Invitation Homes Inc (INVH)
NYSE:INVH
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Invitation Homes
(NYSE:INVH)
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Rating:64Neutral
Price Target:
$28.00
â–²(11.96% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by solid financial fundamentals (growing revenues and cash generation) but tempered by leverage and the unusual 2025 gross margin collapse. Technicals are neutral-to-weak, valuation looks demanding on P/E despite a strong dividend, and the latest call points to stable but modest 2026 growth with expense and new-lease pricing headwinds.
Positive Factors
Scale & structural housing demand
Invitation Homes' scale and market positioning tap a structural affordability gap: owning is materially costlier in target markets, and demographic trends (millennials/Gen Z) supply persistent rental demand. Scale enables sourcing, pricing and operational efficiencies that support durable occupancy and revenue resilience.
Negative Factors
Meaningful leverage levels
Leverage is meaningful for a residential REIT: elevated absolute debt and mid-single digit net debt/EBITDA raise refinancing and interest-rate sensitivity over the medium term. Even with hedges, higher gross debt limits flexibility for capex, buybacks or dividend support if cashflows soften or rates rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & structural housing demand
Invitation Homes' scale and market positioning tap a structural affordability gap: owning is materially costlier in target markets, and demographic trends (millennials/Gen Z) supply persistent rental demand. Scale enables sourcing, pricing and operational efficiencies that support durable occupancy and revenue resilience.
Read all positive factors
Invitation Homes (INVH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.24B
Dividend Yield4.3%
Average Volume (3M)6.92M
Price to Earnings (P/E)29.0
Beta (1Y)0.34
Revenue Growth6.82%
EPS Growth27.91%
CountryUS
Employees1,750
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.24
Shares Outstanding609,386,100
10 Day Avg. Volume7,579,421
30 Day Avg. Volume6,923,999
Financial Highlights & Ratios
PEG Ratio0.97
Price to Book (P/B)1.79
Price to Sales (P/S)6.24
P/FCF Ratio14.12
Enterprise Value/Market Cap1.54
Enterprise Value/Revenue8.61
Enterprise Value/Gross Profit18.78
Enterprise Value/Ebitda14.37
Forecast
1Y Price Target
$31.25Price Target Upside24.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)0.73
Revenue Forecast (FY)$2.78B
Invitation Homes Business Overview & Revenue Model
Company Description
Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The...
How the Company Makes Money
Invitation Homes generates revenue primarily through rental income from its portfolio of single-family homes. The company leases these homes to tenants, providing a steady stream of cash flow. Additionally, Invitation Homes makes money through pro...
Invitation Homes Key Performance Indicators (KPIs)
Any
Average Monthly Rent
Shows the average rent collected per property, providing insight into revenue generation and pricing power in the rental market.
Shows the average rent collected per property, providing insight into revenue generation and pricing power in the rental market.
Data provided by:
The Fly
The FlyInvitation Homes Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The call presented a mix of stabilizing fundamentals and proactive strategic moves alongside near-term operational and market headwinds. Positives include steady full-year same-store NOI growth, high occupancy (96.8%), low turnover (22.8%), disciplined liquidity and capital allocation, the strategic ResiBuilt acquisition enabling in-house development, and modest FFO/AFFO growth. Offsetting these are weaker new-lease pricing (down ~4%), rising expense pressures (Q4 core expense +4%, insurance and property tax headwinds), elevated supply in certain Sunbelt markets, and only modest AFFO improvement to date. Management provided measured 2026 guidance and reiterated multi-year AFFO targets while retaining flexibility on repurchases and development activity.Positive Updates
Solid Full-Year Same-Store NOI and Revenue Growth
Full-year 2025 same-store NOI grew 2.3% (above midpoint of guidance), driven by 2.4% core revenue growth for the year.
Negative Updates
Weak New Lease Rate Performance
New lease rates declined meaningfully: down 4.1% in Q4 and down ~4.2% in January, pressuring blended lease growth despite strong renewals.
Read all updates
Q4-2025 Updates
Positive
Negative
Solid Full-Year Same-Store NOI and Revenue Growth
Full-year 2025 same-store NOI grew 2.3% (above midpoint of guidance), driven by 2.4% core revenue growth for the year.
Read all positive updates
Company Guidance
Invitation Homes' 2026 guidance calls for same‑store NOI growth of 0.3%–2.0% (driven by same‑store core revenue growth of 1.3%–2.5% and same‑store core expense growth of 3%–4%), assumes average occupancy of 96.3% at the midpoint and blended rent growth in the mid‑2% range, and incorporates roughly $550M of dispositions and ~$250M of anticipated wholly‑owned new home deliveries at the midpoint; this produces core FFO guidance of $1.90–$1.98 per share and AFFO guidance of $1.60–$1.68 per share. Management also reiterated a three‑year target of $0.14–$0.20 of incremental AFFO per share (about half expected from operational enhancements), and highlighted balance‑sheet flexibility with $1.7B of liquidity, year‑end net debt/adjusted EBITDA of 5.3x, ~94% of total debt fixed or swapped, ~90% of wholly‑owned homes unencumbered, no debt maturing before June 2027, and a $500M share repurchase authorization (3.6M shares repurchased, ~ $100M so far).Invitation Homes Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.73B | 2.62B | 2.43B | 2.24B | 2.00B |
| Gross Profit | 100.71M | 1.55B | 1.46B | 1.36B | 1.22B |
| EBITDA | 1.47B | 1.54B | 1.53B | 1.33B | 1.18B |
| Net Income | 587.92M | 453.92M | 519.47M | 383.33M | 261.43M |
Balance Sheet | |||||
| Total Assets | 18.68B | 18.70B | 19.22B | 18.54B | 18.54B |
| Cash, Cash Equivalents and Short-Term Investments | 129.97M | 174.49M | 700.62M | 262.87M | 610.17M |
| Total Debt | 8.38B | 8.20B | 8.55B | 7.77B | 8.00B |
| Total Liabilities | 9.11B | 8.91B | 9.03B | 8.21B | 8.70B |
| Stockholders Equity | 9.53B | 9.76B | 10.16B | 10.29B | 9.80B |
Cash Flow | |||||
| Free Cash Flow | 1.21B | 862.41M | 885.99M | 815.52M | 744.83M |
| Operating Cash Flow | 1.21B | 1.08B | 1.11B | 1.02B | 907.66M |
| Investing Cash Flow | 0.00 | -465.87M | -773.55M | -814.41M | -1.16B |
| Financing Cash Flow | 0.00 | -1.09B | 110.02M | -574.11M | 658.99M |
Invitation Homes Technical Analysis
Negative
25.01
Price Trends
26.22
Negative
26.79
Negative
28.47
Negative
Market Momentum
-0.43
Positive
42.08
Neutral
33.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INVH, the sentiment is Negative. The current price of 25.01 is below the 20-day moving average (MA) of 25.59, below the 50-day MA of 26.22, and below the 200-day MA of 28.47, indicating a bearish trend. The MACD of -0.43 indicates Positive momentum. The RSI at 42.08 is Neutral, neither overbought nor oversold. The STOCH value of 33.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INVH.
Invitation Homes Risk Analysis
Invitation Homes disclosed 73 risk factors in its most recent earnings report. Invitation Homes reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Invitation Homes Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $22.05B | 21.34 | 10.14% | 4.52% | 4.78% | 24.74% | |
69 Neutral | $16.23B | 25.08 | 12.02% | 3.98% | 6.92% | 53.76% | |
68 Neutral | $14.67B | 36.36 | 7.64% | 4.42% | 0.91% | 6.55% | |
66 Neutral | $10.02B | 26.26 | 6.35% | 3.81% | 7.63% | 23.16% | |
66 Neutral | $13.52B | 19.02 | 8.50% | 3.90% | 1.41% | -21.93% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $15.24B | 28.97 | 6.10% | 4.30% | 6.82% | 27.91% |
* Real Estate Sector Average
INVH
Invitation Homes
25.01
-8.07
-24.39%
EQR
Equity Residential
58.67
-9.99
-14.54%
MAA
Mid-America Apartment
121.81
-35.87
-22.75%
ESS
Essex Property
243.50
-51.59
-17.48%
CPT
Camden Property
97.91
-19.77
-16.80%
AMH
American Homes
27.56
-8.28
-23.10%
Invitation Homes Corporate Events
Business Operations and StrategyFinancial Disclosures
Invitation Homes Highlights Strength in Single-Family Rental Platform
Positive
Feb 27, 2026
Invitation Homes has released an investor presentation for meetings scheduled in March 2026 that underlines the structural case for single‑family rentals, highlighting that leasing its homes is on average about $1,000 a month cheaper than ow...
Business Operations and Strategy
Invitation Homes Highlights Strategy in December 2025 Meeting
Neutral
Dec 8, 2025
In a presentation for upcoming investor meetings in December 2025, Invitation Homes highlighted its strategic focus on resident satisfaction, operational efficiency, and market growth. The company reported a slight decrease in average occupancy fr...
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.