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Owns and rents single-family homes, mainly in Sunbelt US markets, as an institutional landlord.
Owns and rents single-family homes, mainly in Sunbelt US markets, as an institutional landlord.
Collects rent on leases usually of one year, with income driven by occupancy and by how much rents rise when leases renew or turn over. Homes are bought, renovated and then managed by its own staff. It was formed from Blackstone's post-2008-crisis purchases of foreclosed homes and merged with Starwood Waypoint in 2017.
Moat: narrow (scale, installed base, process know-how). Scale in acquiring, renovating and managing scattered single-family homes is operationally hard for smaller landlords to match.
Headquarters: Dallas, Texas, United States · Founded: 2012 · Employees: 1,725
Size Invitation Homes (INVH) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $15.6B, the 582nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $27.10 on 6 Nov 2026.
Performance Over six months the shares fell 4.7%, against -0.8% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 4.6% over the last twelve months (peer median +4.4%); the operating margin is 24.6% (peer median 34.6%).
Valuation It trades at 1.79× book value against a peer median of 2.06× (10th cheapest of 20).
Price implies The share price implies a return on equity of about 13.6%; Invitation Homes delivers 7.4%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was $220M at 30 Sep 2026 — 0.1 years of trailing revenue. Backlog detail →
Credit Invitation Homes has 9 bonds outstanding ($4.65B), rated BBB by the agencies and trading like BBB at a weighted spread of 96 bp.
Short interest Short interest is 3.1% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.91B | $2.76B | $2.69B | $2.51B | $2.18B |
| Revenue growth | — | +2% | +8% | +15% | — |
| Gross profit | $882M | $906M | $936M | $863M | $673M |
| EBITDA | $1.49B | $1.52B | $1.45B | $1.44B | $1.20B |
| Net income | $680M | $587M | $453M | $519M | $351M |
| Free cash flow | $758M | $955M | $850M | $869M | $699M |
| Capital expenditure | $443M | $271M | $250M | $251M | $330M |
| Total debt | $8.81B | $8.43B | $8.23B | $8.56B | $7.79B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Invitation Homes INVH | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% |
| American Homes 4 Rent AMH | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% |
| Camden Property Trust CPT | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% |
| Mid-America Apartment Communities MAA | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INVH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +7.3% | 3rd lowest of 21 |
| 6-month return | -4.7% | -0.8% | 6th lowest of 21 |
| Return on equity | 7.4% | 7.3% | 10th highest of 20 |
| Price / book | 1.79× | 2.06× | 10th cheapest of 20 |
| Trailing P/E | 359.4× | 25.2× | most expensive of 18 |
| ROE the price implies | 13.6% | 15.2% | 6th least demanding of 20 |
| ROE delivered | 7.4% | 7.3% | 10th highest of 20 |
| Bond spread | 96 bp | 93 bp | 8th widest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
Invitation Homes has 9 bonds outstanding with $4.65B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.64%, a spread of 96 bp over government bonds.
Invitation Homes reported $220M of remaining performance obligations at 30 Sep 2026 and down 12% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.96.