American Homes 4 Rent (AMH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+201.0%

$96.16

vs $31.95 price

Levered DCF

$54.29

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

1.52

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.2×	34.65×	35.6×	41.86×	103.83×	107.14×	90.38×	249.37×
P/B	1.69×	1.92×	1.87×	1.62×	2.33×	1.59×	1.47×	1.11×
P/S	6.37×	7.95×	8.02×	7.06×	10.84×	7.85×	6.93×	5.43×
EV / EBITDA	14.06×	21.17×	21.55×	20.42×	27.91×	20.74×	18.85×	15.82×
Gross margin	3.4%	55.6%	54.4%	53.8%	53.8%	53.1%	53.7%	54.1%
Operating margin	24.2%	50.6%	49.7%	49.1%	49.4%	49.0%	49.9%	50.7%
Net margin	24.3%	23.9%	23.4%	18.3%	14.5%	12.0%	12.5%	10.1%
Current ratio	62.9×	1×	0.52×	0.54×	0.42×	1.31×	1.03×	0.45×
Debt / equity	0.73×	0.7×	0.64×	0.7×	0.64×	0.49×	0.53×	0.53×
Interest coverage	2.44×	5.29×	5.75×	5.42×	5.61×	4.91×	4.44×	4.42×
Dividend yield	3.9%	2.9%	2.6%	2.6%	1.3%	1.3%	1.5%	2.2%
Payout ratio	101.6%	96.4%	87.7%	98.7%	97.4%	82.8%	81.5%	116.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.4%	5.8%	5.5%	4.2%	3.1%	2.4%	2.6%	2.1%
Return on invested capital	3.4%	6.7%	6.6%	6.2%	6.0%	6.1%	6.4%	6.2%
Return on assets	3.4%	3.1%	3.0%	2.2%	1.7%	1.5%	1.5%	1.2%
Free cash flow yield	6.3%	5.0%	4.6%	5.0%	3.3%	4.0%	4.9%	6.1%
Earnings yield	3.8%	3.0%	2.9%	2.6%	1.3%	1.5%	1.8%	1.9%
Enterprise value	$16.9B	$18.6B	$17.4B	$15B	$18B	$11.9B	$10.7B	$8.6B
Net debt / EBITDA	4.17×	5.5×	5.46×	6.08×	5.97×	4.73×	4.96×	5.1×
Cash conversion cycle (days)	8	10	-8	9	21	13	6	10