INVH
Invitation Homes Inc.
INVH's fundamentals are mixed, but it looks cheap: trading at 23x earnings, about half its usual 50x. Analysts expect earnings growth.
INVH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
INVH's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like INVH.
INVH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 23x | $26.65 | — |
| Cheap | 33x | $37.80 | +42% |
| Forward | 34x | $26.65 | — |
| Fair | 50x | $57.11 | +114% |
| Expensive | 92x | $105 | +293% |
Historical ranges are pointers, not guarantees.
INVH's PE is in its cheap range at 23x. On analysts' estimates for next year's earnings, today's price would be 34x.
INVH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect INVH's earnings to grow, with its revenue and profitability holding steady.
INVH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.77 | -32% |
| Q3 2026 | $1.14 | +19% |
| Q2 2026 | $1.09 | +22% |
| Q1 2026 | $0.95 | +22% |
| Q4 2025 | $0.96 | +30% |
| Q3 2025 | $0.96 | +33% |
| Q2 2025 | $0.89 | +14% |
| Q1 2025 | $0.78 | -11% |
| Q4 2024 | $0.74 | -13% |
INVH earned $1.14 per share over the past year, up 19% from the year before.
INVH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $731.3M | +6.3% |
| Q2 2026 | $747.6M | +9.7% |
| Q1 2026 | $734.1M | +8.8% |
| Q4 2025 | $685.3M | +4% |
| Q3 2025 | $688.2M | +4.2% |
| Q2 2025 | $681.4M | +4.3% |
| Q1 2025 | $674.5M | +4.4% |
| Q4 2024 | $659.1M | +5.6% |
INVH's revenue has grown year over year every quarter since late 2021: $731M last quarter, up 6.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.2% | -4 points |
| Q2 2026 | 12% | -2.9 points |
| Q1 2026 | 11% | -3.8 points |
| Q4 2025 | 14% | +7.5 points |
| Q3 2025 | 13% | +2.7 points |
| Q2 2025 | 15% | +1.4 points |
| Q1 2025 | 15% | +0.4 points |
| Q4 2024 | 6.5% | -6.6 points |
INVH's operating margin was 9.2% last quarter, down 4 points from the same quarter a year ago, near the bottom of its range since 2019.
INVH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $383.9M | -1% |
| Q2 2026 | $383.6M | +2.5% |
| Q1 2026 | $293M | -0.1% |
| Q4 2025 | $122.4M | -2.1% |
| Q3 2025 | $387.8M | +27% |
| Q2 2025 | $374.4M | +2.9% |
| Q1 2025 | $293.3M | +14% |
| Q4 2024 | $125M | +64% |
INVH's free cash flow was $1.2B over the past year, about the same as the year before. Free cash flow isn't a meaningful measure for real estate companies like INVH.
INVH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -4M shares |
| 1 year | -4% | -24.6M shares |
| 3 years | -4.1% | -25M shares |
| 5 years | +1.7% | +10M shares |
| Available history | +8.7% | +47M shares |
INVH has 589M diluted shares, down 4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $250.4M |
| Q2 2026 | $100.1M |
| Q1 2026 | $447.2M |
INVH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 7.5x | High |
| Q1 2026 | 7.7x | High |
| Q4 2025 | 7.3x | High |
| Q3 2025 | 7.5x | High |
| Q2 2025 | 7.8x | High |
| Q1 2025 | 7.9x | High |
| Q4 2024 | 8.0x | High |
INVH's net debt is about 7.8 years of its operating earnings (EBITDA), up from 7.5 years a year ago. Net leverage isn't a meaningful measure for real estate companies like INVH.
INVH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.2 | Neutral |
| Stochastic | 19.1 | Oversold |
INVH's weekly RSI is 42 (neutral) and its Stochastic is 19 (oversold).
INVH PE vs Real Estate Sector
| Metric | INVH | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 24x | 2.2% below |
| PE % | 0 | 23 | 23 pts below |
INVH is trading at 23x earnings, in line with the Real Estate sector's median of 24x.
INVH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.8 | 0.6% below |
| 20 week MA | $28.4 | 6% below |
| 50 week MA | $27.7 | 3.7% below |
| 100 week MA | $29.6 | 10% below |
| 200 week MA | $31.7 | 16% below |
INVH is in a downtrend: it's below all five of its weekly moving averages, and 16% below its 200-week average.
INVH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.5 | $29.1 | -1.4% |
| 2021 | $29.1 | $44.0 | +51% |
| 2022 | $44.0 | $29.9 | -32% |
| 2023 | $29.9 | $34.1 | +14% |
| 2024 | $34.1 | $32.1 | -5.9% |
| 2025 | $32.1 | $27.5 | -14% |
| 2026 YTD | $27.5 | $26.7 | -2.9% |
INVH has finished lower in four of the last six years. It's down 2.9% so far in 2026.