# Invitation Homes (INVH.US)

Canonical: https://gigainvestors.com/s/INVH

Analysis as of: 2026-10-16T07:35:04.925Z. Financial observations: FY2014–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $26.80 per share; close as of 2026-10-15.

Estimated value: low $19.23 per share, central $21.88 per share, high $25.41 per share. Buy at or below the central value $21.88 per share. Valuation as of 2026-10-16T07:35:04.925Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 3

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.11×

- FY2018: 0.20×

- FY2019: 0.24×

- FY2020: 0.26×

- FY2021: 0.28×

- FY2022: 0.29×

- FY2023: 0.29×

- FY2024: 0.28×

- FY2025: 0.27×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 55.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 1.7%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: 55.2 pp

- Typical gross margin (annual median): 58.9%

- Recent gross margin (lower of latest and 3-year median): 3.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.7%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.3%

- FY2017: 0.5%

- FY2018: 1.4%

- FY2019: 1.5%

- FY2020: 1.5%

- FY2021: 1.9%

- FY2022: 3.6%

- FY2023: 3.9%

- FY2024: 4.2%

- FY2025: 3.3%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 2.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.5B

- Net income, five-year total: $2.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 3.2 pp

- Working capital / revenue, change between three-year averages: 30.4 pp

- Working capital / revenue, final three-year average: 13.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.64×

- FY2022: 2.12×

- FY2023: 1.87×

- FY2024: 2.09×

- FY2025: 1.86×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 1.3% vs 3.9%

- Per-share earnings: -0.31 to 0.85 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.3%

- Ordinary dilution, 5-year annual growth: 2.0%

- Market cap gain: $4.7B

- Cumulative retained earnings: -$1.5B

- Diluted shares, 10-year annual growth: 7.3%

- Diluted shares, 5-year annual growth: 2.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.16

- Per-share value, starting three-year median: -$0.31

- Per-share value, ending three-year median: $0.85

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $554M

- Cumulative net income, 10 years: $2.4B

- ROIC, first three-year median: 1.3%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.26

- FY2017: -$0.31

- FY2018: -$0.01

- FY2019: $0.27

- FY2020: $0.35

- FY2021: $0.45

- FY2022: $0.63

- FY2023: $0.85

- FY2024: $0.74

- FY2025: $0.96

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 2.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.05×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -2.0%

- FY2018: -3.1%

- FY2019: -3.0%

- FY2020: -2.9%

- FY2021: -3.5%

- FY2022: -3.5%

- FY2023: -3.1%

- FY2024: -3.4%

- FY2025: -3.3%

## Holders

## Price story

Down 41% since Dec 2021 · "Invitation Homes Inc. (INVH) PT Lowered From $33 on Softer Pricing Outlook" (finance.yahoo.com, Feb 2026) · sales +4.2%

Story as of 2026-10-16T10:00:03.553Z; price observation 2026-10-15.

Price needs cash profits to grow 3.4% a year for ten years

- 2026-02-26: Invitation Homes Inc. (INVH) PT Lowered From $33 on Softer Pricing Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/invitation-homes-inc-invh-pt-140410524.html))

- 2026-04-30: INVH Q1 FFO Meets Estimates as Revenues Top on Homebuilding ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/invh-q1-ffo-meets-estimates-153300518.html))

### Sales · FY2024–2025

sales +4.2%; source https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm; observed 2026-02-19.

- FY2016: $923M 

- FY2017: $1.1B 

- FY2018: $1.7B 

- FY2019: $1.8B 

- FY2020: $1.8B 

- FY2021: $2.0B 

- FY2022: $2.2B 

- FY2023: $2.4B 

- FY2024: $2.6B 

- FY2025: $2.7B 

### Gross margin · FY2025

gross margin 3.7%; source https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm; observed 2026-02-19.

- FY2016: 57.6% 

- FY2017: 58.8% 

- FY2018: 58.2% 

- FY2019: 58.5% 

- FY2020: 59.5% 

- FY2021: 61.0% 

- FY2022: 60.9% 

- FY2023: 59.9% 

- FY2024: 59.0% 

- FY2025: 3.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm (filed 2026-02-19); FY2025: revenue 2729296000; grossProfit 100713000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 3.7% to 59.9% during 2023–25; it earns 1.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 59.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 59%.

- Source: https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 3.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.012942226291450396],[2017,0.005262033502413017],[2018,0.013979909660174247],[2019,0.014940238591440072],[2020,0.015277100680123104],[2021,0.018704813690154167],[2022,0.03566479907295101],[2023,0.03942372733483558],[2024,0.04215841824313935],[2025,0.03340678795665374]]; median 0.016990957185138635. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 61% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm (filed 2026-02-19); Gross margin observations: [[2021,0.6104612055904619],[2022,0.609365624110582],[2023,0.5986708756153696]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 53.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 49793000; owner earnings 139649000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 62542000; owner earnings 141699000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 145715000; owner earnings 409899000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 164244000; owner earnings 514938000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 172284000; owner earnings 576458000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 162832000; owner earnings 690728000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 208070000; owner earnings 813373000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 221102000; owner earnings 972655000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 219394000; owner earnings 948849000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 242752000; owner earnings 1092105000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,136000],[2017,68997000],[2018,230072000],[2019,276681000],[2020,332151000],[2021,393812000],[2022,539033000],[2023,638129000],[2024,689244000],[2025,712842000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 53207000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INVH.US SharesStats.PercentInsiders = 0.34099999999999997 percentage points; cache date 2026-10-16.

### What could break it

"Our reliance on a limited number of third-party digital marketing and lead-generation platforms" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm (filed 2026-02-19); Our reliance on a limited number of third-party digital marketing and lead-generation platforms

### What the price says

The price assumes cash profits grow 3.4% yearly over ten years; actual growth was 30.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.03625713282107093. Price 26.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1265305338862321 → FY2025 1.7810576138171577. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-01: $20.00 per share

- 2017-02: $21.79 per share

- 2017-03: $21.83 per share

- 2017-04: $21.55 per share

- 2017-05: $21.52 per share

- 2017-06: $21.63 per share

- 2017-07: $21.32 per share

- 2017-08: $23.14 per share

- 2017-09: $22.65 per share

- 2017-10: $22.57 per share

- 2017-11: $23.55 per share

- 2017-12: $23.57 per share

- 2018-01: $22.49 per share

- 2018-02: $21.75 per share

- 2018-03: $22.83 per share

- 2018-04: $23.14 per share

- 2018-05: $22.01 per share

- 2018-06: $23.06 per share

- 2018-07: $23.11 per share

- 2018-08: $23.37 per share

- 2018-09: $22.91 per share

- 2018-10: $21.88 per share

- 2018-11: $21.46 per share

- 2018-12: $20.08 per share

- 2019-01: $22.49 per share

- 2019-02: $23.00 per share

- 2019-03: $24.33 per share

- 2019-04: $24.86 per share

- 2019-05: $25.63 per share

- 2019-06: $26.73 per share

- 2019-07: $27.47 per share

- 2019-08: $28.76 per share

- 2019-09: $29.61 per share

- 2019-10: $30.79 per share

- 2019-11: $30.53 per share

- 2019-12: $29.97 per share

- 2020-01: $31.47 per share

- 2020-02: $28.69 per share

- 2020-03: $21.37 per share

- 2020-04: $23.65 per share

- 2020-05: $26.30 per share

- 2020-06: $27.53 per share

- 2020-07: $29.82 per share

- 2020-08: $28.63 per share

- 2020-09: $27.99 per share

- 2020-10: $27.26 per share

- 2020-11: $28.58 per share

- 2020-12: $29.70 per share

- 2021-01: $29.48 per share

- 2021-02: $29.14 per share

- 2021-03: $31.99 per share

- 2021-04: $35.06 per share

- 2021-05: $36.27 per share

- 2021-06: $37.29 per share

- 2021-07: $40.68 per share

- 2021-08: $41.18 per share

- 2021-09: $38.33 per share

- 2021-10: $41.25 per share

- 2021-11: $40.44 per share

- 2021-12: $45.34 per share

- 2022-01: $41.98 per share

- 2022-02: $37.80 per share

- 2022-03: $40.18 per share

- 2022-04: $39.82 per share

- 2022-05: $37.72 per share

- 2022-06: $35.58 per share

- 2022-07: $39.03 per share

- 2022-08: $36.28 per share

- 2022-09: $33.77 per share

- 2022-10: $31.69 per share

- 2022-11: $32.63 per share

- 2022-12: $29.64 per share

- 2023-01: $32.50 per share

- 2023-02: $31.26 per share

- 2023-03: $31.23 per share

- 2023-04: $33.37 per share

- 2023-05: $33.88 per share

- 2023-06: $34.40 per share

- 2023-07: $35.50 per share

- 2023-08: $34.09 per share

- 2023-09: $31.69 per share

- 2023-10: $29.69 per share

- 2023-11: $33.36 per share

- 2023-12: $34.11 per share

- 2024-01: $32.93 per share

- 2024-02: $34.07 per share

- 2024-03: $35.61 per share

- 2024-04: $34.20 per share

- 2024-05: $34.79 per share

- 2024-06: $35.89 per share

- 2024-07: $35.27 per share

- 2024-08: $36.84 per share

- 2024-09: $35.26 per share

- 2024-10: $31.41 per share

- 2024-11: $34.25 per share

- 2024-12: $31.97 per share

- 2025-01: $31.15 per share

- 2025-02: $34.01 per share

- 2025-03: $34.85 per share

- 2025-04: $34.19 per share

- 2025-05: $33.70 per share

- 2025-06: $32.80 per share

- 2025-07: $30.65 per share

- 2025-08: $31.29 per share

- 2025-09: $29.33 per share

- 2025-10: $28.15 per share

- 2025-11: $28.20 per share

- 2025-12: $27.79 per share

- 2026-01: $26.73 per share

- 2026-02: $26.34 per share

- 2026-03: $24.85 per share

- 2026-04: $28.77 per share

- 2026-05: $29.25 per share

- 2026-06: $30.21 per share

- 2026-07: $29.72 per share

- 2026-08: $29.14 per share

- 2026-09: $26.33 per share

- 2026-10: $26.80 per share

## Annual estimated value (USD per share)

- FY2018: low $5.08 per share, central $5.75 per share, high $6.64 per share

- FY2019: low $5.59 per share, central $6.35 per share, high $7.35 per share

- FY2020: low $8.85 per share, central $10.03 per share, high $11.59 per share

- FY2021: low $11.98 per share, central $13.49 per share, high $15.51 per share

- FY2022: low $13.02 per share, central $14.76 per share, high $17.09 per share

- FY2023: low $16.06 per share, central $18.13 per share, high $20.88 per share

- FY2024: low $17.10 per share, central $19.43 per share, high $22.53 per share

- FY2025: low $17.80 per share, central $20.24 per share, high $23.49 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.