American Homes (AMH)
NYSE:AMH
Want to see AMH full AI Analyst Report?
Top Page
American Homes
(NYSE:AMH)
Select Model
Select Model
Rating:74Outperform
Price Target:
$36.00
▲(17.30% Upside)
Action:UpgradedDate:05/07/26
AMH scores well on financial performance and the earnings outlook, driven by improving profitability/cash generation and a constructive earnings call with solid FFO growth, leasing momentum, and share repurchases. Technicals also support the score with a clear uptrend, though overbought indicators add near-term risk. Valuation is acceptable rather than compelling, with the dividend yield helping offset a mid-range P/E.
Positive Factors
Strong cash generation trend
Sustained operating cash flow growth across multiple years underpins recurring dividend capacity and funds development/dispositions without constant equity raises. Consistent free cash flow coverage of net income bolsters balance sheet flexibility and long-term earnings quality.
Negative Factors
Moderate leverage and tight liquidity
Leverage at ~5.3x with limited cash cushions raises refinancing and covenant sensitivity. The balance sheet depends on continued disposition proceeds and operational cash to fund development and repurchases, constraining flexibility if markets or capital costs worsen.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation trend
Sustained operating cash flow growth across multiple years underpins recurring dividend capacity and funds development/dispositions without constant equity raises. Consistent free cash flow coverage of net income bolsters balance sheet flexibility and long-term earnings quality.
Read all positive factors
American Homes (AMH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.65B
Dividend Yield3.81%
Average Volume (3M)3.09M
Price to Earnings (P/E)19.9
Beta (1Y)0.30
Revenue Growth5.40%
EPS Growth14.43%
CountryUS
Employees1,730
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)1.23
Shares Outstanding363,160,700
10 Day Avg. Volume2,904,255
30 Day Avg. Volume3,093,172
Financial Highlights & Ratios
PEG Ratio2.84
Price to Book (P/B)1.69
Price to Sales (P/S)6.37
P/FCF Ratio15.94
Enterprise Value/Market Cap1.43
Enterprise Value/Revenue8.94
Enterprise Value/Gross Profit29.61
Enterprise Value/Ebitda13.45
Forecast
1Y Price Target
$34.94Price Target Upside13.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)0.74
Revenue Forecast (FY)$1.89B
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
AMH primarily makes money by renting out single-family homes and collecting monthly lease payments from residents. This rental income is the company’s main revenue stream and is influenced by factors such as occupancy levels, market rent growth, l...
American Homes Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call highlighted multiple operational and financial strengths: solid income and FFO growth, same-home NOI improvement, strong spring leasing momentum with record March leasing, disciplined capital recycling (dispositions) and significant share repurchases, and a beneficial insurance renewal. Management reiterated unchanged 2026 guidance and emphasized operational execution and flexibility in the development program. Offsetting considerations include a slightly delayed leasing season start, market-specific supply pressures (notably Arizona and Texas), regulatory uncertainty around build-to-rent legislation that has paused some transaction activity, modest leverage (5.3x) with limited cash, and potential inflationary pressures on future development costs. On balance, the positives around earnings, leasing recovery, capital recycling, and cost control materially outweigh the operational and regulatory headwinds discussed.Positive Updates
Strong Net Income and Earnings Per Share
Net income attributable to common shareholders of $128 million, or $0.35 per diluted share for 1Q26.
Negative Updates
Later-Than-Normal Start to Peak Leasing Season
Seasonality began slightly later than normal (slower Jan/Feb start) requiring catch-up in March/April; management described a modestly negative new-lease profile early in the year before the spring inflection.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Net Income and Earnings Per Share
Net income attributable to common shareholders of $128 million, or $0.35 per diluted share for 1Q26.
Read all positive updates
Company Guidance
Management left 2026 guidance unchanged, citing a slower January–February followed by strong seasonal leasing that drove record March volumes and April momentum (new lease spreads improving to 1.2%, same‑home average occupied days 95.6%, +30 bps sequential), and reported strong same‑home core NOI growth of 3.7% for the quarter; quarterly results included net income of $128M ($0.35/diluted share), core FFO $0.48 (up 4.6% YoY) and adjusted FFO $0.45 (up 8% YoY). On the investment and capital front they delivered 539 development homes in Q1 (457 wholly‑owned at ~$187M cost) at a 5.3% average initial yield, sold >700 homes for roughly $200M net proceeds with an average disposition yield in the ~4% area, and repurchased about $360M of common stock (~3% of shares/units) over six months (with >$400M authorization remaining); balance sheet metrics included net debt (incl. preferred) to adjusted EBITDA of 5.3x, ~$63M cash, and $390M drawn on a $1.25B revolver. Management reiterated plans to “control the controllables,” pursue moderated on‑balance development match‑funded by dispositions, target renewals around ~3% (Q1 was 3.2%, mailing into Q3 in the mid‑3%s), expects occupancy to build in H1 with rate to follow, and noted insurance renewals were ~10% lower while property tax guidance remains ~3% for the year.American Homes Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.87B | 1.87B | 1.73B | 1.62B | 1.49B | 1.30B |
| Gross Profit | 563.84M | 62.81M | 961.30M | 883.87M | 802.29M | 701.06M |
| EBITDA | 1.24B | 1.20B | 874.31M | 806.26M | 731.54M | 640.72M |
| Net Income | 470.45M | 452.97M | 412.43M | 380.17M | 273.14M | 189.09M |
Balance Sheet | ||||||
| Total Assets | 13.18B | 13.24B | 13.38B | 12.69B | 12.18B | 10.96B |
| Cash, Cash Equivalents and Short-Term Investments | 63.30M | 108.52M | 199.41M | 59.38M | 69.16M | 48.20M |
| Total Debt | 5.13B | 5.13B | 5.03B | 4.48B | 4.54B | 3.90B |
| Total Liabilities | 5.58B | 5.53B | 5.53B | 5.04B | 5.00B | 4.22B |
| Stockholders Equity | 6.93B | 7.03B | 7.16B | 6.97B | 6.50B | 6.06B |
Cash Flow | ||||||
| Free Cash Flow | 671.87M | 746.12M | 689.78M | 604.51M | 526.74M | 472.65M |
| Operating Cash Flow | 640.92M | 864.33M | 811.53M | 738.69M | 665.52M | 595.20M |
| Investing Cash Flow | -220.48M | -328.17M | -825.88M | -692.58M | -1.43B | -1.73B |
| Financing Cash Flow | -408.61M | -655.69M | 142.70M | -42.21M | 786.18M | 1.06B |
American Homes Technical Analysis
Positive
30.69
Price Trends
29.35
Positive
30.21
Positive
31.64
Negative
Market Momentum
0.36
Negative
70.59
Negative
85.53
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMH, the sentiment is Positive. The current price of 30.69 is above the 20-day moving average (MA) of 28.82, above the 50-day MA of 29.35, and below the 200-day MA of 31.64, indicating a neutral trend. The MACD of 0.36 indicates Negative momentum. The RSI at 70.59 is Negative, neither overbought nor oversold. The STOCH value of 85.53 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $19.38B | 14.56 | 14.90% | 4.81% | 2.15% | 312.38% | |
74 Outperform | $11.65B | 19.90 | 6.60% | 3.81% | 5.40% | 14.43% | |
72 Outperform | $17.07B | 23.46 | 6.15% | 4.30% | 3.66% | 65.23% | |
67 Neutral | $15.52B | -643.45 | 19.80% | 6.34% | -22.34% | 1635.86% | |
66 Neutral | $15.43B | 28.59 | 7.01% | 4.42% | 0.77% | -31.36% | |
66 Neutral | $14.03B | 60.29 | 8.86% | 3.90% | 1.45% | 230.03% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
AMH
American Homes
32.03
-5.21
-14.00%
MAA
Mid-America Apartment
129.31
-26.55
-17.03%
SUI
Sun Communities
125.94
8.53
7.26%
UDR
UDR
36.91
-3.45
-8.54%
CPT
Camden Property
103.77
-9.57
-8.45%
INVH
Invitation Homes
28.73
-4.61
-13.83%
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...
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.