquidity considerations that rely in part on continued disposition execution. Overall the positives — improved FFO, occupancy/leasing strength, disciplined capital allocation, and ahead-of-plan disposition proceeds — materially outweigh the manageable challenges discussed.Positive Updates
FFO and Earnings Growth
Generated net income attributable to common shareholders of $113.6M, or $0.31 per diluted share. Produced $0.49 of Core FFO (up 5.2% YoY) and $0.45 of Adjusted FFO (up 8.3% YoY).
Negative Updates
Localized Market Weakness
Select markets underperformed: Atlanta remains below preferred occupancy and rates are treading water; Phoenix and Tampa showed weaker blended spreads in Q2. Management highlighted the need for additional evidence of recovery in some markets.
Read all updates
Q2-2026 Updates
Positive
Negative
FFO and Earnings Growth
Generated net income attributable to common shareholders of $113.6M, or $0.31 per diluted share. Produced $0.49 of Core FFO (up 5.2% YoY) and $0.45 of Adjusted FFO (up 8.3% YoY).
Read all positive updates
Company Guidance
AMH raised its 2026 Core FFO/share midpoint by $0.03 to $1.95 (implying 4.3% year‑over‑year growth) after a strong first half, lowered the midpoint of full‑year Core expense growth by 75 basis points to 2%, and increased the midpoint of Same‑Home Core NOI growth by 40 basis points to 2.4% with Same‑Home margins expected to modestly expand versus 2025; operationally Q2 average occupied days were 96% (July 96.1%) with new/renewal/blended spreads of 1.4%/3.2%/2.7% in Q2 (1.6%/3.3%/2.8% in July), renewals are trending toward ~3.5% with blends in the low‑2s and new lease growth guided to be flattish for the year, and only one‑third of 2026 lease expirations remain supporting a flatter occupancy curve into 2027; on capital allocation and development, AMH delivered 651 homes in Q2 (542 to wholly owned for ~ $220M), YTD dispositions generated ~ $380M of net proceeds (over 1,300 homes sold at ~4% cap rates) and are tracking to the upper half of the prior $400–$600M range while match‑funding on‑balance‑sheet development, and the balance sheet sits at net debt (incl. preferred)/Adj. EBITDA of 5.2x with ~$84M cash, $390M drawn on a $1.25B revolver, 4.1M shares repurchased for $123M at a $29.88 average and roughly $377M of repurchase authorization remaining.American Homes Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.88B | 1.87B | 1.73B | 1.62B | 1.49B | 1.30B |
| Gross Profit | 575.16M | 62.81M | 961.30M | 883.87M | 802.29M | 701.06M |
| EBITDA | 1.20B | 1.20B | 874.31M | 806.26M | 731.54M | 640.72M |
| Net Income | 478.52M | 452.97M | 412.43M | 380.17M | 273.14M | 189.09M |
Balance Sheet | ||||||
| Total Assets | 13.10B | 13.24B | 13.38B | 12.69B | 12.18B | 10.96B |
| Cash, Cash Equivalents and Short-Term Investments | 83.67M | 108.52M | 199.41M | 59.38M | 69.16M | 48.20M |
| Total Debt | 5.15B | 5.13B | 5.03B | 4.48B | 4.54B | 3.90B |
| Total Liabilities | 5.66B | 5.53B | 5.53B | 5.04B | 5.00B | 4.22B |
| Stockholders Equity | 6.81B | 7.03B | 7.16B | 6.97B | 6.50B | 6.06B |
Cash Flow | ||||||
| Free Cash Flow | 926.44M | 746.12M | 689.78M | 604.51M | 526.74M | 472.65M |
| Operating Cash Flow | 864.75M | 864.33M | 811.53M | 738.69M | 665.52M | 595.20M |
| Investing Cash Flow | -72.64M | -328.17M | -825.88M | -692.58M | -1.43B | -1.73B |
| Financing Cash Flow | -1.00B | -655.69M | 142.70M | -42.21M | 786.18M | 1.06B |
American Homes Technical Analysis
Negative
34.56
Price Trends
32.67
Negative
32.46
Negative
31.07
Negative
Market Momentum
-0.64
Positive
28.08
Positive
15.43
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMH, the sentiment is Negative. The current price of 34.56 is above the 20-day moving average (MA) of 31.32, above the 50-day MA of 32.67, and above the 200-day MA of 31.07, indicating a bearish trend. The MACD of -0.64 indicates Positive momentum. The RSI at 28.08 is Positive, neither overbought nor oversold. The STOCH value of 15.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AMH.
American Homes Risk Analysis
American Homes disclosed 45 risk factors in its most recent earnings report. American Homes reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
American Homes Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $4.09B | 9.05 | 8.13% | 11.59% | 228.24% | 890.54% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $11.04B | 24.12 | 6.85% | 4.24% | 4.15% | 13.70% | |
64 Neutral | $13.32B | 32.03 | 7.80% | 4.37% | 0.72% | 111.53% | |
61 Neutral | $3.58B | 79.14 | 1.27% | 4.82% | 3.46% | 51.40% | |
61 Neutral | $15.69B | 24.16 | 7.08% | 4.56% | 5.25% | 24.70% | |
58 Neutral | $14.09B | 34.43 | 7.16% | 5.19% | 0.85% | -29.53% |
* Real Estate Sector Average
AMH
American Homes
30.39
-1.10
-3.49%
MAA
MAA
117.74
-14.01
-10.63%
CPT
Camden Property
96.73
-4.63
-4.57%
IRT
Independence Realty
14.53
-1.15
-7.36%
INVH
Invitation Homes
26.33
-1.42
-5.10%
MRP
Millrose Properties Inc Class A
25.97
-4.38
-14.44%
American Homes Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresRegulatory Filings and Compliance
AMH Outlines 2026 Guidance and Capital Strategy
Positive
Sep 9, 2026
On September 9, 2026, AMH published an “Investor Highlights” presentation outlining its financial guidance, operating metrics and capital strategy for 2026. The company expects core funds from operations per share growth of 4.3 percent...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
American Homes 4 Rent Renews Equity Offering Program
Positive
Jun 12, 2026
On June 12, 2026, American Homes 4 Rent replaced its expiring shelf registration with a new automatic shelf and concurrently renewed its at-the-market equity offering program, enabling issuance and sale of up to $1.0 billion of Class A common shar...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.