Invitation Homes (INVH) stock
Real Estate · Single-Family Residential REITs
Invitation Homes (INVH) is a Single-Family Residential REITs company in the Real Estate sector, headquartered in Dallas, Texas. As of October 23, 2026, INVH closed at $27.54, a market capitalization of $16.27 billion, the 441st largest company in the S&P 500. Over the last twelve months it generated $2.85 billion in revenue (+10% year over year) and $956.72 million in free cash flow. The stock trades at 24.6x trailing earnings and 37.7x forward earnings.
- 1-year total return: -0.4% (dividends reinvested)
- 5-year return: -4.4% a year
- 52-week range: $24.25 – $30.89
- Gross margin 56.3%, operating margin 25.1%
- Dividend yield: 4.36%, 8 straight years of increases
- FI Handbook report card: C across 10 metrics
- 19th largest of 30 Real Estate stocks in the S&P 500
INVH price chart
1Y price change: -4.7% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| INVH | +3.4% | +2.5% | -0.4% | +0.5% | -4.4% | — | +6.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2017.
INVH key statistics
- Market cap
- $16.3B
- #441 in S&P 500
- P/E (TTM)
- 24.6x
- Forward P/E
- 37.7x
- EPS (TTM)
- $1.12
- Revenue (TTM)
- $2.8B
- +10%
- Free cash flow
- $956.7M
- Gross margin
- 56.3%
- Operating margin
- 25.1%
- Return on equity
- 7.1%
- Dividend yield
- 4.36%
- 52-week range
- $24.25 – $30.89
- Beta
- 0.83
- Price / sales
- 5.7x
- EV / EBITDA
- 16.5x
- Debt / equity
- 0.94x
- Employees
- 1,725
INVH report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth10.1%B
- Gross margin56.3%B
- Operating margin25.1%B
- FCF margin33.6%A
- Return on equity7.1%D
- Net debt / EBITDA5.6xF
- Forward P/E37.7xD
- PEG ratio13.1xF
- Shareholder yield4.7%B
- Share count change / yr2.0%D
Invitation Homes financials
Revenue went from $44.6M in fiscal 2016 to $2.7B in fiscal 2025, growing 58.0% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.6M | $1.1B | $1.7B | $1.8B | $1.8B | $2.0B | $2.2B | $2.4B | $2.6B | $2.7B |
| Operating income | $190.8M | $118.2M | — | — | — | — | — | — | — | — |
| Net income | -$78.2M | -$105.3M | -$4.9M | $145.5M | $196.2M | $261.4M | $383.3M | $519.5M | $453.9M | $587.9M |
| EPS (diluted) | — | — | $-0.01 | $0.27 | $0.35 | $0.45 | $0.63 | $0.85 | $0.74 | $0.96 |
| Free cash flow | $252.2M | $258.9M | $557.2M | — | — | — | — | — | — | — |
| Buybacks | — | — | — | — | — | — | — | $0 | $0 | $53.2M |
| Dividends paid | $0 | $69.0M | $230.1M | $276.7M | $332.2M | $393.8M | $539.0M | $638.1M | $689.2M | $712.8M |
| Diluted shares | — | — | 520.4M | 532.5M | 555.5M | 579.2M | 611.1M | 613.3M | 613.6M | 613.2M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into INVH?
A reverse DCF asks what growth the current price requires. With an enterprise value of $24.7B and $956.7M of trailing free cash flow, Invitation Homes needs to grow free cash flow about 17.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 41.8% a year over the last five years.
P/E ratio history
Current 28.7x vs. median 53.9x (10th–90th percentile 35.2x–109.6x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
INVH dividend
- Dividend yield
- 4.36%
- Annual dividend
- $1.20
- Years of increases
- 8
- 5-yr dividend growth
- 14.3%
- per year
- Payout ratio
- 109%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
INVH analyst price targets
23 analysts' average 12-month target is $32.83 (+19% vs. $27.54). Targets range from $28.00 to $41.00. 56% rate it a buy.
INVH earnings
Next report: October 28, 2026. Invitation Homes has beaten EPS estimates 1 quarters in a row. Last quarter's revenue was $747.5M (+10% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $0.14 | $0.15 | +9.8% |
| Apr 29, 2026 | $0.15 | $0.13 | -14.3% |
| Feb 18, 2026 | $0.16 | $0.15 | -9.2% |
| Oct 29, 2025 | $0.15 | $0.15 | +0.8% |
| Jul 30, 2025 | $0.16 | $0.16 | -2.0% |
| Apr 30, 2025 | $0.14 | $0.17 | +23.1% |
| Feb 26, 2025 | $0.16 | $0.14 | -11.3% |
| Oct 30, 2024 | $0.15 | $0.11 | -26.6% |
Stocks like INVH
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
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 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
 O Realty Income | -0.30% | -0% | $53.8B | 41.2x | Compare |
INVH news
- Big Landlords Could Face $1 Million Fines for Buying Houses Under a New Rule · Oct 23, 2026
- Earnings Preview: What To Expect From Invitation Homes' Report · Oct 22, 2026
- Invitation Homes Announces Dates for Third Quarter 2026 Earnings Release and Webcast · Oct 7, 2026
- Invitation Homes Inc's Dividend Analysis · Sep 24, 2026
- Invitation Homes (INVH) Stock Could Be Reasonable Following Its 18% Slide · Sep 24, 2026
INVH stock FAQ
What is INVH's market cap?
Invitation Homes's market capitalization is $16.27 billion as of October 23, 2026, ranking 441st in the S&P 500.
What is INVH's P/E ratio?
INVH trades at a trailing price-to-earnings ratio of 24.6x and a forward P/E of 37.7x. Its median P/E over the period we track is 53.9x.
Does INVH pay a dividend?
Yes. Invitation Homes pays $1.20 per share a year, a 4.36% yield. It has raised its dividend 8 years in a row. Dividends grew 14.3% a year over the last five years.
How much has INVH stock returned?
Including reinvested dividends, INVH returned -0.4% over one year, -4.4% a year over five years through October 23, 2026.
Is INVH stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Invitation Homes must grow free cash flow about 17% a year for the next decade. Its free cash flow grew 42% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the INVH price target?
23 analysts cover INVH with an average 12-month price target of $32.83, +19% from the current price. 56% of them rate it a buy.
When does INVH report earnings?
Invitation Homes is expected to report earnings on October 28, 2026. It has beaten EPS estimates 1 quarters in a row.
How many employees does Invitation Homes have?
Invitation Homes has about 1,725 full-time employees, or $1.7 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology