Cash flow Invitation Homes Inc.

Equities

INVH

US46187W1071

Residential REITs

Market Closed - Nyse Other stock markets 04:00:03 2026-04-14 pm EDT			5-day change	1st Jan Change
26.47 ^USD	+1.96%		+3.32%	-4.75%

Apr. 14	Jefferies & Co Adjusts Invitation Homes Price Target to $27 From $28, Maintains Hold Rating	MT
Apr. 13	RBC Capital Adjusts Invitation Homes PT to $28 From $29, Maintains Sector Perform Rating	MT

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Published financial data: INVITATION HOMES INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	1.99B	2.23B	2.42B	2.55B	2.64B
Property Management Fee	4.89M	11.48M	13.65M	69.98M	87.34M
Other Revenues, Total	-1.55M	-9.61M	-17.88M	-28.44M	-11.61M
Total Revenues	2B	2.23B	2.41B	2.59B	2.72B
Property Expenses	778M	874M	976M	1.07B	1.13B
Selling General & Admin Expenses, Total	74.76M	73.71M	81.37M	89.98M	92.48M
Depreciation & Amortization - (IS) - (Collected)	592M	638M	674M	714M	747M
Total Operating Expenses	1.44B	1.59B	1.73B	1.88B	1.97B
Operating Income (REIT / Utility Template)	550M	642M	683M	713M	744M
Interest Expense, Total	-323M	-304M	-333M	-366M	-353M
Net Interest Expenses	-323M	-304M	-333M	-366M	-353M
Income (Loss) on Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-5.84M	-11.16M	-2.4M	-53.75M	-4.52M
EBT, Excl. Unusual Items	222M	327M	347M	294M	386M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Investments	-9.42M	-3.94M	350K	1.05M	318K
Gain (Loss) on Sale of Assets	60.01M	90.7M	184M	245M	218M
Asset Writedown	-650K	-310K	-427K	-506K	-657K
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-9.08M	-28.8M	-9.18M	-83.34M	-13.7M
EBT, Incl. Unusual Items	263M	385M	521M	455M	590M
Earnings From Continuing Operations	263M	385M	521M	455M	590M
Net Income to Company	263M	385M	521M	455M	590M
Minority Interest	-1.35M	-1.47M	-1.56M	-1.45M	-1.98M
Net Income - (IS)	261M	383M	519M	454M	588M
Preferred Dividend and Other Adjustments	327K	661K	696K	753K	960K
Net Income to Common Incl Extra Items	261M	383M	519M	453M	587M
Net Income to Common Excl. Extra Items	261M	383M	519M	453M	587M
Per Share Items
Net EPS - Basic	0.45	0.63	0.85	0.74	0.96
Basic EPS - Continuing Operations	0.45	0.63	0.85	0.74	0.96
Basic Weighted Average Shares Outstanding	578M	610M	612M	613M	613M
Net EPS - Diluted	0.45	0.63	0.85	0.74	0.96
Diluted EPS - Continuing Operations	0.45	0.63	0.85	0.74	0.96
Diluted Weighted Average Shares Outstanding	579M	611M	613M	614M	613M
Normalized Basic EPS	0.24	0.33	0.35	0.3	0.39
Normalized Diluted EPS	0.24	0.33	0.35	0.3	0.39
Dividend Per Share	0.73	0.92	1.06	1.13	1.17
Payout Ratio	150.64	140.62	122.84	151.84	121.25
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	1.14B	1.28B	1.36B	1.43B	1.49B
EBITA	550M	642M	683M	713M	744M
EBIT	550M	642M	683M	713M	744M
EBITDAR	1.16B	1.29B	1.36B	1.43B	1.5B
Total Revenues (As Reported)	2B	2.24B	2.43B	2.62B	2.73B
Normalized Net Income	137M	203M	215M	182M	239M
Interest Capitalized	-	-	-	2.13M	1.53M
Interest on Long-Term Debt	14.64M	482K	375K	581K	621K
Supplemental Operating Expense Items
General and Administrative Expenses	74.76M	73.71M	81.37M	89.98M	92.48M
Net Rental Expense, Total	15.96M	4.78M	4.83M	5.8M	7.43M
Imputed Operating Lease Interest Expense	4.88M	1.45M	1.58M	2.03M	2.53M
Imputed Operating Lease Depreciation	11.08M	3.33M	3.26M	3.76M	4.9M
Stock-Based Comp., COGS (Total)	5.43M	6.49M	6.96M	5.83M	6.42M
Stock-Based Comp., G&A Exp. (Total)	21.74M	22.47M	22.54M	22.09M	21.41M
Total Stock-Based Compensation	27.17M	28.96M	29.5M	27.92M	27.83M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	20.04B	20.74B	21.6B	22.15B	22.88B
Accumulated Depreciation	-3.07B	-3.67B	-4.26B	-4.87B	-5.5B
Net Property Plant And Equipment	16.97B	17.07B	17.33B	17.28B	17.38B
Total Real Estate Assets	16.97B	17.07B	17.33B	17.28B	17.38B
Cash And Equivalents	610M	263M	701M	174M	130M
Accounts Receivable, Total	37.47M	54.09M	60.81M	61.24M	59.95M
Investment In Debt and Equity Securities	174M	109M	142M	115M	118M
Goodwill	258M	258M	258M	258M	258M
Other Intangibles, Total	-	-	-	-	-
Restricted Cash	209M	191M	197M	245M	225M
Other Current Assets, Total	124M	170M	186M	193M	154M
Trading Asset Securities, Total	6K	119M	75.49M	61.48M	14.35M
Deferred Charges Long-Term	14.59M	5.85M	2.97M	23.58M	17.23M
Other Long-Term Assets, Total	143M	295M	263M	285M	326M
Total Assets	18.54B	18.54B	19.22B	18.7B	18.68B
Liabilities
Current Portion of Long-Term Debt	413M	661M	643M	-	-
Current Portion of Leases	7.36M	7.13M	6.25M	7.55M	10.42M
Long-Term Debt	7.86B	7.11B	7.9B	8.2B	8.38B
Long-Term Leases	11.68M	11.28M	8.64M	22.99M	38.59M
Accounts Payable, Total	194M	178M	201M	211M	230M
Accrued Expenses, Total	-	20.2M	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	-	36.4M	-
Other Non Current Liabilities	217M	227M	269M	428M	450M
Total Liabilities	8.7B	8.21B	9.03B	8.91B	9.11B
Common Stock, Total	6.01M	6.11M	6.12M	6.13M	6.11M
Additional Paid In Capital	10.87B	11.14B	11.16B	11.17B	11.13B
Retained Earnings	-795M	-951M	-1.07B	-1.48B	-1.61B
Comprehensive Income and Other	-287M	97.98M	63.7M	60.97M	6.42M
Total Common Equity	9.8B	10.29B	10.16B	9.76B	9.53B
Minority Interest	41.06M	32.29M	34.46M	35.74M	37.76M
Total Equity	9.84B	10.32B	10.19B	9.79B	9.57B
Total Liabilities And Equity	18.54B	18.54B	19.22B	18.7B	18.68B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	608M	611M	612M	613M	609M
ECS Total Common Shares Outstanding	601M	611M	612M	613M	611M
Book Value / Share	16.3	16.83	16.6	15.93	15.6
Tangible Book Value	9.54B	10.03B	9.9B	9.5B	9.27B
Tangible Book Value Per Share	15.87	16.41	16.17	15.51	15.18
Total Debt	8.29B	7.79B	8.56B	8.23B	8.43B
Net Debt	7.68B	7.41B	7.78B	8B	8.29B
Debt Equivalent Oper. Leases	128M	38.26M	38.66M	46.39M	59.47M
Minority Interest, Total (Incl. Fin. Div)	41.06M	32.29M	34.46M	35.74M	37.76M
Equity Method Investments, Total	130M	281M	247M	242M	255M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	4.74B	4.8B	4.88B	4.9B	4.99B
Buildings, Total	14.61B	15.23B	15.98B	17.18B	17.05B
Machinery, Total	120M	123M	128M	-	146M
Full Time Employees	1.24K	1.51K	1.56K	1.75K	1.72K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	261M	383M	519M	454M	588M
Depreciation, Depletion & Amortization	592M	638M	674M	714M	747M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	592M	638M	674M	714M	747M
Amortization of Deferred Charges, Total	30.12M	16.67M	18.2M	21.36M	24.81M
(Gain) Loss On Sale of Asset - (CF)	-60.01M	-90.7M	-184M	-245M	-218M
(Gain) Loss on Sale of Investments - (CF)	9.42M	3.94M	-350K	-1.05M	-
Total Asset Writedown	650K	310K	427K	506K	657K
(Income) Loss On Equity Investments - (CF)	1.98M	11.43M	20.62M	31.06M	13.96M
Stock-Based Compensation (CF)	27.17M	28.96M	29.5M	27.92M	27.83M
Provision and Write-off of Bad Debts	-	-	-	-	-
Change in Accounts Payable	32.89M	-5.99M	24.38M	46.5M	19.61M
Change in Other Net Operating Assets (Collected)	-8.13M	-4.4M	-12.41M	-25.61M	-2.02M
Other Operating Activities	20.01M	41.92M	16.5M	57.42M	4.77M
Cash from Operations	908M	1.02B	1.11B	1.08B	1.21B
Acquisition of Real Estate Assets, Total	-1.43B	-931M	-1.22B	-988M	-1.04B
Sale of Real Estate Assets, Total	232M	240M	494M	585M	498M
Net Sale / Acquisition of Real Estate Assets	-1.2B	-691M	-727M	-403M	-546M
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	56.81M	-85.3M	-19.93M	1.98M	-29M
Other Investing Activities, Total	-20.84M	-38.54M	-27.06M	-65.09M	-77.5M
Cash from Investing	-1.16B	-814M	-774M	-466M	-653M
Short Term Debt Issued, Total	400M	130M	150M	-	-
Long-Term Debt Issued, Total	1.94B	1.32B	790M	2.99B	1.14B
Total Debt Issued	2.34B	1.45B	940M	2.99B	1.14B
Short Term Debt Repaid, Total	-400M	-130M	-150M	-	-
Long-Term Debt Repaid, Total	-1.77B	-1.41B	-20.72M	-3.33B	-974M
Total Debt Repaid	-2.17B	-1.54B	-171M	-3.33B	-974M
Issuance of Common Stock	934M	98.37M	-	-	-
Repurchase of Common Stock	-9.41M	-12.87M	-8.15M	-10.89M	-58.97M
Repurchase of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-394M	-539M	-638M	-689M	-713M
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-394M	-539M	-638M	-689M	-713M
Other Financing Activities, Total	-42.75M	-31.76M	-13.12M	-62.11M	-14.74M
Cash from Financing	659M	-574M	110M	-1.09B	-618M
Net Change in Cash	407M	-365M	444M	-478M	-64.83M
Supplemental Items
Cash Interest Paid	286M	276M	291M	321M	323M
Cash Income Tax Paid (Refund)	809K	1.53M	245K	158K	84K
Net Debt Issued / Repaid	171M	-88.82M	769M	-331M	168M
Levered Free Cash Flow	788M	855M	913M	972M	1.09B
Unlevered Free Cash Flow	970M	1.03B	1.1B	1.18B	1.28B
Change In Net Working Capital	3.62M	39.96M	26.96M	8.79M	-43.25M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.91	2.17	2.26	2.35	2.49
Return on Total Capital	1.95	2.22	2.31	2.42	2.58
Return On Equity %	2.86	3.82	5.08	4.56	6.09
Return on Common Equity	2.85	3.81	5.07	4.55	6.09
Margin Analysis
Gross Profit Margin %	61.02	60.77	59.57	58.59	58.25
SG&A Margin	3.75	3.31	3.37	3.47	3.4
EBITDA Margin %	57.27	57.46	56.2	55.12	54.84
EBITA Margin %	27.59	28.83	28.27	27.54	27.36
EBIT Margin %	27.59	28.83	28.27	27.54	27.36
Income From Continuing Operations Margin %	13.17	17.27	21.58	17.58	21.71
Net Income Margin %	13.1	17.2	21.52	17.52	21.63
Net Avail. For Common Margin %	13.09	17.17	21.49	17.49	21.6
Normalized Net Income Margin	6.88	9.11	8.91	7.03	8.8
Levered Free Cash Flow Margin	39.5	38.38	37.82	37.52	39.99
Unlevered Free Cash Flow Margin	48.64	46.16	45.7	45.53	47.2
Asset Turnover
Asset Turnover	0.11	0.12	0.13	0.14	0.15
Fixed Assets Turnover	0.12	0.13	0.14	0.15	0.16
Receivables Turnover (Average Receivables)	54.91	48.89	42.34	42.92	45.04
Short Term Liquidity
Current Ratio	1.6	0.92	1.44	2.88	2.42
Quick Ratio	1.06	0.5	0.98	1.16	0.85
Operating Cash Flow to Current Liabilities	1.48	1.18	1.3	4.24	5.01
Days Sales Outstanding (Average Receivables)	6.65	7.47	8.62	8.53	8.1
Average Days Payable Outstanding	80.47	77.62	74.6	70.26	76.89
Long Term Solvency
Total Debt/Equity	84.25	75.43	84.01	84.07	88.12
Total Debt / Total Capital	45.72	43	45.66	45.67	46.84
LT Debt/Equity	79.98	68.96	77.64	84	88.02
Long-Term Debt / Total Capital	43.41	39.31	42.19	45.63	46.79
Total Liabilities / Total Assets	46.93	44.31	46.98	47.64	48.78
EBIT / Interest Expense	1.71	2.11	2.05	1.95	2.1
EBITDA / Interest Expense	3.59	4.23	4.08	3.92	4.24
(EBITDA - Capex) / Interest Expense	3.59	4.23	4.08	3.92	4.24
Total Debt / EBITDA	7.15	6.06	6.29	5.74	5.63
Net Debt / EBITDA	6.63	5.76	5.72	5.58	5.53
Total Debt / (EBITDA - Capex)	7.15	6.06	6.29	5.74	5.63
Net Debt / (EBITDA - Capex)	6.63	5.76	5.72	5.58	5.53
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.45	11.7	8.34	7.29	4.91
Gross Profit, 1 Yr. Growth %	12.33	11.25	6.2	5.53	4.3
EBITDA, 1 Yr. Growth %	11.91	12.08	5.96	5.22	4.39
EBITA, 1 Yr. Growth %	17.5	16.71	6.26	4.52	4.22
EBIT, 1 Yr. Growth %	17.5	16.71	6.26	4.52	4.22
Earnings From Cont. Operations, 1 Yr. Growth %	33.09	46.44	35.4	-12.6	29.55
Net Income, 1 Yr. Growth %	33.24	46.63	35.52	-12.62	29.52
Diluted EPS Before Extra, 1 Yr. Growth %	28.57	39.46	35.1	-12.74	29.44
Normalized Net Income, 1 Yr. Growth %	92.43	47.8	5.99	-15.38	31.32
Net Property, Plant and Equip., 1 Yr. Growth %	3.97	0.6	1.54	-0.29	0.54
Accounts Receivable, 1 Yr. Growth %	6.29	44.35	12.42	0.7	-2.1
Total Assets, 1 Yr. Growth %	5.89	-0.01	3.69	-2.71	-0.11
Common Equity, 1 Yr. Growth %	15.2	5.04	-1.32	-3.93	-2.32
Tangible Book Value, 1 Yr. Growth %	15.68	5.17	-1.35	-4.03	-2.39
Cash From Operations, 1 Yr. Growth %	30.28	12.77	8.16	-2.28	11.5
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	13.46	10.01	6.78	6.42	11.81
Unlevered Free Cash Flow, 1 Yr. Growth %	9.71	7.18	7.28	6.88	8.77
Dividend Per Share, 1 Yr. Growth %	17.74	26.03	15.22	6.6	3.54
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.33	10.57	10.01	7.82	6.1
Gross Profit, 2 Yr. CAGR %	8.55	11.79	8.7	5.86	4.91
EBITDA, 2 Yr. CAGR %	8.44	11.99	8.98	5.59	4.81
EBITA, 2 Yr. CAGR %	12.11	17.11	11.36	5.38	4.37
EBIT, 2 Yr. CAGR %	12.11	17.11	11.36	5.38	4.37
Earnings From Cont. Operations, 2 Yr. CAGR %	33.65	39.6	40.81	8.78	6.4
Net Income, 2 Yr. CAGR %	34.06	39.77	40.96	8.82	6.38
Diluted EPS Before Extra, 2 Yr. CAGR %	29.1	33.9	37.26	8.57	6.28
Normalized Net Income, 2 Yr. CAGR %	73.25	68.64	25.16	-5.3	5.41
Net Property, Plant and Equip., 2 Yr. CAGR %	2.14	2.27	1.07	0.62	0.12
Accounts Receivable, 2 Yr. CAGR %	21.84	23.86	27.39	6.4	-0.71
Total Assets, 2 Yr. CAGR %	3.24	2.9	1.83	0.44	-1.42
Common Equity, 2 Yr. CAGR %	9.21	10	1.81	-2.63	-3.13
Tangible Book Value, 2 Yr. CAGR %	9.5	10.3	1.86	-2.7	-3.21
Cash From Operations, 2 Yr. CAGR %	17.08	21.21	10.44	2.8	4.38
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	3.56	11.91	8.39	6.6	9.08
Unlevered Free Cash Flow, 2 Yr. CAGR %	2.83	8.56	7.23	7.08	7.82
Dividend Per Share, 2 Yr. CAGR %	16.27	21.81	20.5	10.83	5.06
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.01	8.09	9.82	9.1	6.84
Gross Profit, 3 Yr. CAGR %	6.7	9.44	9.9	7.63	5.34
EBITDA, 3 Yr. CAGR %	7.48	9.64	9.95	7.71	5.19
EBITA, 3 Yr. CAGR %	11.49	13.63	13.37	9.03	5
EBIT, 3 Yr. CAGR %	15.24	13.63	13.37	9.03	5
Earnings From Cont. Operations, 3 Yr. CAGR %	274.25	37.78	38.19	20.11	15.31
Net Income, 3 Yr. CAGR %	275.77	38.13	38.34	20.19	15.32
Diluted EPS Before Extra, 3 Yr. CAGR %	244.17	32.46	34.3	18.02	15.13
Normalized Net Income, 3 Yr. CAGR %	135.42	64.31	44.46	9.85	5.61
Net Property, Plant and Equip., 3 Yr. CAGR %	0.54	1.62	2.03	0.61	0.59
Accounts Receivable, 3 Yr. CAGR %	4.21	28.92	19.93	17.79	3.49
Total Assets, 3 Yr. CAGR %	0.87	2.15	3.16	0.29	0.26
Common Equity, 3 Yr. CAGR %	5.99	7.8	6.09	-0.14	-2.53
Tangible Book Value, 3 Yr. CAGR %	6.17	8.04	6.27	-0.14	-2.6
Cash From Operations, 3 Yr. CAGR %	17.38	15.63	16.69	6.03	5.63
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	15.02	5.19	10.17	7.73	8.31
Unlevered Free Cash Flow, 3 Yr. CAGR %	10.39	3.88	8.13	7.11	7.64
Dividend Per Share, 3 Yr. CAGR %	16.64	19.43	19.57	15.68	8.34
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	16.68	16.14	6.98	7.98	8.32
Gross Profit, 5 Yr. CAGR %	18.01	16.93	7.49	8	7.87
EBITDA, 5 Yr. CAGR %	19.16	20.62	8.08	8	7.86
EBITA, 5 Yr. CAGR %	21.49	26.26	11.44	10.25	9.68
EBIT, 5 Yr. CAGR %	21.49	27.32	13.67	10.25	9.68
Earnings From Cont. Operations, 5 Yr. CAGR %	27.42	29.46	153.14	25.36	24.47
Net Income, 5 Yr. CAGR %	27.29	29.48	153.86	25.56	24.54
Diluted EPS Before Extra, 5 Yr. CAGR %	12.29	19.05	138.28	22.33	22.3
Normalized Net Income, 5 Yr. CAGR %	22.52	37.9	82.85	31.81	27.35
Net Property, Plant and Equip., 5 Yr. CAGR %	13.5	-0.3	0.75	1.22	1.26
Accounts Receivable, 5 Yr. CAGR %	26.42	17.14	12.92	19.39	11.2
Total Assets, 5 Yr. CAGR %	13.75	-0.16	1.25	1.46	1.31
Common Equity, 5 Yr. CAGR %	38	3.9	4.3	3.5	2.3
Tangible Book Value, 5 Yr. CAGR %	37.27	4.11	4.43	3.61	2.37
Cash From Operations, 5 Yr. CAGR %	28.8	31.23	14.55	10.32	11.6
Levered Free Cash Flow, 5 Yr. CAGR %	28.01	14.22	12.01	5.75	9.74
Unlevered Free Cash Flow, 5 Yr. CAGR %	22.12	12.27	8.87	5.14	8
Dividend Per Share, 5 Yr. CAGR %	-	22.76	18.17	15.91	13.54