At a glance
American Homes 4 Rent is worth $11.23B, about 26 times its fiscal 2025 earnings. It pays a 4.13% dividend yield, raised every year for at least 5 years, and returned $1.55B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.3% over the past year with dividends reinvested and −2.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.7% in the 2020 crash (S&P 500: 33.7%) and 27.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 23 months after the lows.
The business in plain English
American Homes 4 Rent (AMH) is a real estate investment trust (REIT), a company that owns property and must pay out most of its taxable income as dividends. It builds, renovates, leases and manages single-family houses as rentals. As of December 31, 2025, it owned 61,479 homes in 24 states, including 1,142 it planned to sell, and 56,756 of the rest were occupied. It also had stakes in 3,785 more homes held in joint ventures.
AMH earns money mainly by collecting rent from households that choose to rent a house. It grows chiefly by building its own homes through the AMH Development Program. Since its 2017 launch, the program has built over 14,000 homes designed for renters, typically with three or more bedrooms and two or more bathrooms. AMH runs leasing and maintenance itself, pairing local agents with central call centers.
The 10-K does not split revenue by segment or region. AMH targets parts of metro areas with steady population growth, strong rental demand, above-average incomes and well-regarded school districts. The portfolio is concentrated: 57.9% of its operating homes sit in a group of markets that includes Atlanta and Charlotte. An operating partnership holds nearly all its homes. AMH controls that partnership and owned about 87.9% of it as of December 31, 2025.
Price history
The interactive chart needs JavaScript.
AMH -0.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $113.6M (+7.6%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 6.2% weak |
|---|---|
| Return on assets (FY2025) | 3.3% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.18B | $85.2M | $457.1M |
| FY2021 | — | $135.3M | $547.5M |
| FY2022 | — | $250.8M | $567.5M |
| FY2023 | — | $366.2M | $698.6M |
| FY2024 | — | $398.5M | $777.5M |
| FY2025 | — | $439.0M | $823.7M |
Valuation snapshot
| Market value | $11.23B |
|---|---|
| P/E ratio | 26.4 |
| Dividend yield | 4.13% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMH price data to Oct 28, 2026 | +0.4% | -0.3% | +3.1% | -2.4% | +6.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.4% |
| 2025 | -11.2% |
| 2024 | +7.0% |
| 2023 | +22.4% |
| 2022 | -29.4% |
| 2021 | +46.9% |
| 2020 | +15.3% |
| 2019 | +33.1% |
| 2018 | -8.2% |
| 2017 | +5.0% |
| 2016 | +27.3% |
| 2015 | -1.0% |
| 2014 | +6.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.1% over that stretch · deepest drop along the way 37.7%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27% over that stretch · deepest drop along the way 27.6%, back to its old high 23.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 39 open-market purchases ($1.0M) and 1 sales ($205K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 24, 2026 | Brian Reitz Chief Accounting Officer | sell | $205K |
| Sep 11, 2026 | Jack E Corrigan Director | buy | $86K |
| Sep 11, 2026 | Jack E Corrigan Director | buy | $64K |
| Mar 3, 2026 | David Goldberg Director | buy | $59K |
| Feb 24, 2026 | David Goldberg Director | buy | $58K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.9% | Dec 31, 2024 |
| Vanguard Portfolio Management | 7.91% | Mar 31, 2026 |
| PRINCIPAL GLOBAL INVESTORS | 4.5% | Mar 31, 2026 |
ETFs with the most weight in AMH
| BYRE Principal Real Estate Active Opportunities ETF | 5.45% |
| HAUS Residential REIT ETF | 4.51% |
| JPRE JPMorgan Realty Income ETF | 3.34% |
| REZ iShares Residential and Multisector Real Estate ETF | 2.81% |
| PPTY US Diversified Real Estate ETF | 2.63% |
| IVRA Invesco Real Assets ESG ETF | 2.5% |
| FPRO Fidelity Real Estate Investment ETF | 2.25% |
| RITA ETFB Green SRI REITs ETF | 2.19% |
What could go wrong
- Laws targeting corporate owners of houses. Some states and localities have passed or proposed limits, taxes or zoning rules aimed at companies renting houses, and federal officials are weighing similar ones. AMH could have to stop buying or sell homes.
- Concentration in key markets. AMH's investments are concentrated in single-family rentals, and 57.9% of its operating homes sit in a group of markets that includes Atlanta and Charlotte. Trouble in those areas or that sector would hit results hard.
- Building homes brings cost and delay risk. Building homes means paying up front for land and construction, then waiting months before rent arrives. Suitable land can be scarce, and labor or material shortages could delay projects or raise costs.
- Short leases and tenant-protection laws. AMH must re-lease homes often under short-term leases, possibly on worse terms. Eviction limits, rent control and other tenant relief laws could cap rent increases and cut rental income.
- Costs rise even when rents don't. Property taxes, insurance, homeowners association fees, repairs and wages are largely fixed and rise with inflation. AMH may not be able to raise rents enough to cover them, squeezing cash available for dividends.
- Self-insured against many losses. AMH covers many potential losses itself instead of buying insurance. Extreme weather or other uninsured damage to its homes could hurt cash flow and its ability to pay dividends.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
AMH has raised its regular dividend for five years in a row. Dividends per share grew from about $0.20 in fiscal 2020 to $1.20 in fiscal 2025, about 43% a year from a low base. In fiscal 2025, dividends paid were 101.7% of net income but 54.2% of free cash flow (cash from operations minus capital spending). Depreciation, an accounting charge that uses no cash, holds down REIT earnings. The yield was 4.13% as of October 28, 2026. AMH reported no share buybacks from fiscal 2021 to 2025.
The stock has dropped sharply in sell-offs. During the COVID crash it fell 37.7% in March 2020, then regained its peak by August 4, 2020. In the 2022 bear market it fell 27.6% and took about 23 months, until September 2024, to recover. AMH began operating in 2012, after the 2008 crisis. A single stock carries more risk than a diversified fund.
Questions investors ask
How does American Homes 4 Rent make money?
AMH makes money mainly by renting out single-family houses. As of December 31, 2025, it owned 61,479 homes in 24 states, and 56,756 of those not marked for sale were occupied. It grows chiefly by building its own rental homes through the AMH Development Program, which has delivered over 14,000 houses since 2017. It handles leasing, maintenance and property management in-house. Its 10-K does not break out revenue by segment or region.
Does AMH raise its dividend every year?
It has raised it for five straight years. Regular dividends per share rose each year from about $0.20 in fiscal 2020 to $1.20 in fiscal 2025. The yield was 4.13% as of October 28, 2026. In fiscal 2025, dividends paid slightly exceeded net income, at 101.7%, but used 54.2% of free cash flow. Five years is a short record compared with long-time dividend raisers, and future increases are not guaranteed.
Is American Homes 4 Rent a REIT?
Yes. AMH is an internally managed Maryland real estate investment trust, meaning its own employees run it rather than an outside manager. REITs largely avoid corporate income tax by meeting strict rules, including paying out most taxable income as dividends. AMH warns that losing REIT status would mean being taxed as a regular corporation, substantially cutting cash for distributions. It runs nearly all its business through an operating partnership, of which it owned about 87.9% as of December 31, 2025.
How much debt does American Homes 4 Rent have?
AMH reported total debt of about $5.13 billion as of June 30, 2026, against total assets of $13.12 billion and equity of $6.81 billion. Cash and investments were about $84 million. It borrows through unsecured senior notes (bonds not backed by specific homes) and a revolving credit facility. The covenants on that debt, meaning conditions set by lenders, can limit what AMH does. The company says elevated interest rates could hurt both it and its tenants.
How has AMH stock performed over the long run?
Unevenly. Measured by share price, AMH gained about 6.2% a year over the 10 years to October 28, 2026, or 83% in total. The five years to that date were weaker: down about 2.4% a year, or 11% overall. Single years have swung widely, from a 46.9% gain in 2021 to a 29.4% loss in 2022 and an 11.2% drop in 2025. As of October 28, 2026, the stock traded at 26.4 times fiscal 2025 earnings.