At a glance
Invitation Homes Inc is worth $15.48B, about 28 times its fiscal 2025 earnings. Revenue grew 4.2% to $2.73B in fiscal 2025, with 21.5% kept as profit; over 5 years it has grown 8.4% a year. It pays a 4.47% dividend yield, and returned $3.03B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.3% over the past year with dividends reinvested and −5.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.2% in the 2020 crash (S&P 500: 33.7%) and 27.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Invitation Homes owns and rents out single-family houses across the United States. It is a real estate investment trust (REIT), a company that owns income-producing property and must pay out most of its taxable income as dividends. As of December 31, 2025, it wholly owned 86,192 homes and jointly owned another 8,006 through joint ventures. It also managed 15,866 more homes for other owners. Most of these homes are in 16 core markets, mainly in the Western US, Florida and the Southeast. Its typical home has about 1,880 square feet, three to four bedrooms and two bathrooms.
Substantially all of its revenue comes from rent paid by residents, who sign relatively short leases. It also earns fees for managing homes for joint-venture partners and other owners. The company was founded in 2012 and is based in Dallas. Its own staff handle acquiring, renovating, leasing and maintaining homes, with local teams in each core market. Its purchase of ResiBuilt, a homebuilder focused on single-family rental communities, added land development and construction. It also lends to developers.
Revenue was $2.73 billion in 2025, up 4.2% from 2024. It has grown about 8.4% a year since 2020. The 10-K does not report revenue by segment or region, so no split by market is available.
Price history
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INVH -0.3% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $731.3M, up 6.3% from a year earlier, and net income was $158.5M (+15.9%).
- For fiscal 2025, revenue was $2.73B (+4.2% year over year; +8.4% a year from FY2020 to FY2025) with a 21.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.4% good |
|---|---|
| Free cash flow margin | 43.2% good |
| Return on equity (FY2025) | 6.2% weak |
| Return on assets (FY2025) | 3.1% watch |
| Net cash (cash minus debt) | $-8.66B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.82B | $196.2M | $597.9M |
| FY2021 | $2.00B | $261.4M | $830.3M |
| FY2022 | $2.24B | $383.3M | $901.2M |
| FY2023 | $2.43B | $519.5M | $1.08B |
| FY2024 | $2.62B | $453.9M | $1.05B |
| FY2025 | $2.73B | $587.9M | $1.18B |
Valuation snapshot
| Market value | $15.48B |
|---|---|
| P/E ratio | 28 |
| Dividend yield | 4.47% |
Rank among 1514 US companies
Market value at each year end
Invitation Homes’s market value went from $7.34B at the end of 2017 to $15.48B on Nov 2, 2026, about 2.1 times as much; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $15.48B | -9.2% |
| 2025 | $17.04B | -13.0% |
| 2024 | $19.58B | -6.2% |
| 2023 | $20.87B | +15.2% |
| 2022 | $18.12B | -33.0% |
| 2021 | $27.06B | +62.5% |
| 2020 | $16.65B | +3.2% |
| 2019 | $16.13B | +54.3% |
| 2018 | $10.45B | +42.4% |
| 2017 | $7.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| INVH price data to Nov 2, 2026 | -0.1% | -0.3% | -0.5% | -5.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.1% |
| 2025 | -9.7% |
| 2024 | -3.1% |
| 2023 | +19.7% |
| 2022 | -33.0% |
| 2021 | +55.6% |
| 2020 | +1.3% |
| 2019 | +52.3% |
| 2018 | -13.1% |
| 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 49.2% over that stretch · deepest drop along the way 49.2%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.2% over that stretch · deepest drop along the way 27.6%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (21 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| COHEN & STEERS, INC. | 11.26% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.25% | Mar 31, 2026 |
| Vanguard Capital Management | 7.23% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 4.64% | Sep 30, 2026 |
ETFs with the most weight in INVH
| BYRE Principal Real Estate Active Opportunities ETF | 4.95% |
| HAUS Residential REIT ETF | 4.57% |
| REZ iShares Residential and Multisector Real Estate ETF | 4.54% |
| REIT ALPS Active REIT ETF | 3.57% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.33% |
| RITA ETFB Green SRI REITs ETF | 3.3% |
| IVRA Invesco Real Assets ESG ETF | 2.64% |
| ICF iShares Cohen & Steers REIT ETF | 2.3% |
What could go wrong
- Curbs on institutional home ownership. Executive actions and proposed federal and state laws aim to limit institutional ownership of single-family homes. Such rules could restrict acquisitions, add compliance costs or limit how the company sets rents in some markets.
- Rent control and tenant protection laws. Eviction rules, tenant-rights laws, rent control and rent stabilization can cap rent increases. They can also make it harder to collect unpaid rent or enforce leases, which cuts rental income and profit.
- Rising property taxes, insurance and HOA fees. Property taxes, insurance premiums and homeowners association (HOA) fees can climb. If rents in its markets don't keep pace with rising costs, income and cash for dividends could decline.
- Homes concentrated in a few regions. Homes are clustered in 16 core markets, mainly the Western US, Florida and the Southeast. A local downturn, wildfire, earthquake or severe weather could hit many homes at once, and some losses may be uninsured.
- New push into homebuilding and lending. The ResiBuilt purchase moved the company into land development and home construction, and it now lends to developers. These activities bring risks of cost overruns, delays, permitting problems and loan losses.
- Significant debt load. Total debt was about $8.53 billion against $75.8 million of cash as of June 30, 2026. Some debt is secured by homes, which risks foreclosure. A credit rating downgrade could make borrowing harder.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
For income and retirement investors
The dividend yield was 4.49% as of October 28, 2026. Regular dividends per share rose from $0.60 in 2020 to $1.17 in 2025, about 14.3% a year. But the 2025 figure was below the $1.41 reported for 2024, so there is no unbroken streak of annual increases. Total dividends paid still rose, from $689 million to $713 million. Dividends equaled 121% of 2025 net income, which is common for REITs because depreciation lowers reported profit. They equaled about 61% of free cash flow, the cash left after operating costs and capital spending. Share repurchases have been small: $53 million in 2025 and none in 2023 or 2024.
The shares have fallen hard in market downturns. They dropped 49.2% in the 2020 COVID crash and took about 12 months to recover. In the 2022 bear market they fell 27.6% and had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Invitation Homes make money?
Mainly by renting out single-family homes. Invitation Homes is a real estate investment trust (REIT), and substantially all of its revenue comes from rent paid by residents. As of December 31, 2025, it wholly owned 86,192 homes and jointly owned 8,006. Most are in 16 core markets in the Western US, Florida and the Southeast. It also earns fees for managing 15,866 homes for other owners, and it added homebuilding when it acquired ResiBuilt. Revenue was $2.73 billion in 2025.
Does Invitation Homes raise its dividend every year?
Not on every measure. Regular dividends per share grew from $0.60 in 2020 to $1.17 in 2025, about 14.3% a year. However, the 2025 per-share figure was below the $1.41 reported for 2024, so there is no unbroken streak of yearly increases. Total cash dividends paid still rose, from $689 million in 2024 to $713 million in 2025. The dividend yield was 4.49% as of October 28, 2026.
How much debt does Invitation Homes have?
About $8.53 billion as of June 30, 2026, against $75.8 million in cash and investments. Shareholders' equity was $9.05 billion and total assets were $18.45 billion. On July 8, 2026, the company filed notice of a major agreement and a new debt obligation. Its 10-K warns that some of its debt is secured by its homes, which could lead to foreclosure, and that a credit rating downgrade could make borrowing harder.
How has Invitation Homes stock performed?
Its share price has fallen over five years. On a price basis, the stock was down about 23% in the five years to October 28, 2026, or 5.1% a year. It was down 0.8% over one year. Calendar years have swung widely: up 55.6% in 2021, down 33% in 2022, up 19.7% in 2023, then down 3.2% in 2024 and 9.7% in 2025. The largest peak-to-trough drop in its trading history was 50.5%.
Could limits on institutional home ownership hurt Invitation Homes?
Yes, and the company lists this as a risk. Its 10-K, filed February 19, 2026, warns that executive actions and proposed federal and state laws aimed at limiting institutional ownership and acquisition of single-family homes could materially hurt its business, growth strategy and results. Such rules could restrict acquisitions, add compliance or operating requirements, or limit pricing in some markets. Homeowners associations and other private groups may also try to restrict institutional owners.