American Homes 4 Rent (AMH) Balance Sheet
AMH balance sheet, 2025
December 31, 2025 · U.S. dollars$13.24B assets = $5.53B liabilities + $7.71B equity
Both columns are drawn to the same scale: what AMH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AMH financial health
Descriptive bands, not a rating. Fiscal 2025.
AMH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8.11B2016 | $13.24B2025 | +5.6%/yr | |
| Total liabilities | $3.17B2016 | $5.53B2025 | +6.4%/yr | |
| Shareholders’ equity | $4.94B2016 | $7.03B2025 | +4.0%/yr | |
| Cash & short-term investments | $118.8M2016 | $108.5M2025 | −1.0%/yr | |
| Total debt | $5.91B2016 | $5.13B2025 | −1.6%/yr | |
| Net cash (debt) | −$5.80B2016 | −$5.02B2025 | +$778.9M | |
| Working capital | $224.2M2016 | $269.5M2025 | +$45.2M | |
| Book value per share | $21.102016 | $18.962025 | −1.2%/yr | |
| Debt / equity | 1.202016 | 0.732025 | −0.47 | |
| Shares outstanding | 234.0M2016 | 370.9M2025 | +5.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AMH assets
AMH liabilities and equity
AMH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AMH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $108.5M | $199.4M | $59.4M | $69.2M | $48.2M | $137.1M | $37.6M | $30.3M | $46.2M | $118.8M |
| Cash & equivalents | $108.5M | $199.4M | $59.4M | $69.2M | $48.2M | $137.1M | $37.6M | $30.3M | $46.2M | $118.8M |
| Short-term investments | — | — | — | $107.3M | $122.0M | $163.2M | $202.1M | −$56.8M | $171.9M | $133.6M |
| Receivables | $43.1M | $49.0M | $42.8M | $47.8M | $76.9M | $41.5M | $29.6M | $29.0M | $30.1M | $17.6M |
| Inventory | $0 | $0 | $0 | $774.0M | $628.9M | $1 | $559.2M | $0 | $1 | $1 |
| Other current assets | $122.2M | $150.8M | $0 | $0 | $0 | $291.2M | $0 | $144.9M | $136.7M | $265.0M |
| Total current assets | $273.8M | $399.2M | $59.4M | $597.2M | $268.7M | $469.8M | $395.8M | $204.2M | $213.0M | $401.5M |
| Property, plant & equipment (net) | $15.7M | $14.7M | $16.6M | $19.1M | $17.3M | $18.8M | $8.12B | $8.08B | $8.06B | $7.55B |
| Goodwill & intangible assets | $120.3M | $120.3M | $120.3M | $130.5M | $133.4M | $110.1M | $112.1M | $109.8M | $115.0M | $118.2M |
| Long-term investments | $148.9M | $159.1M | $139.9M | $133.0M | $10.37B | $8.98B | $8.55B | $8.49B | $25.7M | $25.7M |
| Other non-current assets | $12.68B | $12.69B | $11.42B | $11.30B | $176.5M | $17.1M | $0 | $0 | $190.1M | $14.0M |
| Total assets | $13.24B | $13.38B | $11.76B | $12.18B | $10.96B | $9.59B | $9.10B | $9.00B | $8.61B | $8.11B |
| Liabilities | ||||||||||
| Accounts payable | $322,000 | $96,000 | $36.1M | $5.7M | $1.1M | $298.9M | $243.2M | $195,000 | $1.7M | $177.2M |
| Short-term debt | $4.4M | $10.3M | $2.50B | $130.0M | $350.0M | $19.2M | $888.5M | $250.0M | $140.0M | $2.92B |
| Deferred revenue | — | — | $30.3M | $26.9M | $31.2M | $24.4M | −$888.5M | −$135.6M | −$145.2M | −$6.07B |
| Total current liabilities | $4.4M | $400.8M | $2.50B | $614.4M | $643.6M | $303.8M | $247.8M | $451.7M | $346.9M | $177.2M |
| Long-term debt | $5.10B | $5.01B | $4.46B | $4.52B | $3.53B | $2.82B | $2.83B | $2.45B | $1.98B | $2.99B |
| Lease obligations | $17.2M | $16.3M | $18.3M | $20.8M | $18.7M | $19.2M | — | — | — | — |
| Other long-term liabilities | $432.5M | $121.0M | $0 | $0 | $49.9M | $0 | $0 | $121.7M | $408.8M | $0 |
| Total liabilities | $5.53B | $5.53B | $5.04B | $5.00B | $4.22B | $3.12B | $3.08B | $3.03B | $2.73B | $3.17B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.7M | $3.7M | $3.6M | $3.5M | $3.4M | $3.2M | $3.0M | $3.0M | $5.60B | $4.57B |
| Retained earnings (deficit) | −$387.6M | −$380.6M | −$394.9M | −$440.8M | −$438.7M | −$443.5M | −$465.4M | −$491.2M | −$454.0M | −$378.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $6.6M | $7.9M | $843,000 | $1.3M | $1.8M | $5.8M | $6.7M | $7.4M | $75,000 | $95,000 |
| Minority interest | $675.8M | $688.6M | $685.4M | $678.7M | $678.9M | $683.3M | $683.4M | $721.8M | $726.2M | $744.7M |
| Total shareholders' equity | $7.03B | $7.16B | $6.72B | $7.17B | $6.06B | $6.47B | $6.02B | $5.25B | $5.15B | $4.94B |
| Key figures | ||||||||||
| Total debt | $5.13B | $5.03B | $2.50B | $4.65B | $3.90B | $2.84B | $3.72B | $2.80B | $2.48B | $5.91B |
| Net cash (debt) | −$5.02B | −$4.83B | −$2.44B | −$4.58B | −$3.85B | −$2.70B | −$3.68B | −$2.77B | −$2.43B | −$5.80B |
| Working capital | $269.5M | −$1.6M | −$2.44B | −$17.2M | −$374.9M | $166.0M | $148.0M | −$247.4M | −$133.9M | $224.2M |
| Tangible book value | $6.91B | $7.04B | $6.60B | $7.04B | $5.93B | $6.36B | $5.91B | $5.14B | $5.03B | $4.82B |
| Book value per share | $18.96 | $19.46 | $18.54 | $20.51 | $18.62 | $21.08 | $20.07 | $17.85 | $19.49 | $21.10 |
| Shares outstanding | 370.9M | 368.0M | 362.5M | 349.8M | 325.5M | 307.1M | 299.9M | 294.3M | 264.3M | 234.0M |
| Current ratio | 62.90 | 1.00 | 0.02 | 0.97 | 0.42 | 1.55 | 1.60 | 0.45 | 0.61 | 2.27 |
| Quick ratio | 34.83 | 0.62 | 0.04 | 0.19 | 0.19 | 0.59 | 0.27 | 0.13 | 0.22 | 0.77 |
| Debt / equity | 0.73 | 0.70 | 0.37 | 0.65 | 0.64 | 0.44 | 0.62 | 0.53 | 0.48 | 1.20 |
| Equity / assets | 53.1% | 53.5% | 57.2% | 58.9% | 55.3% | 67.5% | 66.1% | 58.3% | 59.8% | 60.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $83.7M | $63.3M | $108.5M | $45.6M | $323.3M | $69.7M | $199.4M | $162.5M | $718.4M | $124.8M | $59.4M | $69.5M |
| Cash & equivalents | $83.7M | $63.3M | $108.5M | $45.6M | $323.3M | $69.7M | $199.4M | $162.5M | $718.4M | $124.8M | $59.4M | $69.5M |
| Receivables | $45.4M | $48.2M | $42.9M | $56.8M | $50.8M | $52.5M | $49.0M | $50.4M | $44.2M | $45.7M | $42.8M | $53.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $317.8M | $0 | $0 | $0 | $869.1M |
| Other current assets | $695.1M | $144.9M | $122.4M | $130.1M | $143.3M | $149.2M | $150.8M | $0 | $163.3M | $158.5M | $0 | $0 |
| Total current assets | $824.1M | $256.4M | $273.8M | $232.5M | $517.4M | $271.4M | $399.2M | $368.3M | $925.9M | $329.0M | $59.4M | $668.6M |
| Property, plant & equipment (net) | $11.70B | $16.0M | $15.7M | $15.7M | $14.6M | $14.7M | $14.7M | $14.4M | $15.3M | $15.7M | $16.6M | $17.1M |
| Goodwill & intangible assets | $128.7M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $128.6M |
| Long-term investments | $147.3M | $150.7M | $148.9M | $162.0M | $147.8M | $160.8M | $159.1M | $155.0M | $150.1M | $114.6M | $139.9M | $143.0M |
| Other non-current assets | $300.4M | $12.63B | $12.68B | $12.72B | $12.79B | $12.72B | $12.69B | $12.19B | $12.09B | $12.18B | $11.42B | $11.60B |
| Total assets | $13.10B | $13.18B | $13.24B | $13.25B | $13.59B | $13.29B | $13.38B | $12.84B | $13.30B | $12.76B | $11.76B | $12.56B |
| Liabilities | ||||||||||||
| Accounts payable | $213,000 | $374,000 | $322,000 | $405,000 | $363,000 | $1.9M | $96,000 | $1.0M | $388,000 | $305,000 | $36.1M | $6.1M |
| Short-term debt | $19.1M | $390.0M | $4.4M | $110.0M | $4.73B | $410.0M | $10.3M | $18.6M | $478.1M | $483.0M | $2.50B | $2.50B |
| Deferred revenue | $33.1M | — | — | — | — | — | — | −$3.09B | −$16.9M | $31.7M | $30.3M | −$6.1M |
| Total current liabilities | $512.0M | $786.1M | $4.4M | $601.5M | $481.8M | $823.1M | $400.8M | $489.0M | $446.7M | $406.1M | $2.50B | $633.8M |
| Long-term debt | $4.74B | $4.74B | $5.10B | $4.84B | $5.16B | $4.93B | $5.01B | $4.52B | $4.99B | $4.50B | $4.37B | $4.38B |
| Lease obligations | $19.1M | $17.5M | $17.2M | $17.2M | $16.1M | $16.2M | $16.3M | $16.0M | $16.9M | $17.4M | $18.3M | $18.8M |
| Other long-term liabilities | $409.1M | $51.1M | $432.5M | $0 | $106.4M | $0 | $121.0M | $140.9M | $152.7M | $147.2M | $0 | $0 |
| Total liabilities | $5.66B | $5.58B | $5.53B | $5.42B | $5.75B | $5.45B | $5.53B | $5.15B | $5.59B | $5.06B | $5.04B | $5.01B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.6M | $3.6M | $3.7M | $3.7M | $3.7M | $3.7M | $3.7M | $3.7M | $3.7M | $3.7M | $3.6M | $3.6M |
| Retained earnings (deficit) | −$385.9M | −$380.2M | −$387.6M | −$400.4M | −$388.7M | −$382.4M | −$380.6M | −$407.3M | −$385.3M | −$381.5M | −$394.9M | −$391.5M |
| Accumulated other comprehensive income | $6.0M | $6.3M | $6.6M | $6.9M | $7.2M | $6.2M | $7.9M | $2.8M | $597,000 | $721,000 | $843,000 | $965,000 |
| Minority interest | $671.4M | $672.2M | $675.8M | $676.7M | $680.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $6.81B | $6.93B | $7.03B | $7.16B | $7.17B | $7.15B | $7.16B | $7.01B | $7.03B | $7.02B | $6.97B | $6.86B |
| Key figures | ||||||||||||
| Total debt | $5.15B | $5.15B | $5.13B | $4.86B | $5.17B | $4.94B | $5.03B | $4.53B | $5.01B | $4.52B | $2.50B | $6.87B |
| Net cash (debt) | −$5.07B | −$5.08B | −$5.02B | −$4.82B | −$4.85B | −$4.87B | −$4.83B | −$4.37B | −$4.29B | −$4.40B | −$2.44B | −$6.80B |
| Working capital | $312.2M | −$529.6M | $269.5M | −$368.9M | $35.6M | −$551.7M | −$1.6M | −$120.7M | $479.2M | −$77.1M | −$2.44B | $34.8M |
| Tangible book value | $6.68B | $6.81B | $6.91B | $7.04B | $7.04B | $7.03B | $7.04B | $6.89B | $6.90B | $6.90B | $6.85B | $6.74B |
| Book value per share | $18.77 | $19.01 | $19.00 | $19.30 | $19.31 | $19.30 | $19.36 | $19.07 | $19.13 | $19.12 | $19.17 | $18.91 |
| Shares outstanding | 362.6M | 364.5M | 370.2M | 371.1M | 371.1M | 370.8M | 369.9M | 367.6M | 367.3M | 367.0M | 363.4M | 362.9M |
| Current ratio | 1.61 | 0.33 | 62.90 | 0.39 | 1.07 | 0.33 | 1.00 | 0.75 | 2.07 | 0.81 | 0.02 | 1.05 |
| Quick ratio | 0.25 | 0.14 | 34.79 | 0.17 | 0.78 | 0.15 | 0.62 | 0.44 | 1.71 | 0.42 | 0.04 | 0.19 |
| Debt / equity | 0.76 | 0.74 | 0.73 | 0.68 | 0.72 | 0.69 | 0.70 | 0.65 | 0.71 | 0.64 | 0.36 | 1.00 |
| Equity / assets | 52.0% | 52.6% | 53.1% | 54.0% | 52.7% | 53.8% | 53.5% | 54.6% | 52.8% | 55.0% | 59.3% | 54.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
AMH financial position
At the end of fiscal 2025 (December 31, 2025), American Homes 4 Rent had total assets of $13.2 billion (down 1.0% from a year earlier), total liabilities of $5.5 billion and shareholders' equity of $7.0 billion. It held $108.5 million in cash and short-term investments against $5.1 billion of debt, net debt of $5.0 billion. Its current ratio was 62.90. In the latest quarter (ended June 30, 2026) total assets were $13.1 billion and equity $6.8 billion.
Related: AMH income statement, AMH cash flow statement, AMH key metrics. See the AMH stock overview for the latest quote and news.
AMH balance sheet FAQ
What are American Homes 4 Rent's total assets?
American Homes 4 Rent reported total assets of $13.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.4 billion a year earlier.
How much debt does American Homes 4 Rent have?
American Homes 4 Rent had $5.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.73.
How much cash does American Homes 4 Rent have?
American Homes 4 Rent held $108.5 million in cash and short-term investments at the end of fiscal 2025; with $5.1 billion of debt that is net debt of $5.0 billion.
What is American Homes 4 Rent's book value?
American Homes 4 Rent's shareholders' equity (book value) was $7.0 billion at the end of fiscal 2025, or $18.96 per share.
What is American Homes 4 Rent's current ratio?
American Homes 4 Rent had current assets of $273.8 million and current liabilities of $4.4 million, a current ratio of 62.90 (it can cover its short-term obligations).
How much goodwill does American Homes 4 Rent have?
American Homes 4 Rent carried $120.3 million of goodwill and intangible assets, 0.9% of total assets, at the end of fiscal 2025.