Invitation Homes key statistics and ratios
In fiscal 2025, Invitation Homes had return on equity of 6.1%, a net margin of 21.5% and debt equal to 88.8% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 192.1% | 20.7% | 11.2% | — | — | — | — | — | — | — | — | — |
| Net margin | −269.1% | −8.5% | −10.0% | −0.3% | 8.2% | 10.8% | 13.1% | 17.1% | 21.4% | 17.3% | 21.5% | 23.5% |
| Free-cash-flow margin | 328.3% | 27.3% | 24.6% | 32.3% | 34.3% | 32.8% | 41.6% | 40.3% | 44.3% | 40.1% | 43.2% | 41.0% |
| Return on equity | −8.5% | −4.1% | −2.0% | −0.1% | 1.8% | 2.3% | 2.9% | 3.8% | 5.1% | 4.6% | 6.1% | 7.4% |
| Return on assets | — | −0.8% | −0.7% | −0.0% | 0.8% | 1.1% | 1.5% | 2.1% | 2.8% | 2.4% | 3.1% | 3.7% |
| Asset turnover | — | 0.09 | 0.07 | 0.09 | 0.10 | 0.10 | 0.11 | 0.12 | 0.13 | 0.14 | 0.15 | 0.16 |
| Debt to equity | 0.0% | 268.5% | 114.4% | 113.5% | 103.7% | 95.0% | 82.3% | 76.1% | 84.8% | 84.9% | 88.8% | 99.9% |
| Interest cover (operating income ÷ interest) | 0.4x | 0.7x | 0.5x | — | — | — | — | — | — | — | — | — |
| Capital spending as % of revenue | 3.4% | 0.4% | 0.4% | 0.2% | 3.3% | 5.4% | 3.9% | 5.5% | 1.2% | 1.2% | 1.0% | 0.0% |
| Free cash flow ÷ net income | — | — | — | — | 415.7% | 304.7% | 317.6% | 235.1% | 207.3% | 231.6% | 200.3% | 174.3% |
| Dividends ÷ net income | — | — | — | — | 190.2% | 169.3% | 150.6% | 140.6% | 122.8% | 151.8% | 121.2% | 105.5% |
| Dividends and buybacks ÷ free cash flow | 349.2% | 0.0% | 26.7% | 41.3% | 45.8% | 55.5% | 47.4% | 59.8% | 59.3% | 65.6% | 65.0% | 132.1% |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Net margin | 21.7% | 24.6% | 20.7% | 19.9% | 21.1% | 21.9% | 29.3% | 21.7% |
| Free-cash-flow margin | 19.0% | 43.5% | 54.9% | 56.4% | 17.9% | — | 51.3% | 52.5% |
| Debt to equity | 84.1% | 83.4% | 84.5% | 85.5% | 87.9% | 96.8% | 94.2% | 99.1% |
Moat
Moderate moat
How hard Invitation Homes's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 0 / 20
Net income has been a median 1.7% of total assets over 10 years.
- Durability 5 / 20
Net margin has been a median 16.4%; its worst year was -4.7%.
- Cash conversion 20 / 20
Free cash flow was positive in 9 of 9 years, at a median 38.8% of revenue.
- Discipline 15 / 20
The diluted share count rose 5.1% over five years; stock-based pay has been a median 1.2% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Compare with peers
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