INVH
Invitation Homes Inc.
Real Estate • CIK: 0001687229
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Market Cap
$20.10B
P/E (TTM)
36.9x
Rev Growth (TTM)
—
Net Margin (TTM)
20.4%
FCF Yield (TTM)
—
FCF Margin (TTM)
42.2%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$1.1B
Q2 '25
$382M+27%
Q1 '25
$301M+126%
FCF Margin
TTM42.2%
Q2 '2556.1%+26%
Sector: 32.2%Above Avg
OCF Margin–
OCF/NI2.07x
CapEx Coverage–
FCF Yield–
FCF Growth (2Y)–
Cash Conversion Cycle
–
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldEst.
Est.4.8%
Div Yield3.5%
+Est. Buyback1.3%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)3.5%
FCF Payout Ratio62.4%
Free Cash Flow (TTM)$1.1B
Est. Dividends Paid (TTM)$704.7M
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
3.4%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
11.7%
Asset Turnover
0.14x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 1.6% ≈ 3.4% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
0.29x
8Q:–
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q2 2024 | Q1 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $2.7B | $681.4M↑1.0% | $674.5M↑2.3% | $659.1M↓0.2% | $660.3M↑1.1% | $653.5M | $0↓100.0% | $646.0M | $0 |
Operating Income | $312.9M | $101.8M↑3.2% | $98.7M↑130.3% | $42.9M↓38.4% | $69.6M↓21.1% | $88.2M | $0↓100.0% | $91.7M | $0 |
Net Income | $545.0M | $140.9M↓15.0% | $165.7M↑15.8% | $143.1M↑50.2% | $95.3M↑30.2% | $73.2M↓48.6% | $142.3M↑9.9% | $129.5M↓1.7% | $131.8M |
Operating Cash Flow | $1.1B | $382.5M↑27.3% | $300.5M↑126.3% | $132.8M↓57.7% | $313.6M↓15.2% | $369.8M↑39.2% | $265.6M↑203.4% | $87.5M↓79.2% | $420.8M |
Free Cash Flow | $1.1B | $382.5M↑27.3% | $300.5M↑126.3% | $132.8M↓57.7% | $313.6M↓15.2% | $369.8M | $0↓100.0% | $265.6M | $0 |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
36.9x
Valuation Lenses
Earnings
36.9x
vs – sector
Cash Flow
17.9x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
10.8P/E per %ROIC
ROIC: 3.4%
Shareholder Returns
Dividend
3.5%
Buyback
–
Total Yield
–
Market Cap$20.10B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
56/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
5.6%
8Q:–
Return on Invested Capital (ROIC)Top 25%
3.4%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 11.7%
Asset Turnover: 0.14x
Earnings Quality
Cash Conversion
2.07x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin64.4%
Capital Efficiency
Invested Capital Turnover0.29x
Working Capital
Cash Conversion Cycle–
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
15.5%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
64.4%
Operating
11.7%
Below Avg in sector
Net
20.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+21.8 pts
FCF: 42.2% | Net: 20.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $283.72M
Interest Coverage
–
+Net cash position: $283.72M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis