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Invitation Homes
(NYSE:INVH)
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Rating:67Neutral
Price Target:
$32.00
â–²(7.45% Upside)
Action:Downgraded
Date:07/31/26
The score is driven primarily by improving operating momentum and raised guidance from the latest earnings call, supported by steady profitability. Offsetting this are weakening recent free-cash-flow trends and meaningful leverage, while valuation is mixed (high P/E but a ~4% dividend yield). Technicals are neutral-to-mildly positive given the stock remains above key longer-term moving averages despite slight near-term softness versus the 20-day average.
Positive Factors
High occupancy & rent growth
Sustained occupancy above 97% with accelerating lease-rate growth indicates durable demand and pricing power across the portfolio. High renewal rates reduce vacancy downtime and turnover costs, supporting stable recurring rental income and long-term NOI and margin resilience.
Negative Factors
Elevated leverage
Material leverage is typical for large REITs but raises sensitivity to interest-rate moves and asset-value shifts. Higher debt levels constrain flexibility for acquisitions or redevelopment, can pressure debt covenants, and increase financing costs over the medium term if rates remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy & rent growth
Sustained occupancy above 97% with accelerating lease-rate growth indicates durable demand and pricing power across the portfolio. High renewal rates reduce vacancy downtime and turnover costs, supporting stable recurring rental income and long-term NOI and margin resilience.
Read all positive factors
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 (INVH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.55B
Dividend Yield4%
Average Volume (3M)4.96M
Price to Earnings (P/E)27.3
Beta (1Y)0.29
Revenue Growth5.25%
EPS Growth24.70%
CountryUS
Employees1,725
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)1.09
Shares Outstanding590,623,200
10 Day Avg. Volume3,953,164
30 Day Avg. Volume4,961,971
Financial Highlights & Ratios
PEG Ratio0.97
Price to Book (P/B)1.79
Price to Sales (P/S)6.24
P/FCF Ratio17.68
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$33.00Price Target Upside10.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)0.86
Revenue Forecast (FY)$2.92B
Invitation Homes Business Overview & Revenue Model
Company Description
Invitation Homes stands as the nation's foremost provider of single-family rental properties, catering to evolving lifestyle needs by delivering contemporary, well-maintained residences. These homes boast desirable attributes such as convenient pr...
How the Company Makes Money
Invitation Homes primarily makes money by leasing single-family homes to residents and collecting contractual rental income. Its key revenue stream is rental revenue (base rent) generated from its portfolio of homes, with revenue levels influenced...
Invitation Homes Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call presented multiple clear operational and financial positives: high occupancy (>97%), reaccelerating lease rate growth (blended 2.7% in Q2, 3.4% preliminary July), YoY FFO/AFFO per share growth (+5% and ~+6%), disciplined expense control (controllables -1% YoY), strong liquidity (> $1.5B), active capital recycling (Q2 dispositions of ~$309M) and aggressive share buybacks ($600M year-to-date). Management also raised full-year FFO/AFFO guidance and reported improved deal flow after resolution of legislative uncertainty. Key risks noted were temporary delays in ResiBuilt contributions, elevated supply in some markets, seasonal execution risk in H2 around turnover and uncertainty on property taxes and forward builder pipeline. Overall, positive operational momentum and a strong balance sheet outweigh the manageable near-term headwinds.Positive Updates
Strong Occupancy and Leasing Momentum
Average occupancy remained above 97% in Q2 (97.1%) with July occupancy at 96.5%. New lease rate growth accelerated month-over-month through June; Q2 blended lease rent growth was 2.7% and preliminary July blended growth was 3.4%. Renewal rent growth averaged 3.3% in Q2, accelerated to 3.7% in June and 4.3% in July.
Negative Updates
ResiBuilt Contribution Delayed
Contribution from ResiBuilt to 2026 earnings is expected to be below original expectations due to project delays and some cancellations during the first half of the year; management expects some pipeline refilling but acknowledges some benefits may roll into 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Occupancy and Leasing Momentum
Average occupancy remained above 97% in Q2 (97.1%) with July occupancy at 96.5%. New lease rate growth accelerated month-over-month through June; Q2 blended lease rent growth was 2.7% and preliminary July blended growth was 3.4%. Renewal rent growth averaged 3.3% in Q2, accelerated to 3.7% in June and 4.3% in July.
Read all positive updates
Company Guidance
Invitation Homes raised its full‑year guidance modestly and tightened ranges while highlighting multiple balance‑sheet and capital‑allocation metrics: core FFO and AFFO per share midpoints were each increased by $0.01 to $1.95 and $1.65, Same Store core revenue and NOI growth ranges were narrowed around unchanged midpoints, and full‑year wholly‑owned home disposition guidance was increased by $300M at the midpoint to $850M (acquisitions guidance midpoints remain $250M for wholly‑owned builder purchases and $100M for JVs). The company has repurchased $600M of stock since the program began (including $100M in Q2), retiring ~22.8M shares at an average $26.30/share, reduced revolver outstanding from $560M to $280M, finished the quarter with >$1.5B available liquidity, ended with net debt / TTM adjusted EBITDA of 5.4x (just below its 5.5–6.0x target), has ~90% of wholly‑owned homes unencumbered, issued $500M of 2032 notes at a 4.95% coupon to prepay roughly half of a $988M securitization (transactional impact reflected pro forma), and noted roughly $350M of construction loan commitments (~10% funded) plus a reaccelerating ResiBuilt pipeline.Invitation Homes Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.86B | 2.73B | 2.62B | 2.43B | 2.24B | 2.00B |
| Gross Profit | 1.27B | 100.71M | 1.55B | 1.46B | 1.36B | 1.22B |
| EBITDA | 1.74B | 1.47B | 1.54B | 1.53B | 1.33B | 1.18B |
| Net Income | 660.65M | 587.92M | 453.92M | 519.47M | 383.33M | 261.43M |
Balance Sheet | ||||||
| Total Assets | 18.45B | 18.68B | 18.70B | 19.22B | 18.54B | 18.54B |
| Cash, Cash Equivalents and Short-Term Investments | 75.79M | 129.97M | 174.49M | 700.62M | 262.87M | 610.17M |
| Total Debt | 8.55B | 8.38B | 8.20B | 8.55B | 7.77B | 8.00B |
| Total Liabilities | 9.36B | 9.11B | 8.91B | 9.03B | 8.21B | 8.70B |
| Stockholders Equity | 9.05B | 9.53B | 9.76B | 10.16B | 10.29B | 9.80B |
Cash Flow | ||||||
| Free Cash Flow | 1.08B | 963.48M | 862.41M | 885.99M | 815.52M | 744.83M |
| Operating Cash Flow | 1.20B | 1.21B | 1.08B | 1.11B | 1.02B | 907.66M |
| Investing Cash Flow | -157.67M | -652.57M | -465.87M | -773.55M | -814.41M | -1.16B |
| Financing Cash Flow | -1.00B | -618.49M | -1.09B | 110.02M | -574.11M | 658.99M |
Invitation Homes Technical Analysis
Positive
29.78
Price Trends
29.60
Positive
28.10
Positive
27.27
Positive
Market Momentum
0.21
Negative
56.83
Neutral
79.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INVH, the sentiment is Positive. The current price of 29.78 is below the 20-day moving average (MA) of 30.00, above the 50-day MA of 29.60, and above the 200-day MA of 27.27, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 56.83 is Neutral, neither overbought nor oversold. The STOCH value of 79.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.88B | 74.58 | 4.33% | 3.52% | 4.74% | -48.36% | |
67 Neutral | $17.55B | 27.27 | 7.08% | 4.00% | 5.25% | 24.70% | |
67 Neutral | $24.92B | 28.77 | 8.08% | 4.11% | 4.22% | -13.36% | |
66 Neutral | $12.03B | 26.52 | 6.85% | 3.78% | 4.15% | 13.70% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $14.98B | 36.69 | 7.80% | 3.71% | 0.77% | 111.56% | |
59 Neutral | $15.79B | 38.70 | 7.16% | 4.56% | 0.85% | -29.53% |
* Real Estate Sector Average
INVH
Invitation Homes
30.37
1.43
4.94%
EQR
Equity Residential
66.70
5.57
9.10%
MAA
Mid-America Apartment
133.63
-2.08
-1.53%
ESS
Essex Property
285.12
37.96
15.36%
CPT
Camden Property
110.74
7.96
7.74%
AMH
American Homes
34.55
1.17
3.49%
Invitation Homes Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Invitation Homes Issues New Senior Unsecured Notes Offering
Positive
Jul 8, 2026
On July 8, 2026, Invitation Homes Operating Partnership LP closed an underwritten public offering of $500 million in 4.950% senior unsecured notes due February 1, 2032, sold to underwriters at 98.691% of par. The notes are fully and unconditionall...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Invitation Homes Announces $500 Million Senior Notes Offering
Positive
Jul 6, 2026
On June 30, 2026, Invitation Homes Inc. and its subsidiaries entered into an underwriting agreement for a public offering of $500 million of 4.950% Senior Notes due 2032, to be fully and unconditionally guaranteed by the parent and certain affilia...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Invitation Homes Highlights Value, Growth and Rental Tailwinds
Positive
Jun 1, 2026
In June 2026 Invitation Homes circulated an investor presentation highlighting that its stock price implies a per-home valuation notably below its first-quarter 2026 average sales price, positioning the shares as attractively valued. The company r...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Invitation Homes Shareholders Endorse Governance and Incentive Plans
Positive
May 8, 2026
On May 7, 2026, Invitation Homes Inc. held its annual meeting, where stockholders representing 90.63% of outstanding shares voted on key governance and compensation matters. Shareholders elected all nominated directors to one-year terms ending at ...
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.