American Homes 4 Rent (AMH) Financials

$37.84 +0.34 (+0.91%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$37.82 -0.03 (-0.07%)

As of 05/30/2025 07:08 PM Eastern

Annual Income Statements for American Homes 4 Rent

This table shows American Homes 4 Rent's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017
Net Income / (Loss) Attributable to Common Shareholders	398	366	251	135	85	86	23	-22
Consolidated Net Income / (Loss)	468	432	310	211	155	156	112	74
Net Income / (Loss) Continuing Operations	468	432	310	211	155	156	111	76
Total Pre-Tax Income	446	422	303	207	155	156	111	80
Total Operating Income	226	213	167	157	231	236	120	85
Total Gross Profit	973	901	826	717	632	611	585	536
Total Revenue	1,729	1,624	1,491	1,304	1,173	1,132	1,073	960
Operating Revenue	1,729	1,624	1,491	1,304	1,173	1,132	1,073	960
Total Cost of Revenue	755	723	665	587	540	521	487	425
Operating Cost of Revenue	755	723	665	587	540	521	487	425
Total Operating Expenses	747	688	659	560	401	376	465	450
Selling, General & Admin Expense	84	75	68	56	49	43	37	35
Depreciation Expense	477	457	427	373	343	329	319	297
Other Operating Expenses / (Income)	186	157	164	131	9.30	3.22	128	117
Total Other Income / (Expense), net	219	210	136	50	-77	-79	-8.71	-5.01
Interest Expense	6.32	0.00	0.00	-	117	128	1.45	-
Other Income / (Expense), net	226	210	136	50	40	48	-7.27	-5.01
Other Gains / (Losses), net	22	9.80	6.87	3.99	-	-	-	-6.56
Preferred Stock Dividends Declared	14	14	22	54	55	55	85	100
Net Income / (Loss) Attributable to Noncontrolling Interest	56	52	37	21	14	15	4.17	-4.51
Basic Earnings per Share	$1.08	$1.01	$0.72	$0.42	$0.28	$0.29	$0.08	($0.08)
Weighted Average Basic Shares Outstanding	367.45M	362.02M	349.29M	324.25M	306.61M	299.42M	293.64M	264.25M
Diluted Earnings per Share	$1.08	$1.01	$0.71	$0.41	$0.28	$0.29	$0.08	($0.08)
Weighted Average Diluted Shares Outstanding	367.99M	362.48M	349.79M	325.52M	307.07M	299.92M	294.27M	264.25M
Weighted Average Basic & Diluted Shares Outstanding	370.13M	366.13M	361.77M	348.25M	316.75M	300.80M	296.65M	-
Cash Dividends to Common per Share	$1.04	$0.88	$0.72	-	-	-	-	$0.20

This table shows American Homes 4 Rent's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	110	123	74	92	109	77	74	98	117	88	51
Consolidated Net Income / (Loss)	129	144	88	109	128	91	88	115	138	104	62
Net Income / (Loss) Continuing Operations	129	144	88	109	128	91	88	115	138	104	62
Total Pre-Tax Income	129	125	88	109	125	86	88	115	133	98	61
Total Operating Income	110	-25	96	99	57	-8.09	87	85	48	-16	37
Total Gross Profit	258	255	241	242	236	235	224	222	220	216	210
Total Revenue	459	437	445	423	424	409	422	396	398	381	392
Operating Revenue	459	437	445	423	424	409	422	396	398	381	392
Total Cost of Revenue	202	182	204	182	187	174	198	173	178	165	182
Operating Cost of Revenue	202	182	204	182	187	174	198	173	178	165	182
Total Operating Expenses	148	280	145	142	180	243	137	137	172	232	173
Selling, General & Admin Expense	20	21	19	22	22	18	18	20	18	15	17
Depreciation Expense	125	124	120	118	116	116	115	113	113	113	109
Other Operating Expenses / (Income)	3.06	135	6.51	2.94	42	109	3.40	4.18	41	104	47
Total Other Income / (Expense), net	19	150	-7.96	9.13	68	94	0.82	30	85	114	24
Interest Expense	46	-82	49	39	0.95	-69	34	35	0.00	-	-
Other Income / (Expense), net	64	68	41	48	69	25	35	65	85	51	24
Preferred Stock Dividends Declared	3.49	3.49	3.49	3.49	3.49	3.49	3.49	3.49	3.49	3.49	3.49
Net Income / (Loss) Attributable to Noncontrolling Interest	15	17	10	13	15	11	10	14	17	13	7.46
Basic Earnings per Share	$0.30	$0.33	$0.20	$0.25	$0.30	$0.21	$0.20	$0.27	$0.33	$0.26	$0.14
Weighted Average Basic Shares Outstanding	370.37M	367.45M	366.98M	366.78M	366.51M	362.02M	362.43M	362.15M	360.35M	349.29M	348.94M
Diluted Earnings per Share	$0.30	$0.33	$0.20	$0.25	$0.30	$0.22	$0.20	$0.27	$0.32	$0.25	$0.14
Weighted Average Diluted Shares Outstanding	370.76M	367.99M	367.60M	367.31M	366.97M	362.48M	362.92M	362.48M	360.67M	349.79M	349.34M
Weighted Average Basic & Diluted Shares Outstanding	370.16M	370.13M	369.51M	366.50M	366.32M	366.13M	362.06M	362.00M	361.78M	361.77M	353.44M
Cash Dividends to Common per Share	$0.30	-	$0.26	-	-	-	$0.22	-	-	-	-

This table details how cash moves in and out of American Homes 4 Rent's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017
Net Change in Cash & Equivalents	128	3.90	26	-73	101	-11	-12	-77
Net Cash From Operating Activities	812	739	666	595	474	458	411	386
Net Cash From Continuing Operating Activities	812	739	666	595	478	480	411	386
Net Income / (Loss) Continuing Operations	468	432	310	211	155	156	112	76
Consolidated Net Income / (Loss)	468	432	310	211	155	156	112	76
Depreciation Expense	477	457	427	373	343	329	319	297
Amortization Expense	11	12	12	8.79	7.43	7.46	10	12
Non-Cash Adjustments To Reconcile Net Income	-186	-182	-107	-34	-28	-13	-0.23	15
Changes in Operating Assets and Liabilities, net	41	20	24	37	1.21	0.13	-31	-15
Net Cash From Investing Activities	-826	-693	-1,426	-1,733	-643	-377	-674	-837
Net Cash From Continuing Investing Activities	-826	-693	-1,426	-1,733	326	-399	-674	-837
Purchase of Property, Plant & Equipment	-156	-174	-832	-1,020	-17	-99	-110	-140
Acquisitions	-14	-7.69	-25	-29	-	-20	-6.58	-8.94
Sale of Property, Plant & Equipment	573	469	293	132	-	222	106	87
Sale and/or Maturity of Investments	117	48	102	59	358	0.00	-	-
Other Investing Activities, net	-1,346	-1,028	-963	-875	-15	-502	-664	-775
Net Cash From Financing Activities	143	-42	786	1,065	270	-92	256	384
Net Cash From Continuing Financing Activities	143	-42	786	1,065	270	-92	252	375
Repayment of Debt	-1,467	-264	-871	-1,102	-23	-375	-605	-695
Repurchase of Preferred Equity	0.00	0.00	-155	-499	0.00	0.00	-	-
Repurchase of Common Equity	-0.26	-0.40	-0.20	-0.20	-	0.00	-43	-29
Payment of Dividends	-451	-379	-306	-207	-127	-126	-137	-93
Issuance of Debt	1,994	200	1,497	2,147	-	398	902	227
Issuance of Common Equity	149	405	566	733	421	0.00	0.00	695
Other Financing Activities, net	-82	-3.97	55	-6.68	-1.65	11	20	0.55
Cash Interest Paid	128	128	116	96	110	113	105	101

This table details how cash moves in and out of American Homes 4 Rent's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-131	32	-564	598	61	-21	-119	-47	191	-40	36
Net Cash From Operating Activities	223	102	234	274	202	115	208	215	200	69	218
Net Cash From Continuing Operating Activities	223	102	234	274	202	115	208	215	200	69	218
Net Income / (Loss) Continuing Operations	129	144	88	109	128	91	88	115	138	104	62
Consolidated Net Income / (Loss)	129	144	88	109	128	91	88	115	138	104	62
Depreciation Expense	125	124	120	118	116	116	115	113	113	113	109
Amortization Expense	2.49	2.52	3.01	2.90	3.06	3.09	3.09	3.07	3.04	3.09	3.09
Non-Cash Adjustments To Reconcile Net Income	-52	-76	-21	-32	-57	-23	-28	-52	-80	-53	-18
Changes in Operating Assets and Liabilities, net	19	-92	44	77	12	-72	29	35	27	-98	62
Net Cash From Investing Activities	-108	-533	-185	-40	-68	-227	-227	-165	-73	-158	-314
Net Cash From Continuing Investing Activities	-108	-533	-185	-40	-68	-227	-227	-165	-73	-158	-314
Purchase of Property, Plant & Equipment	-38	-33	-44	-39	-39	-38	-54	-39	-43	-70	-653
Acquisitions	-6.58	1.34	-5.83	-8.60	-1.12	4.83	-8.80	-3.72	0.00	-8.01	-11
Sale of Property, Plant & Equipment	142	190	103	124	156	85	72	127	185	129	50
Sale and/or Maturity of Investments	0.98	1.07	0.47	115	0.24	13	22	2.54	11	10	21
Other Investing Activities, net	-206	-693	-238	-231	-184	-292	-259	-252	-225	-219	279
Net Cash From Financing Activities	-247	463	-613	365	-72	91	-99	-97	63	49	132
Net Cash From Continuing Financing Activities	-247	463	-613	365	-72	91	-99	-97	63	49	132
Repayment of Debt	-497	-408	-489	-9.30	-561	-116	-5.53	-6.23	-137	-5.71	-76
Repurchase of Common Equity	0.00	-0.22	-	-	-0.03	-0.40	-	-	0.00	-	-
Payment of Dividends	-131	-113	-112	-112	-113	-95	-95	-95	-95	-77	-76
Issuance of Debt	410	897	-	497	599	200	-	-	0.00	130	70
Issuance of Common Equity	0.45	112	0.42	2.03	35	102	0.87	3.55	298	1.61	187
Other Financing Activities, net	-30	-26	-12	-13	-32	-0.12	-0.03	-0.04	-3.77	-0.00	26
Cash Interest Paid	68	18	51	20	38	25	38	25	40	27	40

This table presents American Homes 4 Rent's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2015
Total Assets	13,381	12,688	12,175	10,962	9,594	9,100	9,001	6,751
Total Current Assets	399	265	266	233	307	194	204	58
Cash & Equivalents	199	59	69	48	137	38	30	58
Restricted Cash	151	162	149	144	128	127	145	-
Accounts Receivable	48	43	48	42	42	30	29	-
Plant, Property, & Equipment, net	12,366	11,757	11,325	10,245	8,885	8,552	8,493	6,290
Plant, Property & Equipment, gross	15,415	14,477	13,711	12,317	10,639	10,014	9,669	6,706
Accumulated Depreciation	3,049	2,720	2,386	2,073	1,754	1,462	1,176	416
Total Noncurrent Assets	617	666	585	485	402	355	305	404
Long-Term Investments	159	114	107	122	93	68	-	-
Goodwill	120	120	120	120	120	120	120	121
Other Noncurrent Operating Assets	337	432	357	242	189	167	184	269
Total Liabilities & Shareholders' Equity	13,381	12,688	12,175	10,962	9,594	9,100	9,001	6,751
Total Liabilities	5,533	5,035	5,000	4,224	3,121	3,081	3,028	2,816
Total Current Liabilities	522	574	484	344	299	243	219	159
Accounts Payable	522	574	484	344	299	243	219	155
Total Noncurrent Liabilities	5,011	4,462	4,516	3,880	2,822	2,838	2,809	2,657
Long-Term Debt	5,011	4,462	4,516	3,880	2,817	2,833	2,804	2,524
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,849	7,653	7,175	6,738	6,472	6,019	5,974	3,935
Total Preferred & Common Equity	7,160	6,968	6,496	6,060	5,789	5,335	5,252	3,259
Preferred Stock	0.09	0.09	0.09	0.15	0.35	0.35	0.35	0.17
Total Common Equity	7,160	6,967	6,496	6,059	5,789	5,335	5,252	3,259
Common Stock	7,533	7,361	6,935	6,496	6,226	5,794	5,735	3,556
Retained Earnings	-381	-395	-441	-439	-444	-465	-491	-297
Accumulated Other Comprehensive Income / (Loss)	7.85	0.84	1.33	1.81	5.84	6.66	7.39	-0.10
Noncontrolling Interest	689	685	679	679	683	683	722	676

This table presents American Homes 4 Rent's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	13,289	12,844	13,304	12,761	12,559	12,522	12,420	12,099
Total Current Assets	271	368	925	328	296	408	458	308
Cash & Equivalents	70	162	718	125	70	200	256	97
Restricted Cash	149	155	163	158	173	162	153	160
Accounts Receivable	52	50	43	45	54	46	49	50
Plant, Property, & Equipment, net	12,434	11,823	11,726	11,806	11,628	11,501	11,368	11,219
Plant, Property & Equipment, gross	15,574	14,786	14,622	14,613	14,267	14,054	13,831	13,529
Accumulated Depreciation	3,140	2,962	2,897	2,807	2,639	2,553	2,463	2,310
Total Noncurrent Assets	584	654	653	627	635	614	594	572
Long-Term Investments	161	155	150	115	117	108	109	110
Goodwill	120	120	120	120	120	120	120	120
Other Noncurrent Operating Assets	303	378	383	392	398	385	365	341
Total Liabilities & Shareholders' Equity	13,289	12,844	13,304	12,761	12,559	12,522	12,420	12,099
Total Liabilities	5,447	5,149	5,592	5,056	5,009	4,972	4,902	4,956
Total Current Liabilities	520	630	599	553	634	594	520	567
Accounts Payable	520	630	599	553	634	594	520	567
Total Noncurrent Liabilities	4,927	4,519	4,993	4,503	4,375	4,378	4,382	4,389
Long-Term Debt	4,927	4,519	4,993	4,503	4,375	4,378	4,382	4,389
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,842	7,696	7,712	7,705	7,551	7,550	7,518	7,142
Total Preferred & Common Equity	7,154	7,011	7,025	7,017	6,865	6,864	6,834	6,467
Preferred Stock	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Total Common Equity	7,154	7,011	7,025	7,017	6,865	6,863	6,834	6,467
Common Stock	7,530	7,416	7,410	7,398	7,255	7,248	7,236	6,930
Retained Earnings	-382	-407	-385	-382	-391	-385	-403	-464
Accumulated Other Comprehensive Income / (Loss)	6.19	2.76	0.60	0.72	0.97	1.09	1.21	1.46
Noncontrolling Interest	688	684	687	687	686	687	684	675

This table displays calculated financial ratios and metrics derived from American Homes 4 Rent's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.47%	8.93%	14.32%	11.20%	3.57%	5.53%	11.71%	0.00%	-30.31%	216.18%
EBITDA Growth	5.56%	20.21%	26.04%	-5.50%	0.27%	40.50%	13.53%	-16.11%	36.65%	141.93%
EBIT Growth	7.07%	39.31%	46.76%	-24.02%	-4.28%	152.09%	40.48%	-46.62%	69.99%	428.17%
NOPAT Growth	6.57%	27.48%	6.26%	-32.20%	-1.81%	96.48%	40.75%	-42.30%	119.90%	625.47%
Net Income Growth	8.33%	39.39%	47.24%	35.99%	-0.92%	38.97%	52.66%	0.00%	110.89%	-189.79%
EPS Growth	6.93%	42.25%	73.17%	46.43%	-3.45%	262.50%	200.00%	0.00%	65.00%	-17.65%
Operating Cash Flow Growth	9.86%	10.99%	11.81%	25.54%	3.54%	11.44%	6.46%	0.00%	31.35%	20.97%
Free Cash Flow Firm Growth	-72.03%	77.55%	26.56%	-1,420.14%	-136.80%	102.56%	-210.23%	825.72%	47.39%	-318.13%
Invested Capital Growth	4.85%	3.63%	10.29%	15.38%	3.61%	0.21%	0.00%	-100.00%	18.87%	48.21%
Revenue Q/Q Growth	1.64%	1.74%	2.96%	36.62%	0.00%	0.00%	0.00%	1.86%	-48.01%	119.37%
EBITDA Q/Q Growth	3.72%	-1.74%	12.25%	-8.40%	80.26%	85.28%	0.00%	52.41%	-32.05%	37.09%
EBIT Q/Q Growth	6.13%	-4.25%	27.12%	-23.45%	0.00%	0.00%	0.00%	-56.30%	3.03%	571.35%
NOPAT Q/Q Growth	-7.05%	3.91%	18.90%	-30.57%	0.00%	0.00%	0.00%	-59.00%	44.65%	628.62%
Net Income Q/Q Growth	12.75%	-2.89%	15.87%	36.35%	0.00%	0.00%	0.00%	22.63%	118.04%	-105.82%
EPS Q/Q Growth	11.34%	-2.88%	16.39%	17.14%	0.00%	0.00%	0.00%	0.00%	44.00%	-2.56%
Operating Cash Flow Q/Q Growth	-1.59%	6.73%	-4.08%	9.23%	1.98%	0.67%	0.00%	226.31%	-50.76%	6.26%
Free Cash Flow Firm Q/Q Growth	-610.10%	-1.52%	26.68%	-48.34%	62.31%	243.32%	-1,188.41%	56,188.23%	-135.25%	67.88%
Invested Capital Q/Q Growth	5.18%	1.84%	1.81%	5.10%	1.98%	0.87%	2.47%	-100.00%	0.90%	-38.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.31%	55.48%	55.40%	54.98%	53.93%	54.00%	54.56%	55.77%	55.85%	100.00%
EBITDA Margin	54.42%	54.89%	49.74%	45.11%	53.09%	54.83%	41.18%	40.53%	52.79%	26.92%
Operating Margin	13.10%	13.09%	11.18%	12.03%	19.73%	20.81%	11.18%	8.87%	16.80%	7.61%
EBIT Margin	26.16%	26.01%	20.34%	15.84%	23.19%	25.09%	10.50%	8.35%	17.10%	7.01%
Profit (Net Income) Margin	27.08%	26.62%	20.80%	16.15%	13.20%	13.80%	10.48%	7.67%	1.19%	-7.60%
Tax Burden Percent	104.99%	102.32%	102.26%	101.93%	100.00%	100.00%	101.09%	91.83%	174.01%	106.04%
Interest Burden Percent	98.60%	100.00%	100.00%	100.00%	56.95%	55.01%	98.72%	100.00%	4.00%	-102.31%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.88%	1.84%	1.54%	1.63%	2.64%	2.74%	2.79%	2.24%	2.11%	1.25%
ROIC Less NNEP Spread (ROIC-NNEP)	7.48%	7.12%	5.23%	3.41%	-0.39%	-0.30%	2.22%	1.37%	-3.23%	-11.21%
Return on Net Nonoperating Assets (RNNOA)	4.16%	3.99%	2.92%	1.56%	-0.16%	-0.13%	0.98%	0.00%	-1.87%	-3.62%
Return on Equity (ROE)	6.04%	5.83%	4.46%	3.19%	2.48%	2.61%	3.76%	0.00%	0.24%	-2.37%
Cash Return on Invested Capital (CROIC)	-2.86%	-1.73%	-8.25%	-12.65%	-0.91%	2.53%	-197.21%	202.24%	-15.13%	-37.59%
Operating Return on Assets (OROA)	3.47%	3.40%	2.62%	2.01%	2.91%	3.14%	2.50%	0.00%	2.02%	1.36%
Return on Assets (ROA)	3.59%	3.48%	2.68%	2.05%	1.66%	1.73%	2.50%	0.00%	0.14%	-1.48%
Return on Common Equity (ROCE)	5.50%	5.29%	4.02%	2.86%	2.21%	2.30%	3.31%	0.00%	0.20%	-1.96%
Return on Equity Simple (ROE_SIMPLE)	6.54%	6.20%	4.77%	3.47%	2.67%	2.93%	2.14%	0.00%	0.25%	-2.94%
Net Operating Profit after Tax (NOPAT)	226	213	167	157	231	236	120	85	148	67
NOPAT Margin	13.10%	13.09%	11.18%	12.03%	19.73%	20.81%	11.18%	8.87%	16.80%	5.32%
Net Nonoperating Expense Percent (NNEP)	-5.60%	-5.28%	-3.70%	-1.78%	3.03%	3.04%	0.57%	0.87%	5.34%	12.46%
Return On Investment Capital (ROIC_SIMPLE)	1.76%	1.75%	1.43%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	43.69%	44.52%	44.60%	45.02%	46.07%	46.00%	45.44%	44.23%	44.15%	0.00%
SG&A Expenses to Revenue	4.84%	4.60%	4.57%	4.33%	4.14%	3.82%	3.41%	3.62%	3.76%	4.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.21%	42.39%	44.22%	42.94%	34.20%	33.19%	43.38%	46.90%	39.05%	92.39%
Earnings before Interest and Taxes (EBIT)	452	422	303	207	272	284	113	80	150	88
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	941	891	741	588	622	621	442	389	464	340
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	1.82	1.55	2.26	1.53	1.37	1.03	0.00	1.10	1.00
Price to Tangible Book Value (P/TBV)	1.96	1.85	1.58	2.31	1.56	1.40	1.05	0.00	1.14	1.04
Price to Revenue (P/Rev)	8.00	7.80	6.77	10.52	7.53	6.44	5.02	5.92	5.26	2.59
Price to Earnings (P/E)	34.70	34.58	40.26	101.43	103.63	84.81	229.55	0.00	0.00	0.00
Dividend Yield	2.78%	2.52%	2.52%	1.10%	0.72%	0.83%	1.10%	1.01%	1.01%	1.29%
Earnings Yield	2.88%	2.89%	2.48%	0.99%	0.96%	1.18%	0.44%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.54	1.48	1.32	1.74	1.34	1.23	1.02	0.00	1.06	1.00
Enterprise Value to Revenue (EV/Rev)	11.00	10.76	10.04	13.78	10.22	9.34	8.15	5.92	9.15	5.08
Enterprise Value to EBITDA (EV/EBITDA)	20.22	19.61	20.19	30.55	19.24	17.03	19.78	14.61	17.33	18.89
Enterprise Value to EBIT (EV/EBIT)	42.05	41.37	49.37	86.98	44.06	37.22	77.56	70.90	53.52	72.55
Enterprise Value to NOPAT (EV/NOPAT)	83.97	82.23	89.78	114.54	51.76	44.86	72.86	66.74	54.46	95.50
Enterprise Value to Operating Cash Flow (EV/OCF)	23.43	23.66	22.49	30.19	25.26	23.09	21.27	14.73	28.84	30.20
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	48.61	0.00	0.74	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.58	0.63	0.58	0.44	0.47	0.47	0.00	0.59	0.64
Long-Term Debt to Equity	0.64	0.58	0.63	0.58	0.44	0.47	0.47	0.00	0.59	0.64
Financial Leverage	0.56	0.56	0.56	0.46	0.41	0.44	0.44	0.00	0.58	0.32
Leverage Ratio	1.68	1.68	1.66	1.56	1.50	1.51	1.51	0.00	1.67	1.60
Compound Leverage Factor	1.66	1.68	1.66	1.56	0.85	0.83	1.49	0.00	0.07	-1.64
Debt to Total Capital	38.97%	36.83%	38.63%	36.54%	30.33%	32.01%	31.94%	0.00%	37.18%	39.08%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.97%	36.83%	38.63%	36.54%	30.33%	32.01%	31.94%	0.00%	37.18%	39.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.35%	5.66%	5.81%	6.39%	7.36%	7.72%	8.22%	0.00%	9.47%	10.46%
Common Equity to Total Capital	55.68%	57.51%	55.56%	57.06%	62.31%	60.27%	59.83%	0.00%	53.34%	50.45%
Debt to EBITDA	5.33	5.01	6.09	6.60	4.53	4.56	6.35	0.00	6.30	7.43
Net Debt to EBITDA	4.79	4.63	5.65	6.06	3.95	4.19	5.95	0.00	5.76	7.26
Long-Term Debt to EBITDA	5.33	5.01	6.09	6.60	4.53	4.56	6.35	0.00	6.30	7.43
Debt to NOPAT	22.13	21.00	27.09	24.74	12.18	12.02	23.37	0.00	19.79	37.59
Net Debt to NOPAT	19.88	19.41	25.14	22.74	10.63	11.04	21.91	0.00	18.10	36.73
Long-Term Debt to NOPAT	22.13	21.00	27.09	24.74	12.18	12.02	23.37	0.00	19.79	37.59
Altman Z-Score	1.69	1.67	1.34	2.06	1.85	1.57	1.15	0.00	0.99	0.85
Noncontrolling Interest Sharing Ratio	8.86%	9.20%	9.76%	10.32%	10.95%	11.72%	12.09%	0.00%	16.02%	17.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.76	0.46	0.55	0.68	1.03	0.80	0.93	0.00	1.41	0.36
Quick Ratio	0.48	0.18	0.24	0.26	0.60	0.28	0.27	0.00	0.67	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-345	-201	-893	-1,217	-80	217	-8,482	7,695	-1,060	-2,015
Operating Cash Flow to CapEx	0.00%	0.00%	123.37%	67.01%	2,794.08%	0.00%	10,691.70%	722.29%	102.50%	27.08%
Free Cash Flow to Firm to Interest Expense	-54.58	0.00	0.00	0.00	-0.68	1.70	-5,861.87	0.00	-7.35	-11.27
Operating Cash Flow to Interest Expense	128.35	0.00	0.00	0.00	4.05	3.58	283.95	0.00	1.93	1.19
Operating Cash Flow Less CapEx to Interest Expense	194.36	0.00	0.00	0.00	3.91	4.54	281.30	0.00	0.05	-3.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.13	0.24	0.00	0.12	0.19
Accounts Receivable Turnover	37.88	35.85	33.37	31.37	32.95	38.61	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.14	0.14	0.14	0.13	0.13	0.00	0.00	0.13	0.21
Accounts Payable Turnover	1.38	1.37	1.61	1.83	1.99	2.25	0.00	0.00	2.34	0.00
Days Sales Outstanding (DSO)	9.64	10.18	10.94	11.64	11.08	9.45	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	264.72	267.14	227.29	199.72	183.17	162.05	0.00	0.00	156.13	0.00
Cash Conversion Cycle (CCC)	-255.08	-256.96	-216.35	-188.09	-172.09	-152.60	0.00	0.00	-156.13	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,350	11,778	11,365	10,305	8,932	8,620	8,602	0.00	7,610	6,402
Invested Capital Turnover	0.14	0.14	0.14	0.14	0.13	0.13	0.25	0.25	0.13	0.24
Increase / (Decrease) in Invested Capital	572	413	1,060	1,374	311	18	8,602	-7,610	1,208	2,082
Enterprise Value (EV)	19,017	17,474	14,966	17,969	11,977	10,572	8,738	5,687	8,042	6,413
Market Capitalization	13,827	12,663	10,097	13,723	8,834	7,286	5,388	5,687	4,625	3,270
Book Value per Share	$19.38	$19.24	$18.38	$18.12	$18.30	$17.74	$17.88	$0.00	$17.58	$15.66
Tangible Book Value per Share	$19.05	$18.91	$18.04	$17.76	$17.92	$17.34	$17.47	$0.00	$17.08	$15.08
Total Capital	12,859	12,115	11,691	10,619	9,290	8,852	8,777	0.00	7,860	6,460
Total Debt	5,011	4,462	4,516	3,880	2,817	2,833	2,804	0.00	2,923	2,524
Total Long-Term Debt	5,011	4,462	4,516	3,880	2,817	2,833	2,804	0.00	2,923	2,524
Net Debt	4,501	4,126	4,191	3,567	2,459	2,601	2,628	0.00	2,672	2,467
Capital Expenditures (CapEx)	-417	-295	539	888	17	-122	3.84	53	272	784
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-473	-531	-437	-302	-257	-214	-190	0.00	-177	-159
Debt-free Net Working Capital (DFNWC)	-123	-309	-219	-110	7.67	-49	-15	0.00	73	-101
Net Working Capital (NWC)	-123	-309	-219	-110	7.67	-49	-15	0.00	73	-101
Net Nonoperating Expense (NNE)	-242	-220	-143	-54	77	79	7.50	12	137	163
Net Nonoperating Obligations (NNO)	4,501	4,126	4,191	3,567	2,459	2,601	2,628	0.00	2,672	2,467
Total Depreciation and Amortization (D&A)	488	469	438	382	351	337	329	309	314	251
Debt-free, Cash-free Net Working Capital to Revenue	-27.38%	-32.70%	-29.29%	-23.16%	-21.95%	-18.86%	-17.73%	0.00%	-20.16%	-12.60%
Debt-free Net Working Capital to Revenue	-7.12%	-19.03%	-14.67%	-8.45%	0.65%	-4.37%	-1.40%	0.00%	8.31%	-8.02%
Net Working Capital to Revenue	-7.12%	-19.03%	-14.67%	-8.45%	0.65%	-4.37%	-1.40%	0.00%	8.31%	-8.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.08	$1.01	$0.72	$0.42	$0.28	$0.29	$0.00	$0.00	($0.14)	($0.40)
Adjusted Weighted Average Basic Shares Outstanding	367.45M	362.02M	349.29M	324.25M	306.61M	299.42M	0.00	0.00	243.64M	206.55M
Adjusted Diluted Earnings per Share	$1.08	$1.01	$0.71	$0.41	$0.28	$0.29	$0.00	$0.00	($0.14)	($0.40)
Adjusted Weighted Average Diluted Shares Outstanding	367.99M	362.48M	349.79M	325.52M	307.07M	299.92M	0.00	0.00	243.64M	206.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.14)	($0.40)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	370.13M	366.13M	361.77M	348.25M	316.75M	300.80M	0.00	0.00	234.01M	210.60M
Normalized Net Operating Profit after Tax (NOPAT)	159	149	117	110	162	165	71	60	103	67
Normalized NOPAT Margin	9.17%	9.16%	7.83%	8.42%	13.81%	14.57%	6.65%	6.29%	11.76%	5.32%
Pre Tax Income Margin	25.79%	26.01%	20.34%	15.84%	13.20%	13.80%	10.37%	8.35%	0.68%	-7.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	71.52	0.00	0.00	0.00	2.32	2.22	77.87	0.00	1.04	0.49
NOPAT to Interest Expense	35.82	0.00	0.00	0.00	1.98	1.84	82.89	0.00	1.02	0.38
EBIT Less CapEx to Interest Expense	137.53	0.00	0.00	0.00	2.18	3.18	75.21	0.00	-0.84	-3.89
NOPAT Less CapEx to Interest Expense	101.83	0.00	0.00	0.00	1.83	2.80	80.23	0.00	-0.86	-4.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	96.29%	87.59%	98.84%	98.47%	81.75%	80.42%	121.51%	126.75%	955.08%	-91.75%
Augmented Payout Ratio	96.34%	87.68%	98.91%	98.56%	81.75%	80.42%	159.77%	166.66%	2,029.78%	-151.59%

This table displays calculated financial ratios and metrics derived from American Homes 4 Rent's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.43%	6.84%	5.54%	7.07%	6.50%	7.28%	7.68%	9.30%	11.68%	12.67%	15.33%
EBITDA Growth	5.36%	24.93%	7.83%	0.47%	-1.74%	-10.44%	38.77%	22.92%	24.37%	115.00%	-1.87%
EBIT Growth	4.01%	156.92%	11.50%	-1.99%	-5.53%	-52.94%	101.28%	37.40%	36.26%	220.77%	-23.56%
NOPAT Growth	15.34%	-212.40%	9.55%	16.93%	17.41%	49.73%	138.13%	16.59%	-34.03%	62.23%	-47.66%
Net Income Growth	0.48%	58.21%	-0.51%	-5.96%	-6.97%	-12.38%	42.86%	54.80%	96.67%	69.25%	27.14%
EPS Growth	0.00%	50.00%	0.00%	-7.41%	-6.25%	-12.00%	42.86%	68.75%	100.00%	66.67%	27.27%
Operating Cash Flow Growth	10.72%	-11.38%	12.46%	27.32%	0.66%	67.78%	-4.63%	-2.29%	26.28%	-29.15%	30.88%
Free Cash Flow Firm Growth	-41.13%	-41.70%	74.47%	67.45%	38.50%	60.86%	76.19%	78.30%	62.06%	24.00%	-35.45%
Invested Capital Growth	4.90%	4.85%	1.52%	1.87%	3.76%	3.63%	3.60%	3.98%	6.07%	10.29%	13.86%
Revenue Q/Q Growth	5.20%	-1.90%	5.09%	-0.01%	3.65%	-3.09%	6.61%	-0.54%	4.40%	-2.73%	8.22%
EBITDA Q/Q Growth	78.26%	-34.70%	-3.18%	9.57%	80.36%	-43.64%	-9.79%	7.16%	64.39%	-12.67%	-20.09%
EBIT Q/Q Growth	307.61%	-68.68%	-7.28%	17.24%	654.49%	-86.41%	-18.49%	13.01%	275.85%	-41.86%	-44.36%
NOPAT Q/Q Growth	535.08%	-126.42%	-3.83%	75.28%	801.39%	-109.27%	2.65%	76.00%	400.33%	-143.89%	-49.74%
Net Income Q/Q Growth	-10.54%	64.16%	-19.25%	-15.27%	40.86%	3.23%	-23.67%	-16.18%	32.67%	68.31%	-17.29%
EPS Q/Q Growth	-9.09%	65.00%	-20.00%	-16.67%	36.36%	10.00%	-25.93%	-15.63%	28.00%	78.57%	-12.50%
Operating Cash Flow Q/Q Growth	118.62%	-56.25%	-14.76%	35.79%	74.98%	-44.48%	-3.49%	7.35%	191.67%	-68.44%	-1.12%
Free Cash Flow Firm Q/Q Growth	21.37%	-642.49%	30.24%	68.95%	11.90%	-33.79%	11.06%	41.33%	43.93%	18.60%	18.97%
Invested Capital Q/Q Growth	0.32%	5.18%	0.59%	-1.16%	0.27%	1.84%	0.94%	0.67%	0.15%	1.81%	1.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.08%	58.31%	54.16%	57.06%	55.77%	57.44%	53.09%	56.21%	55.28%	56.61%	53.58%
EBITDA Margin	65.71%	38.77%	58.25%	63.23%	57.70%	33.16%	57.01%	67.38%	62.54%	39.72%	44.24%
Operating Margin	23.93%	-5.79%	21.48%	23.47%	13.39%	-1.98%	20.70%	21.49%	12.15%	-4.22%	9.36%
EBIT Margin	37.96%	9.80%	30.68%	34.78%	29.66%	4.07%	29.04%	37.99%	33.43%	9.29%	15.54%
Profit (Net Income) Margin	28.03%	32.95%	19.69%	25.63%	30.24%	22.25%	20.89%	29.18%	34.62%	27.25%	15.75%
Tax Burden Percent	100.00%	115.04%	100.00%	100.00%	102.75%	105.90%	100.00%	100.00%	103.56%	106.19%	101.35%
Interest Burden Percent	73.82%	292.38%	64.18%	73.69%	99.24%	515.79%	71.93%	76.81%	100.00%	276.30%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.49%	-0.83%	3.14%	3.40%	1.90%	-0.28%	2.91%	2.99%	1.68%	-0.58%	1.29%
ROIC Less NNEP Spread (ROIC-NNEP)	3.92%	3.09%	2.94%	3.64%	3.70%	2.10%	2.93%	3.76%	4.07%	2.51%	1.98%
Return on Net Nonoperating Assets (RNNOA)	2.18%	1.72%	1.55%	1.87%	1.94%	1.18%	1.60%	2.06%	2.08%	1.40%	1.05%
Return on Equity (ROE)	5.67%	0.89%	4.69%	5.28%	3.84%	0.90%	4.51%	5.06%	3.77%	0.82%	2.34%
Cash Return on Invested Capital (CROIC)	-2.79%	-2.86%	0.58%	0.18%	-1.78%	-1.73%	-1.74%	-2.54%	-4.61%	-8.25%	-11.62%
Operating Return on Assets (OROA)	5.14%	1.30%	4.11%	4.52%	3.89%	0.53%	3.76%	4.88%	4.29%	1.20%	1.99%
Return on Assets (ROA)	3.80%	4.37%	2.64%	3.33%	3.96%	2.91%	2.70%	3.75%	4.45%	3.51%	2.02%
Return on Common Equity (ROCE)	5.17%	0.81%	4.27%	4.80%	3.49%	0.82%	4.09%	4.58%	3.42%	0.74%	2.11%
Return on Equity Simple (ROE_SIMPLE)	6.55%	0.00%	5.92%	5.92%	6.02%	0.00%	6.48%	6.10%	5.53%	0.00%	4.14%
Net Operating Profit after Tax (NOPAT)	110	-25	96	99	57	-8.09	87	85	48	-16	37
NOPAT Margin	23.93%	-5.79%	21.48%	23.47%	13.39%	-1.98%	20.70%	21.49%	12.15%	-4.22%	9.36%
Net Nonoperating Expense Percent (NNEP)	-0.43%	-3.92%	0.20%	-0.23%	-1.79%	-2.38%	-0.02%	-0.76%	-2.39%	-3.09%	-0.69%
Return On Investment Capital (ROIC_SIMPLE)	0.86%	-0.20%	-	-	-	-0.07%	-	-	-	-0.14%	-
Cost of Revenue to Revenue	43.92%	41.69%	45.84%	42.94%	44.23%	42.56%	46.91%	43.79%	44.72%	43.39%	46.42%
SG&A Expenses to Revenue	4.28%	4.76%	4.32%	5.12%	5.17%	4.52%	4.35%	5.04%	4.49%	3.92%	4.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.15%	64.10%	32.68%	33.59%	42.38%	59.42%	32.39%	34.71%	43.13%	60.84%	44.22%
Earnings before Interest and Taxes (EBIT)	174	43	137	147	126	17	122	150	133	35	61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	302	169	259	268	244	136	240	267	249	151	173
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	1.93	2.01	1.94	1.88	1.82	1.73	1.82	1.61	1.55	1.69
Price to Tangible Book Value (P/TBV)	1.99	1.96	2.04	1.97	1.92	1.85	1.76	1.85	1.64	1.58	1.72
Price to Revenue (P/Rev)	7.93	8.00	8.27	8.12	8.01	7.80	7.44	7.98	7.19	6.77	7.54
Price to Earnings (P/E)	35.06	34.70	39.99	38.65	36.92	34.58	31.48	35.30	35.25	40.26	51.66
Dividend Yield	2.86%	2.78%	2.60%	2.58%	2.52%	2.52%	2.56%	2.32%	2.50%	2.52%	2.04%
Earnings Yield	2.85%	2.88%	2.50%	2.59%	2.71%	2.89%	3.18%	2.83%	2.84%	2.48%	1.94%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.54	1.60	1.56	1.53	1.48	1.43	1.49	1.37	1.32	1.40
Enterprise Value to Revenue (EV/Rev)	10.90	11.00	11.05	10.89	10.92	10.76	10.38	10.91	10.15	10.04	10.79
Enterprise Value to EBITDA (EV/EBITDA)	20.11	20.22	20.73	20.56	20.31	19.61	18.27	20.34	19.69	20.19	23.64
Enterprise Value to EBIT (EV/EBIT)	41.90	42.05	44.12	44.32	43.40	41.37	37.57	45.02	45.95	49.37	65.47
Enterprise Value to NOPAT (EV/NOPAT)	79.77	83.97	77.16	77.60	81.53	82.23	81.04	111.01	109.72	89.78	111.38
Enterprise Value to Operating Cash Flow (EV/OCF)	23.08	23.43	22.80	22.86	24.34	23.66	23.95	24.33	22.00	22.49	22.51
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	277.88	883.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.64	0.59	0.65	0.58	0.58	0.58	0.58	0.58	0.63	0.61
Long-Term Debt to Equity	0.63	0.64	0.59	0.65	0.58	0.58	0.58	0.58	0.58	0.63	0.61
Financial Leverage	0.56	0.56	0.53	0.52	0.52	0.56	0.55	0.55	0.51	0.56	0.53
Leverage Ratio	1.68	1.68	1.67	1.69	1.65	1.68	1.68	1.68	1.63	1.66	1.65
Compound Leverage Factor	1.24	4.92	1.07	1.25	1.64	8.65	1.21	1.29	1.63	4.59	1.65
Debt to Total Capital	38.58%	38.97%	37.00%	39.30%	36.89%	36.83%	36.69%	36.70%	36.82%	38.63%	38.06%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.58%	38.97%	37.00%	39.30%	36.89%	36.83%	36.69%	36.70%	36.82%	38.63%	38.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.39%	5.35%	5.60%	5.41%	5.63%	5.66%	5.75%	5.76%	5.75%	5.81%	5.85%
Common Equity to Total Capital	56.03%	55.68%	57.40%	55.30%	57.48%	57.51%	57.56%	57.54%	57.43%	55.56%	56.08%
Debt to EBITDA	5.15	5.33	4.98	5.62	5.08	5.01	4.82	5.21	5.55	6.09	6.65
Net Debt to EBITDA	4.76	4.79	4.46	4.46	4.63	4.63	4.43	4.65	4.89	5.65	6.09
Long-Term Debt to EBITDA	5.15	5.33	4.98	5.62	5.08	5.01	4.82	5.21	5.55	6.09	6.65
Debt to NOPAT	20.44	22.13	18.55	21.22	20.38	21.00	21.39	28.45	30.90	27.09	31.31
Net Debt to NOPAT	18.86	19.88	16.61	16.83	18.58	19.41	19.63	25.39	27.25	25.14	28.68
Long-Term Debt to NOPAT	20.44	22.13	18.55	21.22	20.38	21.00	21.39	28.45	30.90	27.09	31.31
Altman Z-Score	1.65	1.59	1.74	1.61	1.67	1.57	1.51	1.61	1.45	1.27	1.38
Noncontrolling Interest Sharing Ratio	8.85%	8.86%	8.99%	9.00%	9.01%	9.20%	9.26%	9.40%	9.31%	9.76%	9.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.52	0.76	0.58	1.54	0.59	0.46	0.47	0.69	0.88	0.55	0.54
Quick Ratio	0.23	0.48	0.34	1.27	0.31	0.18	0.19	0.41	0.59	0.24	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-469	-597	-80	-115	-371	-421	-315	-354	-603	-1,076	-1,322
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	36.13%
Free Cash Flow to Firm to Interest Expense	-10.28	0.00	-1.64	-2.97	-389.00	0.00	-9.16	-10.16	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	4.89	0.00	4.77	7.07	211.51	0.00	6.04	6.18	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	7.17	0.00	5.97	9.25	334.16	0.00	6.59	8.71	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13
Accounts Receivable Turnover	36.46	37.88	32.86	37.54	35.03	35.85	30.64	37.32	32.85	33.37	27.89
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.15	0.14	0.15	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
Accounts Payable Turnover	1.43	1.38	1.18	1.24	1.36	1.37	1.19	1.28	1.49	1.61	1.35
Days Sales Outstanding (DSO)	10.01	9.64	11.11	9.72	10.42	10.18	11.91	9.78	11.11	10.94	13.09
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	254.61	264.72	308.69	293.98	267.57	267.14	306.91	285.56	244.35	227.29	269.90
Cash Conversion Cycle (CCC)	-244.60	-255.08	-297.58	-284.26	-257.15	-256.96	-295.00	-275.78	-233.24	-216.35	-256.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,389	12,350	11,742	11,673	11,810	11,778	11,566	11,458	11,382	11,365	11,163
Invested Capital Turnover	0.15	0.14	0.15	0.15	0.14	0.14	0.14	0.14	0.14	0.14	0.14
Increase / (Decrease) in Invested Capital	579	572	176	215	428	413	402	439	652	1,060	1,359
Enterprise Value (EV)	19,230	19,017	18,800	18,260	18,011	17,474	16,573	17,083	15,558	14,966	15,615
Market Capitalization	13,995	13,827	14,070	13,613	13,219	12,663	11,872	12,488	11,009	10,097	10,918
Book Value per Share	$19.33	$19.38	$19.13	$19.18	$19.15	$19.24	$18.96	$18.97	$18.89	$18.38	$18.56
Tangible Book Value per Share	$19.00	$19.05	$18.80	$18.85	$18.82	$18.91	$18.63	$18.64	$18.56	$18.04	$18.22
Total Capital	12,769	12,859	12,214	12,705	12,208	12,115	11,926	11,928	11,900	11,691	11,532
Total Debt	4,927	5,011	4,519	4,993	4,503	4,462	4,375	4,378	4,382	4,516	4,389
Total Long-Term Debt	4,927	5,011	4,519	4,993	4,503	4,462	4,375	4,378	4,382	4,516	4,389
Net Debt	4,547	4,501	4,046	3,961	4,105	4,126	4,015	3,908	3,864	4,191	4,021
Capital Expenditures (CapEx)	-104	-157	-59	-84	-117	-47	-19	-88	-141	-59	603
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-468	-473	-580	-556	-508	-531	-580	-548	-471	-437	-517
Debt-free Net Working Capital (DFNWC)	-250	-123	-262	326	-225	-309	-337	-186	-62	-219	-259
Net Working Capital (NWC)	-250	-123	-262	326	-225	-309	-337	-186	-62	-219	-259
Net Nonoperating Expense (NNE)	-19	-169	7.96	-9.13	-71	-99	-0.82	-30	-89	-120	-25
Net Nonoperating Obligations (NNO)	4,547	4,501	4,046	3,961	4,105	4,126	4,015	3,908	3,864	4,191	4,021
Total Depreciation and Amortization (D&A)	127	127	123	121	119	119	118	116	116	116	112
Debt-free, Cash-free Net Working Capital to Revenue	-26.55%	-27.38%	-34.11%	-33.14%	-30.83%	-32.70%	-36.35%	-35.01%	-30.74%	-29.29%	-35.70%
Debt-free Net Working Capital to Revenue	-14.14%	-7.12%	-15.42%	19.42%	-13.65%	-19.03%	-21.14%	-11.91%	-4.05%	-14.67%	-17.90%
Net Working Capital to Revenue	-14.14%	-7.12%	-15.42%	19.42%	-13.65%	-19.03%	-21.14%	-11.91%	-4.05%	-14.67%	-17.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.33	$0.20	$0.25	$0.30	$0.21	$0.20	$0.27	$0.33	$0.26	$0.14
Adjusted Weighted Average Basic Shares Outstanding	370.37M	367.45M	366.98M	366.78M	366.51M	362.02M	362.43M	362.15M	360.35M	349.29M	348.94M
Adjusted Diluted Earnings per Share	$0.30	$0.33	$0.20	$0.25	$0.30	$0.22	$0.20	$0.27	$0.32	$0.25	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	370.76M	367.99M	367.60M	367.31M	366.97M	362.48M	362.92M	362.48M	360.67M	349.79M	349.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	370.16M	370.13M	369.51M	366.50M	366.32M	366.13M	362.06M	362.00M	361.78M	361.77M	353.44M
Normalized Net Operating Profit after Tax (NOPAT)	77	-18	67	70	40	-5.66	61	60	34	-11	26
Normalized NOPAT Margin	16.75%	-4.05%	15.04%	16.43%	9.37%	-1.39%	14.49%	15.05%	8.50%	-2.96%	6.55%
Pre Tax Income Margin	28.03%	28.65%	19.69%	25.63%	29.43%	21.01%	20.89%	29.18%	33.43%	25.66%	15.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.82	0.00	2.79	3.80	131.67	0.00	3.56	4.31	0.00	0.00	0.00
NOPAT to Interest Expense	2.41	0.00	1.95	2.57	59.45	0.00	2.54	2.44	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	6.09	0.00	3.99	5.98	254.32	0.00	4.11	6.85	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	4.68	0.00	3.15	4.74	182.10	0.00	3.09	4.97	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	100.11%	96.29%	104.10%	99.71%	93.88%	87.59%	80.98%	81.55%	85.60%	98.84%	102.69%
Augmented Payout Ratio	100.16%	96.34%	104.21%	99.82%	93.98%	87.68%	80.98%	81.55%	85.60%	98.91%	102.69%

Frequently Asked Questions About American Homes 4 Rent's Financials

When does American Homes 4 Rent's fiscal year end?

According to the most recent income statement we have on file, American Homes 4 Rent's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has American Homes 4 Rent's net income changed over the last 7 years?

American Homes 4 Rent's net income appears to be on an upward trend, with a most recent value of $468.14 million in 2024, rising from $73.65 million in 2017. The previous period was $432.14 million in 2023. See American Homes 4 Rent's forecast for analyst expectations on what’s next for the company.

What is American Homes 4 Rent's operating income?

American Homes 4 Rent's total operating income in 2024 was $226.47 million, based on the following breakdown:

Total Gross Profit: $973.49 million
Total Operating Expenses: $747.03 million

How has American Homes 4 Rent revenue changed over the last 7 years?

Over the last 7 years, American Homes 4 Rent's total revenue changed from $960.40 million in 2017 to $1.73 billion in 2024, a change of 80.0%.

How much debt does American Homes 4 Rent have?

American Homes 4 Rent's total liabilities were at $5.53 billion at the end of 2024, a 9.9% increase from 2023, and a 96.5% increase since 2015.

How much cash does American Homes 4 Rent have?

In the past 7 years, American Homes 4 Rent's cash and equivalents has ranged from $30.28 million in 2018 to $199.41 million in 2024, and is currently $199.41 million as of their latest financial filing in 2024.

How has American Homes 4 Rent's book value per share changed over the last 9 years?

Over the last 9 years, American Homes 4 Rent's book value per share changed from 15.66 in 2015 to 19.38 in 2024, a change of 23.7%.

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This page (NYSE:AMH) was last updated on 5/31/2025 by MarketBeat.com Staff

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American Homes 4 Rent (AMH) Financials

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American Homes 4 Rent (AMH) Financials

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