American Homes (AMH)
NYSE:AMH
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American Homes
(NYSE:AMH)
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Rating:66Neutral
Price Target:
$33.00
â–²(13.48% Upside)
Action:ReiteratedDate:02/28/26
AMH scores as moderately attractive, led by improving multi-year profitability and strong, rising operating/free cash flow. The score is tempered by moderate leverage and an apparent 2025 income-statement data anomaly, while technicals remain weak (price below key moving averages and negative MACD). A solid dividend helps valuation, and earnings call guidance supports steady but slowing growth amid clear near-term rent/occupancy and supply headwinds.
Positive Factors
Persistent cash generation
AMH's multi-year rise in operating cash flow and consistently positive free cash flow underpin durable internal funding for development, dividends and buybacks. Strong cash conversion supports capital recycling and reduces reliance on external financing during normal market cycles.
Negative Factors
Occupancy and leasing pressure
A sustained flattening of occupancy and softer leasing cadence can depress revenue growth and NOI over multiple quarters. Persistently lower occupied days and weaker new-lease velocity reduce revenue predictability, pressuring margins and the cash flow cushion that funds development and returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Persistent cash generation
AMH's multi-year rise in operating cash flow and consistently positive free cash flow underpin durable internal funding for development, dividends and buybacks. Strong cash conversion supports capital recycling and reduces reliance on external financing during normal market cycles.
Read all positive factors
American Homes (AMH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.58B
Dividend Yield3.81%
Average Volume (3M)4.51M
Price to Earnings (P/E)26.3
Beta (1Y)0.25
Revenue Growth7.63%
EPS Growth23.16%
CountryUS
Employees1,730
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.33
Shares Outstanding363,141,200
10 Day Avg. Volume3,143,342
30 Day Avg. Volume4,507,770
Financial Highlights & Ratios
PEG Ratio2.84
Price to Book (P/B)1.69
Price to Sales (P/S)6.37
P/FCF Ratio13.76
Enterprise Value/Market Cap1.47
Enterprise Value/Revenue8.40
Enterprise Value/Gross Profit19.43
Enterprise Value/Ebitda13.69
Forecast
1Y Price Target
$34.66Price Target Upside19.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)0.72
Revenue Forecast (FY)$1.90B
American Homes Business Overview & Revenue Model
Company Description
American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and American Homes 4 Rent is fast becoming a nationally recognized brand for rental homes, known for high-quality, good value and tenant satisfaction. We are a...
How the Company Makes Money
American Homes generates revenue primarily through the leasing of its single-family rental properties. The company earns rental income from tenants who occupy its homes, which constitutes the bulk of its revenue stream. Additionally, AMH may benef...
American Homes Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a mix of solid operating and capital achievements — sector-leading full-year core FFO growth (+5.4%), strong development deliveries (2,300+ homes in 2025), significant disposition proceeds (~$570M) and executed share repurchases — while also flagging emerging near-term challenges including supply-driven pressure in specific markets, a flatter seasonal occupancy trajectory heading into 2026, a negative January new lease spread (-1%), and modestly compressed development yields (~5.3%). Management emphasized disciplined capital allocation, moderation of development activity, and a patient approach to additional buybacks amid capital-market and regulatory uncertainty. Overall, the company portrays resilient fundamentals and prudent financial management, but with clear near-term industry and market headwinds to navigate.Positive Updates
Full-Year Core FFO Growth
Reported core FFO per share of $1.87 for full-year 2025, representing 5.4% year-over-year growth and described as residential sector-leading performance.
Negative Updates
Occupancy Pressure and Flatter Seasonal Curve
Management expects a flatter-than-normal seasonal occupancy curve for 2026 with an occupancy headwind of ~25 basis points year-over-year and average occupied days forecasted in the high 95% area; Q4 same-home average occupied days reported at 95%.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Core FFO Growth
Reported core FFO per share of $1.87 for full-year 2025, representing 5.4% year-over-year growth and described as residential sector-leading performance.
Read all positive updates
Company Guidance
AMH provided initial 2026 guidance calling for core FFO per share/unit of $1.89–$1.95 (midpoint growth ~2.7% YoY), same‑home core revenue growth of ~2.25% at the midpoint, same‑home core NOI growth of ~2% at the midpoint, and an average occupied‑days/occupancy outlook in the high‑95% area (a ~25 bps year‑over‑year occupancy headwind); full‑year blended spread is expected in the low‑2s with renewals roughly in the ±3% area (January new/renewal/blended spreads were −1%/+3.5%/+2.4%), and core property operating expenses guided to +2.75% (property taxes ≈ +3%, other property expenses mid‑2%, and an expected double‑digit year‑over‑year decrease in insurance costs). On capital deployment, AMH plans to invest ≈$750M total (including JVs) to add ~1,900 newly constructed homes (≈1,400 wholly‑owned homes funded by ≈$550M of AMH capital recycled from dispositions), the full‑year outlook only contemplates $115M of repurchases already executed (8.4M shares, ~2% of units, at $31.65), the Board approved a new $500M buyback authorization, and the balance sheet at year‑end showed net debt (incl. preferred) to adjusted EBITDA of 5.2x, a $360M revolver balance and about $110M of cash.American Homes Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.87B | 1.73B | 1.62B | 1.49B | 1.30B |
| Gross Profit | 62.81M | 961.30M | 883.87M | 802.29M | 701.06M |
| EBITDA | 1.20B | 874.31M | 806.26M | 731.54M | 640.72M |
| Net Income | 452.97M | 412.43M | 380.17M | 273.14M | 189.09M |
Balance Sheet | |||||
| Total Assets | 13.24B | 13.38B | 12.69B | 12.18B | 10.96B |
| Cash, Cash Equivalents and Short-Term Investments | 108.52M | 199.41M | 59.38M | 69.16M | 48.20M |
| Total Debt | 5.13B | 5.03B | 4.48B | 4.54B | 3.90B |
| Total Liabilities | 5.53B | 5.53B | 5.04B | 5.00B | 4.22B |
| Stockholders Equity | 7.03B | 7.16B | 6.97B | 6.50B | 6.06B |
Cash Flow | |||||
| Free Cash Flow | 864.33M | 689.78M | 604.51M | 526.74M | 472.65M |
| Operating Cash Flow | 864.33M | 811.53M | 738.69M | 665.52M | 595.20M |
| Investing Cash Flow | -328.17M | -825.88M | -692.58M | -1.43B | -1.73B |
| Financing Cash Flow | -655.69M | 142.70M | -42.21M | 786.18M | 1.06B |
American Homes Technical Analysis
Negative
29.08
Price Trends
29.62
Negative
30.37
Negative
31.94
Negative
Market Momentum
-0.53
Negative
43.86
Neutral
66.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMH, the sentiment is Negative. The current price of 29.08 is above the 20-day moving average (MA) of 28.28, below the 50-day MA of 29.62, and below the 200-day MA of 31.94, indicating a bearish trend. The MACD of -0.53 indicates Negative momentum. The RSI at 43.86 is Neutral, neither overbought nor oversold. The STOCH value of 66.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AMH.
American Homes Risk Analysis
American Homes disclosed 44 risk factors in its most recent earnings report. American Homes reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
American Homes Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $15.92B | 11.27 | 19.27% | 6.34% | -20.69% | 330.60% | |
68 Neutral | $14.97B | 36.36 | 7.64% | 4.42% | 0.91% | 6.55% | |
68 Neutral | $18.09B | 32.08 | 11.43% | 4.81% | 2.38% | 17.42% | |
66 Neutral | $10.58B | 26.26 | 6.35% | 3.81% | 7.63% | 23.16% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $13.92B | 19.02 | 8.50% | 3.90% | 1.41% | -21.93% | |
64 Neutral | $15.57B | 28.97 | 6.10% | 4.30% | 6.82% | 27.91% |
* Real Estate Sector Average
AMH
American Homes
29.08
-5.06
-14.81%
MAA
Mid-America Apartment
124.88
-21.85
-14.89%
SUI
Sun Communities
129.25
12.92
11.11%
UDR
UDR
34.64
-4.03
-10.41%
CPT
Camden Property
100.76
-5.33
-5.02%
INVH
Invitation Homes
25.55
-5.65
-18.11%
American Homes Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
American Homes Announces 2026 Guidance and Capital Allocation Plans
Positive
Feb 27, 2026
On February 27, 2026, AMH published an “Investor Highlights – February 2026” presentation outlining guidance and capital plans for the year, including expectations for 2.7% Core FFO per share growth at the midpoint, Same-Home cor...
Business Operations and StrategyFinancial Disclosures
American Homes Unveils Strategic Plans and Financial Outlook
Positive
Dec 3, 2025
On December 3, 2025, American Homes 4 Rent released its ‘Investor Highlights’ presentation, detailing its strategic plans and financial outlook for the year. The company emphasized its robust development and disposition programs, which...
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.