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Equiscale · Syntellia LLC
Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high quality homes in sought after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people. We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated. Since our founding in 2012, we have built a proven, vertically integrated operating platform that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own and those we manage on behalf of others. The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand Invitation Homes Inc. was incorporated in 6th June 2012 in Maryland, USA.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.7B | $1.7B | $588M | $963M | 6.2% | 4.2% | 29.5% |
| 2024 | $2.6B | $1.5B | $454M | $862M | 4.7% | 7.7% | -12.6% |
| 2023 | $2.4B | $1.5B | $519M | $886M | 5.1% | 8.7% | 35.5% |
| 2022 | $2.2B | $1.3B | $383M | $816M | 3.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,238.12 | 2,432.28 | 2,618.94 | 2,729.30 |
| Operating Revenue | - | 2,238.12 | 2,432.28 | 2,618.94 | 2,729.30 |
| Cost Of Revenue | - | 874.29 | 976.14 | 1,072.76 | 1,134.72 |
| Gross Profit | - | 1,363.83 | 1,456.13 | 1,546.18 | 1,594.58 |
| Operating Expense | - | 712.14 | 756.63 | 804.94 | 842.18 |
| Selling General And Administration | - | 74.03 | 82.34 | 90.61 | 95.25 |
| Total Expenses | - | 1,586.43 | 1,732.78 | 1,877.70 | 1,976.90 |
| Operating Income | - | 651.70 | 699.50 | 741.24 | 752.40 |
| EBITDA | - | 1,327 | 1,528.77 | 1,535.76 | 1,690.17 |
| Normalized EBITDA | - | 1,268.94 | 1,353.83 | 1,374.14 | 1,483.38 |
| EBIT | - | 688.89 | 854.48 | 821.44 | 943.24 |
| Interest Expense | - | 304.09 | 333.46 | 366.07 | 353.33 |
| Net Interest Income | - | -304.09 | -333.46 | -366.07 | -353.33 |
| Other Non Operating Income Expenses | - | -11.26 | -2.08 | -52.99 | -4.34 |
| Other Income Expense | - | 37.20 | 154.98 | 80.19 | 190.84 |
| Interest Expense Non Operating | - | 304.09 | 333.46 | 366.07 | 353.33 |
| Net Non Operating Interest Income Expense | - | -304.09 | -333.46 | -366.07 | -353.33 |
| Pretax Income | - | 384.80 | 521.03 | 455.36 | 589.91 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 12.19 | 36.74 | 33.94 | 43.43 |
| Net Income Continuous Operations | - | 384.80 | 521.03 | 455.36 | 589.91 |
| Net Income From Continuing And Discontinued Operation | - | 383.33 | 519.47 | 453.92 | 587.92 |
| Net Income From Continuing Operation Net Minority Interest | - | 383.33 | 519.47 | 453.92 | 587.92 |
| Net Income | - | 383.33 | 519.47 | 453.92 | 587.92 |
| Net Income Common Stockholders | - | 382.67 | 518.77 | 453.16 | 586.96 |
| Net Income Including Noncontrolling Interests | - | 384.80 | 521.03 | 455.36 | 589.91 |
| Normalized Income | - | 337.46 | 381.26 | 326.23 | 424.56 |
| Diluted NI Availto Com Stockholders | - | 382.67 | 518.77 | 453.16 | 586.96 |
| Basic Average Shares | - | 609.77 | 611.89 | 612.55 | 612.95 |
| Diluted Average Shares | - | 611.11 | 613.29 | 613.63 | 613.18 |
| Reconciled Depreciation | - | 638.11 | 674.29 | 714.33 | 746.93 |
| Reconciled Cost Of Revenue | - | 874.29 | 976.14 | 1,072.76 | 1,134.72 |
| Total Unusual Items | - | 58.06 | 174.94 | 161.62 | 206.79 |
| Total Unusual Items Excluding Goodwill | - | 58.06 | 174.94 | 161.62 | 206.79 |
| Minority Interests | - | -1.47 | -1.56 | -1.45 | -1.98 |
| Special Income Charges | - | -28.70 | -8.60 | -82.92 | -11.44 |
| Impairment Of Capital Assets | - | 28.70 | 8.60 | 82.92 | 11.44 |
| Gain On Sale Of Security | - | 86.76 | 183.54 | 244.55 | 218.24 |
| Depreciation Amortization Depletion Income Statement | - | 638.11 | 674.29 | 714.33 | 746.93 |
| Depreciation And Amortization In Income Statement | - | 638.11 | 674.29 | 714.33 | 746.93 |
| General And Administrative Expense | - | 74.03 | 82.34 | 90.61 | 95.25 |
| Other Gand A | - | 74.03 | 82.34 | 90.61 | 95.25 |
| Otherunder Preferred Stock Dividend | - | 0.66 | 0.70 | 0.75 | 0.96 |
| Earnings From Equity Interest | - | -9.61 | -17.88 | -28.44 | -11.61 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Invitation Homes Inc.this co. | INVH | $17.5B | 29.84 | 1.84 | 6.2% | 15.24 |
| Essex Property Trust, Inc. | ESS | $19.6B | 29.29 | 3.54 | 12.1% | 16.82 |
| Weyerhaeuser Company | WY | $17.8B | 54.97 | 1.89 | 3.4% | 22.02 |
| Host Hotels & Resorts, Inc. | HST | $17.0B | 22.17 | 2.59 | 11.7% | 11.82 |
| Mid-America Apartment Communities, Inc. | MAA |
| - |
| - |
| - |
| - |
| - |
| $16.3B |
| 36.87 |
| 2.87 |
| 7.8% |
| 17.12 |
| Kimco Realty Corporation | KIM | $16.2B | 27.69 | 1.56 | 5.6% | 16.74 |
| UDR, Inc. | UDR | $14.4B | 38.16 | 4.44 | 11.6% | 15.94 |
| Regency Centers Corporation | REG | $14.3B | 27.90 | 2.08 | 7.4% | 16.98 |
| CoStar Group, Inc. | CSGP | $13.7B | 1963.61 | 1.65 | 0.1% | 69.61 |
| Peer Median | - | 33.08 | 2.33 | 7.6% | 16.90 | |
Historically, Nov has averaged the highest return (+4.5%); Sep the lowest (-6.3%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -3.8%Negative MonthJan 2026: -3.81% | -1.5%Neutral MonthFeb 2026: -1.46% | -5.7%Negative MonthMar 2026: -5.66% | +15.8%Positive MonthApr 2026: +15.77% | +1.7%Neutral MonthMay 2026: +1.67% | +3.3%Positive MonthJun 2026: +3.28% | -1.6%Neutral MonthJul 2026: -1.62% | +1.6%*Neutral MonthAug 2026: +1.62% | — | — | — | — |
| 2025 | -2.6%Negative MonthJan 2025: -2.56% | +9.2%Positive MonthFeb 2025: +9.18% | +2.5%Positive MonthMar 2025: +2.47% | -1.9%Neutral MonthApr 2025: -1.89% | -1.4%Neutral MonthMay 2025: -1.43% | -2.7%Negative MonthJun 2025: -2.67% | -6.6%Negative MonthJul 2025: -6.55% | +2.1%Positive MonthAug 2025: +2.09% | -6.3%Negative MonthSep 2025: -6.26% | -4.0%Negative MonthOct 2025: -4.02% | +0.2%Neutral MonthNov 2025: +0.18% | -1.5%Neutral MonthDec 2025: -1.45% |
| 2024 | -3.5%Negative MonthJan 2024: -3.46% | +3.5%Positive MonthFeb 2024: +3.46% | +4.5%Positive MonthMar 2024: +4.52% | -4.0%Negative MonthApr 2024: -3.96% | +1.7%Neutral MonthMay 2024: +1.73% | +3.2%Positive MonthJun 2024: +3.16% | -1.7%Neutral MonthJul 2024: -1.73% | +4.5%Positive MonthAug 2024: +4.45% | -4.3%Negative MonthSep 2024: -4.29% | -10.9%Negative MonthOct 2024: -10.92% | +9.0%Positive MonthNov 2024: +9.04% | -6.7%Negative MonthDec 2024: -6.66% |
| 2023 | +9.6%Positive MonthJan 2023: +9.65% | -3.8%Negative MonthFeb 2023: -3.82% | -0.1%Neutral MonthMar 2023: -0.10% | +6.9%Positive MonthApr 2023: +6.85% | +1.5%Neutral MonthMay 2023: +1.53% | +1.5%Neutral MonthJun 2023: +1.53% | +3.2%Positive MonthJul 2023: +3.20% | -4.0%Negative MonthAug 2023: -3.97% | -7.0%Negative MonthSep 2023: -7.04% | -6.3%Negative MonthOct 2023: -6.31% | +12.4%Positive MonthNov 2023: +12.36% | +2.2%Positive MonthDec 2023: +2.25% |
| 2022 | -7.4%Negative MonthJan 2022: -7.41% | -10.0%Negative MonthFeb 2022: -9.96% | +6.3%Positive MonthMar 2022: +6.30% | -0.9%Neutral MonthApr 2022: -0.90% | -5.3%Negative MonthMay 2022: -5.27% | -5.7%Negative MonthJun 2022: -5.67% | +9.7%Positive MonthJul 2022: +9.70% | -7.0%Negative MonthAug 2022: -7.05% | -6.9%Negative MonthSep 2022: -6.92% | -6.2%Negative MonthOct 2022: -6.16% | +3.0%Positive MonthNov 2022: +2.97% | -9.2%Negative MonthDec 2022: -9.16% |
| 2021 | — | — | — | — | +3.5%Positive MonthMay 2021: +3.45% | +2.8%Positive MonthJun 2021: +2.81% | +9.1%Positive MonthJul 2021: +9.09% | +1.2%Neutral MonthAug 2021: +1.23% | -6.9%Negative MonthSep 2021: -6.92% | +7.6%Positive MonthOct 2021: +7.62% | -2.0%Neutral MonthNov 2021: -1.96% | +12.1%Positive MonthDec 2021: +12.12% |
| Avg±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation — the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position — all Januaries together, all Februaries together, and so on — to show whether a given month has leaned positive or negative historically. ‘Simple’ counts each month as +1 or −1. ‘Weighted’ gives larger moves more influence: +2 above +10%, −2 below −10%. With only 6 years of history for this asset, each month’s score reflects a small number of observations — read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the asset’s full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each day’s closing price by the price on January 1st of that year (or the asset’s first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen — at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in “Average from”, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
