Latest Ratios: P/E Ratio 31.3x · EV/EBITDA 17.6x · ROE 6.1%. (2014–2025 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 | $18.0B | $17.0B | $19.6B | $20.9B | $18.1B | $26.3B | $16.5B | $16.0B | $10.4B | $8.0B | — |
| Enterprise Value | $26.2B | $25.3B | $27.6B | $28.8B | $25.6B | $33.6B | $24.3B | $26.5B | $22.8B | $17.5B | — |
| P/E Ratio → | 31.27 | 28.95 | 43.20 | 40.13 | 47.05 | 100.76 | 84.86 | 111.00 | — | — | — |
| P/S Ratio | 6.59 | 6.24 | 7.49 | 8.60 | 8.09 | 13.15 | 9.05 | 9.04 | 6.06 | 7.59 | — |
| P/B Ratio | 1.92 | 1.78 | 2.00 | 2.05 | 1.75 | 2.67 | 1.93 | 1.93 | 1.25 | 0.92 | — |
| P/FCF | 18.68 | 17.69 | 22.75 | 23.61 | 22.21 | 35.26 | 31.46 | 32.05 | 25.15 | 40.56 | — |
| P/OCF | 14.92 | 14.13 | 18.13 | 18.90 | 17.70 | 28.93 | 23.68 | 24.10 | 18.62 | 30.80 | — |
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 | — | 9.27 | 10.56 | 11.83 | 11.45 | 16.85 | 13.34 | 15.01 | 13.21 | 16.57 | — |
| EV / EBITDA | 17.64 | 17.00 | 18.99 | 20.94 | 19.86 | 29.44 | 23.83 | 27.63 | 25.20 | 40.84 | — |
| EV / EBIT | 35.42 | 34.88 | 33.66 | 33.66 | 37.19 | 57.48 | 44.10 | 51.52 | 60.12 | 115.60 | — |
| EV / FCF | — | 26.25 | 32.06 | 32.47 | 31.42 | 45.18 | 46.37 | 53.22 | 54.77 | 88.58 | — |
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 | 3.7% | 3.7% | 59.0% | 59.9% | 60.9% | 61.0% | 59.5% | 58.5% | 58.2% | 58.8% | 57.6% |
| Operating Margin | 27.1% | 27.1% | 28.3% | 28.8% | 29.1% | 27.6% | 25.7% | 24.1% | 19.9% | 11.2% | 20.7% |
| Net Profit Margin | 21.5% | 21.5% | 17.3% | 21.4% | 17.1% | 13.1% | 10.8% | 8.2% | -0.3% | -10.0% | -8.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.1% | 6.1% | 4.5% | 5.1% | 3.8% | 2.8% | 2.3% | 1.7% | -0.1% | -2.0% | -4.1% |
| ROA | 3.1% | 3.1% | 2.4% | 2.8% | 2.1% | 1.5% | 1.1% | 0.8% | -0.0% | -0.7% | -0.8% |
| ROIC | 3.1% | 3.1% | 3.1% | 2.9% | 2.8% | 2.5% | 2.0% | 1.6% | 1.3% | 0.6% | 1.5% |
| ROCE | 4.1% | 4.1% | 4.0% | 3.7% | 3.6% | 3.1% | 2.7% | 2.4% | 1.9% | 0.9% | 2.6% |
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 | 0.88 | 0.88 | 0.84 | 0.84 | 0.75 | 0.81 | 0.94 | 1.29 | 1.49 | 1.12 | 3.87 |
| Debt / EBITDA | 5.63 | 5.63 | 5.64 | 6.22 | 6.02 | 7.00 | 7.87 | 11.09 | 13.79 | 22.56 | 16.51 |
| Net Debt / Equity | — | 0.86 | 0.82 | 0.77 | 0.73 | 0.75 | 0.91 | 1.27 | 1.47 | 1.10 | 3.77 |
| Net Debt / EBITDA | 5.54 | 5.54 | 5.52 | 5.71 | 5.82 | 6.46 | 7.66 | 10.99 | 13.63 | 22.14 | 16.08 |
| Debt / FCF | — | 8.56 | 9.31 | 8.86 | 9.20 | 9.92 | 14.91 | 21.16 | 29.63 | 48.02 | 36.80 |
| Interest Coverage | 2.05 | 2.05 | 2.24 | 2.56 | 2.27 | 1.81 | 1.56 | 1.40 | 0.99 | 0.59 | 0.73 |
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 | 1.52 | 1.52 | 0.82 | 5.71 | 3.41 | 5.06 | 3.59 | 2.48 | 3.41 | 2.36 | 0.21 |
| Quick Ratio | 1.52 | 1.52 | 0.82 | 5.71 | 3.41 | 5.06 | 3.59 | 2.48 | 3.41 | 2.36 | 0.21 |
| Cash Ratio | 0.35 | 0.35 | 0.21 | 3.49 | 1.32 | 3.15 | 1.43 | 0.50 | 0.85 | 0.79 | 0.08 |
| Asset Turnover | — | 0.15 | 0.14 | 0.13 | 0.12 | 0.11 | 0.10 | 0.10 | 0.10 | 0.06 | 0.09 |
| 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 | 3.9% | 4.2% | 3.5% | 3.1% | 3.0% | 1.5% | 2.0% | 1.7% | 2.2% | 0.9% | — |
| Payout Ratio | 121.2% | 121.2% | 151.8% | 122.8% | 140.6% | 150.6% | 169.3% | 190.2% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 3.5% | 2.3% | 2.5% | 2.1% | 1.0% | 1.2% | 0.9% | — | — | — |
| FCF Yield | 5.4% | 5.7% | 4.4% | 4.2% | 4.5% | 2.8% | 3.2% | 3.1% | 4.0% | 2.5% | — |
| Buyback Yield | 0.3% | 0.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.2% | — |
| Total Shareholder Yield | 4.2% | 4.5% | 3.6% | 3.1% | 3.0% | 1.5% | 2.0% | 1.8% | 2.3% | 1.1% | — |
| Shares Outstanding | — | $613M | $614M | $613M | $611M | $579M | $555M | $532M | $520M | $339M | $302M |
Regulatory and Legislative Headwinds
Based on recent market data, INVH trades at a P/FFO multiple that suggests investors are pricing in a liquidity premium, with the stock currently trading at $30.46 per share while maintaining a dividend yield of 3.8% as of the most recent quarterly reporting period.
The current valuation appears to account for the company's status as the largest institutional vehicle for single-family rental exposure. Investors should monitor whether this premium persists if legislative risks in core markets like California and Florida continue to escalate.
According to quarterly financial disclosures, INVH has maintained NOI margins consistently near the 55-60% range, excluding the anomalous 2025Q4 dip, which suggests that the ProCare maintenance platform is effectively mitigating the inherent cost pressures of a geographically dispersed single-family portfolio.
The ability to sustain these margins indicates that the company is successfully internalizing repair costs that would otherwise erode profitability. However, the volatility observed in late 2025 warrants further investigation into whether localized tax reassessments are beginning to exert structural pressure on property-level margins.
As reported in recent financial statements, the FFO payout ratio has remained disciplined, hovering near 52.2% in 2026Q1, which provides a comfortable buffer for the company to continue its dividend distributions while retaining significant cash flow for ongoing portfolio maintenance and capital improvements.
This payout level suggests that the dividend is well-covered by recurring rental income, reducing the risk of a distribution cut in the near term. Analysts should continue to track the spread between FFO and AFFO to ensure that rising maintenance capex does not unexpectedly tighten this safety margin.
Based on reported figures, the company's debt-to-equity ratio reached 0.96 in 2026Q1, reflecting a measured increase from previous periods that appears to align with the company's strategic pivot toward an asset-light growth model and continued investment in its existing residential footprint.
The current leverage profile appears manageable, though the interest coverage ratio of 0.83 in 2026Q1 warrants close monitoring as it suggests potential sensitivity to future interest rate volatility. Investors should assess whether the company's debt maturity profile is adequately laddered to avoid refinancing risks in a higher-rate environment.
The most commonly misapplied metric for INVH is the standard P/E ratio, which fails to account for the significant non-cash depreciation charges inherent in the REIT business model, thereby obscuring the company's true cash-generating capacity as reported in recent SEC filings.
Using P/E to evaluate INVH leads to a distorted view of valuation because it treats essential property depreciation as a cash expense. Analysts should instead prioritize P/FFO or P/AFFO, which adjust for these non-cash items to provide a more accurate reflection of the company's ability to fund dividends and capital expenditures.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying INVH stock.
Invitation Homes Inc.'s current P/E ratio is 31.3x. The historical average is 65.1x. This places it at the 14th percentile of its historical range.
Invitation Homes Inc.'s current EV/EBITDA is 17.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.9x.
Invitation Homes Inc.'s return on equity (ROE) is 6.1%. The historical average is 0.2%.
Based on historical data, Invitation Homes Inc. is trading at a P/E of 31.3x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Invitation Homes Inc.'s current dividend yield is 3.87% with a payout ratio of 121.2%.
Invitation Homes Inc. has 3.7% gross margin and 27.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Invitation Homes Inc.'s Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.