# Invitation Homes Inc. Common Stock (INVH) — Stock CV

Invitation Homes Inc. 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.

> 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.

## Identity

- **Ticker**: INVH
- **Sector**: Real Estate
- **Industry**: Real Estate Operators (No Developers) & Lessors
- **Headquarters**: DALLAS, TX
- **Employees**: 1 725
- **Website**: https://www.invitationhomes.com
- **Market cap**: $15.8B
- **Last price**: $26.79
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $2.86B
- **Net income**: $661M
- **Free cash flow**: $1.19B
- **Net debt**: $8.30B
- **P/E**: 24.0
- **Revenue growth (YoY)**: 6.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 62 |
| Profitability | 60 |
| Health | 18 |
| Quality | 97 |
| Moat | 30 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +6.3% YoY
- [x] Profitable — $661M TTM
- [x] Profit growing — +15.2% YoY
- [x] Generates cash — $1.19B TTM
- [ ] Debt under control — ~7.0y of cash flow to repay
- [x] Established company — $15.8B market cap
- [ ] Not printing shares — +10.4% shares over ~5y
- [x] Proven track record — 7/9 profitable years
- [ ] Financially stable — Altman Z -0.0 — distress
- [x] Pays a dividend — yield 4.55%
- [x] Valuation not extreme — P/E 24.0

## Experience (career milestones)

- **FY2025** — Best year on record: $588M net income
- **2023** — The company acquired a portfolio of 1,900 rental homes in the Southeastern United States for $650 million
- **2021** — The company launched a joint venture with Atlanta, Georgia-based home construction company PulteGroup
- **2020** — Invitation Homes created a joint venture in October 2020 with Rockpoint Group to purchase $1 billion in…
- **FY2019** — Turned profitable: $145M net income after a loss year
- **FY2018** — Revenue crossed $1B: $1.72B for the year
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **2017** — Invitation Homes merged with Starwood Waypoint, a corporate spin-off of Starwood Capital Group,…
- **2016** — Invitation Homes instituted its "Resident First Look" program where some renters would be given an option…
- **2013** — Invitation Homes created an asset class of single-family rental securities (SFR) in 2013 to raise money for…
- **2012** — The company was acquired by Blackstone Inc in the spring of 2012, forming Invitation Homes
- **2012** — Invitation Homes' first home purchase was in April 2012, and within a year the company had spent $4 billion on…
- **2011** — Treehouse merged with the Dallas-based property management firm Riverstone Residential
- **2010** — Between 2010 and 2011, it bought 1,000 distressed houses in Phoenix, Arizona, a city heavily impacted by…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.00B | $261M | $830M |
| FY2022 | $2.24B | $383M | $901M |
| FY2023 | $2.43B | $519M | $1.08B |
| FY2024 | $2.62B | $454M | $1.05B |
| FY2025 | $2.73B | $588M | $1.18B |

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Source: https://stockcv.com/INVH — derived from company filings; may be delayed or incomplete. Information, not investment advice.