Invitation Homes Inc.
- Open
- 29.01
- Day high
- 29.02
- Day low
- 28.77
- Prev close
- 28.84
- Volume
- 80K
- Mkt cap
- $17.7B
- P/E (TTM)
- 26.5
- EPS (TTM)
- $1.09
- P/B
- 2.0
- P/S
- 6.2
- Yield
- 4.12%
- Per share
- $1.19
Invitation Homes Inc. (INVH) is a Real Estate company listed on NYSE. The stock is down 4% over the past year. Drillr has 1 published research article covering INVH.
Invitation Homes Inc. (INVH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
INVH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.17 | $0.37 | +113.9% | $748M | +2.3% |
| Apr 30, 2026 | $0.18 | $0.26 | +43.6% | $734M | +6.3% |
| Feb 18, 2026 | $0.48 | $0.27 | -43.4% | $685M | +0.1% |
| Oct 29, 2025 | $0.46 | $0.22 | -52.6% | $688M | +0.7% |
| Jul 30, 2025 | $0.48 | $0.23 | -52.1% | $681M | -0.1% |
| Apr 30, 2025 | $0.47 | $0.27 | -41.9% | $674M | +1.3% |
| Feb 26, 2025 | $0.46 | $0.23 | -50.4% | $659M | -0.1% |
| Oct 30, 2024 | $0.17 | $0.15 | -12.3% | $660M | -0.1% |
| Jul 24, 2024 | $0.18 | $0.12 | -34.1% | $653M | +1.6% |
| Apr 30, 2024 | $0.18 | $0.23 | +27.8% | $646M | +0.6% |
| Feb 13, 2024 | $0.18 | $0.21 | +16.7% | $624M | +0.1% |
| Oct 25, 2023 | $0.17 | $0.21 | +23.5% | $618M | +1.0% |
INVH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 3, 2026 | Eisen Scott G.officer: EVP, Chief Investment Officer | Tax | 7,420 | $29.72 |
| May 11, 2026 | Howard Hugh Wyman IIIdirector | Grant | 6,559 | — |
| May 11, 2026 | Margolis Joseph Ddirector | Grant | 6,559 | — |
| May 11, 2026 | KELTER JEFFREY Edirector | Grant | 6,559 | — |
| May 11, 2026 | Sevilla-Sacasa Frances Aldrichdirector | Grant | 6,559 | — |
| May 11, 2026 | Barbe, Cohen Janadirector | Grant | 6,559 | — |
| May 11, 2026 | Fascitelli Michael Ddirector | Grant | 6,559 | — |
| May 11, 2026 | TAYLOR KEITH Ddirector | Grant | 6,559 | — |
| May 11, 2026 | Smith Kenny Kellyndirector | Grant | 6,559 | — |
| May 7, 2026 | SOLLS MARK Aofficer: EVP & CLO | Grant | 8,727 | — |
| Feb 25, 2026 | Norrell Kimberly Kofficer: EVP & CAO | Grant | 7,478 | — |
| Feb 25, 2026 | SOLLS MARK Aofficer: EVP & CLO | Tax | 2,629 | $25.66 |
| Feb 25, 2026 | Norrell Kimberly Kofficer: EVP & CAO | Tax | 2,075 | $25.66 |
| Feb 25, 2026 | Tanner Dallas Bdirector, officer: President and CEO | Tax | 23,329 | $25.66 |
| Feb 25, 2026 | Lobner Timothy J.officer: EVP, Chief Operating Officer | Tax | 2,265 | $25.66 |
Source: INVH SEC Form 4 filings, latest Aug 3, 2026. For informational purposes only — not investment advice.
See the full INVH insider & 13F page →Invitation Homes Inc. company profile
Overview
Invitation Homes Inc. (NYSE:INVH) is the nation's largest owner and operator of single-family rental homes, founded in 2012 and going public in 2017. The company emerged during the aftermath of the 2008 financial crisis when institutional investors began purchasing distressed single-family homes to convert into rental properties. Today, Invitation Homes owns approximately 80,000 single-family rental homes across 16 markets in the United States, primarily concentrated in high-growth Sunbelt metropolitan areas. The company has evolved from an opportunistic buyer of foreclosed properties to a sophisticated real estate investment trust (REIT) that partners with homebuilders, provides third-party management services, and focuses on delivering institutional-quality rental housing to meet changing demographic demands.
Business
Invitation Homes operates in the single-family rental (SFR) market, a segment of the broader residential real estate industry that involves purchasing, renovating, and leasing detached single-family homes to individual tenants and families. This business model differs significantly from traditional apartment complexes or multifamily housing, as it provides renters with the experience of living in a standalone house with yards, garages, and neighborhood settings typically associated with homeownership. The company's core business consists of three main segments: 1. Wholly-owned portfolio operations (approximately 85-90% of revenue): This involves owning and directly managing around 80,000 single-family homes across 16 metropolitan markets. These properties generate rental income from individual lease agreements with residents, typically families seeking more space and amenities than traditional apartments offer. 2. Third-party management services (approximately 5-10% of revenue): Invitation Homes leverages its operational platform to manage over 25,000 additional homes owned by other investors and institutions. This capital-light business generates management fees and provides potential acquisition opportunities. 3. Ancillary services and joint ventures (approximately 5% of revenue): The company offers value-added services to residents such as utilities, maintenance, and other home services, while also participating in joint venture developments with homebuilders. The single-family rental industry serves a growing demographic of households who desire the space and lifestyle benefits of single-family homes but prefer the flexibility of renting over the financial commitment and maintenance responsibilities of homeownership. This market has grown significantly since 2010, driven by factors including high home purchase prices, demographic shifts among millennials, and changing lifestyle preferences.
Revenue model
Invitation Homes generates revenue primarily through rental income from monthly lease payments collected from residents across its portfolio of single-family homes. The company's paying customers are individual households and families who sign lease agreements typically ranging from 12 to 24 months, with average rental rates varying by market but generally ranging from $1,500 to $3,000 per month. The business model operates on several revenue streams. The primary source is base rental income, which accounts for roughly 85-90% of total revenue. Additional revenue comes from management fees earned from third-party property management services, representing approximately 5-10% of revenue, and ancillary services such as utility management, maintenance services, and other resident amenities, contributing the remaining 5%. Several factors influence the company's profitability margins. Positive margin drivers include the ability to raise rents annually (typically 3-6% blended rent growth), high occupancy rates averaging 97%, strong resident retention with average stays of 38 months, and operational scale efficiencies across maintenance, marketing, and administrative functions. The company benefits from favorable demographic trends, with millennials reaching prime household formation age and facing homeownership affordability challenges. Margin pressures come from rising property tax expenses (often increasing 6-8% annually), insurance costs particularly in climate-sensitive markets like Florida, maintenance and turnover costs when residents move out, and competitive pressure from new build-to-rent supply in certain markets like Phoenix and Dallas. Interest rate fluctuations affect the company's cost of capital for acquisitions and refinancing, while economic downturns can impact residents' ability to pay rent and reduce demand for higher-priced rental homes. The company's geographic concentration in Sunbelt markets provides exposure to strong population and job growth but also creates vulnerability to regional economic downturns, weather events, and local regulatory changes such as rent control policies.
Risks & safety
Invitation Homes demonstrates a moderate margin of safety with manageable financial risks but some valuation concerns at current levels. • Liquidity and solvency: Strong financial position with $84 million cash, nearly $1.4 billion total available liquidity, and no debt maturities until 2026. Net debt-to-EBITDA ratio of 5.3x is reasonable for a REIT, with 87.5% of debt fixed-rate or hedged against interest rate risk. • Cash generation: Robust and stable cash flows with $300 million operating cash flow and $250 million free cash flow in Q1 2025. AFFO of $0.42 per share provides adequate dividend coverage. • Valuation metrics: Current P/E ratio of 32x appears elevated relative to historical norms and REIT averages. EV/EBITDA of 12.3x is reasonable but not compelling. Price-to-book ratio of 2.2x reflects premium to net asset value. • Debt structure: Debt-to-equity ratio of 84% is typical for REITs but creates leverage risk during economic downturns. Interest coverage appears adequate given stable cash flows. • Other considerations: Geographic concentration in Sunbelt markets creates regional risk exposure. Climate-related insurance costs in Florida markets pose ongoing expense pressures. Regulatory risks from potential rent control legislation could impact future cash flows.
Recent development
Over the past few years, Invitation Homes has executed several strategic pivots that have transformed it from a purely acquisition-focused company to a more diversified platform operator. The most significant development has been the expansion into third-party management services, growing from zero to over 25,000 managed homes by 2024. This capital-light business model generates management fees while providing potential acquisition opportunities and demonstrates the scalability of the company's operational platform. The company has also deepened its homebuilder partnerships, moving beyond opportunistic acquisitions to forward-purchase agreements and joint venture developments. This strategy provides access to newly constructed homes at attractive yields (typically 6%+ cap rates) while reducing competition from retail buyers. The pipeline now includes nearly 2,000 homes under development with builder partners, representing a significant shift toward programmatic acquisition channels. Geographic portfolio optimization has been another key focus, with management actively recycling capital by disposing of properties in markets with limited growth prospects while concentrating investments in high-growth Sunbelt metropolitan areas. The company sold nearly 1,500 homes in 2023 and continued strategic dispositions in 2024 to optimize the portfolio mix. Technology and operational improvements have enhanced resident experience and operational efficiency. The company has invested in digital platforms for resident services, implemented credit reporting programs that help residents build credit scores, and expanded ancillary services that now generate over $60 million in annual gross revenues. Financial strategy evolution includes maintaining a more conservative balance sheet approach, with management focusing on maintaining investment-grade credit metrics while preserving flexibility for opportunistic acquisitions. The company has also increased its dividend meaningfully, reflecting confidence in sustainable cash flow generation.
INVH company profile · for informational purposes only — not investment advice.
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