American Homes 4 Rent (AMH) Financials

$32.27 +0.29 (+0.92%)

Closing price 05/5/2026 03:59 PM Eastern

Extended Trading

$32.28 +0.01 (+0.03%)

As of 05/5/2026 05:05 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	2013	2014	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2013	12/31/2014	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-44	-67	-22	23	86	85	135	251	366	398	439
Consolidated Net Income / (Loss)	-81	-33	74	112	156	155	211	310	432	468	513
Net Income / (Loss) Continuing Operations	-81	-22	76	111	156	155	211	310	432	468	513
Total Pre-Tax Income	-81	-22	80	111	156	155	207	303	432	468	513
Total Operating Income	-81	-18	85	120	236	231	157	167	353	392	452
Total Gross Profit	0.00	399	536	585	611	632	717	826	901	973	1,051
Total Revenue	0.00	399	960	1,073	1,132	1,173	1,304	1,491	1,624	1,729	1,850
Operating Revenue	-	397	960	1,073	1,132	1,173	1,304	1,491	1,624	1,729	1,850
Total Cost of Revenue	0.00	0.00	425	487	521	540	587	665	723	755	799
Operating Cost of Revenue	-	-	425	487	521	540	587	665	723	755	799
Total Operating Expenses	81	417	450	465	376	401	560	659	548	582	600
Selling, General & Admin Expense	8.85	22	35	37	43	49	56	68	75	84	83
Depreciation Expense	71	166	297	319	329	343	373	427	457	477	504
Other Operating Expenses / (Income)	0.37	227	117	128	3.22	9.30	131	164	17	21	12
Total Other Income / (Expense), net	0.00	-3.56	-5.01	-8.71	-79	-77	50	136	79	76	62
Interest Expense	-	0.00	-	1.45	128	117	-	0.00	140	172	186
Other Income / (Expense), net	-	-3.56	-5.01	-7.27	48	40	50	136	220	248	247
Preferred Stock Dividends Declared	13	19	100	85	55	55	54	22	14	14	14
Net Income / (Loss) Attributable to Noncontrolling Interest	13	15	-4.51	4.17	15	14	21	37	52	56	60
Basic Earnings per Share	($0.36)	($0.34)	($0.08)	$0.08	$0.29	$0.28	$0.42	$0.72	$1.01	$1.08	$1.18
Weighted Average Basic Shares Outstanding	123.59M	196.35M	264.25M	293.64M	299.42M	306.61M	324.25M	349.29M	362.02M	367.45M	370.56M
Diluted Earnings per Share	($0.36)	($0.34)	($0.08)	$0.08	$0.29	$0.28	$0.41	$0.71	$1.01	$1.08	$1.18
Weighted Average Diluted Shares Outstanding	123.59M	196.35M	264.25M	294.27M	299.92M	307.07M	325.52M	349.79M	362.48M	367.99M	370.91M
Weighted Average Basic & Diluted Shares Outstanding	123.59M	196.35M	-	296.65M	300.80M	316.75M	348.25M	361.77M	366.13M	370.13M	363.78M
Cash Dividends to Common per Share	-	$0.20	$0.20	-	-	-	-	$0.72	$0.88	$1.04	$1.20

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	98	74	77	109	92	74	123	110	106	100	124
Consolidated Net Income / (Loss)	115	88	91	128	109	88	144	129	124	117	144
Net Income / (Loss) Continuing Operations	115	88	91	128	109	88	144	129	124	117	144
Total Pre-Tax Income	115	88	86	128	109	88	125	129	124	117	144
Total Operating Income	85	87	-8.09	95	99	96	-25	110	113	113	116
Total Gross Profit	222	224	235	236	242	241	255	258	263	263	267
Total Revenue	396	422	409	424	423	445	437	459	458	478	455
Operating Revenue	396	422	409	424	423	445	437	459	458	478	455
Total Cost of Revenue	173	198	174	187	182	204	182	202	195	215	188
Operating Cost of Revenue	173	198	174	187	182	204	182	202	195	215	188
Total Operating Expenses	137	137	243	141	142	145	280	148	150	151	152
Selling, General & Admin Expense	20	18	18	22	22	19	21	20	20	21	23
Depreciation Expense	113	115	116	116	118	120	124	125	127	127	126
Other Operating Expenses / (Income)	4.18	3.40	109	3.32	2.94	6.51	135	3.06	2.66	3.66	2.88
Total Other Income / (Expense), net	30	0.82	94	33	9.13	-7.96	150	19	10	4.15	28
Interest Expense	35	34	-69	40	39	49	-82	46	46	48	45
Other Income / (Expense), net	65	35	25	72	48	41	68	64	57	53	74
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	14	10	11	15	13	10	17	15	15	14	17
Basic Earnings per Share	$0.27	$0.20	$0.21	$0.30	$0.25	$0.20	$0.33	$0.30	$0.28	$0.27	$0.33
Weighted Average Basic Shares Outstanding	362.15M	362.43M	362.02M	366.51M	366.78M	366.98M	367.45M	370.37M	370.69M	371.25M	370.56M
Diluted Earnings per Share	$0.27	$0.20	$0.22	$0.30	$0.25	$0.20	$0.33	$0.30	$0.28	$0.27	$0.33
Weighted Average Diluted Shares Outstanding	362.48M	362.92M	362.48M	366.97M	367.31M	367.60M	367.99M	370.76M	371.06M	371.58M	370.91M
Weighted Average Basic & Diluted Shares Outstanding	362.00M	362.06M	366.13M	366.32M	366.50M	369.51M	370.13M	370.16M	370.91M	371.11M	363.78M

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	2013	2014	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2013	12/31/2014	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-248	11	-77	-12	-11	101	-73	26	3.90	128	-120
Net Cash From Operating Activities	16	176	386	411	458	474	595	666	739	812	864
Net Cash From Continuing Operating Activities	16	176	386	411	480	478	595	666	739	812	864
Net Income / (Loss) Continuing Operations	-19	-33	76	112	156	155	211	310	432	468	513
Consolidated Net Income / (Loss)	-19	-33	76	112	156	155	211	310	432	468	513
Depreciation Expense	71	166	297	319	329	343	373	427	457	477	504
Amortization Expense	0.19	1.77	12	10	7.46	7.43	8.79	12	12	11	10
Non-Cash Adjustments To Reconcile Net Income	-31	20	15	-0.23	-13	-28	-34	-107	-182	-186	-202
Changes in Operating Assets and Liabilities, net	-4.88	22	-15	-31	0.13	1.21	37	24	20	41	38
Net Cash From Investing Activities	-2,369	-1,865	-837	-674	-377	-643	-1,733	-1,426	-693	-826	-328
Net Cash From Continuing Investing Activities	-2,370	-1,865	-837	-674	-399	326	-1,733	-1,426	-693	-826	-328
Purchase of Property, Plant & Equipment	-382	-1,550	-140	-110	-99	-17	-1,020	-832	-174	-652	-182
Acquisitions	-14	-74	-8.94	-6.58	-20	-	-29	-25	-7.69	-20	-15
Sale of Property, Plant & Equipment	-	0.00	87	106	222	-	132	293	469	573	630
Sale and/or Maturity of Investments	-	0.00	-	-	0.00	358	59	102	48	117	79
Other Investing Activities, net	-2,016	-186	-775	-664	-502	-15	-875	-963	-1,028	-845	-840
Net Cash From Financing Activities	2,105	1,700	384	256	-92	270	1,065	786	-42	143	-656
Net Cash From Continuing Financing Activities	2,105	1,700	375	252	-92	270	1,065	786	-42	143	-656
Repayment of Debt	-1,184	-2,041	-695	-605	-375	-23	-1,102	-871	-264	-1,467	-1,341
Repurchase of Common Equity	0.00	0.00	-29	-43	0.00	-	-0.20	-0.20	-0.40	-0.26	-150
Payment of Dividends	-13	-83	-93	-137	-126	-127	-207	-306	-379	-451	-521
Issuance of Debt	1,540	3,325	227	902	398	-	2,147	1,497	200	1,994	1,416
Issuance of Common Equity	1,549	308	695	0.00	0.00	421	733	566	405	149	6.07
Other Financing Activities, net	0.00	0.43	0.55	20	11	-1.65	-6.68	55	-3.97	-82	-66
Cash Interest Paid	5.47	14	101	105	113	110	96	116	128	128	172

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-47	-119	-21	61	598	-564	32	-131	248	-291	55
Net Cash From Operating Activities	215	208	115	202	274	234	102	223	272	223	146
Net Cash From Continuing Operating Activities	215	208	115	202	274	234	102	223	272	223	146
Net Income / (Loss) Continuing Operations	115	88	91	128	109	88	144	129	124	117	144
Consolidated Net Income / (Loss)	115	88	91	128	109	88	144	129	124	117	144
Depreciation Expense	113	115	116	116	118	120	124	125	127	127	126
Amortization Expense	3.07	3.09	3.09	3.06	2.90	3.01	2.52	2.49	2.46	2.67	2.42
Non-Cash Adjustments To Reconcile Net Income	-52	-28	-23	-57	-32	-21	-76	-52	-46	-40	-64
Changes in Operating Assets and Liabilities, net	35	29	-72	12	77	44	-92	19	65	17	-63
Net Cash From Investing Activities	-165	-227	-227	-68	-40	-185	-533	-108	-121	-52	-48
Net Cash From Continuing Investing Activities	-165	-227	-227	-68	-40	-185	-533	-108	-121	-52	-48
Purchase of Property, Plant & Equipment	-39	-54	-38	-39	-39	-44	-33	-38	-45	-41	-58
Acquisitions	-3.72	-8.80	4.83	-1.12	-8.60	-5.83	1.34	-6.58	-4.49	-4.65	0.64
Sale of Property, Plant & Equipment	127	72	85	156	124	103	190	142	138	142	208
Sale and/or Maturity of Investments	2.54	22	13	0.24	115	0.47	1.07	0.98	18	45	15
Other Investing Activities, net	-252	-259	-292	-184	-231	-238	-693	-206	-227	-194	-213
Net Cash From Financing Activities	-97	-99	91	-72	365	-613	463	-247	97	-462	-43
Net Cash From Continuing Financing Activities	-97	-99	91	-72	365	-613	463	-247	97	-462	-43
Repurchase of Common Equity	-	-	-0.40	-0.03	-	-	-0.22	0.00	-	-	-150
Payment of Dividends	-95	-95	-95	-113	-112	-112	-113	-131	-130	-130	-129
Issuance of Debt	-	-	200	599	497	-	897	410	1,056	-300	250
Issuance of Common Equity	3.55	0.87	102	35	2.03	0.42	112	0.45	3.60	0.03	1.99
Other Financing Activities, net	-0.04	-0.03	-0.12	-32	-13	-12	-26	-30	-6.54	-14	-16
Cash Interest Paid	25	38	25	38	20	51	18	68	11	68	25

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	2013	2014	2015	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,224	6,227	6,751	9,001	9,100	9,594	10,962	12,175	12,688	13,381	13,242
Total Current Assets	175	109	58	204	194	307	233	266	265	399	274
Cash & Equivalents	149	109	58	30	38	137	48	69	59	199	109
Restricted Cash	26	-	-	145	127	128	144	149	162	151	122
Accounts Receivable	-	-	-	29	30	42	42	48	43	48	43
Plant, Property, & Equipment, net	3,861	5,711	6,290	8,493	8,552	8,885	10,245	11,325	11,757	12,366	12,471
Plant, Property & Equipment, gross	3,924	5,917	6,706	9,669	10,014	10,639	12,317	13,711	14,477	15,415	15,838
Accumulated Depreciation	62	206	416	1,176	1,462	1,754	2,073	2,386	2,720	3,049	3,367
Total Noncurrent Assets	187	408	404	305	355	402	485	585	666	617	497
Long-Term Investments	-	-	-	-	68	93	122	107	114	159	149
Goodwill	121	121	121	120	120	120	120	120	120	120	120
Other Noncurrent Operating Assets	60	276	269	184	167	189	242	357	432	337	228
Total Liabilities & Shareholders' Equity	4,224	6,227	6,751	9,001	9,100	9,594	10,962	12,175	12,688	13,381	13,242
Total Liabilities	573	2,058	2,816	3,028	3,081	3,121	4,224	5,000	5,035	5,533	5,533
Total Current Liabilities	103	150	159	219	243	299	344	484	574	522	437
Accounts Payable	103	150	155	219	243	299	344	484	574	522	437
Total Noncurrent Liabilities	470	1,908	2,657	2,809	2,838	2,822	3,880	4,516	4,462	5,011	5,096
Long-Term Debt	375	259	2,524	2,804	2,833	2,817	3,880	4,516	4,462	5,011	5,096
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,651	4,170	3,935	5,974	6,019	6,472	6,738	7,175	7,653	7,849	7,710
Total Preferred & Common Equity	2,935	3,450	3,259	5,252	5,335	5,789	6,060	6,496	6,968	7,160	7,034
Preferred Stock	0.09	0.17	0.17	0.35	0.35	0.35	0.15	0.09	0.09	0.09	0.09
Total Common Equity	2,935	3,450	3,259	5,252	5,335	5,789	6,059	6,496	6,967	7,160	7,034
Common Stock	2,998	3,620	3,556	5,735	5,794	6,226	6,496	6,935	7,361	7,533	7,415
Retained Earnings	-63	-170	-297	-491	-465	-444	-439	-441	-395	-381	-388
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.23	-0.10	7.39	6.66	5.84	1.81	1.33	0.84	7.85	6.63
Noncontrolling Interest	716	719	676	722	683	683	679	679	685	689	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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	12,099	12,420	12,522	12,559	12,761	13,304	12,844	13,289	13,592	13,253
Total Current Assets	308	458	408	296	328	925	368	271	517	232
Cash & Equivalents	97	256	200	70	125	718	162	70	323	46
Restricted Cash	160	153	162	173	158	163	155	149	143	130
Accounts Receivable	50	49	46	54	45	43	50	52	50	56
Plant, Property, & Equipment, net	11,219	11,368	11,501	11,628	11,806	11,726	11,823	12,434	12,500	12,471
Plant, Property & Equipment, gross	13,529	13,831	14,054	14,267	14,613	14,622	14,786	15,574	15,718	15,770
Accumulated Depreciation	2,310	2,463	2,553	2,639	2,807	2,897	2,962	3,140	3,218	3,299
Total Noncurrent Assets	572	594	614	635	627	653	654	584	575	550
Long-Term Investments	110	109	108	117	115	150	155	161	148	162
Goodwill	120	120	120	120	120	120	120	120	120	120
Other Noncurrent Operating Assets	341	365	385	398	392	383	378	303	307	268
Total Liabilities & Shareholders' Equity	12,099	12,420	12,522	12,559	12,761	13,304	12,844	13,289	13,592	13,253
Total Liabilities	4,956	4,902	4,972	5,009	5,056	5,592	5,149	5,447	5,747	5,415
Total Current Liabilities	567	520	594	634	553	599	630	520	588	572
Accounts Payable	567	520	594	634	553	599	630	520	588	572
Total Noncurrent Liabilities	4,389	4,382	4,378	4,375	4,503	4,993	4,519	4,927	5,159	4,844
Long-Term Debt	4,389	4,382	4,378	4,375	4,503	4,993	4,519	4,927	5,159	4,844
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,142	7,518	7,550	7,551	7,705	7,712	7,696	7,842	7,846	7,838
Total Preferred & Common Equity	6,467	6,834	6,864	6,865	7,017	7,025	7,011	7,154	7,165	7,161
Preferred Stock	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Total Common Equity	6,467	6,834	6,863	6,865	7,017	7,025	7,011	7,154	7,165	7,161
Common Stock	6,930	7,236	7,248	7,255	7,398	7,410	7,416	7,530	7,547	7,555
Retained Earnings	-464	-403	-385	-391	-382	-385	-407	-382	-389	-400
Accumulated Other Comprehensive Income / (Loss)	1.46	1.21	1.09	0.97	0.72	0.60	2.76	6.19	7.25	6.94
Noncontrolling Interest	675	684	687	686	687	687	684	688	680	677

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	216.18%	-30.31%	0.00%	11.71%	5.53%	3.57%	11.20%	14.32%	8.93%	6.47%	7.03%
EBITDA Growth	141.93%	36.65%	-16.11%	13.53%	40.50%	0.27%	-5.50%	26.04%	20.21%	5.56%	7.54%
EBIT Growth	428.17%	69.99%	-46.62%	40.48%	152.09%	-4.28%	-24.02%	46.76%	39.31%	7.07%	9.25%
NOPAT Growth	625.47%	119.90%	-42.30%	40.75%	96.48%	-1.81%	-32.20%	6.26%	27.48%	6.57%	15.33%
Net Income Growth	-189.79%	110.89%	0.00%	52.66%	38.97%	-0.92%	35.99%	47.24%	39.39%	8.33%	9.67%
EPS Growth	-17.65%	65.00%	0.00%	200.00%	262.50%	-3.45%	46.43%	73.17%	42.25%	6.93%	9.26%
Operating Cash Flow Growth	20.97%	31.35%	0.00%	6.46%	11.44%	3.54%	25.54%	11.81%	10.99%	9.86%	6.51%
Free Cash Flow Firm Growth	-318.13%	47.39%	825.72%	-210.23%	102.56%	-136.80%	-1,420.14%	26.56%	77.55%	-72.03%	309.34%
Invested Capital Growth	48.21%	18.87%	-100.00%	0.00%	0.21%	3.61%	15.38%	10.29%	3.63%	4.85%	0.61%
Revenue Q/Q Growth	119.37%	-48.01%	1.86%	0.00%	0.00%	0.00%	36.62%	2.96%	1.74%	1.64%	1.00%
EBITDA Q/Q Growth	37.09%	-32.05%	52.41%	0.00%	85.28%	80.26%	-8.40%	12.25%	-1.74%	3.72%	18.62%
EBIT Q/Q Growth	571.35%	3.03%	-56.30%	0.00%	0.00%	0.00%	-23.45%	27.12%	-4.25%	6.13%	37.00%
NOPAT Q/Q Growth	628.62%	44.65%	-59.00%	0.00%	0.00%	0.00%	-30.57%	18.90%	3.91%	-7.05%	66.05%
Net Income Q/Q Growth	-105.82%	118.04%	22.63%	0.00%	0.00%	0.00%	36.35%	15.87%	-2.89%	12.75%	0.07%
EPS Q/Q Growth	-2.56%	44.00%	0.00%	0.00%	0.00%	0.00%	17.14%	16.39%	-2.88%	11.34%	0.00%
Operating Cash Flow Q/Q Growth	6.26%	-50.76%	226.31%	0.00%	0.67%	1.98%	9.23%	-4.08%	6.73%	-1.59%	5.32%
Free Cash Flow Firm Q/Q Growth	67.88%	-135.25%	56,188.23%	-1,188.41%	243.32%	62.31%	-48.34%	26.68%	-1.52%	-610.10%	214.00%
Invested Capital Q/Q Growth	-38.73%	0.90%	-100.00%	2.47%	0.87%	1.98%	5.10%	1.81%	1.84%	5.18%	0.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	55.85%	55.77%	54.56%	54.00%	53.93%	54.98%	55.40%	55.48%	56.31%	56.83%
EBITDA Margin	26.92%	52.79%	40.53%	41.18%	54.83%	53.09%	45.11%	49.74%	54.89%	54.42%	65.58%
Operating Margin	7.61%	16.80%	8.87%	11.18%	20.81%	19.73%	12.03%	11.18%	13.09%	13.10%	24.42%
EBIT Margin	7.01%	17.10%	8.35%	10.50%	25.09%	23.19%	15.84%	20.34%	26.01%	26.16%	37.78%
Profit (Net Income) Margin	-7.60%	1.19%	7.67%	10.48%	13.80%	13.20%	16.15%	20.80%	26.62%	27.08%	27.75%
Tax Burden Percent	106.04%	174.01%	91.83%	101.09%	100.00%	100.00%	101.93%	102.26%	102.32%	104.99%	100.00%
Interest Burden Percent	-102.31%	4.00%	100.00%	98.72%	55.01%	56.95%	100.00%	100.00%	100.00%	98.60%	73.45%
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)	1.25%	2.11%	2.24%	2.79%	2.74%	2.64%	1.63%	1.54%	1.84%	1.88%	3.65%
ROIC Less NNEP Spread (ROIC-NNEP)	-11.21%	-3.23%	1.37%	2.22%	-0.30%	-0.39%	3.41%	5.23%	7.12%	7.48%	4.98%
Return on Net Nonoperating Assets (RNNOA)	-3.62%	-1.87%	0.00%	0.98%	-0.13%	-0.16%	1.56%	2.92%	3.99%	4.16%	2.95%
Return on Equity (ROE)	-2.37%	0.24%	0.00%	3.76%	2.61%	2.48%	3.19%	4.46%	5.83%	6.04%	6.60%
Cash Return on Invested Capital (CROIC)	-37.59%	-15.13%	202.24%	-197.21%	2.53%	-0.91%	-12.65%	-8.25%	-1.73%	-2.86%	3.04%
Operating Return on Assets (OROA)	1.36%	2.02%	0.00%	2.50%	3.14%	2.91%	2.01%	2.62%	3.40%	3.47%	5.25%
Return on Assets (ROA)	-1.48%	0.14%	0.00%	2.50%	1.73%	1.66%	2.05%	2.68%	3.48%	3.59%	3.86%
Return on Common Equity (ROCE)	-1.96%	0.20%	0.00%	3.31%	2.30%	2.21%	2.86%	4.02%	5.29%	5.50%	6.02%
Return on Equity Simple (ROE_SIMPLE)	-2.94%	0.25%	0.00%	2.14%	2.93%	2.67%	3.47%	4.77%	6.20%	6.54%	0.00%
Net Operating Profit after Tax (NOPAT)	67	148	85	120	236	231	157	167	213	226	452
NOPAT Margin	5.32%	16.80%	8.87%	11.18%	20.81%	19.73%	12.03%	11.18%	13.09%	13.10%	24.42%
Net Nonoperating Expense Percent (NNEP)	12.46%	5.34%	0.87%	0.57%	3.04%	3.03%	-1.78%	-3.70%	-5.28%	-5.60%	-1.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.43%	1.75%	1.76%	3.53%
Cost of Revenue to Revenue	0.00%	44.15%	44.23%	45.44%	46.00%	46.07%	45.02%	44.60%	44.52%	43.69%	43.17%
SG&A Expenses to Revenue	4.26%	3.76%	3.62%	3.41%	3.82%	4.14%	4.33%	4.57%	4.60%	4.84%	4.49%
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	92.39%	39.05%	46.90%	43.38%	33.19%	34.20%	42.94%	44.22%	42.39%	43.21%	32.41%
Earnings before Interest and Taxes (EBIT)	88	150	80	113	284	272	207	303	422	452	699
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	340	464	389	442	621	622	588	741	891	941	1,213
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.00	1.10	0.00	1.03	1.37	1.53	2.26	1.55	1.82	1.93	1.69
Price to Tangible Book Value (P/TBV)	1.04	1.14	0.00	1.05	1.40	1.56	2.31	1.58	1.85	1.96	1.72
Price to Revenue (P/Rev)	2.59	5.26	5.92	5.02	6.44	7.53	10.52	6.77	7.80	8.00	6.44
Price to Earnings (P/E)	0.00	0.00	0.00	229.55	84.81	103.63	101.43	40.26	34.58	34.70	27.13
Dividend Yield	1.29%	1.01%	1.01%	1.10%	0.83%	0.72%	1.10%	2.52%	2.52%	2.78%	3.74%
Earnings Yield	0.00%	0.00%	0.00%	0.44%	1.18%	0.96%	0.99%	2.48%	2.89%	2.88%	3.69%
Enterprise Value to Invested Capital (EV/IC)	1.00	1.06	0.00	1.02	1.23	1.34	1.74	1.32	1.48	1.54	1.39
Enterprise Value to Revenue (EV/Rev)	5.08	9.15	5.92	8.15	9.34	10.22	13.78	10.04	10.76	11.00	9.35
Enterprise Value to EBITDA (EV/EBITDA)	18.89	17.33	14.61	19.78	17.03	19.24	30.55	20.19	19.61	20.22	14.26
Enterprise Value to EBIT (EV/EBIT)	72.55	53.52	70.90	77.56	37.22	44.06	86.98	49.37	41.37	42.05	24.76
Enterprise Value to NOPAT (EV/NOPAT)	95.50	54.46	66.74	72.86	44.86	51.76	114.54	89.78	82.23	83.97	38.30
Enterprise Value to Operating Cash Flow (EV/OCF)	30.20	28.84	14.73	21.27	23.09	25.26	30.19	22.49	23.66	23.43	20.02
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.74	0.00	48.61	0.00	0.00	0.00	0.00	0.00	45.99
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.59	0.00	0.47	0.47	0.44	0.58	0.63	0.58	0.64	0.66
Long-Term Debt to Equity	0.64	0.59	0.00	0.47	0.47	0.44	0.58	0.63	0.58	0.64	0.66
Financial Leverage	0.32	0.58	0.00	0.44	0.44	0.41	0.46	0.56	0.56	0.56	0.59
Leverage Ratio	1.60	1.67	0.00	1.51	1.51	1.50	1.56	1.66	1.68	1.68	1.71
Compound Leverage Factor	-1.64	0.07	0.00	1.49	0.83	0.85	1.56	1.66	1.68	1.66	1.26
Debt to Total Capital	39.08%	37.18%	0.00%	31.94%	32.01%	30.33%	36.54%	38.63%	36.83%	38.97%	39.79%
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	39.08%	37.18%	0.00%	31.94%	32.01%	30.33%	36.54%	38.63%	36.83%	38.97%	39.79%
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	10.46%	9.47%	0.00%	8.22%	7.72%	7.36%	6.39%	5.81%	5.66%	5.35%	5.28%
Common Equity to Total Capital	50.45%	53.34%	0.00%	59.83%	60.27%	62.31%	57.06%	55.56%	57.51%	55.68%	54.93%
Debt to EBITDA	7.43	6.30	0.00	6.35	4.56	4.53	6.60	6.09	5.01	5.33	4.20
Net Debt to EBITDA	7.26	5.76	0.00	5.95	4.19	3.95	6.06	5.65	4.63	4.79	3.89
Long-Term Debt to EBITDA	7.43	6.30	0.00	6.35	4.56	4.53	6.60	6.09	5.01	5.33	4.20
Debt to NOPAT	37.59	19.79	0.00	23.37	12.02	12.18	24.74	27.09	21.00	22.13	11.28
Net Debt to NOPAT	36.73	18.10	0.00	21.91	11.04	10.63	22.74	25.14	19.41	19.88	10.44
Long-Term Debt to NOPAT	37.59	19.79	0.00	23.37	12.02	12.18	24.74	27.09	21.00	22.13	11.28
Altman Z-Score	0.85	0.99	0.00	1.15	1.57	1.85	2.06	1.34	1.67	1.69	1.55
Noncontrolling Interest Sharing Ratio	17.22%	16.02%	0.00%	12.09%	11.72%	10.95%	10.32%	9.76%	9.20%	8.86%	8.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.36	1.41	0.00	0.93	0.80	1.03	0.68	0.55	0.46	0.76	0.63
Quick Ratio	0.36	0.67	0.00	0.27	0.28	0.60	0.26	0.24	0.18	0.48	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,015	-1,060	7,695	-8,482	217	-80	-1,217	-893	-201	-345	376
Operating Cash Flow to CapEx	27.08%	102.50%	722.29%	10,691.70%	0.00%	2,794.08%	67.01%	123.37%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-11.27	-7.35	0.00	-5,861.87	1.70	-0.68	0.00	0.00	0.00	-54.58	2.03
Operating Cash Flow to Interest Expense	1.19	1.93	0.00	283.95	3.58	4.05	0.00	0.00	0.00	128.35	4.66
Operating Cash Flow Less CapEx to Interest Expense	-3.20	0.05	0.00	281.30	4.54	3.91	0.00	0.00	0.00	194.36	7.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.12	0.00	0.24	0.13	0.13	0.13	0.13	0.13	0.13	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	38.61	32.95	31.37	33.37	35.85	37.88	40.41
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	0.21	0.13	0.00	0.00	0.13	0.13	0.14	0.14	0.14	0.14	0.15
Accounts Payable Turnover	0.00	2.34	0.00	0.00	2.25	1.99	1.83	1.61	1.37	1.38	1.67
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	9.45	11.08	11.64	10.94	10.18	9.64	9.03
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)	0.00	156.13	0.00	0.00	162.05	183.17	199.72	227.29	267.14	264.72	219.03
Cash Conversion Cycle (CCC)	0.00	-156.13	0.00	0.00	-152.60	-172.09	-188.09	-216.35	-256.96	-255.08	-210.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,402	7,610	0.00	8,602	8,620	8,932	10,305	11,365	11,778	12,350	12,426
Invested Capital Turnover	0.24	0.13	0.25	0.25	0.13	0.13	0.14	0.14	0.14	0.14	0.15
Increase / (Decrease) in Invested Capital	2,082	1,208	-7,610	8,602	18	311	1,374	1,060	413	572	76
Enterprise Value (EV)	6,413	8,042	5,687	8,738	10,572	11,977	17,969	14,966	17,474	19,017	17,304
Market Capitalization	3,270	4,625	5,687	5,388	7,286	8,834	13,723	10,097	12,663	13,827	11,912
Book Value per Share	$15.66	$17.58	$0.00	$17.88	$17.74	$18.30	$18.12	$18.38	$19.24	$19.38	$18.95
Tangible Book Value per Share	$15.08	$17.08	$0.00	$17.47	$17.34	$17.92	$17.76	$18.04	$18.91	$19.05	$18.63
Total Capital	6,460	7,860	0.00	8,777	8,852	9,290	10,619	11,691	12,115	12,859	12,805
Total Debt	2,524	2,923	0.00	2,804	2,833	2,817	3,880	4,516	4,462	5,011	5,096
Total Long-Term Debt	2,524	2,923	0.00	2,804	2,833	2,817	3,880	4,516	4,462	5,011	5,096
Net Debt	2,467	2,672	0.00	2,628	2,601	2,459	3,567	4,191	4,126	4,501	4,716
Capital Expenditures (CapEx)	784	272	53	3.84	-122	17	888	539	-295	-417	-448
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-159	-177	0.00	-190	-214	-257	-302	-437	-531	-473	-394
Debt-free Net Working Capital (DFNWC)	-101	73	0.00	-15	-49	7.67	-110	-219	-309	-123	-163
Net Working Capital (NWC)	-101	73	0.00	-15	-49	7.67	-110	-219	-309	-123	-163
Net Nonoperating Expense (NNE)	163	137	12	7.50	79	77	-54	-143	-220	-242	-62
Net Nonoperating Obligations (NNO)	2,467	2,672	0.00	2,628	2,601	2,459	3,567	4,191	4,126	4,501	4,716
Total Depreciation and Amortization (D&A)	251	314	309	329	337	351	382	438	469	488	514
Debt-free, Cash-free Net Working Capital to Revenue	-12.60%	-20.16%	0.00%	-17.73%	-18.86%	-21.95%	-23.16%	-29.29%	-32.70%	-27.38%	-21.28%
Debt-free Net Working Capital to Revenue	-8.02%	8.31%	0.00%	-1.40%	-4.37%	0.65%	-8.45%	-14.67%	-19.03%	-7.12%	-8.81%
Net Working Capital to Revenue	-8.02%	8.31%	0.00%	-1.40%	-4.37%	0.65%	-8.45%	-14.67%	-19.03%	-7.12%	-8.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.40)	($0.14)	$0.00	$0.00	$0.29	$0.28	$0.42	$0.72	$1.01	$1.08	$1.18
Adjusted Weighted Average Basic Shares Outstanding	206.55M	243.64M	0.00	0.00	299.42M	306.61M	324.25M	349.29M	362.02M	367.45M	370.56M
Adjusted Diluted Earnings per Share	($0.40)	($0.14)	$0.00	$0.00	$0.29	$0.28	$0.41	$0.71	$1.01	$1.08	$1.18
Adjusted Weighted Average Diluted Shares Outstanding	206.55M	243.64M	0.00	0.00	299.92M	307.07M	325.52M	349.79M	362.48M	367.99M	370.91M
Adjusted Basic & Diluted Earnings per Share	($0.40)	($0.14)	$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	210.60M	234.01M	0.00	0.00	300.80M	316.75M	348.25M	361.77M	366.13M	370.13M	363.78M
Normalized Net Operating Profit after Tax (NOPAT)	67	103	60	71	165	162	110	117	149	159	316
Normalized NOPAT Margin	5.32%	11.76%	6.29%	6.65%	14.57%	13.81%	8.42%	7.83%	9.16%	9.17%	17.10%
Pre Tax Income Margin	-7.17%	0.68%	8.35%	10.37%	13.80%	13.20%	15.84%	20.34%	26.01%	25.79%	27.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.49	1.04	0.00	77.87	2.22	2.32	0.00	0.00	0.00	71.52	3.77
NOPAT to Interest Expense	0.38	1.02	0.00	82.89	1.84	1.98	0.00	0.00	0.00	35.82	2.43
EBIT Less CapEx to Interest Expense	-3.89	-0.84	0.00	75.21	3.18	2.18	0.00	0.00	0.00	137.53	6.18
NOPAT Less CapEx to Interest Expense	-4.01	-0.86	0.00	80.23	2.80	1.83	0.00	0.00	0.00	101.83	4.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-91.75%	955.08%	126.75%	121.51%	80.42%	81.75%	98.47%	98.84%	87.59%	96.29%	101.52%
Augmented Payout Ratio	-151.59%	2,029.78%	166.66%	159.77%	80.42%	81.75%	98.56%	98.91%	87.68%	96.34%	130.76%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.30%	7.68%	7.28%	6.50%	7.07%	5.54%	6.84%	8.43%	8.03%	7.51%	4.21%
EBITDA Growth	22.92%	38.77%	-10.44%	-1.74%	0.47%	7.83%	24.93%	5.36%	11.78%	13.60%	0.92%
EBIT Growth	37.40%	101.28%	-52.94%	-5.53%	-1.99%	11.50%	156.92%	4.01%	15.38%	20.96%	0.62%
NOPAT Growth	16.59%	138.13%	49.73%	17.41%	16.93%	9.55%	-212.40%	15.34%	14.07%	17.84%	14.18%
Net Income Growth	54.80%	42.86%	-12.38%	-6.97%	-5.96%	-0.51%	58.21%	0.48%	13.90%	33.27%	0.26%
EPS Growth	68.75%	42.86%	-12.00%	-6.25%	-7.41%	0.00%	50.00%	0.00%	12.00%	35.00%	0.00%
Operating Cash Flow Growth	-2.29%	-4.63%	67.78%	0.66%	27.32%	12.46%	-11.38%	10.72%	-0.78%	-4.42%	42.69%
Free Cash Flow Firm Growth	78.30%	76.19%	60.86%	38.50%	67.45%	74.47%	-41.70%	-41.13%	-423.74%	-509.04%	108.58%
Invested Capital Growth	3.98%	3.60%	3.63%	3.76%	1.87%	1.52%	4.85%	4.90%	6.14%	5.13%	0.61%
Revenue Q/Q Growth	-0.54%	6.61%	-3.09%	3.65%	-0.01%	5.09%	-1.90%	5.20%	-0.39%	4.58%	-4.91%
EBITDA Q/Q Growth	7.16%	-9.79%	-43.64%	80.36%	9.57%	-3.18%	-34.70%	78.26%	-0.81%	-1.61%	7.90%
EBIT Q/Q Growth	13.01%	-18.49%	-86.41%	654.49%	17.24%	-7.28%	-68.68%	307.61%	-2.54%	-2.79%	14.74%
NOPAT Q/Q Growth	76.00%	2.65%	-109.27%	801.39%	75.28%	-3.83%	-126.42%	535.08%	3.18%	-0.66%	2.88%
Net Income Q/Q Growth	-16.18%	-23.67%	3.23%	40.86%	-15.27%	-19.25%	64.16%	-10.54%	-3.95%	-5.52%	23.50%
EPS Q/Q Growth	-15.63%	-25.93%	10.00%	36.36%	-16.67%	-20.00%	65.00%	-9.09%	-6.67%	-3.57%	22.22%
Operating Cash Flow Q/Q Growth	7.35%	-3.49%	-44.48%	74.98%	35.79%	-14.76%	-56.25%	118.62%	21.69%	-17.88%	-34.69%
Free Cash Flow Firm Q/Q Growth	41.33%	11.06%	-33.79%	11.90%	68.95%	30.24%	-642.49%	21.37%	-28.60%	18.88%	108.24%
Invested Capital Q/Q Growth	0.67%	0.94%	1.84%	0.27%	-1.16%	0.59%	5.18%	0.32%	0.00%	-0.37%	0.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.21%	53.09%	57.44%	55.77%	57.06%	54.16%	58.31%	56.08%	57.49%	55.07%	58.78%
EBITDA Margin	67.38%	57.01%	33.16%	57.70%	63.23%	58.25%	38.77%	65.71%	65.43%	61.55%	69.84%
Operating Margin	21.49%	20.70%	-1.98%	13.39%	23.47%	21.48%	-5.79%	23.93%	24.79%	23.55%	25.47%
EBIT Margin	37.99%	29.04%	4.07%	29.66%	34.78%	30.68%	9.80%	37.96%	37.14%	34.52%	41.65%
Profit (Net Income) Margin	29.18%	20.89%	22.25%	30.24%	25.63%	19.69%	32.95%	28.03%	27.02%	24.41%	31.70%
Tax Burden Percent	100.00%	100.00%	105.90%	102.75%	100.00%	100.00%	115.04%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	76.81%	71.93%	515.79%	99.24%	73.69%	64.18%	292.38%	73.82%	72.75%	70.71%	76.11%
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)	2.99%	2.91%	-0.28%	1.90%	3.40%	3.14%	-0.83%	3.49%	3.71%	3.58%	3.80%
ROIC Less NNEP Spread (ROIC-NNEP)	3.76%	2.93%	2.10%	3.70%	3.64%	2.94%	3.09%	3.92%	3.95%	3.68%	4.42%
Return on Net Nonoperating Assets (RNNOA)	2.06%	1.60%	1.18%	1.94%	1.87%	1.55%	1.72%	2.18%	2.16%	2.03%	2.62%
Return on Equity (ROE)	5.06%	4.51%	0.90%	3.84%	5.28%	4.69%	0.89%	5.67%	5.86%	5.61%	6.42%
Cash Return on Invested Capital (CROIC)	-2.54%	-1.74%	-1.73%	-1.78%	0.18%	0.58%	-2.86%	-2.79%	-3.84%	-2.74%	3.04%
Operating Return on Assets (OROA)	4.88%	3.76%	0.53%	3.89%	4.52%	4.11%	1.30%	5.14%	4.97%	4.85%	5.79%
Return on Assets (ROA)	3.75%	2.70%	2.91%	3.96%	3.33%	2.64%	4.37%	3.80%	3.61%	3.43%	4.41%
Return on Common Equity (ROCE)	4.58%	4.09%	0.82%	3.49%	4.80%	4.27%	0.81%	5.17%	5.35%	5.12%	5.86%
Return on Equity Simple (ROE_SIMPLE)	6.10%	6.48%	0.00%	6.02%	5.92%	5.92%	0.00%	6.55%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	85	87	-8.09	57	99	96	-25	110	113	113	116
NOPAT Margin	21.49%	20.70%	-1.98%	13.39%	23.47%	21.48%	-5.79%	23.93%	24.79%	23.55%	25.47%
Net Nonoperating Expense Percent (NNEP)	-0.76%	-0.02%	-2.38%	-1.79%	-0.23%	0.20%	-3.92%	-0.43%	-0.24%	-0.10%	-0.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.07%	-	-	-	-0.20%	0.86%	0.87%	0.89%	0.91%
Cost of Revenue to Revenue	43.79%	46.91%	42.56%	44.23%	42.94%	45.84%	41.69%	43.92%	42.51%	44.93%	41.22%
SG&A Expenses to Revenue	5.04%	4.35%	4.52%	5.17%	5.12%	4.32%	4.76%	4.28%	4.37%	4.29%	5.02%
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	34.71%	32.39%	59.42%	42.38%	33.59%	32.68%	64.10%	32.15%	32.70%	31.52%	33.30%
Earnings before Interest and Taxes (EBIT)	150	122	17	126	147	137	43	174	170	165	190
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	267	240	136	244	268	259	169	302	299	295	318
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.82	1.73	1.82	1.88	1.94	2.01	1.93	1.96	1.86	1.72	1.69
Price to Tangible Book Value (P/TBV)	1.85	1.76	1.85	1.92	1.97	2.04	1.96	1.99	1.90	1.75	1.72
Price to Revenue (P/Rev)	7.98	7.44	7.80	8.01	8.12	8.27	8.00	7.93	7.42	6.73	6.44
Price to Earnings (P/E)	35.30	31.48	34.58	36.92	38.65	39.99	34.70	35.06	32.36	28.13	27.13
Dividend Yield	2.32%	2.56%	2.52%	2.52%	2.58%	2.60%	2.78%	2.86%	3.11%	3.49%	3.74%
Earnings Yield	2.83%	3.18%	2.89%	2.71%	2.59%	2.50%	2.88%	2.85%	3.09%	3.56%	3.69%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.43	1.48	1.53	1.56	1.60	1.54	1.55	1.50	1.42	1.39
Enterprise Value to Revenue (EV/Rev)	10.91	10.38	10.76	10.92	10.89	11.05	11.00	10.90	10.33	9.56	9.35
Enterprise Value to EBITDA (EV/EBITDA)	20.34	18.27	19.61	20.31	20.56	20.73	20.22	20.11	18.81	17.12	14.26
Enterprise Value to EBIT (EV/EBIT)	45.02	37.57	41.37	43.40	44.32	44.12	42.05	41.90	38.57	34.33	24.76
Enterprise Value to NOPAT (EV/NOPAT)	111.01	81.04	82.23	81.53	77.60	77.16	83.97	79.77	72.83	64.37	38.30
Enterprise Value to Operating Cash Flow (EV/OCF)	24.33	23.95	23.66	24.34	22.86	22.80	23.43	23.08	22.35	21.34	20.02
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	883.42	277.88	0.00	0.00	0.00	0.00	45.99
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.58	0.58	0.58	0.65	0.59	0.64	0.63	0.66	0.62	0.66
Long-Term Debt to Equity	0.58	0.58	0.58	0.58	0.65	0.59	0.64	0.63	0.66	0.62	0.66
Financial Leverage	0.55	0.55	0.56	0.52	0.52	0.53	0.56	0.56	0.55	0.55	0.59
Leverage Ratio	1.68	1.68	1.68	1.65	1.69	1.67	1.68	1.68	1.73	1.68	1.71
Compound Leverage Factor	1.29	1.21	8.65	1.64	1.25	1.07	4.92	1.24	1.26	1.19	1.30
Debt to Total Capital	36.70%	36.69%	36.83%	36.89%	39.30%	37.00%	38.97%	38.58%	39.67%	38.19%	39.79%
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	36.70%	36.69%	36.83%	36.89%	39.30%	37.00%	38.97%	38.58%	39.67%	38.19%	39.79%
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	5.76%	5.75%	5.66%	5.63%	5.41%	5.60%	5.35%	5.39%	5.23%	5.34%	5.28%
Common Equity to Total Capital	57.54%	57.56%	57.51%	57.48%	55.30%	57.40%	55.68%	56.03%	55.10%	56.47%	54.93%
Debt to EBITDA	5.21	4.82	5.01	5.08	5.62	4.98	5.33	5.15	5.22	4.74	4.20
Net Debt to EBITDA	4.65	4.43	4.63	4.63	4.46	4.46	4.79	4.76	4.60	4.41	3.89
Long-Term Debt to EBITDA	5.21	4.82	5.01	5.08	5.62	4.98	5.33	5.15	5.22	4.74	4.20
Debt to NOPAT	28.45	21.39	21.00	20.38	21.22	18.55	22.13	20.44	20.22	17.80	11.28
Net Debt to NOPAT	25.39	19.63	19.41	18.58	16.83	16.61	19.88	18.86	17.82	16.56	10.44
Long-Term Debt to NOPAT	28.45	21.39	21.00	20.38	21.22	18.55	22.13	20.44	20.22	17.80	11.28
Altman Z-Score	1.61	1.51	1.57	1.67	1.61	1.74	1.59	1.65	1.52	1.47	1.42
Noncontrolling Interest Sharing Ratio	9.40%	9.26%	9.20%	9.01%	9.00%	8.99%	8.86%	8.85%	8.79%	8.76%	8.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.47	0.46	0.59	1.54	0.58	0.76	0.52	0.88	0.41	0.63
Quick Ratio	0.41	0.19	0.18	0.31	1.27	0.34	0.48	0.23	0.64	0.18	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-354	-315	-421	-371	-115	-80	-597	-469	-604	-490	40
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%	0.00%
Free Cash Flow to Firm to Interest Expense	-10.16	-9.16	0.00	-389.00	-2.97	-1.64	0.00	-10.28	-13.03	-10.12	0.89
Operating Cash Flow to Interest Expense	6.18	6.04	0.00	211.51	7.07	4.77	0.00	4.89	5.87	4.61	3.22
Operating Cash Flow Less CapEx to Interest Expense	8.71	6.59	0.00	334.16	9.25	5.97	0.00	7.17	7.89	6.70	6.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.13	0.14	0.14
Accounts Receivable Turnover	37.32	30.64	35.85	35.03	37.54	32.86	37.88	36.46	38.31	34.49	40.41
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	0.14	0.14	0.14	0.14	0.14	0.15	0.14	0.15	0.15	0.15	0.15
Accounts Payable Turnover	1.28	1.19	1.37	1.36	1.24	1.18	1.38	1.43	1.32	1.32	1.67
Days Sales Outstanding (DSO)	9.78	11.91	10.18	10.42	9.72	11.11	9.64	10.01	9.53	10.58	9.03
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)	285.56	306.91	267.14	267.57	293.98	308.69	264.72	254.61	277.06	276.51	219.03
Cash Conversion Cycle (CCC)	-275.78	-295.00	-256.96	-257.15	-284.26	-297.58	-255.08	-244.60	-267.53	-265.93	-210.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,458	11,566	11,778	11,810	11,673	11,742	12,350	12,389	12,390	12,344	12,426
Invested Capital Turnover	0.14	0.14	0.14	0.14	0.15	0.15	0.14	0.15	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	439	402	413	428	215	176	572	579	717	602	76
Enterprise Value (EV)	17,083	16,573	17,474	18,011	18,260	18,800	19,017	19,230	18,576	17,515	17,304
Market Capitalization	12,488	11,872	12,663	13,219	13,613	14,070	13,827	13,995	13,352	12,333	11,912
Book Value per Share	$18.97	$18.96	$19.24	$19.15	$19.18	$19.13	$19.38	$19.33	$19.36	$19.31	$18.95
Tangible Book Value per Share	$18.64	$18.63	$18.91	$18.82	$18.85	$18.80	$19.05	$19.00	$19.03	$18.98	$18.63
Total Capital	11,928	11,926	12,115	12,208	12,705	12,214	12,859	12,769	13,004	12,682	12,805
Total Debt	4,378	4,375	4,462	4,503	4,993	4,519	5,011	4,927	5,159	4,844	5,096
Total Long-Term Debt	4,378	4,375	4,462	4,503	4,993	4,519	5,011	4,927	5,159	4,844	5,096
Net Debt	3,908	4,015	4,126	4,105	3,961	4,046	4,501	4,547	4,544	4,506	4,716
Capital Expenditures (CapEx)	-88	-19	-47	-117	-84	-59	-157	-104	-93	-101	-150
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-548	-580	-531	-508	-556	-580	-473	-468	-538	-515	-394
Debt-free Net Working Capital (DFNWC)	-186	-337	-309	-225	326	-262	-123	-250	-71	-340	-163
Net Working Capital (NWC)	-186	-337	-309	-225	326	-262	-123	-250	-71	-340	-163
Net Nonoperating Expense (NNE)	-30	-0.82	-99	-71	-9.13	7.96	-169	-19	-10	-4.15	-28
Net Nonoperating Obligations (NNO)	3,908	4,015	4,126	4,105	3,961	4,046	4,501	4,547	4,544	4,506	4,716
Total Depreciation and Amortization (D&A)	116	118	119	119	121	123	127	127	129	129	128
Debt-free, Cash-free Net Working Capital to Revenue	-35.01%	-36.35%	-32.70%	-30.83%	-33.14%	-34.11%	-27.38%	-26.55%	-29.90%	-28.14%	-21.28%
Debt-free Net Working Capital to Revenue	-11.91%	-21.14%	-19.03%	-13.65%	19.42%	-15.42%	-7.12%	-14.14%	-3.95%	-18.55%	-8.81%
Net Working Capital to Revenue	-11.91%	-21.14%	-19.03%	-13.65%	19.42%	-15.42%	-7.12%	-14.14%	-3.95%	-18.55%	-8.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.27	$0.20	$0.21	$0.30	$0.25	$0.20	$0.33	$0.30	$0.28	$0.27	$0.33
Adjusted Weighted Average Basic Shares Outstanding	362.15M	362.43M	362.02M	366.51M	366.78M	366.98M	367.45M	370.37M	370.69M	371.25M	370.56M
Adjusted Diluted Earnings per Share	$0.27	$0.20	$0.22	$0.30	$0.25	$0.20	$0.33	$0.30	$0.28	$0.27	$0.33
Adjusted Weighted Average Diluted Shares Outstanding	362.48M	362.92M	362.48M	366.97M	367.31M	367.60M	367.99M	370.76M	371.06M	371.58M	370.91M
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	362.00M	362.06M	366.13M	366.32M	366.50M	369.51M	370.13M	370.16M	370.91M	371.11M	363.78M
Normalized Net Operating Profit after Tax (NOPAT)	60	61	-5.66	40	70	67	-18	77	79	79	81
Normalized NOPAT Margin	15.05%	14.49%	-1.39%	9.37%	16.43%	15.04%	-4.05%	16.75%	17.35%	16.48%	17.83%
Pre Tax Income Margin	29.18%	20.89%	21.01%	29.43%	25.63%	19.69%	28.65%	28.03%	27.02%	24.41%	31.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.31	3.56	0.00	131.67	3.80	2.79	0.00	3.82	3.67	3.41	4.19
NOPAT to Interest Expense	2.44	2.54	0.00	59.45	2.57	1.95	0.00	2.41	2.45	2.33	2.56
EBIT Less CapEx to Interest Expense	6.85	4.11	0.00	254.32	5.98	3.99	0.00	6.09	5.68	5.50	7.50
NOPAT Less CapEx to Interest Expense	4.97	3.09	0.00	182.10	4.74	3.15	0.00	4.68	4.46	4.42	5.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	81.55%	80.98%	87.59%	93.88%	99.71%	104.10%	96.29%	100.11%	100.69%	98.46%	101.52%
Augmented Payout Ratio	81.55%	80.98%	87.68%	93.98%	99.82%	104.21%	96.34%	100.16%	100.74%	98.50%	130.76%

Financials Breakdown Chart

Key Financial Trends

Here are key trends from American Homes 4 Rent (AMH) across its latest four-year run of quarterly statements, focusing on what may matter most to retail investors: profitability, cash generation, leverage, and shareholder returns.

Net income to common shareholders remained solid and trended higher in late 2025, with Q4 2025 net income to common shareholders of $123.81 million, up modestly from $123.23 million in Q4 2024.
Cash flow from operations stayed strong in 2025, indicating durable cash generation from core rental activities. In Q4 2025, net cash from continuing operating activities was $145.81 million, while Q3 2025 and Q2 2025 were $223.25 million and $271.86 million respectively, and Q1 2025 was $223.40 million.
Revenue growth continued at a modest pace, with Q4 2025 total revenue of $454.99 million versus Q4 2024’s $436.59 million (roughly +4%).
Gross margin remained healthy, hovering around 58%–59%. Q4 2025 gross margin was about 58.9% (gross profit $267.43 million on $454.99 million revenue), near the level seen in Q4 2024.
Shareholder returns via dividends and buybacks continued in 2025, including around $129.33 million in cash dividends and about $150.09 million of common equity repurchases in the latest period, signaling ongoing capital return to investors.
Balanced balance sheet with a strong equity cushion. As of Q3 2025, Total Common Equity was about $7.16 billion and Total Liabilities plus Equity totaled roughly $13.25 billion, giving AMH a solid base to fund operations and growth.
Investing activity shows ongoing capex and asset activity. Q4 2025 net cash from continuing investing activities was about -$47.54 million (capex plus investing outflows), with related activity in other quarters showing similar moderate levels of investment and asset sales.
Cash balance and cash balance volatility. Cash flow from changes in cash and equivalents has swung across quarters, e.g., Q3 2025 net change in cash was about -$290.87 million, while Q4 2025 rebounded to +$54.96 million, highlighting cash balance sensitivity to financing and investing timing.
Long-term debt remains sizable, generally in the $4.8–5.2 billion range across 2025, contributing to ongoing interest costs. For example, Q3 2025 long-term debt was $4.84–$5.16 billion across periods, with quarterly interest expense around $45–$48 million.

Bottom line for investors: AMH has shown consistent profitability and solid operating cash flow in 2025, with a stable gross margin and ongoing shareholder returns. The main cautions are cash balance volatility tied to financing/investing activities and a substantial, still-moderate debt load that drives interest costs. If AMH can sustain cash from operations and stabilize cash timing, the combination of recurring rental cash flows and shareholder returns could continue to support a constructive view.

05/06/26 06:34 AM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

How has American Homes 4 Rent's net income changed over the last 10 years?

American Homes 4 Rent's net income appears to be on an upward trend, with a most recent value of $513.39 million in 2025, falling from -$81.28 million in 2013. The previous period was $468.14 million in 2024. See American Homes 4 Rent's forecast for analyst expectations on whatâ€™s next for the company.

What is American Homes 4 Rent's operating income?

American Homes 4 Rent's total operating income in 2025 was $451.87 million, based on the following breakdown:

Total Gross Profit: $1.05 billion
Total Operating Expenses: $599.61 million

How has American Homes 4 Rent's revenue changed over the last 10 years?

Over the last 10 years, American Homes 4 Rent's total revenue changed from $0.00 in 2013 to $1.85 billion in 2025, a change of 185,023,400,000.0%.

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 2025, a 0.0% increase from 2024, and a 864.7% increase since 2013.

How much cash does American Homes 4 Rent have?

In the past 10 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 $108.52 million as of their latest financial filing in 2025.

How has American Homes 4 Rent's book value per share changed over the last 10 years?

Over the last 10 years, American Homes 4 Rent's book value per share changed from 15.66 in 2015 to 18.95 in 2025, a change of 21.0%.

Related Companies

Financial statements for NYSE:AMH last updated on 2/21/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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American Homes 4 Rent (AMH) Financials

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American Homes 4 Rent (AMH) Financials

Annual Income Statements for American Homes 4 Rent

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Quarterly Cash Flow Statements for American Homes 4 Rent

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Quarterly Metrics And Ratios for American Homes 4 Rent

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