Invitation Homes Inc. (INVH) Key Metrics
INVH valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $15.99B
- Enterprise value
- $24.36B
- P/E (TTM)
- 24.8 10-yr median 47.3
- Forward P/E
- 30.4
- PEG ratio
- 12.92
- Price / sales
- 5.6 10-yr median 8.1
- Price / book
- 1.8 10-yr median 1.9
- EV / EBITDA
- 13.5 10-yr median 23.3
- Dividend yield
- 4.43% $1.20 a year
- Beta
- 0.83
INVH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsINVH valuation Price multiples at each fiscal year-end price.
INVH returns How much profit the business earns on the capital it uses.
INVH per-share figures Results divided by the shares outstanding at year-end.
INVH financial health Debt, liquidity and how easily interest is covered.
INVH efficiency & capital use Working capital cycle and where the cash goes.
INVH valuation history
INVH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
INVH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
INVH cash returned to shareholders
INVH price vs earnings per share
INVH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $17.04B | $19.62B | $20.92B | $18.11B | $26.26B | $16.50B | $15.96B | $10.45B | $8.00B | — |
| Enterprise value | $25.29B | $27.65B | $28.76B | $26.28B | $35.87B | $28.16B | $26.50B | $21.85B | $17.51B | — |
| P/E ratio | 29.0 | 43.2 | 40.3 | 47.3 | 100.5 | 84.1 | 109.7 | — | — | — |
| Price / sales | 6.2 | 7.5 | 8.6 | 8.1 | 13.2 | 9.1 | 9.0 | 6.1 | 7.6 | — |
| Price / book | 1.8 | 2.0 | 2.1 | 1.8 | 2.7 | 1.9 | 1.9 | 1.2 | 0.9 | — |
| Price / free cash flow | 17.7 | 22.7 | 23.6 | 22.2 | 35.3 | 31.5 | 32.1 | 25.1 | 40.6 | — |
| Price / operating cash flow | 14.1 | 18.1 | 18.9 | 17.7 | 28.9 | 23.7 | 24.1 | 18.6 | 30.8 | — |
| EV / sales | 9.3 | 10.6 | 11.8 | 11.7 | 18.0 | 15.4 | 15.0 | 12.7 | 16.6 | — |
| EV / EBITDA | 17.2 | 18.0 | 18.8 | 19.8 | 30.5 | 25.5 | 25.3 | 23.3 | 38.0 | — |
| EV / free cash flow | 26.2 | 32.1 | 32.5 | 32.2 | 48.2 | 53.7 | 53.2 | 52.6 | 88.8 | — |
| Earnings yield | 3.5% | 2.3% | 2.5% | 2.1% | 1.0% | 1.2% | 0.9% | −0.0% | −1.3% | — |
| Free cash flow yield | 5.7% | 4.4% | 4.2% | 4.5% | 2.8% | 3.2% | 3.1% | 4.0% | 2.5% | — |
| Dividend yield | 4.2% | 3.5% | 3.1% | 3.0% | 1.5% | 2.0% | 1.7% | 2.2% | 0.9% | — |
| Shareholder yield (dividends + buybacks) | 4.5% | 3.6% | 3.1% | 3.0% | 1.5% | 2.0% | 1.7% | 2.3% | 1.1% | — |
| Share price at fiscal year-end | $27.79 | $31.97 | $34.11 | $29.64 | $45.34 | $29.70 | $29.97 | $20.08 | $23.57 | — |
| Per share | ||||||||||
| Revenue per share | $4.45 | $4.27 | $3.97 | $3.66 | $3.45 | $3.28 | $3.31 | $3.31 | $3.11 | $3.05 |
| Earnings per share | $0.96 | $0.74 | $0.85 | $0.63 | $0.45 | $0.35 | $0.27 | −$0.01 | −$0.31 | −$0.26 |
| Operating cash flow per share | $1.97 | $1.76 | $1.81 | $1.67 | $1.57 | $1.25 | $1.24 | $1.08 | $0.77 | $0.83 |
| Free cash flow per share | $1.57 | $1.41 | $1.44 | $1.33 | $1.29 | $0.94 | $0.93 | $0.80 | $0.58 | $0.66 |
| Cash per share | $0.21 | $0.28 | $1.14 | $0.43 | $1.05 | $0.38 | $0.17 | $0.28 | $0.53 | $0.66 |
| Book value per share | $15.54 | $15.90 | $16.56 | $16.89 | $16.99 | $15.40 | $15.52 | $16.08 | $25.48 | $6.48 |
| Tangible book value per share | $14.70 | $15.48 | $16.14 | $16.47 | $16.54 | $14.94 | $15.04 | $15.59 | $24.61 | $6.48 |
| Dividends per share | $1.16 | $1.12 | $1.04 | $0.88 | $0.68 | $0.60 | $0.52 | $0.44 | $0.20 | $0.00 |
| Capex per share | $0.40 | $0.36 | $0.36 | $0.34 | $0.28 | $0.31 | $0.31 | $0.28 | $0.18 | $0.16 |
| Debt per share | $13.67 | $13.37 | $13.93 | $13.80 | $17.64 | $21.37 | $19.96 | $22.18 | $28.54 | $32.72 |
| Shares outstanding | 613.2M | 613.6M | 613.3M | 611.1M | 579.2M | 555.5M | 532.5M | 520.4M | 339.4M | 302.1M |
| Change in shares outstanding | −0.1% | +0.1% | +0.4% | +5.5% | +4.3% | +4.3% | +2.3% | +53.3% | +12.3% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.1% | 4.6% | 5.1% | 3.8% | 2.8% | 2.3% | 1.7% | −0.1% | −2.0% | −4.1% |
| Return on invested capital (ROIC) | 3.3% | 4.1% | 3.8% | 3.4% | 1.4% | 1.2% | 1.1% | 1.4% | 0.6% | 1.3% |
| Return on assets (ROA) | 3.1% | 2.4% | 2.8% | 2.1% | 1.5% | 1.1% | 0.8% | −0.0% | −0.7% | −0.8% |
| Return on tangible assets | 3.2% | 2.5% | 2.7% | 2.1% | 1.4% | 1.1% | 0.8% | −0.0% | −0.6% | −0.8% |
| Free cash flow margin | 35.3% | 32.9% | 36.4% | 36.4% | 37.3% | 28.8% | 28.2% | 24.1% | 18.7% | 21.7% |
| Income quality (OCF / net income) | 2.05 | 2.38 | 2.13 | 2.67 | 3.47 | 3.55 | 4.55 | — | — | — |
| Financial health | ||||||||||
| Total debt | $8.38B | $8.20B | $8.55B | $8.43B | $10.21B | $11.87B | $10.63B | $11.54B | $9.69B | $9.89B |
| Cash & short-term investments | $130.0M | $174.5M | $700.6M | $262.9M | $610.2M | $213.4M | $92.3M | $144.9M | $179.9M | $198.1M |
| Net debt | $8.25B | $8.03B | $7.85B | $8.17B | $9.60B | $11.66B | $10.54B | $11.40B | $9.51B | $9.69B |
| Debt / equity | 0.88 | 0.84 | 0.84 | 0.82 | 1.04 | 1.39 | 1.29 | 1.38 | 1.12 | 5.05 |
| Debt / assets | 0.45 | 0.44 | 0.44 | 0.45 | 0.55 | 0.68 | 0.61 | 0.64 | 0.52 | 1.02 |
| Net debt / EBITDA | 5.60 | 5.23 | 5.13 | 6.16 | 8.16 | 10.56 | 10.06 | 12.14 | 20.63 | 20.37 |
| Current ratio | 1.52 | 0.82 | 5.71 | 2.29 | 4.23 | 2.76 | 1.54 | 2.12 | 2.36 | 0.21 |
| Quick ratio | 1.52 | 0.82 | 0.30 | 3.41 | 4.23 | 2.76 | 1.55 | 3.41 | 2.61 | 0.21 |
| Interest coverage | 2.1 | 2.0 | 2.1 | 2.1 | 1.7 | 1.3 | 1.2 | 0.9 | 0.5 | 0.7 |
| Working capital | $193.7M | −$143.5M | $943.8M | $255.5M | $625.2M | $262.5M | $100.1M | $190.4M | $310.0M | −$1.90B |
| Invested capital | $17.78B | $17.78B | $18.00B | $18.49B | $19.44B | $20.21B | $18.80B | $19.77B | $18.16B | $11.65B |
| Tangible asset value | $9.05B | $9.53B | $9.93B | $10.07B | $9.58B | $8.30B | $8.01B | $8.11B | $8.35B | $1.96B |
| Net current asset value | −$8.54B | −$8.23B | −$7.89B | −$7.76B | −$7.88B | −$8.54B | −$8.84B | −$9.33B | −$9.50B | −$7.27B |
| Graham number | $18.31 | $16.27 | $17.77 | $15.44 | $13.13 | $11.06 | $9.77 | — | — | — |
| Graham net-net per share | −$14.58 | −$14.16 | −$12.62 | −$13.13 | −$13.92 | −$15.68 | −$16.93 | −$18.51 | −$29.06 | −$25.05 |
| Capital allocation | ||||||||||
| Dividends paid | $712.8M | $689.2M | $638.1M | $539.0M | $393.8M | $332.2M | $276.7M | $230.1M | $69.0M | $136,000 |
| Share buybacks (net) | $53.2M | $10.9M | $8.1M | $0 | $0 | $0 | $0 | $9.2M | $15.9M | $0 |
| Dividend payout ratio | 121.2% | 151.8% | 122.8% | 140.6% | 150.6% | 169.3% | 190.2% | — | — | — |
| Dividends + buybacks / free cash flow | 79.5% | 81.2% | 72.9% | 66.1% | 52.9% | 63.3% | 55.6% | 57.6% | 43.0% | 0.1% |
| Capex / revenue | 8.9% | 8.4% | 9.1% | 9.3% | 8.2% | 9.5% | 9.3% | 8.5% | 5.9% | 5.4% |
| Capex / operating cash flow | 20.1% | 20.3% | 20.0% | 20.3% | 17.9% | 24.7% | 24.8% | 26.0% | 24.1% | 19.9% |
| Capex / depreciation | 0.32 | 0.31 | 0.33 | 0.33 | 0.27 | 0.31 | 0.31 | 0.26 | 0.20 | 0.19 |
| Stock-based compensation / revenue | 1.0% | 1.1% | 1.2% | 1.3% | 1.4% | 0.9% | 1.0% | 1.7% | 7.7% | 1.1% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 3.5% | 3.5% | 3.4% | 3.3% | 3.8% | 3.5% | 4.2% | 5.7% | 15.9% | 7.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 8.1 | 8.5 | 8.6 | 7.5 | 6.6 | 6.1 | 6.0 | 6.1 | 6.3 | 4.0 |
| Days of inventory on hand | — | — | 160.8 | -46.7 | -0.0 | -0.4 | -55.1 | -70.1 | -24.2 | 0.0 |
| Days payables outstanding | — | 70.1 | 74.6 | 81.8 | 80.5 | 82.8 | 88.7 | 91.9 | 118.1 | 78.9 |
| Cash conversion cycle (days) | — | -61.6 | 94.8 | -121.1 | -73.8 | -77.2 | -137.8 | -155.9 | -136.1 | -74.8 |
| Receivables turnover | 45.04 | 42.92 | 42.34 | 48.89 | 54.91 | 60.26 | 60.47 | 59.78 | 58.37 | 90.23 |
| Payables turnover | — | 5.21 | 4.89 | 4.46 | 4.54 | 4.41 | 4.11 | 3.97 | 3.09 | 4.63 |
| Inventory turnover | — | — | 2.27 | — | — | — | — | — | — | 390,820,000.00 |
| Asset turnover | 0.15 | 0.14 | 0.13 | 0.12 | 0.11 | 0.10 | 0.10 | 0.09 | 0.07 | 0.09 |
| Average receivables | $60.6M | $61.0M | $57.5M | $45.8M | $36.4M | $30.2M | $29.2M | $28.8M | $18.1M | $10.2M |
| Average payables | — | $205.9M | $199.5M | $196.0M | $171.5M | $167.7M | $177.9M | $181.5M | $140.7M | $84.5M |
| Average inventory | — | — | $430.0M | −$111.8M | −$3,500 | −$822,000 | −$110.4M | −$138.4M | −$28.8M | $1 |
| Intangibles / total assets | 2.8% | 1.4% | 1.3% | 1.4% | 1.4% | 1.5% | 1.5% | 1.4% | 1.6% | 0.0% |
Computed from INVH's annual financial statements (latest annual report filed February 19, 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.
INVH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Invitation Homes traded at 29.0 times earnings, against a 10-year median of 47.3. Based on the latest twelve months, the trailing P/E is 24.8 and the forward P/E is 30.4. Invitation Homes earned a return on equity of 6.1% and a return on invested capital of 3.3% in fiscal 2025. It ended the year with $8.4 billion of debt and $130.0 million in cash and short-term investments, net debt of $8.3 billion. It returned $766.0 million to shareholders: $712.8 million in dividends and $53.2 million in share buybacks, 80% of free cash flow. The share count rose 103.0% from 302.1M to 613.2M over 9 years.
See the INVH income statement, the INVH chart for price history, or the INVH stock overview for the latest quote and news.
INVH key metrics FAQ
What is Invitation Homes's P/E ratio?
Invitation Homes's trailing P/E ratio is 24.8 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 30.4. At the end of fiscal 2025 it was 29.0, compared with a 10-year median of 47.3.
What is Invitation Homes's EV/EBITDA?
Invitation Homes's enterprise value was 17.2 times EBITDA at the end of fiscal 2025 (enterprise value $25.3 billion, EBITDA $1.5 billion); the current EV/EBITDA is 13.5.
What is Invitation Homes's return on equity?
Invitation Homes's return on equity (ROE) was 6.1% in fiscal 2025: net income of $587.9 million on average shareholders' equity of $9.6 billion.
What is Invitation Homes's ROIC?
Invitation Homes's return on invested capital was 3.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Invitation Homes have?
Invitation Homes had total debt of $8.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.88 and $8.3 billion of net debt (5.60 times EBITDA).
What is Invitation Homes's dividend yield?
Invitation Homes's forward dividend yield is 4.43%. Invitation Homes paid $712.8 million in dividends in fiscal 2025 ($1.16 per share), a payout ratio of 121.2%.
Does Invitation Homes buy back its shares?
Yes. Invitation Homes spent $53.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.1% over the year, to 613.2M..
What is Invitation Homes's free cash flow yield?
Invitation Homes generated $963.5 million of free cash flow in fiscal 2025, a free cash flow yield of 5.7% on its market value at year-end ($17.0 billion).
What is Invitation Homes's current ratio?
Invitation Homes's current ratio was 1.52 at the end of fiscal 2025: current assets were 1.52 times current liabilities.