IRT
INDEPENDENCE REALTY TRUST, INC.
Real Estate • CIK: 0001466085
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Market Cap
$4.09B
P/E (TTM)
72.8x
Rev Growth (TTM)
+2.8%
Net Margin (TTM)
8.6%
FCF Yield (TTM)
6.9%
FCF Margin (TTM)
42.9%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$282M
Q4 '25
$60M-24%
Q3 '25
$79M-4%
FCF Margin
TTM42.9%
Q4 '2536.0%-24%
Sector: 13.8%Above Avg
OCF Margin42.9%
OCF/NI4.99x
CapEx Coverage–
FCF Yield6.9%
FCF Growth (2Y)+4%
Cash Conversion Cycle
0 days
DSO: 0+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldFY
FY3.8%
Div Yield3.8%
+Buyback (FY)0.7%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)3.8%
FCF Payout Ratio55.5%
Free Cash Flow (TTM)$282.1M
Stock Repurchases (FY)$30.0M
Capital Return / FCF54.7%
Est. Dividends Paid (TTM)$156.7M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.11x
8Q: 0.11x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $657.7M | $167.1M↓0.0% | $167.1M↑3.1% | $162.2M↑0.6% | $161.2M↑0.2% | $161.0M↑0.5% | $160.1M↑1.1% | $158.4M↓1.3% | $160.5M |
Operating Income | $417.3M | $109.5M↑4.1% | $105.2M↑4.2% | $101.0M↓0.7% | $101.6M↓4.5% | $106.4M↑7.1% | $99.3M↑2.2% | $97.2M↓3.1% | $100.4M |
Net Income | $56.6M | $33.3M↑382.6% | $6.9M↓14.3% | $8.0M↓3.7% | $8.4M↑934.6% | $-1.0M↓108.1% | $12.4M↑19.4% | $10.4M↓41.1% | $17.6M |
Operating Cash Flow | $282.1M | $60.2M↓24.1% | $79.3M↓3.5% | $82.2M↑36.3% | $60.4M↓4.8% | $63.4M↓8.4% | $69.2M↓16.6% | $83.0M↑88.4% | $44.1M |
Free Cash Flow | $282.1M | $60.2M↓24.1% | $79.3M↓3.5% | $82.2M↑36.3% | $60.4M↓4.8% | $63.4M↓8.4% | $69.2M↓16.6% | $83.0M↑88.4% | $44.1M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
72.8x
Volatile
8Q: 392.4x+32982%
Valuation Lenses
Earnings
72.8x
vs – sector
Cash Flow
14.3x
EV/FCF vs –
Growth-Adj
2.2xPEG
Expensive for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
3.8%
Buyback
–
Total Yield
3.8%
Market Cap$4.09B
EV$4.04B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
48/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
1.6%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
4.99x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle0 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
55/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
2.8%
OpInc Growth YoY
2.9%
EPS Growth YoY
33.3%
FCF 3Y CAGR
4.2%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
8.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+34.3 pts
FCF: 42.9% | Net: 8.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $47.62M
Interest Coverage
–
+Net cash position: $47.62M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis