Financials 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

Projected Income Statement: Invitation Homes Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,997	2,238	2,432	2,619	2,729	2,782	2,850	2,972
Change	-	12.1%	8.68%	7.67%	4.21%	1.91%	2.46%	4.3%
EBITDA ¹	1,171	1,318	1,413	1,497	1,552	1,538	1,581	1,648
Change	-	12.55%	7.23%	5.9%	3.66%	-0.87%	2.79%	4.22%
EBIT ¹	542.2	623	690.9	658.3	741	752	792.2	868.7
Change	-	14.9%	10.9%	-4.72%	12.55%	1.5%	5.34%	9.66%
Interest Paid ¹	-322.7	-304.1	-333.5	-366.1	-353.3	-365.3	-369.7	-366.7
Earnings before Tax (EBT) ¹	202.8	294.1	337.5	292.2	387.6	409.4	438.3	504.6
Change	-	45.04%	14.75%	-13.41%	32.64%	5.61%	7.08%	15.12%
Net income ¹	261.1	382.7	518.8	453.2	587	414.9	425.6	466.4
Change	-	46.56%	35.57%	-12.65%	29.53%	-29.31%	2.56%	9.6%
Announcement Date	2/15/22	2/15/23	2/13/24	2/26/25	2/18/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	475.2	491.6	509.5	520.2	532.3	557.3	568.7	579.8	589.9	600.4	617.7	624.3	646	653.5	660.3	659.1	674.5	681.4	688.2	685.2	687.1	692.7	697.3	698.3	704.8	709.9	716.4	718.8
Change	-	3.45%	3.64%	2.1%	2.32%	4.69%	2.04%	1.96%	1.73%	1.78%	2.89%	1.07%	3.48%	1.15%	1.05%	-0.18%	2.33%	1.03%	0.99%	-0.42%	0.27%	0.81%	0.66%	0.14%	0.93%	0.73%	0.92%	0.34%
EBITDA ¹	280.2	288.4	294.7	307.9	316.9	332.7	330.4	338.2	349.6	353	353.7	357.2	371.6	376.3	369.9	379.1	387.3	390.9	383	390.5	377.4	377.9	375.9	384.5	390.6	390.3	385.3	398.1
Change	-	2.94%	2.16%	4.49%	2.92%	5%	-0.71%	2.36%	3.37%	0.97%	0.21%	0.99%	4.03%	1.27%	-1.72%	2.5%	2.16%	0.92%	-2.03%	1.98%	-3.36%	0.12%	-0.51%	2.28%	1.57%	-0.08%	-1.26%	3.31%
EBIT ¹	129.2	132.4	132.8	147.8	154.1	165.5	141.9	161.4	174.5	175.6	168.9	171.9	181.5	178.2	160.6	138	182.9	189.2	181.7	187.1	185.7	185.6	182.8	194.1	198.3	199	199.2	210.8
Change	-	2.5%	0.29%	11.29%	4.28%	7.41%	-14.25%	13.7%	8.14%	0.6%	-3.8%	1.79%	5.58%	-1.84%	-9.84%	-14.08%	32.55%	3.43%	-3.95%	2.93%	-0.74%	-0.06%	-1.5%	6.2%	2.17%	0.37%	0.06%	5.85%
Charge d'intérêts ¹	-83.41	-80.76	-79.37	-79.12	-74.39	-74.84	-76.45	-78.41	-78.05	-78.62	-86.74	-90.05	-89.84	-90.01	-91.06	-95.16	-84.25	-87.41	-90.78	-90.88	-91.61	-91.45	-91.31	-91.23	-91.75	-92.75	-93.21	-93.49
Earnings before Tax (EBT) ¹	43.24	42.77	56.45	60.31	74.98	84	55.48	79.65	90.91	91.49	74.23	80.85	91.66	88.15	95.58	42.86	-	-	90.95	96.18	96.7	102.5	114.2	118.2	-	-	-	-
Change	-	-1.08%	31.98%	6.85%	24.31%	12.03%	-33.95%	43.57%	14.14%	0.64%	-18.87%	8.91%	13.37%	-3.83%	8.42%	-55.16%	-	-	-	5.75%	0.54%	6%	11.41%	3.5%	-	-	-	-
Net income ¹	57.27	60.24	69.11	74.48	92.4	110.8	79.03	100.4	120.1	137.7	131.6	129.4	142.2	72.98	95.08	142.9	165.5	140.7	136.5	144.3	108.7	108.4	107.4	115.5	107.3	105.4	101.3	113
Change	-	5.19%	14.72%	7.77%	24.06%	19.94%	-28.68%	27.07%	19.56%	14.68%	-4.4%	-1.72%	9.89%	-48.66%	30.29%	50.33%	15.79%	-15.01%	-2.98%	5.74%	-24.66%	-0.31%	-0.9%	7.55%	-7.08%	-1.85%	-3.84%	11.55%
Announcement Date	4/28/21	7/28/21	10/27/21	2/15/22	4/27/22	7/27/22	10/26/22	2/15/23	5/1/23	7/26/23	10/25/23	2/13/24	4/30/24	7/24/24	10/30/24	2/26/25	4/30/25	7/30/25	10/29/25	2/18/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Invitation Homes Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	7,388	7,506	7,845	7,996	8,025	7,988	7,793	7,637
Change	-	1.6%	4.52%	1.92%	0.36%	-0.46%	-2.44%	-2%
Announcement Date	2/15/22	2/15/23	2/13/24	2/26/25	2/18/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Invitation Homes Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,264	722.5	221.1	219.4	271.1	512.2	574.4	601.2
Change	-	-42.85%	-69.4%	-0.77%	23.56%	88.94%	12.15%	4.66%
Free Cash Flow (FCF) ¹	784.3	867.4	886	-	-	-	-	-
Change	-	10.61%	2.14%	-	-	-	-	-
Announcement Date	2/15/22	2/15/23	2/13/24	2/26/25	2/18/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Invitation Homes Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	58.66%	58.89%	58.11%	57.16%	56.85%	55.3%	55.48%	55.44%
EBIT Margin (%)	27.16%	27.84%	28.41%	25.14%	27.15%	27.04%	27.8%	29.23%
EBT Margin (%)	10.16%	13.14%	13.88%	11.16%	14.2%	14.72%	15.38%	16.98%
Net margin (%)	13.08%	17.1%	21.33%	17.3%	21.51%	14.92%	14.93%	15.69%
FCF margin (%)	39.28%	38.76%	36.43%	-	-	-	-	-
FCF / Net Income (%)	300.37%	226.68%	170.78%	-	-	-	-	-
Profitability
ROA	1.45%	2.06%	2.75%	2.39%	3.14%	2%	2.26%	2.61%
ROE	2.85%	3.81%	5.07%	4.55%	6.09%	4.29%	4.89%	5.92%
Financial Health
Leverage (Debt/EBITDA)	6.31x	5.69x	5.55x	5.34x	5.17x	5.19x	4.93x	4.63x
Debt / Free cash flow	9.42x	8.65x	8.86x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	63.33%	32.28%	9.09%	8.38%	9.93%	18.41%	20.16%	20.23%
CAPEX / EBITDA (%)	107.96%	54.82%	15.64%	14.66%	17.47%	33.3%	36.33%	36.48%
CAPEX / FCF (%)	161.22%	83.3%	24.96%	-	-	-	-	-
Items per share
Cash flow per share ¹	1.567	1.675	1.805	1.763	1.967	1.942	2.007	-
Change	-	6.89%	7.77%	-2.34%	11.58%	-1.28%	3.32%	-
Dividend per Share ¹	0.68	0.88	1.32	1.13	1.17	1.204	1.246	1.301
Change	-	29.41%	50%	-14.39%	3.54%	2.87%	3.52%	4.43%
Book Value Per Share ¹	16.3	16.83	16.6	15.93	15.6	15.46	15.46	14.03
Change	-	3.26%	-1.4%	-4.03%	-2.03%	-0.89%	-0.06%	-9.25%
EPS ¹	0.45	0.63	0.85	0.74	0.96	0.7083	0.7396	0.8456
Change	-	40%	34.92%	-12.94%	29.73%	-26.22%	4.42%	14.33%
Nbr of stocks (in thousands)	596,769	611,410	611,958	612,605	613,021	599,446	599,446	599,446
Announcement Date	2/15/22	2/15/23	2/13/24	2/26/25	2/18/26	-	-	-