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what it is
Invitation Homes buys, leases, and manages single-family rental homes across 16 big housing markets.
how it gets paid
Last year Invitation Homes made $2.7B in revenue. core rental income was the main engine at $2.38B, or 88% of sales.
why it's growing
Revenue grew 4.2% last year. The 20.0% EPS beat mattered because the stock already trades at 29.2x earnings.
what just happened
Last quarter, Invitation Homes posted $0.24 in EPS versus a $0.20 estimate, a 20.0% beat.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
40/100 earnings predictability — expect surprises
29.2x trailing p/e — priced about right
4.5% dividend yield — cash in your pocket every quarter
4.5% return on capital — nothing to write home about
xvary composite: 56/100 — below average
What they do
Invitation Homes buys, leases, and manages single-family rental homes across 16 big housing markets.
Scale is the whole trick here. Invitation Homes owns about 85,000 homes in 16 core markets, so your leasing, repairs, and turnover get spread across a very large base. That helps produce a 40.5% operating margin (operating margin → profit after running the business → this landlord keeps a lot of each rent dollar).
How they make money
$2.7B
annual revenue · their business grew +4.2% last year
core rental income
$2.38B
+4.0%
other property income
$0.19B
+6.0%
management and fee income
$0.08B
+8.0%
home and other sales
$0.05B
5.0%
The products that matter
leasing and managing owned homes
Single-Family Rentals
$2.7B · 100% of revenue
it's the entire $2.7B business, generated from a portfolio of over 80,000 homes. if leasing stays healthy, the model works. if it doesn't, all roads lead back here.
entire business
Key numbers
29.2x
trailing p/e
P/E → price relative to profit → you are paying a premium multiple for a landlord growing revenue 4.2%.
40.5%
operating margin
Operating margin → profit after core costs → this portfolio throws off strong cash from rent once the homes are in service.
4.5%
dividend yield
Dividend yield → cash paid to shareholders each year → you are getting paid to wait, but not enough to ignore valuation risk.
$34
18-month target
That target is 26% above $26.9, which tells you the upside case depends more on rerating than explosive growth.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 90 / 100
- net profit margin 19.7% — keeps 20 cents of every dollar in revenue
- return on equity 6% — $0.06 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in INVH 3 years ago → it's now worth $9,510.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Last quarter, Invitation Homes posted $0.24 in EPS versus a $0.20 estimate, a 20.0% beat.
Quarterly EPS has been lumpy, but the latest reported beat shows the business is still collecting enough rent to outperform lowered expectations. Q4 2025 total portfolio revenue was $685.25M, according to the company earnings release dated February 18, 2026.
$685.3M
revenue
$0.24
eps
20.0%
surprise
the number that mattered
The 20.0% EPS beat mattered because the stock already trades at 29.2x earnings, so even small misses get punished faster than small wins get rewarded.
source: company earnings report, 2026
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What could go wrong
the top threat is slower rent growth hitting a one-segment revenue model.
med
rent growth and occupancy pressure
INVH has one economic engine: leased homes. If rental demand softens, all $2.7B of revenue sits in the blast radius.
100% of revenue depends on keeping homes occupied and rents firm.
med
interest rate sensitivity
This is a REIT. Higher rates raise financing costs and usually compress the valuation investors will pay for yield vehicles.
a 4.5% dividend helps, but it does not fully offset rate pressure if financing stays expensive.
low
operational sprawl
Managing 80,000+ scattered homes sounds efficient until maintenance, turnover, and local market issues show up all at once.
with just 4.0% return on capital, there isn't a huge cushion for execution mistakes.
A weaker rental backdrop would not just hit one segment. It would hit the entire business, because the entire business is single-family rentals.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
fy2026 eps est
currently $0.85. If that estimate gets cut again while the stock stays near 30x earnings, the valuation story gets harder to defend.
trend
quarterly EPS direction
the sequence went $0.27 → $0.23 → $0.22 → $0.20. You want that line flattening or reversing, not drifting lower again.
risk
dividend coverage
the 4.5% yield is part of why investors stay here. If earnings soften further, income stops being a feature and starts being a question.
calendar
next revenue step toward $3B
analysts expect $3B in FY2026 revenue. That's the benchmark now. Hitting it matters less than whether earnings improve alongside it.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think there are easier places to make money over the next year.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks, which fits a landlord with repeat rent checks.
chart momentum
average
technical score 3 — no dramatic signal here. The stock is not breaking out, and it is not falling apart either.
earnings predictability
40 / 100
less predictable than the yield crowd might like. The quarter-to-quarter EPS fade explains why.
source: institutional data
Institutional activity
271 buyers vs. 285 sellers in 3q2025. total institutional holdings: 0.6B shares.
source: institutional data
Price targets
3-5 year target range
$24
$43
$27
current price
$34
target midpoint · +26% from current · 3-5yr high: $45 (+65% · 17% ann'l return)
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