American Homes 4 Rent (AMH) Key Metrics
AMH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $12.82B
- Enterprise value
- $16.19B
- P/E (TTM)
- 24.8 10-yr median 54.8
- Forward P/E
- 200.0
- PEG ratio
- 29.82
- Price / sales
- 6.8 10-yr median 7.0
- Price / book
- 1.6 10-yr median 1.4
- EV / EBITDA
- 13.0 10-yr median 20.5
- Dividend yield
- 3.70% $1.32 a year
- Beta
- 0.79
AMH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAMH valuation Price multiples at each fiscal year-end price.
AMH returns How much profit the business earns on the capital it uses.
AMH per-share figures Results divided by the shares outstanding at year-end.
AMH financial health Debt, liquidity and how easily interest is covered.
AMH efficiency & capital use Working capital cycle and where the cash goes.
AMH valuation history
AMH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AMH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AMH cash returned to shareholders
AMH price vs earnings per share
AMH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $11.91B | $13.77B | $13.03B | $10.54B | $14.20B | $9.21B | $7.86B | $5.84B | $5.77B | $4.91B |
| Enterprise value | $16.92B | $18.60B | $15.48B | $15.12B | $18.05B | $11.91B | $11.55B | $8.61B | $8.20B | $10.71B |
| P/E ratio | 26.3 | 33.4 | 34.3 | 38.6 | 75.1 | 65.6 | 55.7 | 53.9 | 71.3 | 733.3 |
| Price / sales | 6.4 | 8.0 | 8.0 | 7.1 | 10.9 | 7.9 | 6.9 | 5.4 | 6.0 | 5.6 |
| Price / book | 1.7 | 1.9 | 1.9 | 1.5 | 2.3 | 1.4 | 1.3 | 1.1 | 1.1 | 1.0 |
| Price / free cash flow | 16.0 | 20.0 | 21.6 | 20.0 | 30.0 | 24.9 | 20.3 | 16.4 | 16.6 | 19.6 |
| Price / operating cash flow | 13.8 | 17.0 | 17.6 | 15.8 | 23.9 | 19.4 | 17.2 | 14.2 | 15.0 | 17.6 |
| EV / sales | 9.1 | 10.8 | 9.5 | 10.1 | 13.8 | 10.2 | 10.2 | 8.0 | 8.5 | 12.2 |
| EV / EBITDA | 14.1 | 21.2 | 19.1 | 20.6 | 28.0 | 20.7 | 20.4 | 15.8 | 16.5 | 23.7 |
| EV / free cash flow | 22.7 | 27.0 | 25.6 | 28.7 | 38.2 | 32.3 | 29.9 | 24.2 | 23.5 | 42.6 |
| Earnings yield | 3.8% | 3.0% | 2.9% | 2.6% | 1.3% | 1.5% | 1.8% | 1.9% | 1.4% | 0.1% |
| Free cash flow yield | 6.3% | 5.0% | 4.6% | 5.0% | 3.3% | 4.0% | 4.9% | 6.1% | 6.0% | 5.1% |
| Dividend yield | 3.9% | 2.9% | 2.6% | 2.6% | 1.3% | 1.3% | 1.5% | 2.1% | 1.5% | 1.8% |
| Shareholder yield (dividends + buybacks) | 5.1% | 2.9% | 2.6% | 4.0% | 4.8% | 1.3% | 1.9% | 2.7% | 1.5% | 3.8% |
| Share price at fiscal year-end | $32.10 | $37.42 | $35.96 | $30.14 | $43.61 | $30.00 | $26.21 | $19.85 | $21.84 | $20.98 |
| Per share | ||||||||||
| Revenue per share | $5.03 | $4.70 | $4.48 | $4.26 | $4.01 | $3.82 | $3.77 | $3.65 | $3.63 | $3.76 |
| Earnings per share | $1.22 | $1.12 | $1.05 | $0.78 | $0.58 | $0.46 | $0.47 | $0.37 | $0.31 | $0.03 |
| Operating cash flow per share | $2.33 | $2.21 | $2.04 | $1.90 | $1.83 | $1.54 | $1.53 | $1.40 | $1.46 | $1.19 |
| Free cash flow per share | $2.01 | $1.87 | $1.67 | $1.51 | $1.45 | $1.20 | $1.29 | $1.21 | $1.32 | $1.07 |
| Cash per share | $0.29 | $0.54 | $0.16 | $0.20 | $0.15 | $0.45 | $0.13 | $0.10 | $0.17 | $0.51 |
| Book value per share | $18.96 | $19.46 | $18.54 | $20.51 | $18.62 | $21.08 | $20.07 | $17.85 | $19.49 | $21.10 |
| Tangible book value per share | $18.64 | $19.13 | $18.21 | $20.14 | $18.21 | $20.72 | $19.69 | $17.47 | $19.05 | $20.59 |
| Dividends per share | $1.24 | $1.08 | $0.92 | $0.77 | $0.57 | $0.38 | $0.38 | $0.43 | $0.32 | $0.38 |
| Capex per share | $0.32 | $0.33 | $0.37 | $0.40 | $0.38 | $0.34 | $0.24 | $0.19 | $0.14 | $0.29 |
| Debt per share | $13.82 | $13.66 | $6.90 | $13.28 | $11.98 | $9.24 | $12.41 | $9.53 | $9.37 | $25.28 |
| Shares outstanding | 370.9M | 368.0M | 362.5M | 349.8M | 325.5M | 307.1M | 299.9M | 294.3M | 264.3M | 234.0M |
| Change in shares outstanding | +0.8% | +1.5% | +3.6% | +7.5% | +6.0% | +2.4% | +1.9% | +11.4% | +12.9% | +11.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.4% | 5.9% | 5.5% | 4.1% | 3.0% | 2.2% | 2.5% | 2.1% | 1.6% | 0.2% |
| Return on invested capital (ROIC) | 3.0% | 7.0% | 6.8% | 3.8% | 3.4% | 3.0% | 3.2% | 6.7% | 5.4% | 3.3% |
| Return on assets (ROA) | 3.4% | 3.3% | 3.2% | 2.4% | 1.8% | 1.5% | 1.6% | 1.2% | 1.0% | 0.1% |
| Return on tangible assets | 3.5% | 3.1% | 3.3% | 2.3% | 1.7% | 1.5% | 1.6% | 1.2% | 1.0% | 0.1% |
| Free cash flow margin | 40.0% | 39.9% | 37.2% | 35.3% | 36.2% | 31.5% | 34.1% | 33.2% | 36.3% | 28.6% |
| Income quality (OCF / net income) | 1.91 | 1.97 | 1.94 | 2.44 | 3.15 | 3.38 | 3.25 | 3.79 | 4.77 | 41.65 |
| Financial health | ||||||||||
| Total debt | $5.13B | $5.03B | $2.50B | $4.65B | $3.90B | $2.84B | $3.72B | $2.80B | $2.48B | $5.91B |
| Cash & short-term investments | $108.5M | $199.4M | $59.4M | $69.2M | $48.2M | $137.1M | $37.6M | $30.3M | $46.2M | $118.8M |
| Net debt | $5.02B | $4.83B | $2.44B | $4.58B | $3.85B | $2.70B | $3.68B | $2.77B | $2.43B | $5.80B |
| Debt / equity | 0.73 | 0.70 | 0.37 | 0.65 | 0.64 | 0.44 | 0.62 | 0.53 | 0.48 | 1.20 |
| Debt / assets | 0.39 | 0.38 | 0.21 | 0.38 | 0.36 | 0.30 | 0.41 | 0.31 | 0.29 | 0.73 |
| Net debt / EBITDA | 4.17 | 5.50 | 3.02 | 6.23 | 5.97 | 4.70 | 6.52 | 5.10 | 4.90 | 12.82 |
| Current ratio | 62.90 | 1.00 | 0.02 | 0.97 | 0.42 | 1.55 | 1.60 | 0.45 | 0.61 | 2.27 |
| Quick ratio | 62.90 | 1.00 | 0.02 | −0.29 | −0.56 | 1.55 | −0.66 | 0.45 | 0.61 | 2.27 |
| Interest coverage | 2.4 | 5.3 | 5.8 | 5.4 | 5.6 | 4.9 | 4.4 | 4.4 | 4.4 | 3.5 |
| Working capital | $269.5M | −$1.6M | −$2.44B | −$17.2M | −$374.9M | $166.0M | $148.0M | −$247.4M | −$133.9M | $224.2M |
| Invested capital | $12.05B | $11.99B | $9.16B | $11.75B | $9.91B | $9.17B | $9.70B | $8.03B | $7.58B | $10.73B |
| Tangible asset value | $7.59B | $7.73B | $6.60B | $7.04B | $6.61B | $6.36B | $5.91B | $5.86B | $5.76B | $4.82B |
| Net current asset value | −$5.26B | −$5.13B | −$4.98B | −$4.40B | −$3.96B | −$2.65B | −$2.69B | −$2.82B | −$2.52B | −$2.77B |
| Graham number | $22.83 | $22.15 | $20.92 | $18.98 | $15.60 | $14.72 | $14.57 | $12.16 | $11.59 | $3.69 |
| Graham net-net per share | −$14.54 | −$14.39 | −$13.64 | −$12.89 | −$11.68 | −$9.62 | −$9.14 | −$10.11 | −$10.08 | −$12.98 |
| Capital allocation | ||||||||||
| Dividends paid | $460.2M | $397.5M | $333.4M | $269.6M | $184.2M | $116.2M | $115.0M | $125.6M | $85.0M | $88.4M |
| Share buybacks (net) | $150.1M | $0 | $4.0M | $155.0M | $498.8M | $0 | $35.0M | $35.0M | $169,000 | $96.5M |
| Dividend payout ratio | 101.6% | 96.4% | 87.7% | 98.7% | 97.4% | 82.8% | 81.5% | 116.0% | 105.0% | — |
| Dividends + buybacks / free cash flow | 81.8% | 57.6% | 55.8% | 80.6% | 144.5% | 31.5% | 38.8% | 45.0% | 24.5% | 73.6% |
| Capex / revenue | 6.3% | 7.0% | 8.3% | 9.3% | 9.4% | 8.9% | 6.3% | 5.1% | 3.9% | 7.7% |
| Capex / operating cash flow | 13.7% | 15.0% | 18.2% | 20.9% | 20.6% | 22.1% | 15.6% | 13.3% | 9.7% | 24.3% |
| Capex / depreciation | 0.23 | 0.26 | 0.29 | 0.33 | 0.33 | 0.31 | 0.22 | 0.17 | 0.13 | 0.23 |
| Stock-based compensation / revenue | 1.4% | 1.8% | 1.6% | 1.8% | 1.4% | 0.8% | 0.4% | 0.3% | 0.4% | 0.4% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 4.4% | 5.0% | 4.8% | 4.7% | 4.3% | 4.1% | 3.8% | 3.4% | 3.6% | 3.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 9.0 | 9.7 | 10.2 | 15.3 | 16.6 | 11.1 | 9.5 | 10.1 | 9.1 | 6.6 |
| Days of inventory on hand | — | — | — | 372.0 | 190.4 | 185.7 | 389.5 | — | 0.0 | 0.0 |
| Days payables outstanding | 0.0 | 8.6 | 10.3 | 1.8 | 90.8 | 180.1 | 84.8 | 0.7 | 76.0 | 153.9 |
| Cash conversion cycle (days) | 9.0 | 1.1 | -0.1 | 385.5 | 116.1 | 16.7 | 314.2 | 9.4 | -67.0 | -147.3 |
| Receivables turnover | 40.53 | 37.67 | 35.85 | 23.91 | 22.01 | 32.95 | 38.61 | 36.26 | 40.22 | 55.71 |
| Payables turnover | 8,628.49 | 42.45 | 35.42 | 201.48 | 4.02 | 2.03 | 4.31 | 512.97 | 4.80 | 2.37 |
| Inventory turnover | — | — | — | 0.98 | 1.92 | 1.97 | 0.94 | — | 429,409,000.00 | 787,354,000.00 |
| Asset turnover | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.13 | 0.13 | 0.12 | 0.11 | 0.12 |
| Average receivables | $46.0M | $45.9M | $45.3M | $62.3M | $59.2M | $35.6M | $29.3M | $29.6M | $23.9M | $15.8M |
| Average payables | $209,000 | $18.1M | $20.9M | $3.4M | $150.0M | $271.1M | $121.7M | $960,500 | $89.5M | $166.0M |
| Average inventory | — | — | — | $701.5M | $314.4M | $279.6M | $559.2M | — | $1 | $0 |
| Intangibles / total assets | 0.9% | 0.9% | 1.0% | 1.1% | 1.2% | 1.1% | 1.2% | 1.2% | 1.3% | 1.5% |
Computed from AMH's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AMH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), American Homes 4 Rent traded at 26.3 times earnings, against a 10-year median of 54.8. Based on the latest twelve months, the trailing P/E is 24.8 and the forward P/E is 200.0. American Homes 4 Rent earned a return on equity of 6.4% and a return on invested capital of 3.0% in fiscal 2025. It ended the year with $5.1 billion of debt and $108.5 million in cash and short-term investments, net debt of $5.0 billion. It returned $610.3 million to shareholders: $460.2 million in dividends and $150.1 million in share buybacks, 82% of free cash flow. The share count rose 58.5% from 234.0M to 370.9M over 9 years.
See the AMH income statement, the AMH chart for price history, or the AMH stock overview for the latest quote and news.
AMH key metrics FAQ
What is American Homes 4 Rent's P/E ratio?
American Homes 4 Rent's trailing P/E ratio is 24.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 200.0. At the end of fiscal 2025 it was 26.3, compared with a 10-year median of 54.8.
What is American Homes 4 Rent's EV/EBITDA?
American Homes 4 Rent's enterprise value was 14.1 times EBITDA at the end of fiscal 2025 (enterprise value $16.9 billion, EBITDA $1.2 billion); the current EV/EBITDA is 13.0.
What is American Homes 4 Rent's return on equity?
American Homes 4 Rent's return on equity (ROE) was 6.4% in fiscal 2025: net income of $453.0 million on average shareholders' equity of $7.1 billion.
What is American Homes 4 Rent's ROIC?
American Homes 4 Rent's return on invested capital was 3.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does American Homes 4 Rent have?
American Homes 4 Rent had total debt of $5.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.73 and $5.0 billion of net debt (4.17 times EBITDA).
What is American Homes 4 Rent's dividend yield?
American Homes 4 Rent's forward dividend yield is 3.70%. American Homes 4 Rent paid $460.2 million in dividends in fiscal 2025 ($1.24 per share), a payout ratio of 101.6%.
Does American Homes 4 Rent buy back its shares?
Yes. American Homes 4 Rent spent $150.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.8% over the year, to 370.9M..
What is American Homes 4 Rent's free cash flow yield?
American Homes 4 Rent generated $746.1 million of free cash flow in fiscal 2025, a free cash flow yield of 6.3% on its market value at year-end ($11.9 billion).
What is American Homes 4 Rent's current ratio?
American Homes 4 Rent's current ratio was 62.90 at the end of fiscal 2025: current assets were 62.90 times current liabilities.