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American Homes 4 Rent (AMH) Financials

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$32.29 +0.02 (+0.06%)
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Annual Income Statements for American Homes 4 Rent

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

Quarterly Income Statements for American Homes 4 Rent

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 74 77 109 92 74 123 110 106 100 124 128
Consolidated Net Income / (Loss)		 88 91 128 109 88 144 129 124 117 144 149
Net Income / (Loss) Continuing Operations		 88 91 128 109 88 144 129 124 117 144 149
Total Pre-Tax Income 		88 86 128 109 88 125 129 124 117 144 149
Total Operating Income		 87 -8.09 95 99 96 -25 110 113 113 116 118
Total Gross Profit		 224 235 236 242 241 255 258 263 263 267 270
Total Revenue		 422 409 424 423 445 437 459 458 478 455 472
Operating Revenue		 422 409 424 423 445 437 459 458 478 455 472
Total Cost of Revenue		 198 174 187 182 204 182 202 195 215 188 202
Operating Cost of Revenue		 198 174 187 182 204 182 202 195 215 188 202
Total Operating Expenses		 137 243 141 142 145 280 148 150 151 152 152
Selling, General & Admin Expense		 18 18 22 22 19 21 20 20 21 23 21
Depreciation Expense		 115 116 116 118 120 124 125 127 127 126 127
Other Operating Expenses / (Income)		 3.40 109 3.32 2.94 6.51 135 3.06 2.66 3.66 2.88 3.06
Total Other Income / (Expense), net		 0.82 94 33 9.13 -7.96 150 19 10 4.15 28 31
Interest Expense		 34 -69 40 39 49 -82 46 46 48 45 48
Other Income / (Expense), net		 35 25 72 48 41 68 64 57 53 74 79
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		 10 11 15 13 10 17 15 15 14 17 18
Basic Earnings per Share		 $0.20 $0.21 $0.30 $0.25 $0.20 $0.33 $0.30 $0.28 $0.27 $0.33 $0.35
Weighted Average Basic Shares Outstanding		 362.43M 362.02M 366.51M 366.78M 366.98M 367.45M 370.37M 370.69M 371.25M 370.56M 364.28M
Diluted Earnings per Share		 $0.20 $0.22 $0.30 $0.25 $0.20 $0.33 $0.30 $0.28 $0.27 $0.33 $0.35
Weighted Average Diluted Shares Outstanding		 362.92M 362.48M 366.97M 367.31M 367.60M 367.99M 370.76M 371.06M 371.58M 370.91M 364.50M
Weighted Average Basic & Diluted Shares Outstanding		 362.06M 366.13M 366.32M 366.50M 369.51M 370.13M 370.16M 370.91M 371.11M 363.78M 360.60M
Cash Dividends to Common per Share		 $0.22 - $0.26 $0.26 $0.26 - $0.30 $0.30 $0.30 - $0.33

Annual Cash Flow Statements for American Homes 4 Rent

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

Quarterly Cash Flow Statements for American Homes 4 Rent

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Change in Cash & Equivalents		 -119 -21 61 598 -564 32 -131 248 -291 55 -23
Net Cash From Operating Activities		 208 115 202 274 234 102 223 272 223 146 203
Net Cash From Continuing Operating Activities		 208 115 202 274 234 102 223 272 223 146 203
Net Income / (Loss) Continuing Operations		 88 91 128 109 88 144 129 124 117 144 149
Consolidated Net Income / (Loss)		 88 91 128 109 88 144 129 124 117 144 149
Depreciation Expense		 115 116 116 118 120 124 125 127 127 126 127
Amortization Expense		 3.09 3.09 3.06 2.90 3.01 2.52 2.49 2.46 2.67 2.42 2.41
Non-Cash Adjustments To Reconcile Net Income		 -28 -23 -57 -32 -21 -76 -52 -46 -40 -64 -70
Changes in Operating Assets and Liabilities, net		 29 -72 12 77 44 -92 19 65 17 -63 -5.04
Net Cash From Investing Activities		 -227 -227 -68 -40 -185 -533 -108 -121 -52 -48 10
Net Cash From Continuing Investing Activities		 -227 -227 -68 -40 -185 -533 -108 -121 -52 -48 10
Purchase of Property, Plant & Equipment		 -54 -38 -39 -39 -44 -33 -42 -45 -41 -58 -33
Acquisitions		 -8.80 4.83 -1.12 -8.60 -5.83 1.34 -3.34 -4.49 -4.65 0.64 -4.77
Sale of Property, Plant & Equipment		 72 85 156 124 103 190 142 138 142 208 198
Sale and/or Maturity of Investments		 22 13 0.24 115 0.47 1.07 0.98 18 45 15 2.87
Other Investing Activities, net		 -259 -292 -184 -231 -238 -693 -205 -227 -194 -213 -154
Net Cash From Financing Activities		 -99 91 -72 365 -613 463 -247 97 -462 -43 -236
Net Cash From Continuing Financing Activities		 -99 91 -72 365 -613 463 -247 97 -462 -43 -236
Repayment of Debt		 -5.53 -116 -561 -9.30 -489 -408 -497 -827 -18 - 0.00
Repurchase of Common Equity		 - -0.40 -0.03 - - -0.22 0.00 - - -150 -115
Payment of Dividends		 -95 -95 -113 -112 -112 -113 -131 -130 -130 -129 -141
Issuance of Debt		 - 200 599 497 - 897 410 1,056 -300 250 30
Issuance of Common Equity		 0.87 102 35 2.03 0.42 112 0.45 3.60 0.03 1.99 0.39
Other Financing Activities, net		 -0.03 -0.12 -32 -13 -12 -26 -30 -6.54 -14 -16 -9.64
Cash Interest Paid		 38 25 38 20 51 18 68 11 68 25 66

Annual Balance Sheets for American Homes 4 Rent

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
Other Current Liabilities		 - 0.00 4.09 - - - - - - - 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

Quarterly Balance Sheets for American Homes 4 Rent

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 Q1 2026
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 3/31/2026
Total Assets		 12,099 12,420 12,522 12,559 12,761 13,304 12,844 13,289 13,592 13,253 13,175
Total Current Assets		 308 458 408 296 328 925 368 271 517 232 256
Cash & Equivalents		 97 256 200 70 125 718 162 70 323 46 63
Restricted Cash		 160 153 162 173 158 163 155 149 143 130 145
Accounts Receivable		 50 49 46 54 45 43 50 52 50 56 48
Plant, Property, & Equipment, net		 11,219 11,368 11,501 11,628 11,806 11,726 11,823 12,434 12,500 12,471 12,409
Plant, Property & Equipment, gross		 13,529 13,831 14,054 14,267 14,613 14,622 14,786 15,574 15,718 15,770 15,852
Accumulated Depreciation		 2,310 2,463 2,553 2,639 2,807 2,897 2,962 3,140 3,218 3,299 3,443
Total Noncurrent Assets		 572 594 614 635 627 653 654 584 575 550 510
Long-Term Investments		 110 109 108 117 115 150 155 161 148 162 151
Goodwill		 120 120 120 120 120 120 120 120 120 120 120
Other Noncurrent Operating Assets		 341 365 385 398 392 383 378 303 307 268 239
Total Liabilities & Shareholders' Equity		 12,099 12,420 12,522 12,559 12,761 13,304 12,844 13,289 13,592 13,253 13,175
Total Liabilities		 4,956 4,902 4,972 5,009 5,056 5,592 5,149 5,447 5,747 5,415 5,575
Total Current Liabilities		 567 520 594 634 553 599 630 520 588 572 447
Other Current Liabilities		 - - - - - - - - - - 447
Total Noncurrent Liabilities		 4,389 4,382 4,378 4,375 4,503 4,993 4,519 4,927 5,159 4,844 5,128
Long-Term Debt		 4,389 4,382 4,378 4,375 4,503 4,993 4,519 4,927 5,159 4,844 5,128
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		 7,142 7,518 7,550 7,551 7,705 7,712 7,696 7,842 7,846 7,838 7,600
Total Preferred & Common Equity		 6,467 6,834 6,864 6,865 7,017 7,025 7,011 7,154 7,165 7,161 6,928
Preferred Stock		 0.09 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 6,928
Common Stock		 6,930 7,236 7,248 7,255 7,398 7,410 7,416 7,530 7,547 7,555 7,302
Retained Earnings		 -464 -403 -385 -391 -382 -385 -407 -382 -389 -400 -380
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 6.32
Noncontrolling Interest		 675 684 687 686 687 687 684 688 680 677 672

Annual Metrics And Ratios for American Homes 4 Rent

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%

Quarterly Metrics And Ratios for American Homes 4 Rent

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 363,776,286.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 363,776,286.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.35
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.68% 7.28% 6.50% 7.07% 5.54% 6.84% 8.43% 8.03% 7.51% 4.21% 2.78%
EBITDA Growth		 38.77% -10.44% -1.74% 0.47% 7.83% 24.93% 5.36% 11.78% 13.60% 0.92% 8.30%
EBIT Growth		 101.28% -52.94% -5.53% -1.99% 11.50% 156.92% 4.01% 15.38% 20.96% 0.62% 13.03%
NOPAT Growth		 138.13% 49.73% 17.41% 16.93% 9.55% -212.40% 15.34% 14.07% 17.84% 14.18% 7.63%
Net Income Growth		 42.86% -12.38% -6.97% -5.96% -0.51% 58.21% 0.48% 13.90% 33.27% 0.26% 15.64%
EPS Growth		 42.86% -12.00% -6.25% -7.41% 0.00% 50.00% 0.00% 12.00% 35.00% 0.00% 16.67%
Operating Cash Flow Growth		 -4.63% 67.78% 0.66% 27.32% 12.46% -11.38% 10.72% -0.78% -4.42% 42.69% -9.11%
Free Cash Flow Firm Growth		 76.19% 60.86% 38.50% 67.45% 74.47% -41.70% -41.13% -423.74% -509.04% 108.58% 129.50%
Invested Capital Growth		 3.60% 3.63% 3.76% 1.87% 1.52% 4.85% 4.90% 6.14% 5.13% 0.61% -0.16%
Revenue Q/Q Growth		 6.61% -3.09% 3.65% -0.01% 5.09% -1.90% 5.20% -0.39% 4.58% -4.91% 3.74%
EBITDA Q/Q Growth		 -9.79% -43.64% 80.36% 9.57% -3.18% -34.70% 78.26% -0.81% -1.61% 7.90% 2.85%
EBIT Q/Q Growth		 -18.49% -86.41% 654.49% 17.24% -7.28% -68.68% 307.61% -2.54% -2.79% 14.74% 3.98%
NOPAT Q/Q Growth		 2.65% -109.27% 801.39% 75.28% -3.83% -126.42% 535.08% 3.18% -0.66% 2.88% 2.06%
Net Income Q/Q Growth		 -23.67% 3.23% 40.86% -15.27% -19.25% 64.16% -10.54% -3.95% -5.52% 23.50% 3.18%
EPS Q/Q Growth		 -25.93% 10.00% 36.36% -16.67% -20.00% 65.00% -9.09% -6.67% -3.57% 22.22% 6.06%
Operating Cash Flow Q/Q Growth		 -3.49% -44.48% 74.98% 35.79% -14.76% -56.25% 118.62% 21.69% -17.88% -34.69% 39.26%
Free Cash Flow Firm Q/Q Growth		 11.06% -33.79% 11.90% 68.95% 30.24% -642.49% 21.37% -28.60% 18.88% 108.24% 243.27%
Invested Capital Q/Q Growth		 0.94% 1.84% 0.27% -1.16% 0.59% 5.18% 0.32% 0.00% -0.37% 0.66% -0.46%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 53.09% 57.44% 55.77% 57.06% 54.16% 58.31% 56.08% 57.49% 55.07% 58.78% 57.21%
EBITDA Margin		 57.01% 33.16% 57.70% 63.23% 58.25% 38.77% 65.71% 65.43% 61.55% 69.84% 69.24%
Operating Margin		 20.70% -1.98% 13.39% 23.47% 21.48% -5.79% 23.93% 24.79% 23.55% 25.47% 25.06%
EBIT Margin		 29.04% 4.07% 29.66% 34.78% 30.68% 9.80% 37.96% 37.14% 34.52% 41.65% 41.75%
Profit (Net Income) Margin		 20.89% 22.25% 30.24% 25.63% 19.69% 32.95% 28.03% 27.02% 24.41% 31.70% 31.53%
Tax Burden Percent		 100.00% 105.90% 102.75% 100.00% 100.00% 115.04% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 71.93% 515.79% 99.24% 73.69% 64.18% 292.38% 73.82% 72.75% 70.71% 76.11% 75.53%
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)		 2.91% -0.28% 1.90% 3.40% 3.14% -0.83% 3.49% 3.71% 3.58% 3.80% 3.77%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.93% 2.10% 3.70% 3.64% 2.94% 3.09% 3.92% 3.95% 3.68% 4.42% 4.43%
Return on Net Nonoperating Assets (RNNOA)		 1.60% 1.18% 1.94% 1.87% 1.55% 1.72% 2.18% 2.16% 2.03% 2.62% 2.67%
Return on Equity (ROE)		 4.51% 0.90% 3.84% 5.28% 4.69% 0.89% 5.67% 5.86% 5.61% 6.42% 6.44%
Cash Return on Invested Capital (CROIC)		 -1.74% -1.73% -1.78% 0.18% 0.58% -2.86% -2.79% -3.84% -2.74% 3.04% 3.88%
Operating Return on Assets (OROA)		 3.76% 0.53% 3.89% 4.52% 4.11% 1.30% 5.14% 4.97% 4.85% 5.79% 5.88%
Return on Assets (ROA)		 2.70% 2.91% 3.96% 3.33% 2.64% 4.37% 3.80% 3.61% 3.43% 4.41% 4.44%
Return on Common Equity (ROCE)		 4.09% 0.82% 3.49% 4.80% 4.27% 0.81% 5.17% 5.35% 5.12% 5.86% 5.87%
Return on Equity Simple (ROE_SIMPLE)		 6.48% 0.00% 6.02% 5.92% 5.92% 0.00% 6.55% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 87 -8.09 57 99 96 -25 110 113 113 116 118
NOPAT Margin		 20.70% -1.98% 13.39% 23.47% 21.48% -5.79% 23.93% 24.79% 23.55% 25.47% 25.06%
Net Nonoperating Expense Percent (NNEP)		 -0.02% -2.38% -1.79% -0.23% 0.20% -3.92% -0.43% -0.24% -0.10% -0.62% -0.66%
Return On Investment Capital (ROIC_SIMPLE)		 - -0.07% - - - -0.20% 0.86% 0.87% 0.89% 0.91% 0.93%
Cost of Revenue to Revenue		 46.91% 42.56% 44.23% 42.94% 45.84% 41.69% 43.92% 42.51% 44.93% 41.22% 42.79%
SG&A Expenses to Revenue		 4.35% 4.52% 5.17% 5.12% 4.32% 4.76% 4.28% 4.37% 4.29% 5.02% 4.52%
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		 32.39% 59.42% 42.38% 33.59% 32.68% 64.10% 32.15% 32.70% 31.52% 33.30% 32.15%
Earnings before Interest and Taxes (EBIT)		 122 17 126 147 137 43 174 170 165 190 197
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 240 136 244 268 259 169 302 299 295 318 327
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.73 1.82 1.88 1.94 2.01 1.93 1.96 1.86 1.72 1.69 1.47
Price to Tangible Book Value (P/TBV)		 1.76 1.85 1.92 1.97 2.04 1.96 1.99 1.90 1.75 1.72 1.49
Price to Revenue (P/Rev)		 7.44 7.80 8.01 8.12 8.27 8.00 7.93 7.42 6.73 6.44 5.45
Price to Earnings (P/E)		 31.48 34.58 36.92 38.65 39.99 34.70 35.06 32.36 28.13 27.13 22.23
Dividend Yield		 2.56% 2.52% 2.52% 2.58% 2.60% 2.78% 2.86% 3.11% 3.49% 3.74% 4.41%
Earnings Yield		 3.18% 2.89% 2.71% 2.59% 2.50% 2.88% 2.85% 3.09% 3.56% 3.69% 4.50%
Enterprise Value to Invested Capital (EV/IC)		 1.43 1.48 1.53 1.56 1.60 1.54 1.55 1.50 1.42 1.39 1.26
Enterprise Value to Revenue (EV/Rev)		 10.38 10.76 10.92 10.89 11.05 11.00 10.90 10.33 9.56 9.35 8.37
Enterprise Value to EBITDA (EV/EBITDA)		 18.27 19.61 20.31 20.56 20.73 20.22 20.11 18.81 17.12 14.26 12.60
Enterprise Value to EBIT (EV/EBIT)		 37.57 41.37 43.40 44.32 44.12 42.05 41.90 38.57 34.33 24.76 21.61
Enterprise Value to NOPAT (EV/NOPAT)		 81.04 82.23 81.53 77.60 77.16 83.97 79.77 72.83 64.37 38.30 33.89
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.95 23.66 24.34 22.86 22.80 23.43 23.08 22.35 21.34 20.02 18.48
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 883.42 277.88 0.00 0.00 0.00 0.00 45.99 32.47
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.58 0.58 0.58 0.65 0.59 0.64 0.63 0.66 0.62 0.66 0.67
Long-Term Debt to Equity		 0.58 0.58 0.58 0.65 0.59 0.64 0.63 0.66 0.62 0.66 0.67
Financial Leverage		 0.55 0.56 0.52 0.52 0.53 0.56 0.56 0.55 0.55 0.59 0.60
Leverage Ratio		 1.68 1.68 1.65 1.69 1.67 1.68 1.68 1.73 1.68 1.71 1.71
Compound Leverage Factor		 1.21 8.65 1.64 1.25 1.07 4.92 1.24 1.26 1.19 1.30 1.29
Debt to Total Capital		 36.69% 36.83% 36.89% 39.30% 37.00% 38.97% 38.58% 39.67% 38.19% 39.79% 40.29%
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		 36.69% 36.83% 36.89% 39.30% 37.00% 38.97% 38.58% 39.67% 38.19% 39.79% 40.29%
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		 5.75% 5.66% 5.63% 5.41% 5.60% 5.35% 5.39% 5.23% 5.34% 5.28% 5.28%
Common Equity to Total Capital		 57.56% 57.51% 57.48% 55.30% 57.40% 55.68% 56.03% 55.10% 56.47% 54.93% 54.43%
Debt to EBITDA		 4.82 5.01 5.08 5.62 4.98 5.33 5.15 5.22 4.74 4.20 4.14
Net Debt to EBITDA		 4.43 4.63 4.63 4.46 4.46 4.79 4.76 4.60 4.41 3.89 3.85
Long-Term Debt to EBITDA		 4.82 5.01 5.08 5.62 4.98 5.33 5.15 5.22 4.74 4.20 4.14
Debt to NOPAT		 21.39 21.00 20.38 21.22 18.55 22.13 20.44 20.22 17.80 11.28 11.14
Net Debt to NOPAT		 19.63 19.41 18.58 16.83 16.61 19.88 18.86 17.82 16.56 10.44 10.36
Long-Term Debt to NOPAT		 21.39 21.00 20.38 21.22 18.55 22.13 20.44 20.22 17.80 11.28 11.14
Altman Z-Score		 1.51 1.57 1.67 1.61 1.74 1.59 1.65 1.52 1.47 1.42 1.23
Noncontrolling Interest Sharing Ratio		 9.26% 9.20% 9.01% 9.00% 8.99% 8.86% 8.85% 8.79% 8.76% 8.77% 8.81%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.47 0.46 0.59 1.54 0.58 0.76 0.52 0.88 0.41 0.63 0.57
Quick Ratio		 0.19 0.18 0.31 1.27 0.34 0.48 0.23 0.64 0.18 0.35 0.25
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -315 -421 -371 -115 -80 -597 -469 -604 -490 40 138
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		 -9.16 0.00 -389.00 -2.97 -1.64 0.00 -10.28 -13.03 -10.12 0.89 2.87
Operating Cash Flow to Interest Expense		 6.04 0.00 211.51 7.07 4.77 0.00 4.89 5.87 4.61 3.22 4.21
Operating Cash Flow Less CapEx to Interest Expense		 6.59 0.00 334.16 9.25 5.97 0.00 7.17 7.89 6.70 6.53 7.65
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.13 0.13 0.13 0.13 0.13 0.14 0.13 0.14 0.14 0.14
Accounts Receivable Turnover		 30.64 35.85 35.03 37.54 32.86 37.88 36.46 38.31 34.49 40.41 37.16
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 0.15 0.14 0.15 0.15 0.15 0.15 0.15
Accounts Payable Turnover		 1.19 1.37 1.36 1.24 1.18 1.38 1.43 1.32 1.32 1.67 0.00
Days Sales Outstanding (DSO)		 11.91 10.18 10.42 9.72 11.11 9.64 10.01 9.53 10.58 9.03 9.82
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)		 306.91 267.14 267.57 293.98 308.69 264.72 254.61 277.06 276.51 219.03 0.00
Cash Conversion Cycle (CCC)		 -295.00 -256.96 -257.15 -284.26 -297.58 -255.08 -244.60 -267.53 -265.93 -210.00 9.82
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,566 11,778 11,810 11,673 11,742 12,350 12,389 12,390 12,344 12,426 12,369
Invested Capital Turnover		 0.14 0.14 0.14 0.15 0.15 0.14 0.15 0.15 0.15 0.15 0.15
Increase / (Decrease) in Invested Capital		 402 413 428 215 176 572 579 717 602 76 -20
Enterprise Value (EV)		 16,573 17,474 18,011 18,260 18,800 19,017 19,230 18,576 17,515 17,304 15,598
Market Capitalization		 11,872 12,663 13,219 13,613 14,070 13,827 13,995 13,352 12,333 11,912 10,157
Book Value per Share		 $18.96 $19.24 $19.15 $19.18 $19.13 $19.38 $19.33 $19.36 $19.31 $18.95 $19.04
Tangible Book Value per Share		 $18.63 $18.91 $18.82 $18.85 $18.80 $19.05 $19.00 $19.03 $18.98 $18.63 $18.71
Total Capital		 11,926 12,115 12,208 12,705 12,214 12,859 12,769 13,004 12,682 12,805 12,728
Total Debt		 4,375 4,462 4,503 4,993 4,519 5,011 4,927 5,159 4,844 5,096 5,128
Total Long-Term Debt		 4,375 4,462 4,503 4,993 4,519 5,011 4,927 5,159 4,844 5,096 5,128
Net Debt		 4,015 4,126 4,105 3,961 4,046 4,501 4,547 4,544 4,506 4,716 4,769
Capital Expenditures (CapEx)		 -19 -47 -117 -84 -59 -157 -104 -93 -101 -150 -166
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -580 -531 -508 -556 -580 -473 -468 -538 -515 -394 -399
Debt-free Net Working Capital (DFNWC)		 -337 -309 -225 326 -262 -123 -250 -71 -340 -163 -191
Net Working Capital (NWC)		 -337 -309 -225 326 -262 -123 -250 -71 -340 -163 -191
Net Nonoperating Expense (NNE)		 -0.82 -99 -71 -9.13 7.96 -169 -19 -10 -4.15 -28 -31
Net Nonoperating Obligations (NNO)		 4,015 4,126 4,105 3,961 4,046 4,501 4,547 4,544 4,506 4,716 4,769
Total Depreciation and Amortization (D&A)		 118 119 119 121 123 127 127 129 129 128 130
Debt-free, Cash-free Net Working Capital to Revenue		 -36.35% -32.70% -30.83% -33.14% -34.11% -27.38% -26.55% -29.90% -28.14% -21.28% -21.41%
Debt-free Net Working Capital to Revenue		 -21.14% -19.03% -13.65% 19.42% -15.42% -7.12% -14.14% -3.95% -18.55% -8.81% -10.24%
Net Working Capital to Revenue		 -21.14% -19.03% -13.65% 19.42% -15.42% -7.12% -14.14% -3.95% -18.55% -8.81% -10.24%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.20 $0.21 $0.30 $0.25 $0.20 $0.33 $0.30 $0.28 $0.27 $0.33 $0.35
Adjusted Weighted Average Basic Shares Outstanding		 362.43M 362.02M 366.51M 366.78M 366.98M 367.45M 370.37M 370.69M 371.25M 370.56M 364.28M
Adjusted Diluted Earnings per Share		 $0.20 $0.22 $0.30 $0.25 $0.20 $0.33 $0.30 $0.28 $0.27 $0.33 $0.35
Adjusted Weighted Average Diluted Shares Outstanding		 362.92M 362.48M 366.97M 367.31M 367.60M 367.99M 370.76M 371.06M 371.58M 370.91M 364.50M
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		 362.06M 366.13M 366.32M 366.50M 369.51M 370.13M 370.16M 370.91M 371.11M 363.78M 360.60M
Normalized Net Operating Profit after Tax (NOPAT)		 61 -5.66 40 70 67 -18 77 79 79 81 83
Normalized NOPAT Margin		 14.49% -1.39% 9.37% 16.43% 15.04% -4.05% 16.75% 17.35% 16.48% 17.83% 17.54%
Pre Tax Income Margin		 20.89% 21.01% 29.43% 25.63% 19.69% 28.65% 28.03% 27.02% 24.41% 31.70% 31.53%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.56 0.00 131.67 3.80 2.79 0.00 3.82 3.67 3.41 4.19 4.09
NOPAT to Interest Expense		 2.54 0.00 59.45 2.57 1.95 0.00 2.41 2.45 2.33 2.56 2.45
EBIT Less CapEx to Interest Expense		 4.11 0.00 254.32 5.98 3.99 0.00 6.09 5.68 5.50 7.50 7.53
NOPAT Less CapEx to Interest Expense		 3.09 0.00 182.10 4.74 3.15 0.00 4.68 4.46 4.42 5.87 5.89
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 80.98% 87.59% 93.88% 99.71% 104.10% 96.29% 100.11% 100.69% 98.46% 101.52% 99.60%
Augmented Payout Ratio		 80.98% 87.68% 93.98% 99.82% 104.21% 96.34% 100.16% 100.74% 98.50% 130.76% 149.32%

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.

05/26/26 10:48 AM ETAI Generated. May Contain Errors.

American Homes 4 Rent Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Homes 4 Rent's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

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 where experts think American Homes 4 Rent is headed by visiting American Homes 4 Rent's forecast page.

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

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%.

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.

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.

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%.


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Financial statements for NYSE:AMH last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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