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Invitation Homes
(NYSE:INVH)
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Rating:70Outperform
Price Target:
$32.00
â–²(18.39% Upside)
Action:Reiterated
Date:06/01/26
INVH scores as a solid, but not top-tier, setup driven primarily by strong cash generation and improving leasing/occupancy momentum alongside active shareholder returns. The score is tempered by balance-sheet reporting inconsistency (TTM debt comparability), near-term NOI/AFFO pressure from expenses and new-lease softness, and a valuation that looks demanding on P/E despite an attractive dividend yield.
Positive Factors
Cash generation / FCF
Consistent operating cash flow and free cash flow (historically ~0.8x of net income and ~1.0x TTM) provide durable internal funding. Reliable FCF underpins dividend coverage, sustained buybacks and reinvestment in renovations and development, cushioning the business through rent cycles.
Negative Factors
Balance-sheet reporting inconsistency
A TTM reporting anomaly that shows zero total debt while annual periods show meaningful debt reduces comparability and undermines confidence in leverage metrics. This complicates covenant assessment, credit analysis and forecasting, increasing model and decision risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation / FCF
Consistent operating cash flow and free cash flow (historically ~0.8x of net income and ~1.0x TTM) provide durable internal funding. Reliable FCF underpins dividend coverage, sustained buybacks and reinvestment in renovations and development, cushioning the business through rent cycles.
Read all positive factors
Invitation Homes Key Performance Indicators (KPIs)
Any
Average Monthly Rent
Shows the average rent collected per property, providing insight into revenue generation and pricing power in the rental market.
Shows the average rent collected per property, providing insight into revenue generation and pricing power in the rental market.
Data provided by:
The Fly
The FlyInvitation Homes (INVH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.95B
Dividend Yield4.3%
Average Volume (3M)6.00M
Price to Earnings (P/E)32.0
Beta (1Y)0.30
Revenue Growth3.66%
EPS Growth65.23%
CountryUS
Employees1,750
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.95
Shares Outstanding594,041,930
10 Day Avg. Volume7,088,802
30 Day Avg. Volume5,998,967
Financial Highlights & Ratios
PEG Ratio0.97
Price to Book (P/B)1.79
Price to Sales (P/S)6.24
P/FCF Ratio17.68
Enterprise Value/Market Cap1.43
Enterprise Value/Revenue9.18
Enterprise Value/Gross Profit20.39
Enterprise Value/Ebitda15.51
Forecast
1Y Price Target
$31.85Price Target Upside17.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)0.81
Revenue Forecast (FY)$2.85B
Invitation Homes Business Overview & Revenue Model
Company Description
Invitation Homes stands as the nation's foremost provider of single-family rental properties, catering to evolving lifestyle needs by delivering contemporary, well-maintained residences. These homes boast desirable attributes such as convenient pr...
How the Company Makes Money
Invitation Homes primarily makes money by leasing single-family homes to residents and collecting contractual rental income. Its key revenue stream is rental revenue (base rent) generated from its portfolio of homes, with revenue levels influenced...
Invitation Homes Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call highlighted multiple operational and financial strengths: improving occupancy and leasing momentum into peak season, positive renewal rent growth, strong disposition execution enabling aggressive share buybacks, a solid balance sheet and liquidity position, and rapid integration of the ResiBuilt platform. Offsetting these positives were short-term pressures including negative new-lease growth in Q1 (improving in April), elevated year-over-year expense comparisons, a slight decline in same-store NOI and AFFO per share, and a materially reduced forward pipeline alongside legislative uncertainty that has led to a cautious stance on acquisitions and some delays. Overall, the company emphasized resilience, disciplined capital allocation, and cautious optimism as leasing trends improve.Positive Updates
Occupancy Recovery and Leasing Momentum
Average same-store occupancy accelerated to 96.3% in Q1 and improved month-over-month to 97.1% in April (an ~80 bps increase from Q1), with occupancy climbing each month during the quarter and entering peak leasing season with improving momentum.
Negative Updates
Q1 New-Lease Pressure
New lease rent growth was negative -3.0% in Q1, reflecting elevated supply in several markets and creating a headwind to blended rent growth for the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Occupancy Recovery and Leasing Momentum
Average same-store occupancy accelerated to 96.3% in Q1 and improved month-over-month to 97.1% in April (an ~80 bps increase from Q1), with occupancy climbing each month during the quarter and entering peak leasing season with improving momentum.
Read all positive updates
Company Guidance
Management reiterated the full-year outlook given in February, reaffirming full‑year expense guidance of 3–4% while noting Q1 operating and balance‑sheet metrics: same‑store core revenue +1.6% YoY, same‑store NOI -0.3%, renewal rent +3.7%, new‑lease rent -3.0% (Q1 blended +1.6%), average Q1 occupancy 96.3% (April 97.1%), April blended rent +2.3% (renewals low‑3% range; new leases ~+0.5%), bad debt 60 bps, core FFO/share roughly flat and AFFO/share -2.6%; liquidity $1.3B, total indebtedness ~$8.9B, net debt/adjusted EBITDA 5.6x (target 5.5–6x), 89.5% fixed/swapped debt, ~90% homes unencumbered. Capital allocation actions that inform guidance include dispositions of 483 homes for $206M (pro‑forma stabilized cap rates low‑4s), Q1 repurchases of ~17M shares for ~$439M (over 19M shares retired at $25.86 avg) completing the $500M buyback and a new $500M authorization, forward pipeline just over $200M, ResiBuilt delivering 300+ homes, and $279M construction‑lending commitments (≈$20M funded); management expects year‑over‑year expense comparisons to normalize and will update outlook after most of peak leasing season.Invitation Homes Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.79B | 2.73B | 2.62B | 2.43B | 2.24B | 2.00B |
| Gross Profit | 1.26B | 100.71M | 1.55B | 1.46B | 1.36B | 1.22B |
| EBITDA | 1.65B | 1.47B | 1.54B | 1.53B | 1.33B | 1.18B |
| Net Income | 582.69M | 587.92M | 453.92M | 519.47M | 383.33M | 261.43M |
Balance Sheet | ||||||
| Total Assets | 18.70B | 18.68B | 18.70B | 19.22B | 18.54B | 18.54B |
| Cash, Cash Equivalents and Short-Term Investments | 114.13M | 129.97M | 174.49M | 700.62M | 262.87M | 610.17M |
| Total Debt | 8.80B | 8.38B | 8.20B | 8.55B | 7.77B | 8.00B |
| Total Liabilities | 9.57B | 9.11B | 8.91B | 9.03B | 8.21B | 8.70B |
| Stockholders Equity | 9.09B | 9.53B | 9.76B | 10.16B | 10.29B | 9.80B |
Cash Flow | ||||||
| Free Cash Flow | 1.13B | 963.48M | 862.41M | 885.99M | 815.52M | 744.83M |
| Operating Cash Flow | 1.20B | 1.21B | 1.08B | 1.11B | 1.02B | 907.66M |
| Investing Cash Flow | -590.63M | -652.57M | -465.87M | -773.55M | -814.41M | -1.16B |
| Financing Cash Flow | -553.78M | -618.49M | -1.09B | 110.02M | -574.11M | 658.99M |
Invitation Homes Technical Analysis
Positive
27.03
Price Trends
28.58
Positive
26.96
Positive
26.99
Positive
Market Momentum
0.31
Negative
67.66
Neutral
86.35
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INVH, the sentiment is Positive. The current price of 27.03 is below the 20-day moving average (MA) of 29.20, below the 50-day MA of 28.58, and above the 200-day MA of 26.99, indicating a bullish trend. The MACD of 0.31 indicates Negative momentum. The RSI at 67.66 is Neutral, neither overbought nor oversold. The STOCH value of 86.35 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INVH.
Invitation Homes Risk Analysis
Invitation Homes disclosed 73 risk factors in its most recent earnings report. Invitation Homes reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Invitation Homes Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $12.06B | 27.39 | 6.65% | 3.81% | 5.40% | 14.43% | |
72 Outperform | $19.38B | 32.89 | 10.35% | 3.98% | 5.27% | -14.94% | |
71 Outperform | $25.45B | 27.05 | 8.71% | 4.52% | 4.66% | -4.42% | |
70 Outperform | $17.95B | 31.97 | 6.15% | 4.30% | 3.66% | 65.23% | |
68 Neutral | $16.58B | 42.39 | 6.78% | 4.42% | 0.77% | -31.36% | |
67 Neutral | $15.48B | 32.21 | 8.86% | 3.90% | 1.45% | 230.03% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
INVH
Invitation Homes
30.21
-1.18
-3.76%
EQR
Equity Residential
67.93
3.57
5.55%
MAA
Mid-America Apartment
138.94
-3.42
-2.40%
ESS
Essex Property
295.93
19.66
7.12%
CPT
Camden Property
114.49
5.94
5.47%
AMH
American Homes
33.52
-0.82
-2.38%
Invitation Homes Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Invitation Homes Highlights Value, Growth and Rental Tailwinds
Positive
Jun 1, 2026
In June 2026 Invitation Homes circulated an investor presentation highlighting that its stock price implies a per-home valuation notably below its first-quarter 2026 average sales price, positioning the shares as attractively valued. The company r...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Invitation Homes Shareholders Endorse Governance and Incentive Plans
Positive
May 8, 2026
On May 7, 2026, Invitation Homes Inc. held its annual meeting, where stockholders representing 90.63% of outstanding shares voted on key governance and compensation matters. Shareholders elected all nominated directors to one-year terms ending at ...
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.