Recent News
On July 30, 2025 the company reported second-quarter results that included revenue of $681,401,000 and core FFO roughly in line with consensus; coverage noted modest beats on revenue and stable FFO. On July 30–31, 2025 market reports recorded back-to-back intraday declines with elevated volume, followed by a rebound in late August that outperformed several peers. On September 12, 2025 Invitation Homes declared a quarterly cash dividend of $0.29 per share payable in mid-October.
Technical Analysis
ADX at 20.02 signals an emerging trend strength; directional momentum sits at a cusp where trend conviction remains limited but building.
DI+ shows an increasing trend while DI- shows a decreasing trend, a bullish directional read that supports the developing momentum signaled by ADX.
MACD reached -0.26 and lies above its -0.36 signal line, a bullish momentum trigger that aligns with the MACD trend moving higher.
MRO stands at -27.81 and trends higher; the negative value implies the market price sits below modeled target, suggesting potential for upward price adjustment toward that target.
RSI at 41.71 and rising indicates room to run before overbought conditions; the increasing RSI complements other short-term momentum signals.
Price sits at $28.89, below the 200-day average of $31.39 but above the 20-day average of $28.39 and near the price12-day EMA that shows a dip-and-reversal pattern. Short-term moving averages and the EMA pattern favor a continuation of the small rebound, while the gap to the 200-day average retains longer-term resistance.
Bollinger bands compress near $28.7–$29.0 and the super trend level at $28.96 places immediate resistance close to current price, concentrating near-term directional decisions in a narrow band.
Fundamental Analysis
Total revenue reached $681,401,000 for the period ending 2025-06-30 while net income totaled $140,887,000; YoY revenue growth registers at -10.55% while the reported revenue growth figure shows 1.03% on the alternative metric—use of both signals suggests recent topline compression versus shorter-term stabilization.
EBIT totaled $228,781,000 and the EBIT margin at 33.58% sits above the industry peer mean of 31.98% and below the industry peer median of 36.36%, indicating stronger operating profitability than average peers but short of the peer median.
Operating margin at 28.21% and return on equity at 1.46% present a contrast: margins hold healthy percentages while returns on equity remain modest, reflecting capital intensity in a large asset base.
Cash and liquidity show $65,112,000 in cash and short-term investments and a current ratio of 0.61, which sits slightly above the industry peer mean of 0.55; the current ratio declined QoQ by 24.03% and YoY by 82.20%, underscoring compressed near-term liquidity relative to prior periods.
Debt metrics display total debt of $8,174,505,000 with debt-to-assets at 43.80%, slightly below the industry peer mean of 44.06%, and debt-to-equity of 0.8455 below the industry peer mean of 1.0006; interest coverage at 2.62 lags the industry peer mean of 3.20, highlighting tighter coverage on interest obligations despite lower leverage versus peers.
Free cash flow reached $322,511,000 with a free cash flow yield of 1.67%, above the industry peer mean of 1.24%; free cash flow growth shows QoQ weakness but a positive longer-term increase of 29.21% on the provided growth metric, supporting distribution capacity even as payout metrics warrant attention (dividend payout ratio 126.74%).
EPS printed $0.16 versus an estimate of $0.16 with an EPS surprise ratio of -2.03%, effectively in line with expectations; forward EPS sits at $0.185 and forward PE at ~179x, reflecting low absolute forward earnings and elevated multiple dynamics in the sector. WMDST values the stock as fair-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-30 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 318.6 M |
| Operating Cash Flow | $ 382.5 M | |
| Capital Expenditures | $ -59.95 M | |
| Change In Working Capital | $ 82.8 M | |
| Dividends Paid | $ -178.56 M | |
| Cash Flow Delta | $ -34.91 M | |
| End Period Cash Flow | $ 283.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 681.4 M | |
| Forward Revenue | $ 137.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 280.1 M | |
| Depreciation | $ 185.5 M | |
| Depreciation and Amortization | $ 185.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 489.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 401.3 M | |
| EBITDA | $ 414.2 M | |
| EBIT | $ 228.8 M | |
| Operating Income | $ 192.2 M | |
| Interest Income | — | |
| Interest Expense | $ 87.4 M | |
| Net Interest Income | $ -87.41 M | |
| Income Before Tax | $ 141.4 M | |
| Tax Provision | — | |
| Tax Rate | 21.0 % | |
| Net Income | $ 140.9 M | |
| Net Income From Continuing Operations | $ 141.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.16 | |
| EPS Actual | $ 0.16 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | -2.03 % | |
| Forward EPS | $ 0.18 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 18.7 B | |
| Intangible Assets | $ 258.2 M | |
| Net Tangible Assets | $ 9.4 B | |
| Total Current Assets | $ 520.9 M | |
| Cash and Short-Term Investments | $ 65.1 M | |
| Cash | $ 65.1 M | |
| Net Receivables | $ 63.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 50.6 M | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 540.0 M | |
| Total Current Liabilities | $ 848.3 M | |
| Net Debt | $ 8.1 B | |
| Total Debt | $ 8.2 B | |
| Total Liabilities | $ 9.0 B | |
| EQUITY | ||
| Total Equity | $ 9.7 B | |
| Retained Earnings | $ -1.53 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.77 | |
| Shares Outstanding | 613.008 M | |
| Revenue Per-Share | $ 1.11 | |
| VALUATION | Market Capitalization | $ 19.4 B |
| Enterprise Value | $ 27.5 B | |
| Enterprise Multiple | 66.294 | |
| Enterprise Multiple QoQ | 1.874 % | |
| Enterprise Multiple YoY | 10.607 % | |
| Enterprise Multiple IPRWA | high: 101.953 mean: 66.636 INVH: 66.294 median: 65.203 low: 32.192 |
|
| EV/R | 40.301 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.93 | |
| Asset To Liability | 2.084 | |
| Debt To Capital | 0.458 | |
| Debt To Assets | 0.438 | |
| Debt To Assets QoQ | 0.424 % | |
| Debt To Assets YoY | -1.362 % | |
| Debt To Assets IPRWA | high: 1.033 mean: 0.441 INVH: 0.438 median: 0.413 low: 0.321 |
|
| Debt To Equity | 0.846 | |
| Debt To Equity QoQ | 1.4 % | |
| Debt To Equity YoY | -0.728 % | |
| Debt To Equity IPRWA | high: 4.215 mean: 1.001 INVH: 0.846 median: 0.789 low: 0.578 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.002 | |
| Price To Book QoQ | -3.714 % | |
| Price To Book YoY | -4.977 % | |
| Price To Book IPRWA | high: 4.004 mean: 2.523 median: 2.358 INVH: 2.002 low: -0.122 |
|
| Price To Earnings (P/E) | 204.454 | |
| Price To Earnings QoQ | 67.47 % | |
| Price To Earnings YoY | -28.872 % | |
| Price To Earnings IPRWA | high: 600.798 mean: 214.298 INVH: 204.454 median: 172.276 low: -398.658 |
|
| PE/G Ratio | -34.759 | |
| Price To Sales (P/S) | 28.4 | |
| Price To Sales QoQ | -5.183 % | |
| Price To Sales YoY | -12.174 % | |
| Price To Sales IPRWA | high: 37.247 mean: 31.541 median: 31.183 INVH: 28.4 low: 0.397 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 179.349 | |
| Forward PE/G | -30.491 | |
| Forward P/S | 141.127 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -8.461 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.037 | |
| Asset Turnover Ratio QoQ | 1.133 % | |
| Asset Turnover Ratio YoY | 7.679 % | |
| Asset Turnover Ratio IPRWA | high: 0.066 mean: 0.04 median: 0.037 INVH: 0.037 low: 0.017 |
|
| Receivables Turnover | 10.602 | |
| Receivables Turnover Ratio QoQ | -0.718 % | |
| Receivables Turnover Ratio YoY | 12.313 % | |
| Receivables Turnover Ratio IPRWA | high: 66.371 median: 44.454 mean: 35.644 INVH: 10.602 low: 0.508 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 8.607 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.081 | |
| CapEx To Revenue | -0.088 | |
| CapEx To Depreciation | -0.323 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 17.3 B | |
| Net Invested Capital | $ 17.8 B | |
| Invested Capital | $ 17.8 B | |
| Net Tangible Assets | $ 9.4 B | |
| Net Working Capital | $ -327.46 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.077 | |
| Current Ratio | 0.614 | |
| Current Ratio QoQ | -24.032 % | |
| Current Ratio YoY | -82.201 % | |
| Current Ratio IPRWA | high: 2.901 INVH: 0.614 mean: 0.547 median: 0.205 low: 0.057 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 19.734 | |
| Cost Of Debt | 0.848 % | |
| Interest Coverage Ratio | 2.617 | |
| Interest Coverage Ratio QoQ | -11.985 % | |
| Interest Coverage Ratio YoY | 44.132 % | |
| Interest Coverage Ratio IPRWA | high: 5.156 median: 3.67 mean: 3.196 INVH: 2.617 low: -1.031 |
|
| Operating Cash Flow Ratio | 0.387 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.789 | |
| Dividend Payout Ratio | 1.267 | |
| Dividend Rate | $ 0.29 | |
| Dividend Yield | 0.009 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.452 % | |
| Revenue Growth | 1.026 % | |
| Revenue Growth QoQ | -55.947 % | |
| Revenue Growth YoY | -10.549 % | |
| Revenue Growth IPRWA | high: 2.664 % median: 1.054 % INVH: 1.026 % mean: 0.998 % low: -3.142 % |
|
| Earnings Growth | -5.882 % | |
| Earnings Growth QoQ | -133.822 % | |
| Earnings Growth YoY | -87.701 % | |
| Earnings Growth IPRWA | high: 30.769 % median: 2.778 % INVH: -5.882 % mean: -10.529 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 58.892 % | |
| Gross Margin QoQ | -0.768 % | |
| Gross Margin YoY | -0.466 % | |
| Gross Margin IPRWA | high: 68.624 % median: 61.158 % INVH: 58.892 % mean: 54.409 % low: 27.231 % |
|
| EBIT Margin | 33.575 % | |
| EBIT Margin QoQ | -9.611 % | |
| EBIT Margin YoY | 34.236 % | |
| EBIT Margin IPRWA | high: 63.169 % median: 36.356 % INVH: 33.575 % mean: 31.976 % low: -9.885 % |
|
| Return On Sales (ROS) | 28.213 % | |
| Return On Sales QoQ | -24.046 % | |
| Return On Sales YoY | 12.798 % | |
| Return On Sales IPRWA | high: 33.256 % INVH: 28.213 % median: 27.533 % mean: 25.845 % low: 9.552 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 322.5 M | |
| Free Cash Flow Yield | 1.667 % | |
| Free Cash Flow Yield QoQ | 34.871 % | |
| Free Cash Flow Yield YoY | 11.804 % | |
| Free Cash Flow Yield IPRWA | high: 3.036 % INVH: 1.667 % mean: 1.236 % median: 1.12 % low: -1.445 % |
|
| Free Cash Growth | 29.209 % | |
| Free Cash Growth QoQ | -85.944 % | |
| Free Cash Growth YoY | -31.334 % | |
| Free Cash Growth IPRWA | high: 128.762 % INVH: 29.209 % mean: 14.533 % median: -14.091 % low: -51.528 % |
|
| Free Cash To Net Income | 2.289 | |
| Cash Flow Margin | 48.132 % | |
| Cash Flow To Earnings | 2.328 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.757 % | |
| Return On Assets QoQ | -14.848 % | |
| Return On Assets YoY | 98.688 % | |
| Return On Assets IPRWA | high: 1.679 % mean: 0.969 % median: 0.925 % INVH: 0.757 % low: -1.032 % |
|
| Return On Capital Employed (ROCE) | 1.284 % | |
| Return On Equity (ROE) | 0.015 | |
| Return On Equity QoQ | -14.545 % | |
| Return On Equity YoY | 99.589 % | |
| Return On Equity IPRWA | high: 0.046 mean: 0.021 median: 0.018 INVH: 0.015 low: -0.06 |
|
| DuPont ROE | 1.454 % | |
| Return On Invested Capital (ROIC) | 1.013 % | |
| Return On Invested Capital QoQ | 20.166 % | |
| Return On Invested Capital YoY | -105.873 % | |
| Return On Invested Capital IPRWA | high: 1.892 % median: 1.396 % mean: 1.197 % INVH: 1.013 % low: -0.4 % |
|