Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high quality homes in sought after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people. We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated. Since our founding in 2012, we have built a proven, vertically integrated operating platform that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own and those we manage on behalf of others. The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand Invitation Homes Inc. was incorporated in 6th June 2012 and is based in Dallas, United States.
Invitation Homes Inc. (INVH) reported trailing twelve months revenue of $2.79B as of March 2026, a 5.3% increase year-over-year. Quarterly revenue reached $734.11M, reflecting continued top-line momentum.
Invitation Homes Inc. generated $582.69M in TTM net income, with quarterly EBITDA of $272.54M. The operating margin contracted from 27.8% to 10.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (10.8%) and net margin (21.9%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 24.6% a year ago, reflecting increased costs or interest expense.
INVH trades at a P/E of 25.8x (in line with broad market averages) and a P/S of 5.4x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company generated $236.00M in free cash flow over the trailing twelve months, a 5.4% decrease year-over-year, indicating cash generation ability. The balance sheet shows $18.70B in total assets with $8.24B in long-term debt against $9.09B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~29.8%, suggesting durable pricing power and cost discipline.
ROE is positive at ~5.4% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~9.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~31.5% — no sign of cost or pricing stress.
FCF covers net income by 1.9x on average — earnings are well-supported by cash generation.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation