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Invitation Home (INVH) Financials

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$30.32 -0.31 (-1.00%)
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Annual Income Statements for Invitation Home

Annual Income Statements for Invitation Home

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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
Net Income / (Loss) Attributable to Common Shareholders		 -160 -78 -105 -5.74 145 392 261 383 519 453
Consolidated Net Income / (Loss)		 -160 -78 -106 -5.01 147 197 263 385 521 455
Net Income / (Loss) Continuing Operations		 -162 -1,019 -140 -55 51 197 203 294 337 211
Total Pre-Tax Income 		-162 -1,019 -140 -55 44 113 204 304 355 239
Total Revenue		 562 -286 797 1,339 1,398 1,469 1,674 2,238 2,432 2,619
Net Interest Income / (Expense)		 -274 -286 -257 -384 -367 -354 -323 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 274 286 257 384 367 354 323 0.00 0.00 0.00
Total Non-Interest Income		 836 0.00 1,054 1,723 1,765 1,823 1,997 2,238 2,432 2,619
Other Service Charges		 36 - 1,054 1,723 - 1,823 4.89 11 14 70
Other Non-Interest Income		 800 - - - 1,765 0.00 1,992 2,227 2,419 2,549
Total Non-Interest Expense		 722 732 936 1,401 1,358 1,356 1,464 1,923 2,074 2,326
Net Occupancy & Equipment Expense		 387 391 435 721 732 739 778 874 976 1,073
Other Operating Expenses		 79 69 168 99 74 63 76 378 416 457
Depreciation Expense		 250 268 310 561 534 553 592 638 674 714
Impairment Charge		 4.58 4.21 24 21 19 0.70 8.68 29 8.60 83
Other Special Charges		 - - - - - - 9.42 3.94 -0.35 -1.05
Nonoperating Income / (Expense), net		 -3.12 -1.56 -0.96 6.96 5.12 - -5.84 -11 -2.44 -54
Other Gains / (Losses), net		 - - - - 6.48 84 -1.55 -9.61 -18 -28
Other Adjustments to Consolidated Net Income / (Loss)		 2.27 941 34 50 96 - 60 91 184 245
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 -0.49 0.73 2.04 1.69 1.68 2.13 2.25 2.20
Basic Earnings per Share		 - - - ($0.01) $0.27 $0.35 $0.45 $0.63 $0.85 $0.74
Weighted Average Basic Shares Outstanding		 - - 520.36M 520.38M 531.24M 553.99M 577.68M 609.77M 611.89M 612.55M
Diluted Earnings per Share		 - - - ($0.01) $0.27 $0.35 $0.45 $0.63 $0.85 $0.74
Weighted Average Diluted Shares Outstanding		 - - 520.36M 520.38M 532.50M 555.46M 579.21M 611.11M 613.29M 613.63M
Weighted Average Basic & Diluted Shares Outstanding		 - - 520.36M 520.38M 541.88M 567.22M 607.65M 611.41M 611.96M 612.69M
Cash Dividends to Common per Share		 - - $0.22 $0.44 $0.52 $0.60 $0.68 $0.88 $1.04 $1.12

Quarterly Income Statements for Invitation Home

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

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 79 7.88 120 138 132 129 142 73 95 143 166
Consolidated Net Income / (Loss)		 79 101 121 138 132 130 143 73 96 144 166
Net Income / (Loss) Continuing Operations		 55 34 91 138 74 34 92 73 48 -2.72 95
Total Pre-Tax Income 		56 77 95 97 82 81 97 88 70 -16 100
Total Revenue		 492 806 512 600 618 702 556 653 660 749 674
Net Interest Income / (Expense)		 -76 226 -78 0.00 0.00 78 -90 0.00 0.00 90 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 76 -226 78 0.00 0.00 -78 90 0.00 0.00 -90 0.00
Total Non-Interest Income		 569 580 590 600 618 624 646 653 660 659 674
Other Service Charges		 3.28 -525 3.38 3.45 3.40 3.42 14 16 19 21 21
Other Non-Interest Income		 565 1,105 587 597 614 621 632 637 641 638 653
Total Non-Interest Expense		 428 726 415 503 536 620 465 565 591 705 576
Net Occupancy & Equipment Expense		 226 232 232 237 253 254 262 267 277 268 274
Other Operating Expenses		 20 321 17 98 109 190 23 112 113 209 114
Depreciation Expense		 160 163 165 166 171 173 175 177 180 182 183
Impairment Charge		 20 5.82 1.16 1.87 2.50 3.07 4.14 10 21 48 4.68
Other Special Charges		 0.80 - -0.09 - - - 0.21 - - - 0.22
Nonoperating Income / (Expense), net		 -8.37 - -1.49 - - - 5.97 - - - 1.37
Other Gains / (Losses), net		 -0.85 -43 -4.16 41 -7.93 -47 -5.14 -15 -22 13 -5.22
Other Adjustments to Consolidated Net Income / (Loss)		 24 - 30 - 58 - 50 - 48 - 72
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.40 0.44 0.51 0.58 0.58 0.57 0.63 0.45 0.49 0.63 0.77
Basic Earnings per Share		 $0.13 $0.17 $0.20 $0.23 $0.22 $0.20 $0.23 $0.12 $0.16 $0.23 $0.27
Weighted Average Basic Shares Outstanding		 610.85M 609.77M 611.59M 611.95M 612.00M 611.89M 612.22M 612.63M 612.67M 612.55M 612.78M
Diluted Earnings per Share		 $0.13 $0.17 $0.20 $0.22 $0.21 $0.22 $0.23 $0.12 $0.15 $0.24 $0.27
Weighted Average Diluted Shares Outstanding		 612.65M 611.11M 612.56M 613.32M 613.58M 613.29M 613.81M 613.82M 613.65M 613.63M 613.36M
Weighted Average Basic & Diluted Shares Outstanding		 611.41M 611.41M 611.92M 611.96M 611.96M 611.96M 612.54M 612.59M 612.61M 612.69M 612.95M
Cash Dividends to Common per Share		 $0.22 - $0.26 $0.26 $0.26 - $0.28 $0.28 $0.28 - $0.29

Annual Cash Flow Statements for Invitation Home

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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
Net Change in Cash & Equivalents		 -11 -74 -3.65 -57 -74 126 407 -365 444 -478
Net Cash From Operating Activities		 197 256 263 561 662 697 908 1,024 1,107 1,082
Net Cash From Continuing Operating Activities		 197 256 263 561 658 697 908 1,029 1,107 1,082
Net Income / (Loss) Continuing Operations		 -160 -78 -106 -5.01 147 197 263 385 521 455
Consolidated Net Income / (Loss)		 -160 -78 -106 -5.01 147 197 263 385 521 455
Depreciation Expense		 250 268 310 561 534 553 592 638 674 714
Amortization Expense		 90 64 36 48 47 31 19 17 18 21
Non-Cash Adjustments to Reconcile Net Income		 32 2.48 52 4.91 -62 -38 8.62 0.16 -118 -130
Changes in Operating Assets and Liabilities, net		 -14 -0.34 -29 -47 -7.30 -46 25 -10 12 21
Net Cash From Investing Activities		 -860 -258 65 63 102 -425 -1,160 -814 -774 -466
Net Cash From Continuing Investing Activities		 -860 -258 65 63 102 -425 -1,160 -820 -774 -466
Purchase of Property, Leasehold Improvements and Equipment		 -163 -107 -101 -46 -222 -271 -240 -330 -251 -250
Acquisitions		 - - - 0.00 0.00 -16 -65 -168 -0.44 -44
Purchase of Investment Securities		 -909 -300 -326 -606 -581 -624 -1,148 -603 -1,030 -805
Sale and/or Maturity of Investments		 136 143 285 724 906 487 353 317 502 636
Other Investing Activities, net		 77 5.72 2.51 -9.27 -0.40 -0.91 -60 -35 6.37 -2.29
Net Cash From Financing Activities		 652 -72 -331 -681 -838 -146 659 -574 110 -1,094
Net Cash From Continuing Financing Activities		 652 -72 -331 -681 -838 1,289 659 -574 110 -1,094
Issuance of Debt		 3,417 185 3,496 4,519 888 2,820 2,338 1,453 940 2,994
Issuance of Common Equity		 0.00 0.00 1,692 0.00 55 687 934 98 0.00 0.00
Repayment of Debt		 -2,328 -392 -5,427 -4,957 -1,485 -1,862 -2,184 -1,555 -178 -3,380
Payment of Dividends		 -683 0.00 -69 -234 -277 -332 -394 -539 -638 -689
Other Financing Activities, Net		 245 136 -24 -9.25 -20 -24 -35 -32 -14 -19
Cash Interest Paid		 204 223 226 336 322 313 286 276 291 321
Cash Income Taxes Paid		 0.00 0.00 2.53 2.07 2.78 1.28 0.81 1.53 0.25 0.16

Quarterly Cash Flow Statements for Invitation Home

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

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 36 -62 74 91 360 -82 50 16 282 -826 -101
Net Cash From Operating Activities		 352 120 318 281 421 88 266 370 314 133 301
Net Cash From Continuing Operating Activities		 358 120 318 281 421 88 266 370 314 133 301
Net Income / (Loss) Continuing Operations		 79 101 121 138 132 130 143 73 96 144 166
Consolidated Net Income / (Loss)		 79 101 121 138 132 130 143 73 96 144 166
Depreciation Expense		 160 163 165 166 171 173 175 177 180 182 183
Amortization Expense		 4.31 4.31 4.31 4.36 4.66 4.86 4.86 4.86 5.69 5.95 5.76
Non-Cash Adjustments to Reconcile Net Income		 -4.09 17 -15 -35 -38 -30 -33 -19 -14 -64 -58
Changes in Operating Assets and Liabilities, net		 118 -166 43 7.54 152 -190 -24 134 46 -135 3.56
Net Cash From Investing Activities		 -175 -58 -70 -22 -678 -3.96 -25 -175 -292 27 -114
Net Cash From Continuing Investing Activities		 -181 -58 -70 -22 -678 -3.96 -25 -175 -292 27 -114
Purchase of Property, Leasehold Improvements and Equipment		 -93 -74 -55 -57 -69 -70 -53 -61 -77 -59 -58
Acquisitions		 -45 -1.14 -0.25 - -0.19 - -0.75 -38 -0.62 -4.64 -10
Purchase of Investment Securities		 -99 -71 -104 -66 -788 -73 -112 -159 -316 -219 -217
Sale and/or Maturity of Investments		 62 90 91 131 143 137 136 89 99 312 167
Other Investing Activities, net		 -6.51 -1.99 -1.08 -30 37 1.15 4.50 -6.52 1.50 -1.78 4.66
Net Cash From Financing Activities		 -140 -123 -174 -168 617 -166 -191 -179 261 -985 -287
Net Cash From Continuing Financing Activities		 -140 -123 -174 -168 617 -166 -191 -179 261 -985 -287
Issuance of Debt		 - 575 - - - - - - - - 100
Repayment of Debt		 -4.48 -563 -4.61 -6.16 -162 -5.32 -5.80 -4.73 -2,559 -811 -203
Payment of Dividends		 -135 -135 -160 -159 -159 -159 -173 -172 -172 -173 -178
Other Financing Activities, Net		 -1.13 -1.09 -8.69 -2.14 -1.29 -1.39 -12 -2.29 -2.79 -1.95 -6.07
Cash Interest Paid		 66 79 68 79 66 78 89 78 80 74 92
Cash Income Taxes Paid		 0.39 0.04 0.02 0.00 0.06 0.16 0.05 0.04 0.01 0.05 0.04

Annual Balance Sheets for Invitation Home

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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
Total Assets		 9,732 18,684 18,063 17,393 17,506 18,538 18,537 19,221 18,701
Cash and Due from Banks		 198 180 145 92 213 610 263 701 174
Restricted Cash		 222 237 215 194 198 209 191 197 245
Trading Account Securities		 - - - 55 69 130 281 247 242
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 9,003 17,312 16,686 16,243 16,289 16,935 17,030 17,289 17,212
Goodwill		 0.00 258 258 258 258 258 258 258 258
Other Assets		 310 697 759 550 478 395 514 529 569
Total Liabilities & Shareholders' Equity		 9,732 18,684 18,063 17,393 17,506 18,538 18,537 19,221 18,701
Total Liabilities		 7,775 10,034 9,694 9,127 8,950 8,699 8,213 9,031 8,908
Non-Interest Bearing Deposits		 87 147 149 148 158 165 176 180 181
Short-Term Debt		 0.00 35 0.00 0.00 0.00 0.00 0.00 0.00 570
Other Short-Term Payables		 88 193 170 186 - 194 198 201 248
Long-Term Debt		 7,570 9,617 9,250 8,467 8,032 7,999 7,769 8,546 7,632
Other Long-Term Liabilities		 30 42 126 325 761 342 70 103 278
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,957 8,650 8,369 8,266 8,556 9,839 10,324 10,190 9,793
Total Preferred & Common Equity		 1,957 8,498 8,229 8,214 8,505 9,798 10,291 10,156 9,757
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,957 8,498 8,229 8,214 8,505 9,798 10,291 10,156 9,757
Common Stock		 1,957 8,608 8,635 9,016 9,713 10,880 11,145 11,163 11,177
Retained Earnings		 - -158 -393 -525 -661 -795 -951 -1,071 -1,481
Accumulated Other Comprehensive Income / (Loss)		 - 48 -13 -277 -547 -287 98 64 61
Noncontrolling Interest		 - 152 140 52 51 41 32 34 36

Quarterly Balance Sheets for Invitation Home

This table presents Invitation Home'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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Total Assets		 18,678 18,537 18,503 18,542 19,466 19,221 19,210 19,239 19,633 18,701 18,578
Cash and Due from Banks		 300 263 325 414 763 701 738 749 1,027 174 84
Restricted Cash		 216 191 203 205 217 197 209 214 218 245 234
Trading Account Securities		 287 281 273 267 258 247 238 269 245 242 242
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 17,109 17,030 16,914 16,790 17,400 17,289 17,187 17,165 17,285 17,212 17,203
Goodwill		 258 258 258 258 258 258 258 258 258 258 258
Other Assets		 508 514 530 607 570 529 579 584 600 569 556
Total Liabilities & Shareholders' Equity		 18,678 18,537 18,503 18,542 19,466 19,221 19,210 19,239 19,633 18,701 18,578
Total Liabilities		 8,332 8,213 8,251 8,260 9,197 9,031 9,040 9,173 9,681 8,908 8,823
Non-Interest Bearing Deposits		 173 176 177 177 180 180 180 180 180 181 184
Short-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 750 570 470
Other Short-Term Payables		 326 198 226 241 368 201 241 354 399 248 251
Long-Term Debt		 7,753 7,769 7,768 7,766 8,547 8,546 8,544 8,544 8,259 7,632 7,633
Other Long-Term Liabilities		 80 70 80 76 101 103 75 95 93 278 285
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		 10,346 10,324 10,253 10,283 10,270 10,190 10,170 10,067 9,952 9,793 9,755
Total Preferred & Common Equity		 10,315 10,291 10,219 10,250 10,236 10,156 10,135 10,031 9,916 9,757 9,718
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 10,315 10,291 10,219 10,250 10,236 10,156 10,135 10,031 9,916 9,757 9,718
Common Stock		 11,139 11,145 11,143 11,148 11,156 11,163 11,160 11,166 11,170 11,177 11,181
Retained Earnings		 -916 -951 -989 -1,011 -1,040 -1,071 -1,100 -1,198 -1,276 -1,481 -1,494
Accumulated Other Comprehensive Income / (Loss)		 92 98 66 113 120 64 75 64 21 61 31
Noncontrolling Interest		 31 32 33 33 34 34 35 35 36 36 37

Annual Metrics And Ratios for Invitation Home

This table displays calculated financial ratios and metrics derived from Invitation Home's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% -150.87% 378.79% 67.95% 4.34% 5.11% 13.96% 33.70% 8.68% 7.67%
EBITDA Growth		 0.00% -479.40% 130.13% 164.48% 13.37% 12.52% 17.88% 18.02% 8.31% -2.03%
EBIT Growth		 0.00% -538.72% 86.37% 55.57% 163.54% 189.01% 85.61% 49.88% 13.60% -18.03%
NOPAT Growth		 0.00% -538.72% 86.37% 55.57% 190.77% 189.01% 85.61% 49.88% 13.60% -18.03%
Net Income Growth		 0.00% 51.16% -35.26% 95.26% 3,034.59% 34.22% 33.09% 46.44% 35.40% -12.60%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 2,800.00% 29.63% 28.57% 40.00% 34.92% -12.94%
Operating Cash Flow Growth		 0.00% 29.66% 2.70% 113.42% 17.98% 5.22% 30.28% 12.77% 8.16% -2.28%
Free Cash Flow Firm Growth		 0.00% 0.00% 13.37% 107.21% 44.61% -71.97% -501.13% 105.74% -578.85% 461.90%
Invested Capital Growth		 0.00% 0.00% 92.09% -3.73% -5.03% -0.87% 7.54% 1.43% 3.56% -3.96%
Revenue Q/Q Growth		 0.00% 0.00% 2,073.15% 24.45% 1.43% 0.88% 4.52% 19.45% 9.01% 16.98%
EBITDA Q/Q Growth		 0.00% 0.00% 137.92% 92.01% 2.24% 3.98% 3.96% 3.70% 1.22% -2.67%
EBIT Q/Q Growth		 0.00% 0.00% 83.83% 78.94% 114.58% 12.71% 19.76% 4.92% 0.65% -11.48%
NOPAT Q/Q Growth		 0.00% 0.00% 86.69% 78.94% 48.51% 17.89% 20.79% 8.92% 1.90% -12.80%
Net Income Q/Q Growth		 0.00% 0.00% -23.02% 93.50% 22.32% 10.39% 1.44% 7.24% 5.91% 3.09%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 22.73% 6.06% 0.00% 8.62% 6.25% 2.78%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -5.67% 11.00% 3.62% -0.03% 6.36% -0.55% -2.82% 4.37%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 107.12% -23.81% -2.93% -107.54% 112.60% 21.92% 437.46%
Invested Capital Q/Q Growth		 0.00% 0.00% 97.93% -2.22% -0.59% -0.44% 2.89% -0.04% -0.43% -5.09%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 32.14% 0.00% 25.91% 40.80% 44.33% 47.45% 49.08% 43.33% 43.18% 39.29%
EBIT Margin		 -28.34% 0.00% -17.40% -4.60% 2.80% 7.71% 12.55% 14.07% 14.71% 11.20%
Profit (Net Income) Margin		 -28.49% 0.00% -13.27% -0.37% 10.53% 13.44% 15.70% 17.19% 21.42% 17.39%
Tax Burden Percent		 98.60% 7.67% 75.74% 9.17% 332.12% 174.40% 128.61% 126.70% 146.62% 190.32%
Interest Burden Percent		 101.96% 100.15% 100.69% 88.71% 113.07% 100.00% 97.22% 96.42% 99.32% 81.58%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% -0.70% -0.24% 0.23% 0.68% 1.22% 1.75% 1.94% 1.60%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% -0.80% 0.16% 1.45% 1.70% 1.88% 2.64% 3.94% 3.53%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% -1.30% 0.18% 1.54% 1.67% 1.64% 2.06% 3.14% 2.96%
Return on Equity (ROE)		 0.00% -4.00% -2.00% -0.06% 1.77% 2.35% 2.86% 3.82% 5.08% 4.56%
Cash Return on Invested Capital (CROIC)		 0.00% -214.96% -63.75% 3.56% 5.38% 1.56% -6.04% 0.33% -1.55% 5.64%
Operating Return on Assets (OROA)		 0.00% 0.00% -0.98% -0.34% 0.22% 0.65% 1.17% 1.70% 1.90% 1.55%
Return on Assets (ROA)		 0.00% 0.00% -0.74% -0.03% 0.83% 1.13% 1.46% 2.08% 2.76% 2.40%
Return on Common Equity (ROCE)		 0.00% -4.00% -1.97% -0.06% 1.75% 2.33% 2.84% 3.80% 5.06% 4.54%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -4.00% -1.25% -0.06% 1.79% 2.32% 2.68% 3.74% 5.13% 4.67%
Net Operating Profit after Tax (NOPAT)		 -112 -713 -97 -43 39 113 210 315 358 293
NOPAT Margin		 -19.84% 0.00% -12.18% -3.22% 2.80% 7.71% 12.55% 14.07% 14.71% 11.20%
Net Nonoperating Expense Percent (NNEP)		 0.00% -16.76% 0.10% -0.40% -1.22% -1.02% -0.66% -0.89% -2.00% -1.94%
SG&A Expenses to Revenue		 68.90% 0.00% 54.53% 53.82% 52.35% 50.32% 46.46% 39.06% 40.13% 40.96%
Operating Expenses to Revenue		 128.34% 0.00% 117.40% 104.60% 97.20% 92.29% 87.45% 85.93% 85.29% 88.80%
Earnings before Interest and Taxes (EBIT)		 -159 -1,018 -139 -62 39 113 210 315 358 293
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 181 -686 207 546 619 697 822 970 1,050 1,029
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.74 1.10 1.74 1.77 2.55 1.64 1.99 2.01
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.76 1.14 1.80 1.83 2.62 1.68 2.04 2.06
Price to Revenue (P/Rev)		 0.00 0.00 7.85 6.79 10.25 10.27 14.93 7.53 8.30 7.48
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 98.70 38.53 95.70 44.05 38.93 43.22
Dividend Yield		 0.00% 0.00% 1.09% 2.52% 1.96% 2.23% 1.62% 3.19% 4.00% 3.53%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 1.01% 2.60% 1.05% 2.27% 2.57% 2.31%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.85 1.03 1.35 1.37 1.81 1.34 1.49 1.52
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 19.62 13.53 16.14 15.49 19.24 10.81 11.46 10.46
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 75.72 33.16 36.40 32.65 39.20 24.96 26.54 26.63
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 575.64 200.99 153.26 76.84 77.92 93.43
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 575.64 200.99 153.26 76.84 77.92 93.43
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 59.49 32.29 34.06 32.66 35.48 23.64 25.18 25.33
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 28.34 24.39 87.79 0.00 405.25 0.00 26.48
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 3.87 1.12 1.11 1.02 0.94 0.81 0.75 0.84 0.84
Long-Term Debt to Equity		 0.00 3.87 1.11 1.11 1.02 0.94 0.81 0.75 0.84 0.78
Financial Leverage		 0.00 3.87 1.62 1.11 1.07 0.98 0.87 0.78 0.80 0.84
Leverage Ratio		 0.00 4.97 2.68 2.16 2.13 2.07 1.96 1.84 1.84 1.90
Compound Leverage Factor		 0.00 4.98 2.70 1.92 2.41 2.07 1.91 1.77 1.83 1.55
Debt to Total Capital		 0.00% 79.46% 52.74% 52.50% 50.60% 48.42% 44.84% 42.94% 45.61% 45.58%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.17%
Long-Term Debt to Total Capital		 0.00% 79.46% 52.55% 52.50% 50.60% 48.42% 44.84% 42.94% 45.61% 42.41%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.83% 0.80% 0.31% 0.31% 0.23% 0.18% 0.18% 0.20%
Common Equity to Total Capital		 0.00% 20.54% 46.43% 46.71% 49.09% 51.27% 54.93% 56.88% 54.20% 54.22%
Debt to EBITDA		 0.00 -11.04 46.71 16.93 13.67 11.52 9.73 8.01 8.14 7.97
Net Debt to EBITDA		 0.00 -10.43 44.70 16.27 13.21 10.93 8.74 7.54 7.28 7.56
Long-Term Debt to EBITDA		 0.00 -11.04 46.54 16.93 13.67 11.52 9.73 8.01 8.14 7.42
Debt to NOPAT		 0.00 -10.62 -99.36 -214.33 216.15 70.94 38.06 24.67 23.89 27.97
Net Debt to NOPAT		 0.00 -10.04 -95.08 -205.99 208.84 67.30 34.17 23.23 21.38 26.54
Long-Term Debt to NOPAT		 0.00 -10.62 -99.00 -214.33 216.15 70.94 38.06 24.67 23.89 26.02
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 1.43% 1.71% 1.15% 0.61% 0.50% 0.36% 0.33% 0.35%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -10,240 -8,871 639 925 259 -1,040 60 -286 1,035
Operating Cash Flow to CapEx		 121.10% 240.21% 260.16% 1,227.21% 298.69% 257.04% 377.81% 309.76% 440.53% 432.72%
Free Cash Flow to Firm to Interest Expense		 0.00 -35.80 -34.52 1.67 2.52 0.73 -3.22 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.72 0.90 1.02 1.46 1.80 1.97 2.81 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.13 0.52 0.63 1.34 1.20 1.20 2.07 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.06 0.07 0.08 0.08 0.09 0.12 0.13 0.14
Fixed Asset Turnover		 0.00 0.00 0.06 0.08 0.08 0.09 0.10 0.13 0.14 0.15
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 9,528 18,302 17,619 16,734 16,588 17,837 18,093 18,736 17,995
Invested Capital Turnover		 0.00 0.00 0.06 0.07 0.08 0.09 0.10 0.12 0.13 0.14
Increase / (Decrease) in Invested Capital		 0.00 9,528 8,774 -683 -885 -146 1,250 255 644 -742
Enterprise Value (EV)		 0.00 0.00 15,644 18,122 22,551 22,756 32,207 24,202 27,879 27,403
Market Capitalization		 0.00 0.00 6,258 9,092 14,318 15,085 24,986 16,855 20,195 19,585
Book Value per Share		 $0.00 $0.00 $27.29 $15.81 $15.26 $15.17 $16.42 $16.83 $16.60 $15.93
Tangible Book Value per Share		 $0.00 $0.00 $26.46 $15.31 $14.78 $14.71 $15.99 $16.41 $16.17 $15.51
Total Capital		 0.00 9,528 18,302 17,619 16,734 16,588 17,837 18,093 18,736 17,995
Total Debt		 0.00 7,570 9,652 9,250 8,467 8,032 7,999 7,769 8,546 8,202
Total Long-Term Debt		 0.00 7,570 9,617 9,250 8,467 8,032 7,999 7,769 8,546 7,632
Net Debt		 0.00 7,150 9,235 8,890 8,181 7,620 7,180 7,315 7,649 7,783
Capital Expenditures (CapEx)		 163 107 101 46 222 271 240 330 251 250
Net Nonoperating Expense (NNE)		 49 -634 8.69 -38 -108 -84 -53 -70 -163 -162
Net Nonoperating Obligations (NNO)		 0.00 7,570 9,652 9,250 8,467 8,032 7,999 7,769 8,546 8,202
Total Depreciation and Amortization (D&A)		 340 332 345 608 580 584 612 655 692 736
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($0.01) $0.27 $0.35 $0.45 $0.63 $0.85 $0.74
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 520.36M 521.19M 531.24M 553.99M 577.68M 609.77M 611.89M 612.55M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.01) $0.27 $0.35 $0.45 $0.63 $0.85 $0.74
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 520.36M 521.19M 532.50M 555.46M 579.21M 611.11M 613.29M 613.63M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.01) $0.27 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 520.36M 520.38M 541.88M 567.22M 607.65M 611.41M 611.96M 612.69M
Normalized Net Operating Profit after Tax (NOPAT)		 -108 -710 -80 -29 41 80 160 243 256 263
Normalized NOPAT Margin		 -19.27% 0.00% -10.07% -2.13% 2.90% 5.43% 9.54% 10.87% 10.53% 10.03%
Pre Tax Income Margin		 -28.89% 0.00% -17.52% -4.08% 3.17% 7.71% 12.21% 13.57% 14.61% 9.14%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 -0.58 -3.56 -0.54 -0.16 0.11 0.32 0.65 0.00 0.00 0.00
NOPAT to Interest Expense		 -0.41 -2.49 -0.38 -0.11 0.11 0.32 0.65 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -1.18 -3.93 -0.93 -0.28 -0.50 -0.45 -0.09 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -1.00 -2.86 -0.77 -0.23 -0.50 -0.45 -0.09 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 -426.07% 0.00% -65.20% -4,669.70% 188.08% 168.22% 149.87% 140.08% 122.48% 151.36%
Augmented Payout Ratio		 -426.07% 0.00% -65.20% -4,669.70% 188.08% 168.22% 149.87% 140.08% 122.48% 151.36%

Quarterly Metrics And Ratios for Invitation Home

This table displays calculated financial ratios and metrics derived from Invitation Home's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 14.43% 82.61% 11.78% 24.44% 25.49% -12.81% 8.67% 8.84% 6.90% 6.64% 4.40%
EBITDA Growth		 5.84% 16.27% 10.86% 5.43% 12.24% 5.13% 2.29% 0.96% -0.69% -10.83% 5.80%
EBIT Growth		 12.02% 22.68% 21.10% 6.88% 27.00% 2.87% -5.29% -9.06% -15.33% -46.29% 7.67%
NOPAT Growth		 12.02% 18.24% 21.10% 6.88% 27.00% 5.51% -5.29% -9.06% -15.33% -113.70% 7.67%
Net Income Growth		 14.29% 34.71% 29.66% 24.01% 66.46% 28.83% 18.41% -46.90% -27.71% 10.49% 16.46%
EPS Growth		 8.33% 41.67% 33.33% 22.22% 61.54% 29.41% 15.00% -45.45% -28.57% 9.09% 17.39%
Operating Cash Flow Growth		 12.71% -4.55% 35.21% -11.38% 19.58% -26.83% -16.43% 31.62% -25.47% 51.70% 13.15%
Free Cash Flow Firm Growth		 -13.14% 84.95% 111.65% 106.45% 9.03% -215.53% -484.36% -660.42% 88.32% 229.86% 258.42%
Invested Capital Growth		 4.40% 1.43% -0.33% 0.07% 3.96% 3.56% 3.85% 3.12% 0.76% -3.96% -4.57%
Revenue Q/Q Growth		 2.02% 63.65% 2.08% 17.30% 2.89% 13.71% 22.07% 17.49% 1.05% 13.43% -9.95%
EBITDA Q/Q Growth		 -9.43% 7.86% 7.31% 0.57% -3.57% 1.02% 4.21% -0.73% -5.15% -9.30% 23.88%
EBIT Q/Q Growth		 -28.67% 23.40% 20.95% 0.39% -15.24% -0.04% 10.68% -3.61% -21.08% -36.60% 123.23%
NOPAT Q/Q Growth		 -28.67% 18.93% 25.49% 0.39% -15.24% -1.19% 8.59% -3.61% -21.08% -115.99% 985.05%
Net Income Q/Q Growth		 -28.77% 26.98% 19.55% 14.68% -4.38% -1.72% 9.89% -48.57% 30.16% 50.21% 15.82%
EPS Q/Q Growth		 -27.78% 30.77% 17.65% 10.00% -4.55% 4.76% 4.55% -47.83% 25.00% 60.00% 12.50%
Operating Cash Flow Q/Q Growth		 11.00% -66.00% 165.62% -11.59% 49.78% -79.20% 203.37% 39.24% -15.19% -57.65% 126.28%
Free Cash Flow Firm Q/Q Growth		 46.74% 74.47% 187.91% -46.03% -850.96% 11.44% -7.67% 21.31% 84.35% 1,084.50% 30.65%
Invested Capital Q/Q Growth		 0.35% -0.04% -0.40% 0.15% 4.26% -0.43% -0.12% -0.56% 1.88% -5.09% -0.76%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 46.61% 30.72% 51.88% 44.48% 41.69% 37.04% 48.84% 41.26% 38.73% 30.97% 42.61%
EBIT Margin		 13.14% 9.91% 18.87% 16.15% 13.30% 11.69% 16.44% 13.49% 10.54% 5.89% 14.60%
Profit (Net Income) Margin		 16.14% 12.52% 23.56% 23.03% 21.41% 18.50% 25.67% 11.24% 14.47% 19.17% 24.65%
Tax Burden Percent		 141.02% 131.08% 126.84% 142.65% 160.92% 160.05% 146.56% 83.30% 137.38% -903.30% 166.56%
Interest Burden Percent		 87.06% 96.38% 98.45% 100.00% 100.00% 98.85% 106.53% 100.00% 100.00% -36.03% 101.39%
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)		 1.39% 1.19% 2.08% 1.88% 1.61% 1.53% 1.92% 1.62% 1.25% -0.21% 2.11%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.58% 1.49% 2.39% 2.42% 2.22% 2.12% 2.55% 1.44% 1.55% 1.64% 2.93%
Return on Net Nonoperating Assets (RNNOA)		 1.24% 1.17% 1.82% 1.82% 1.76% 1.69% 2.04% 1.15% 1.34% 1.37% 2.45%
Return on Equity (ROE)		 2.63% 2.36% 3.90% 3.71% 3.37% 3.22% 3.95% 2.77% 2.59% 1.16% 4.56%
Cash Return on Invested Capital (CROIC)		 -2.67% 0.33% 2.10% 1.73% -1.98% -1.55% -1.86% -1.16% 1.02% 5.64% 6.32%
Operating Return on Assets (OROA)		 1.33% 1.20% 2.02% 1.84% 1.56% 1.51% 1.87% 1.57% 1.21% 0.81% 2.05%
Return on Assets (ROA)		 1.64% 1.51% 2.53% 2.62% 2.50% 2.38% 2.92% 1.31% 1.66% 2.65% 3.45%
Return on Common Equity (ROCE)		 2.62% 2.35% 3.88% 3.70% 3.35% 3.21% 3.94% 2.76% 2.58% 1.15% 4.54%
Return on Equity Simple (ROE_SIMPLE)		 3.48% 0.00% 4.04% 4.28% 4.81% 0.00% 5.36% 4.77% 4.45% 0.00% 4.93%
Net Operating Profit after Tax (NOPAT)		 65 77 97 97 82 81 91 88 70 -11 98
NOPAT Margin		 13.14% 9.55% 18.87% 16.15% 13.30% 11.56% 16.44% 13.49% 10.54% -1.49% 14.60%
Net Nonoperating Expense Percent (NNEP)		 -0.19% -0.30% -0.31% -0.53% -0.61% -0.60% -0.63% 0.18% -0.30% -1.85% -0.81%
SG&A Expenses to Revenue		 45.95% 28.85% 45.34% 39.54% 40.94% 36.13% 47.04% 40.83% 41.89% 35.74% 40.65%
Operating Expenses to Revenue		 86.86% 90.09% 81.13% 83.85% 86.70% 88.31% 83.56% 86.51% 89.46% 94.11% 85.40%
Earnings before Interest and Taxes (EBIT)		 65 80 97 97 82 82 91 88 70 44 98
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 229 247 266 267 258 260 272 270 256 232 287
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.88 1.64 1.78 1.97 1.82 1.99 2.13 2.19 2.18 2.01 2.20
Price to Tangible Book Value (P/TBV)		 1.92 1.68 1.83 2.02 1.87 2.04 2.19 2.25 2.24 2.06 2.26
Price to Revenue (P/Rev)		 10.33 7.53 9.16 9.60 8.35 8.30 10.09 10.01 9.65 7.48 8.07
Price to Earnings (P/E)		 43.09 44.05 57.26 58.67 46.88 38.93 39.97 46.17 49.14 43.22 44.81
Dividend Yield		 2.62% 3.19% 3.09% 2.90% 3.29% 4.00% 3.79% 3.79% 3.91% 3.53% 3.27%
Earnings Yield		 2.32% 2.27% 1.75% 1.70% 2.13% 2.57% 2.50% 2.17% 2.04% 2.31% 2.23%
Enterprise Value to Invested Capital (EV/IC)		 1.47 1.34 1.41 1.52 1.39 1.49 1.56 1.59 1.55 1.52 1.63
Enterprise Value to Revenue (EV/Rev)		 14.21 10.81 12.82 13.01 11.75 11.46 13.65 13.48 13.13 10.46 11.02
Enterprise Value to EBITDA (EV/EBITDA)		 28.47 24.96 25.59 27.14 25.27 26.54 27.69 27.95 27.81 26.63 27.92
Enterprise Value to EBIT (EV/EBIT)		 88.69 76.84 76.79 81.06 73.77 77.92 82.94 86.07 88.74 93.43 97.15
Enterprise Value to NOPAT (EV/NOPAT)		 92.07 76.84 79.86 84.24 74.69 77.92 82.94 84.83 87.41 93.43 97.15
Enterprise Value to Operating Cash Flow (EV/OCF)		 25.87 23.64 23.03 25.60 23.02 25.18 27.73 25.88 28.36 25.33 26.12
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 405.25 67.18 87.56 0.00 0.00 0.00 0.00 152.67 26.48 25.23
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.75 0.75 0.76 0.76 0.83 0.84 0.84 0.85 0.91 0.84 0.83
Long-Term Debt to Equity		 0.75 0.75 0.76 0.76 0.83 0.84 0.84 0.85 0.83 0.78 0.78
Financial Leverage		 0.78 0.78 0.76 0.75 0.79 0.80 0.80 0.80 0.87 0.84 0.84
Leverage Ratio		 1.86 1.84 1.81 1.80 1.85 1.84 1.85 1.86 1.93 1.90 1.90
Compound Leverage Factor		 1.62 1.77 1.78 1.80 1.85 1.82 1.97 1.86 1.93 -0.68 1.92
Debt to Total Capital		 42.84% 42.94% 43.11% 43.03% 45.42% 45.61% 45.66% 45.91% 47.51% 45.58% 45.38%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.96% 3.17% 2.63%
Long-Term Debt to Total Capital		 42.84% 42.94% 43.11% 43.03% 45.42% 45.61% 45.66% 45.91% 43.56% 42.41% 42.74%
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		 0.17% 0.18% 0.18% 0.18% 0.18% 0.18% 0.19% 0.19% 0.19% 0.20% 0.20%
Common Equity to Total Capital		 56.99% 56.88% 56.71% 56.79% 54.40% 54.20% 54.15% 53.90% 52.30% 54.22% 54.42%
Debt to EBITDA		 8.29 8.01 7.80 7.69 8.24 8.14 8.09 8.07 8.52 7.97 7.76
Net Debt to EBITDA		 7.74 7.54 7.27 7.08 7.29 7.28 7.19 7.16 7.34 7.56 7.45
Long-Term Debt to EBITDA		 8.29 8.01 7.80 7.69 8.24 8.14 8.09 8.07 7.81 7.42 7.31
Debt to NOPAT		 26.81 24.67 24.35 23.87 24.34 23.89 24.23 24.49 26.78 27.97 26.98
Net Debt to NOPAT		 25.03 23.23 22.69 21.97 21.55 21.38 21.54 21.72 23.08 26.54 25.92
Long-Term Debt to NOPAT		 26.81 24.67 24.35 23.87 24.34 23.89 24.23 24.49 24.55 26.02 25.42
Noncontrolling Interest Sharing Ratio		 0.36% 0.36% 0.37% 0.37% 0.32% 0.33% 0.34% 0.33% 0.34% 0.35% 0.36%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -698 -178 157 85 -635 -563 -602 -474 -74 731 954
Operating Cash Flow to CapEx		 379.04% 162.70% 574.35% 493.13% 609.21% 125.19% 501.53% 610.04% 407.64% 223.24% 517.05%
Free Cash Flow to Firm to Interest Expense		 -9.13 0.00 2.01 0.00 0.00 0.00 -6.71 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 4.60 0.00 4.07 0.00 0.00 0.00 2.96 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 3.39 0.00 3.36 0.00 0.00 0.00 2.37 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.10 0.12 0.11 0.11 0.12 0.13 0.11 0.12 0.11 0.14 0.14
Fixed Asset Turnover		 0.11 0.13 0.12 0.12 0.13 0.14 0.13 0.13 0.13 0.15 0.15
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,099 18,093 18,021 18,048 18,817 18,736 18,714 18,610 18,961 17,995 17,858
Invested Capital Turnover		 0.11 0.12 0.11 0.12 0.12 0.13 0.12 0.12 0.12 0.14 0.14
Increase / (Decrease) in Invested Capital		 763 255 -60 12 717 644 694 562 144 -742 -856
Enterprise Value (EV)		 26,626 24,202 25,478 27,401 26,224 27,879 29,250 29,600 29,399 27,403 29,174
Market Capitalization		 19,357 16,855 18,205 20,223 18,623 20,195 21,618 21,984 21,600 19,585 21,352
Book Value per Share		 $16.90 $16.83 $16.71 $16.75 $16.73 $16.60 $16.55 $16.38 $16.19 $15.93 $15.86
Tangible Book Value per Share		 $16.48 $16.41 $16.29 $16.33 $16.30 $16.17 $16.13 $15.96 $15.77 $15.51 $15.44
Total Capital		 18,099 18,093 18,021 18,048 18,817 18,736 18,714 18,610 18,961 17,995 17,858
Total Debt		 7,753 7,769 7,768 7,766 8,547 8,546 8,544 8,544 9,009 8,202 8,103
Total Long-Term Debt		 7,753 7,769 7,768 7,766 8,547 8,546 8,544 8,544 8,259 7,632 7,633
Net Debt		 7,237 7,315 7,240 7,146 7,567 7,649 7,597 7,581 7,763 7,783 7,785
Capital Expenditures (CapEx)		 93 74 55 57 69 70 53 61 77 59 58
Net Nonoperating Expense (NNE)		 -15 -24 -24 -41 -50 -49 -51 15 -26 -155 -68
Net Nonoperating Obligations (NNO)		 7,753 7,769 7,768 7,766 8,547 8,546 8,544 8,544 9,009 8,202 8,103
Total Depreciation and Amortization (D&A)		 165 168 169 170 175 178 180 181 186 188 189
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.13 $0.17 $0.20 $0.23 $0.22 $0.20 $0.23 $0.12 $0.16 $0.23 $0.27
Adjusted Weighted Average Basic Shares Outstanding		 610.85M 609.77M 611.59M 611.95M 612.00M 611.89M 612.22M 612.63M 612.67M 612.55M 612.78M
Adjusted Diluted Earnings per Share		 $0.13 $0.17 $0.20 $0.22 $0.21 $0.22 $0.23 $0.12 $0.15 $0.24 $0.27
Adjusted Weighted Average Diluted Shares Outstanding		 612.65M 611.11M 612.56M 613.32M 613.58M 613.29M 613.81M 613.82M 613.65M 613.63M 613.36M
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		 611.41M 611.41M 611.92M 611.96M 611.96M 611.96M 612.54M 612.59M 612.61M 612.69M 612.95M
Normalized Net Operating Profit after Tax (NOPAT)		 60 58 68 69 59 59 67 69 63 22 72
Normalized NOPAT Margin		 12.16% 7.19% 13.35% 11.52% 9.59% 8.40% 12.06% 10.55% 9.59% 2.96% 10.73%
Pre Tax Income Margin		 11.44% 9.55% 18.57% 16.15% 13.30% 11.56% 17.52% 13.49% 10.54% -2.12% 14.80%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.85 0.00 1.24 0.00 0.00 0.00 1.02 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.85 0.00 1.24 0.00 0.00 0.00 1.02 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -0.37 0.00 0.53 0.00 0.00 0.00 0.43 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -0.37 0.00 0.53 0.00 0.00 0.00 0.43 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 141.04% 140.08% 136.89% 134.07% 124.71% 122.48% 119.85% 138.70% 153.02% 151.36% 144.98%
Augmented Payout Ratio		 141.04% 140.08% 136.89% 134.07% 124.71% 122.48% 119.85% 138.70% 153.02% 151.36% 144.98%

Key Financial Trends

Invitation Homes (NYSE: INVH) has demonstrated consistent financial performance over the last several years. Key highlights and trends from the recent quarterly and annual financials include:

  • The company reported a record consolidated net income of $166.3 million in Q1 2025, an increase from $143.6 million in Q4 2024 and a significant improvement over prior quarters.
  • Total revenue in Q1 2025 was $674.5 million, showing steady growth compared to previous quarters, driven mainly by strong non-interest income components.
  • Net cash from operating activities has generally remained positive and robust, with $300.5 million in Q1 2025, indicating strong cash flow generation capability.
  • The company maintained a stable common equity base of approximately $9.7 to $10 billion over recent quarters, reflecting solid capitalization levels.
  • Net income attributable to common shareholders has trended upward from $95 million in Q3 2024 to $165.5 million in Q1 2025, indicating improving profitability per share.
  • Earnings per share (diluted) increased moderately from $0.15 in Q3 2024 to $0.27 in Q1 2025, alongside stable weighted average diluted shares outstanding around 613 million.
  • Dividends per share have gradually increased from $0.22 in 2022 to $0.29 in Q1 2025, signaling steady shareholder returns.
  • Total non-interest expense increased from $590.7 million in Q3 2024 to $576.0 million in Q1 2025, with notable charges such as impairment expenses continuing to impact costs.
  • Long-term debt remains significant, around $7.6 to $8.5 billion range over the past 12 months, contributing to considerable interest expense and cash interest paid ($91.6 million in Q1 2025).
  • Capital expenditures on property and equipment remain substantial (e.g., $58.1 million in Q1 2025), which could pressure free cash flow if growth capital needs continue.

Summary: Invitation Homes has shown steady revenue growth and improved profitability, supported by strong cash flow from operations and a stable equity base. Rising non-interest expenses and continued high leverage present key challenges, though management has sustained progressive dividend payments. Overall, the financials indicate a well-capitalized home rental REIT with improving earnings trends but some pressure on expenses and debt servicing costs.

09/12/25 11:18 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Invitation Home's Financials

When does Invitation Home's financial year end?

According to the most recent income statement we have on file, Invitation Home's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Invitation Home's net income changed over the last 9 years?

Invitation Home's net income appears to be on an upward trend, with a most recent value of $455.37 million in 2024, falling from -$160.21 million in 2015. The previous period was $521.03 million in 2023. See where experts think Invitation Home is headed by visiting Invitation Home's forecast page.

How has Invitation Home's revenue changed over the last 9 years?

Over the last 9 years, Invitation Home's total revenue changed from $562.31 million in 2015 to $2.62 billion in 2024, a change of 365.7%.

How much debt does Invitation Home have?

Invitation Home's total liabilities were at $8.91 billion at the end of 2024, a 1.4% decrease from 2023, and a 14.6% increase since 2016.

How much cash does Invitation Home have?

In the past 8 years, Invitation Home's cash and equivalents has ranged from $92.26 million in 2019 to $700.62 million in 2023, and is currently $174.49 million as of their latest financial filing in 2024.

How has Invitation Home's book value per share changed over the last 9 years?

Over the last 9 years, Invitation Home's book value per share changed from 0.00 in 2015 to 15.93 in 2024, a change of 1,592.7%.


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This page (NYSE:INVH) was last updated on 9/12/2025 by MarketBeat.com Staff
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