Invitation Homes Inc.
Real Estate Operators (No Developers) & Lessors
Invitation Homes owns a portfolio of over 85,000 single-family rental homes. The company focuses on owning homes in the starter and move-up segments of the housing market with an average sale price of around $375,000 and generally less than 1,800 square feet.
It is a $15.8B real estate company. Revenue grew 6.3% over the last year, it keeps 23¢ of every dollar of sales as profit, and its net debt equals ~7.0 years of free cash flow. It trades at 24.0× earnings — near the lowest of its own history.
- Website
- invitationhomes.com
- Location
- Dallas, TX
- Employees
- 1 725
- Sector
- Real Estate
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality; Health and Moat lag behind.
Valuation69
- P/E vs own history1th pct · 25/25
- FCF yield7.5% · 20/25
- P/S5.5x · 12/25
- EV/EBITDA16.3x · 12/25
Growth62
- Revenue CAGR8.1% · 12/25
- Net income CAGR22.5% · 25/25
- EPS CAGR ~5Y22.1% · 25/25
- Fwd implied growth-29.9% · 0/25
Profitability60
- ROIC3.3% · 5/25
- ROE7.1% · 5/25
- Net margin23.1% · 25/25
- Operating margin25.5% · 25/25
Health18
- Altman Z-0.01 · 3/25
- Current ratio0.31 · 0/25
- Interest coverage2.6x · 10/25
- Net cash / debtD/A 44% · 5/25
Quality97
- Piotroski F7/9 · 22/25
- Beneish M-2.71 · 25/25
- FCF conversion177% · 25/25
- Margin stabilityσ 4.1% · 25/25
Moat30
- ROIC >12% years0/7 yrs · 0/25
- Median gross margin12.7% · 0/25
- FCF-positive years9/9 yrs · 25/25
- Worst-year net marginworst -0.3% · 5/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$588M net income
- 2023AcquisitionThe company acquired a portfolio of 1,900 rental homes in the Southeastern United States for $650 million
- 2021ProductThe company launched a joint venture with Atlanta, Georgia-based home construction company PulteGroup
- 2020ProductInvitation Homes created a joint venture in October 2020 with Rockpoint Group to purchase $1 billion in…
- FY2019FinancialTurned profitable$145M net income after a loss year
- FY2018FinancialRevenue crossed $1B$1.72B for the year
- FY2017FinancialPositive free cash flow every year since9-year streak
- 2017AcquisitionInvitation Homes merged with Starwood Waypoint, a corporate spin-off of Starwood Capital Group,…
- 2016MilestoneInvitation Homes instituted its "Resident First Look" program where some renters would be given an option…
- 2013ProductInvitation Homes created an asset class of single-family rental securities (SFR) in 2013 to raise money for…
- 2012AcquisitionThe company was acquired by Blackstone Inc in the spring of 2012, forming Invitation Homes
- 2012MilestoneInvitation Homes' first home purchase was in April 2012, and within a year the company had spent $4 billion on…
- 2011AcquisitionTreehouse merged with the Dallas-based property management firm Riverstone Residential
- 2010AcquisitionBetween 2010 and 2011, it bought 1,000 distressed houses in Phoenix, Arizona, a city heavily impacted by…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (56.4%)
- Strongly profitable — 23.1% net margin
- Strong cash conversion — FCF is 41.6% of revenue
- Piotroski F-Score 7/9 — fundamentally strong checklist
Watch-outs
- Altman Z-Score -0.01 — elevated financial-distress risk
- Net debt would take ~7.3 years of free cash flow to repay
- Loss-making in 2 of the recent years
- Net debt equals ~7.0 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+6.3% YoY
- Profitable — makes more than it spends$661M TTM
- Profit growing — earnings are higher than last year+15.2% YoY
- Generates cash — cash left after running and investing$1.19B TTM
- Debt under control — could handle its obligations~7.0y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$15.8B market cap
- Not printing shares — share count not ballooning — you keep your slice+10.4% shares over ~5y
- Proven track record — years of profitability behind it7/9 profitable years
- Financially stable — balance sheet not near distressAltman Z -0.0 — distress
- Pays a dividend — returns cash to shareholdersyield 4.55%
- Valuation not extreme — price not wildly above earningsP/E 24.0
Peer comparisonInvitation Homes Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| INVH this company | $15.8B | 24.0 | +6.3% | 23.1% | Strained |
| WELL Welltower Inc. | $162.5B | 108.1 | +37.6% | 12.1% | Strained |
| PLD Prologis, Inc. | $123.1B | 29.8 | +7.3% | 45.8% | Strained |
| EQIX Equinix, Inc. | $101.2B | 66.0 | +9.6% | 15.6% | Strained |
| AMT American Tower Corporation | $84.5B | 25.0 | +14.2% | 31.1% | Strained |
| DLR Digital Realty Trust, Inc. | $66.6B | 83.0 | +17.4% | 11.8% | Strained |
| SPG Simon Property Group, Inc. | $64.7B | 14.0 | +15.0% | 66.5% | Strained |
Head-to-head: INVH vs WELL · INVH vs PLD · INVH vs EQIX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2017–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/INVH
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of INVH on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $26.79 · market cap $15.8B.