Invitation Homes Inc. (INVH) Balance Sheet
INVH balance sheet, 2025
December 31, 2025 · U.S. dollars$18.68B assets = $9.11B liabilities + $9.57B equity
Both columns are drawn to the same scale: what INVH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
INVH financial health
Descriptive bands, not a rating. Fiscal 2025.
INVH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $9.73B2016 | $18.68B2025 | +7.5%/yr | |
| Total liabilities | $7.77B2016 | $9.11B2025 | +1.8%/yr | |
| Shareholders’ equity | $1.96B2016 | $9.53B2025 | +19.2%/yr | |
| Cash & short-term investments | $198.1M2016 | $130.0M2025 | −4.6%/yr | |
| Total debt | $9.89B2016 | $8.38B2025 | −1.8%/yr | |
| Net cash (debt) | −$9.69B2016 | −$8.25B2025 | +$1.4B | |
| Working capital | −$1.90B2016 | $193.7M2025 | +$2.1B | |
| Book value per share | $6.482016 | $15.542025 | +10.2%/yr | |
| Current ratio | 0.212016 | 1.522025 | +1.31 | |
| Debt / equity | 5.052016 | 0.882025 | −4.17 | |
| Shares outstanding | 302.1M2016 | 613.2M2025 | +8.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
INVH assets
INVH liabilities and equity
INVH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
INVH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $130.0M | $174.5M | $700.6M | $262.9M | $610.2M | $213.4M | $92.3M | $144.9M | $179.9M | $198.1M |
| Cash & equivalents | $130.0M | $174.5M | $700.6M | $262.9M | $610.2M | $213.4M | $92.3M | $144.9M | $179.9M | $198.1M |
| Short-term investments | — | — | $142.5M | $17.03B | $6,000 | $1,000 | $1.6M | $75.4M | $57.6M | $222.1M |
| Receivables | $59.9M | $61.2M | $60.8M | $54.1M | $37.5M | $35.3M | $25.2M | $33.1M | $24.5M | $11.6M |
| Inventory | $0 | $0 | $1.08B | −$223.6M | −$5,999 | −$1,000 | −$1.6M | −$219.2M | −$57.6M | $1 |
| Other current assets | $379.2M | $438.5M | $0 | $360.6M | $171.2M | $163.1M | $170.4M | $401.1M | $391.6M | $290.3M |
| Total current assets | $569.1M | $674.2M | $1.14B | $453.9M | $818.9M | $411.8M | $286.2M | $360.0M | $538.4M | $500.0M |
| Property, plant & equipment (net) | $102.6M | $71.5M | $45.0M | $41.0M | $33.6M | $31.7M | $23.6M | $11.8M | $16.6M | $6.2M |
| Goodwill & intangible assets | $516.4M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $295.7M | $0 |
| Long-term investments | $372.7M | $356.3M | $389.6M | $280.6M | $130.4M | $69.3M | $371.8M | $423.2M | $435.6M | $209.3M |
| Other non-current assets | $17.12B | $17.34B | $17.38B | $17.50B | $17.30B | $16.74B | $16.45B | $17.01B | $17.40B | $9.02B |
| Total assets | $18.68B | $18.70B | $19.22B | $18.54B | $18.54B | $17.51B | $17.39B | $18.06B | $18.68B | $9.73B |
| Liabilities | ||||||||||
| Accounts payable | — | $211.3M | $200.6M | $198.4M | $193.6M | $149.3M | $186.1M | $169.6M | $193.4M | $88.1M |
| Short-term debt | $145.0M | $570.0M | $644.7M | $663.6M | $2.22B | $3.84B | $2.16B | $2.29B | $35.0M | $2.32B |
| Deferred revenue | — | — | −$200.6M | −$1.35B | −$2.63B | −$4.38B | −$186.1M | −$2.46B | −$193.4M | −$88.1M |
| Total current liabilities | $375.4M | $817.7M | $200.6M | $198.4M | $193.6M | $149.3M | $186.1M | $169.6M | $228.4M | $2.40B |
| Long-term debt | $8.24B | $7.63B | $8.55B | $7.77B | $8.00B | $8.03B | $8.47B | $9.25B | $9.65B | $7.57B |
| Other long-term liabilities | $502.0M | $458.4M | $283.9M | $245.6M | $506.8M | $769.3M | $472.7M | $274.8M | $153.7M | $0 |
| Total liabilities | $9.11B | $8.91B | $9.03B | $8.21B | $8.70B | $8.95B | $9.13B | $9.69B | $10.03B | $7.77B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $6.1M | $6.1M | $6.1M | $6.1M | $6.0M | $5.7M | $5.4M | $5.2M | $5.2M | $1.96B |
| Retained earnings (deficit) | −$1.61B | −$1.48B | −$1.07B | −$951.2M | −$794.9M | −$661.2M | −$524.6M | −$392.6M | −$157.6M | — |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | — |
| Accumulated other comprehensive income | $6.4M | $61.0M | $63.7M | $98.0M | −$286.9M | −$546.9M | −$276.6M | −$13.0M | $47.9M | — |
| Minority interest | $37.8M | $35.7M | $34.5M | $32.3M | $41.1M | $51.2M | $51.7M | $140.1M | $151.8M | — |
| Total shareholders' equity | $9.53B | $9.76B | $10.16B | $10.32B | $9.84B | $8.56B | $8.27B | $8.37B | $8.65B | $1.96B |
| Key figures | ||||||||||
| Total debt | $8.38B | $8.20B | $8.55B | $8.43B | $10.21B | $11.87B | $10.63B | $11.54B | $9.69B | $9.89B |
| Net cash (debt) | −$8.25B | −$8.03B | −$7.85B | −$8.17B | −$9.60B | −$11.66B | −$10.54B | −$11.40B | −$9.51B | −$9.69B |
| Working capital | $193.7M | −$143.5M | $943.8M | $255.5M | $625.2M | $262.5M | $100.1M | $190.4M | $310.0M | −$1.90B |
| Tangible book value | $9.01B | $9.50B | $9.90B | $10.07B | $9.58B | $8.30B | $8.01B | $8.11B | $8.35B | $1.96B |
| Book value per share | $15.54 | $15.90 | $16.56 | $16.89 | $16.99 | $15.40 | $15.52 | $16.08 | $25.48 | $6.48 |
| Shares outstanding | 613.2M | 613.6M | 613.3M | 611.1M | 579.2M | 555.5M | 532.5M | 520.4M | 339.4M | 302.1M |
| Current ratio | 1.52 | 0.82 | 5.71 | 2.29 | 4.23 | 2.76 | 1.54 | 2.12 | 2.36 | 0.21 |
| Quick ratio | 0.51 | 0.29 | 3.80 | 1.60 | 3.34 | 1.67 | 0.63 | 1.05 | 0.89 | 0.09 |
| Debt / equity | 0.88 | 0.84 | 0.84 | 0.82 | 1.04 | 1.39 | 1.29 | 1.38 | 1.12 | 5.05 |
| Equity / assets | 51.0% | 52.2% | 52.8% | 55.7% | 53.1% | 48.9% | 47.5% | 46.3% | 46.3% | 20.1% |
| 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 | $75.8M | $114.1M | $130.0M | $155.4M | $65.1M | $84.4M | $174.5M | $1.03B | $749.4M | $738.1M | $700.6M | $762.6M |
| Cash & equivalents | $75.8M | $114.1M | $130.0M | $155.4M | $65.1M | $84.4M | $174.5M | $1.03B | $749.4M | $738.1M | $700.6M | $762.6M |
| Short-term investments | — | — | — | — | — | — | — | — | −$142.4M | $84.3M | $75.5M | $134.0M |
| Receivables | $99.3M | $89.1M | $59.9M | $66.4M | $63.5M | $65.1M | $61.2M | $68.4M | $68.1M | $70.4M | $60.8M | $58.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.18B | $0 | −$84.3M | $1.08B | −$134.0M |
| Other current assets | $152.2M | $169.7M | $379.2M | $394.6M | $392.3M | $432.9M | $438.5M | $0 | $404.8M | $481.9M | $0 | $526.2M |
| Total current assets | $327.3M | $373.0M | $569.1M | $616.4M | $520.9M | $582.3M | $674.2M | $1.53B | $1.22B | $1.21B | $1.14B | $1.21B |
| Property, plant & equipment (net) | $16.88B | $17.11B | $102.6M | $91.3M | $81.3M | $74.0M | $71.5M | $68.8M | $67.5M | $45.2M | $45.0M | $38.2M |
| Goodwill & intangible assets | $368.5M | $371.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M | $258.2M |
| Long-term investments | $372.0M | $369.2M | $372.7M | $373.0M | $348.4M | $357.5M | $356.3M | $389.6M | $411.2M | $380.8M | $389.6M | $258.0M |
| Other non-current assets | $496.0M | $472.9M | $17.38B | $17.44B | $17.45B | $17.31B | $17.34B | $17.38B | $17.28B | $17.32B | $17.38B | $17.70B |
| Total assets | $18.45B | $18.70B | $18.68B | $18.78B | $18.66B | $18.58B | $18.70B | $19.63B | $19.24B | $19.21B | $19.22B | $19.47B |
| Liabilities | ||||||||||||
| Accounts payable | $325.1M | $257.5M | — | — | $308.3M | $230.9M | $211.3M | $387.5M | $316.8M | $240.5M | $200.6M | $368.1M |
| Short-term debt | $3.2M | $560.0M | $145.0M | $36.0M | $540.0M | $470.0M | $570.0M | $750.0M | $865,000 | $1.3M | $644.7M | $782,000 |
| Deferred revenue | — | $187.1M | — | — | — | — | — | — | $37.5M | −$6.2M | −$200.6M | −$2.7M |
| Total current liabilities | $3.2M | $1.00B | $375.4M | $407.3M | $848.3M | $720.5M | $817.7M | $1.15B | $354.3M | $240.5M | $200.6M | $368.1M |
| Long-term debt | $8.25B | $8.24B | $8.24B | $8.23B | $7.63B | $7.63B | $7.63B | $8.26B | $8.54B | $8.54B | $8.55B | $8.55B |
| Other long-term liabilities | $1.11B | $325.6M | $502.0M | $482.3M | $473.9M | $469.1M | $458.4M | $273.4M | $274.7M | $254.9M | $283.9M | $281.3M |
| Total liabilities | $9.36B | $9.57B | $9.11B | $9.12B | $8.96B | $8.82B | $8.91B | $9.68B | $9.17B | $9.04B | $9.03B | $9.20B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5.9M | $5.9M | $6.1M | $6.1M | $6.1M | $6.1M | $6.1M | $6.1M | $6.1M | $6.1M | $6.1M | $6.1M |
| Retained earnings (deficit) | −$1.59B | −$1.63B | −$1.61B | −$1.57B | −$1.53B | −$1.49B | −$1.48B | −$1.28B | −$1.20B | −$1.10B | −$1.07B | −$1.04B |
| Accumulated other comprehensive income | $32.9M | $18.5M | $6.4M | $7.8M | $11.6M | $31.3M | $61.0M | $21.3M | $64.0M | $74.8M | $63.7M | $119.7M |
| Minority interest | $38.2M | $37.6M | $37.8M | $37.0M | $37.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $9.05B | $9.09B | $9.53B | $9.63B | $9.67B | $9.72B | $9.76B | $9.92B | $10.03B | $10.13B | $10.16B | $10.24B |
| Key figures | ||||||||||||
| Total debt | $8.55B | $8.80B | $8.38B | $8.23B | $8.17B | $8.10B | $8.20B | $9.01B | $8.54B | $8.54B | $8.55B | $8.55B |
| Net cash (debt) | −$8.47B | −$8.69B | −$8.25B | −$8.07B | −$8.11B | −$8.02B | −$8.03B | −$7.98B | −$7.79B | −$7.81B | −$7.85B | −$7.78B |
| Working capital | $324.1M | −$631.5M | $193.7M | $209.1M | −$327.5M | −$138.2M | −$143.5M | $384.9M | $867.9M | $965.5M | $943.8M | $845.6M |
| Tangible book value | $8.69B | $8.72B | $9.27B | $9.37B | $9.41B | $9.46B | $9.50B | $9.66B | $9.77B | $9.88B | $9.90B | $9.98B |
| Book value per share | $15.28 | $15.00 | $15.55 | $15.70 | $15.77 | $15.84 | $15.91 | $16.16 | $16.34 | $16.51 | $16.55 | $16.68 |
| Shares outstanding | 592.5M | 606.2M | 613.0M | 613.1M | 613.3M | 613.4M | 613.2M | 613.6M | 613.8M | 613.8M | 613.7M | 613.6M |
| Current ratio | 103.41 | 0.37 | 1.52 | 1.51 | 0.61 | 0.81 | 0.82 | 1.33 | 3.45 | 5.01 | 5.71 | 3.30 |
| Quick ratio | 55.31 | 0.20 | 0.51 | 0.54 | 0.15 | 0.21 | 0.29 | 0.95 | 2.31 | 3.36 | 3.80 | 2.23 |
| Debt / equity | 0.94 | 0.97 | 0.88 | 0.86 | 0.85 | 0.83 | 0.84 | 0.91 | 0.85 | 0.84 | 0.84 | 0.84 |
| Equity / assets | 49.1% | 48.6% | 51.0% | 51.2% | 51.8% | 52.3% | 52.2% | 50.5% | 52.1% | 52.8% | 52.8% | 52.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
INVH financial position
At the end of fiscal 2025 (December 31, 2025), Invitation Homes had total assets of $18.7 billion (down 0.1% from a year earlier), total liabilities of $9.1 billion and shareholders' equity of $9.5 billion. It held $130.0 million in cash and short-term investments against $8.4 billion of debt, net debt of $8.3 billion. Its current ratio was 1.52. In the latest quarter (ended June 30, 2026) total assets were $18.4 billion and equity $9.1 billion.
Related: INVH income statement, INVH cash flow statement, INVH key metrics. See the INVH stock overview for the latest quote and news.
INVH balance sheet FAQ
What are Invitation Homes's total assets?
Invitation Homes reported total assets of $18.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $18.7 billion a year earlier.
How much debt does Invitation Homes have?
Invitation Homes had $8.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.88.
How much cash does Invitation Homes have?
Invitation Homes held $130.0 million in cash and short-term investments at the end of fiscal 2025; with $8.4 billion of debt that is net debt of $8.3 billion.
What is Invitation Homes's book value?
Invitation Homes's shareholders' equity (book value) was $9.5 billion at the end of fiscal 2025, or $15.54 per share.
What is Invitation Homes's current ratio?
Invitation Homes had current assets of $569.1 million and current liabilities of $375.4 million, a current ratio of 1.52 (it can cover its short-term obligations).
How much goodwill does Invitation Homes have?
Invitation Homes carried $516.4 million of goodwill and intangible assets, 2.8% of total assets, at the end of fiscal 2025.