Latest Ratios: P/E Ratio 28.8x · EV/EBITDA 18.2x · ROE 5.8%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.3B | $11.9B | $13.8B | $13.0B | $10.5B | $14.2B | $9.2B | $7.9B | $5.8B | $5.8B | $4.9B |
| Enterprise Value | $17.4B | $16.9B | $18.6B | $17.5B | $15.0B | $18.0B | $11.9B | $10.7B | $8.6B | $8.2B | $7.7B |
| P/E Ratio → | 28.81 | 27.20 | 34.65 | 35.60 | 42.45 | 106.37 | 107.14 | 90.38 | 249.37 | — | — |
| P/S Ratio | 6.62 | 6.38 | 7.97 | 8.03 | 7.07 | 10.89 | 7.86 | 6.94 | 5.44 | 6.01 | 5.59 |
| P/B Ratio | 1.64 | 1.54 | 1.75 | 1.70 | 1.47 | 2.11 | 1.42 | 1.31 | 0.98 | 0.98 | 0.99 |
| P/FCF | 16.55 | 15.96 | 19.96 | 21.56 | 20.01 | 30.03 | 24.95 | 20.34 | 16.39 | 16.56 | 19.56 |
| P/OCF | 14.29 | 13.77 | 16.97 | 17.65 | 15.84 | 23.85 | 19.43 | 17.17 | 14.22 | 14.95 | 17.61 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.07 | 10.76 | 10.75 | 10.07 | 13.84 | 10.18 | 9.42 | 8.03 | 8.54 | 8.78 |
| EV / EBITDA | 18.16 | 17.70 | 13.80 | 13.86 | 12.99 | 17.81 | 13.06 | 12.03 | 10.12 | 10.46 | 10.72 |
| EV / EBIT | 38.43 | 24.23 | 46.41 | 49.49 | 48.78 | 66.40 | 51.56 | 45.26 | 38.30 | 41.22 | 50.26 |
| EV / FCF | — | 22.68 | 26.96 | 28.87 | 28.50 | 38.18 | 32.31 | 27.60 | 24.17 | 23.54 | 30.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.4% | 3.4% | 55.6% | 54.4% | 53.8% | 53.8% | 53.1% | 53.7% | 54.1% | 55.3% | 55.2% |
| Operating Margin | 24.2% | 24.2% | 50.6% | 49.7% | 49.1% | 49.4% | 49.0% | 49.9% | 50.7% | 51.7% | 51.4% |
| Net Profit Margin | 24.3% | 24.3% | 23.9% | 23.4% | 18.3% | 14.5% | 12.0% | 12.5% | 10.1% | 8.4% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.8% | 5.8% | 5.3% | 5.1% | 3.9% | 2.9% | 2.2% | 2.4% | 1.8% | 1.5% | 0.2% |
| ROA | 3.4% | 3.4% | 3.2% | 3.1% | 2.4% | 1.8% | 1.5% | 1.6% | 1.2% | 1.0% | 0.1% |
| ROIC | 2.7% | 2.7% | 5.3% | 5.1% | 4.9% | 4.9% | 4.8% | 4.8% | 4.8% | 4.6% | 4.8% |
| ROCE | 3.4% | 3.4% | 6.9% | 6.8% | 6.7% | 6.6% | 6.3% | 6.5% | 6.5% | 6.1% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 0.64 | 0.59 | 0.63 | 0.58 | 0.44 | 0.47 | 0.47 | 0.42 | 0.59 |
| Debt / EBITDA | 5.36 | 5.36 | 3.73 | 3.56 | 3.93 | 3.85 | 3.13 | 3.21 | 3.29 | 3.16 | 4.06 |
| Net Debt / Equity | — | 0.65 | 0.62 | 0.58 | 0.62 | 0.57 | 0.42 | 0.47 | 0.46 | 0.41 | 0.57 |
| Net Debt / EBITDA | 5.25 | 5.25 | 3.58 | 3.51 | 3.87 | 3.80 | 2.98 | 3.16 | 3.26 | 3.10 | 3.90 |
| Debt / FCF | — | 6.72 | 7.00 | 7.31 | 8.48 | 8.15 | 7.36 | 7.26 | 7.78 | 6.97 | 11.17 |
| Interest Coverage | 3.77 | 3.77 | 2.42 | 2.52 | 2.28 | 2.37 | 1.98 | 1.85 | 1.83 | 1.77 | 1.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 62.90 | 62.90 | 1.00 | 0.52 | 0.54 | 0.42 | 1.31 | 1.03 | 0.45 | 0.61 | 1.70 |
| Quick Ratio | 62.90 | 62.90 | 1.00 | 0.52 | 0.54 | 0.42 | 1.31 | 1.03 | 0.45 | 0.61 | 1.70 |
| Cash Ratio | 24.93 | 24.93 | 0.50 | 0.12 | 0.14 | 0.07 | 0.53 | 0.17 | 0.07 | 0.13 | 0.75 |
| Asset Turnover | — | 0.14 | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 3.9% | 2.8% | 2.5% | 2.4% | 1.0% | 0.7% | 0.8% | 1.0% | 0.7% | 1.0% |
| Payout Ratio | 101.6% | 101.6% | 93.0% | 84.0% | 92.4% | 77.3% | 43.5% | 42.4% | 53.9% | 48.0% | 719.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 3.7% | 2.9% | 2.8% | 2.4% | 0.9% | 0.9% | 1.1% | 0.4% | — | — |
| FCF Yield | 6.0% | 6.3% | 5.0% | 4.6% | 5.0% | 3.3% | 4.0% | 4.9% | 6.1% | 6.0% | 5.1% |
| Buyback Yield | 1.3% | 1.4% | 0.0% | 0.0% | 1.5% | 3.5% | 0.0% | 0.0% | 0.6% | 0.0% | 2.0% |
| Total Shareholder Yield | 5.0% | 5.2% | 2.8% | 2.5% | 3.9% | 4.5% | 0.7% | 0.8% | 1.6% | 0.7% | 2.9% |
| Shares Outstanding | — | $371M | $368M | $362M | $350M | $326M | $307M | $300M | $294M | $264M | $234M |
Development pipeline execution risk
Based on the reported P/FFO multiple of approximately 21x, AMH appears to trade at a valuation premium that reflects investor confidence in its built-to-rent pipeline, as noted in recent financial disclosures, despite the broader volatility observed in residential REIT pricing across the Sunbelt region.
The consistent P/FFO range suggests that the market is pricing AMH as a growth-oriented developer rather than a static income vehicle. Investors should monitor whether this premium holds if the development yield spread narrows due to rising construction costs or softening rental demand in key markets.
According to quarterly financial data, the reported NOI margin contraction to 3.5% in 2026Q1 represents a significant departure from the historical 50% plus range, suggesting that accounting adjustments or non-recurring property-level expenses may be temporarily distorting the underlying profitability of the portfolio.
While the headline margin appears strained, the underlying FFO growth of 9.0% suggests that the core rental business remains fundamentally sound. Analysts should investigate whether this margin compression is a result of aggressive capitalization of overhead or a genuine increase in property-level operating costs.
As reported in recent earnings filings, AMH maintains an FFO payout ratio consistently below 50%, which provides a substantial buffer for dividend sustainability while allowing the company to retain significant cash flow for its capital-intensive built-to-rent development strategy in supply-constrained markets.
The stability of the payout ratio indicates a disciplined approach to capital allocation that prioritizes long-term asset growth over immediate yield maximization. This retention strategy appears prudent given the execution risks inherent in managing a large-scale, multi-state residential development pipeline.
Based on the provided quarterly data, AMH has maintained a debt-to-equity ratio within the 0.59 to 0.67 range, indicating that the company is successfully financing its portfolio expansion without over-leveraging its balance sheet, as evidenced by the stable interest coverage ratios observed over the last ten quarters.
The company's ability to maintain these leverage levels while scaling its development platform suggests a conservative approach to debt management. However, investors should monitor interest coverage trends closely, as any sustained increase in borrowing costs could impact the net profitability of future development projects.
As indicated by the divergence between GAAP Net Income and FFO, the standard P/E ratio is a deeply misleading metric for AMH, as it fails to account for the significant non-cash depreciation charges that characterize the company's large-scale residential real estate portfolio.
Using P/E obscures the true economic earnings power of the REIT by treating depreciation as a cash expense rather than a non-cash accounting entry. Analysts should exclusively utilize P/FFO or P/AFFO to properly assess the company's valuation relative to its actual cash-generating capacity.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying AMH stock.
American Homes 4 Rent's current P/E ratio is 28.8x. The historical average is 63.4x. This places it at the 14th percentile of its historical range.
American Homes 4 Rent's current EV/EBITDA is 18.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
American Homes 4 Rent's return on equity (ROE) is 5.8%. The historical average is 1.8%.
Based on historical data, American Homes 4 Rent is trading at a P/E of 28.8x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Homes 4 Rent's current dividend yield is 3.65% with a payout ratio of 101.6%.
American Homes 4 Rent has 3.4% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
American Homes 4 Rent's Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.