Invitation Homes Inc. (INVH) 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

+84.1%

$49.47

vs $26.88 price

Levered DCF

$31.62

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.21

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	28.95×	43.2×	40.13×	47.05×	100.76×	84.86×	111×	-1,825.45×
P/B	1.79×	2.01×	2.06×	1.76×	2.67×	1.93×	1.94×	1.27×
P/S	6.24×	7.48×	8.58×	8.08×	13.12×	9.03×	9.02×	6.06×
EV / EBITDA	17.18×	17.98×	18.78×	19.28×	28.52×	21.99×	25.25×	24.23×
Gross margin	3.7%	59.0%	59.9%	60.9%	61.0%	59.5%	58.5%	58.2%
Operating margin	27.1%	28.3%	28.8%	29.1%	27.6%	25.7%	24.1%	19.9%
Net margin	21.5%	17.3%	21.4%	17.1%	13.1%	10.8%	8.2%	-0.3%
Current ratio	1.52×	0.82×	5.71×	3.41×	5.06×	3.59×	2.48×	3.41×
Debt / equity	0.88×	0.84×	0.84×	0.75×	0.82×	0.94×	1.29×	1.51×
Interest coverage	2.1×	2.02×	2.1×	2.14×	1.71×	1.32×	1.16×	0.89×
Dividend yield	4.2%	3.5%	3.1%	3.0%	1.5%	2.0%	1.7%	2.2%
Payout ratio	121.2%	151.8%	122.8%	140.6%	150.6%	169.3%	190.2%	-4669.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	4.7%	5.1%	3.7%	2.7%	2.3%	1.8%	-0.1%
Return on invested capital	4.0%	4.0%	3.7%	3.6%	3.0%	2.7%	2.2%	1.6%
Return on assets	3.1%	2.4%	2.7%	2.1%	1.4%	1.1%	0.8%	-0.0%
Free cash flow yield	5.7%	4.4%	4.2%	4.5%	2.8%	3.2%	3.1%	4.0%
Earnings yield	3.5%	2.3%	2.5%	2.1%	1.0%	1.2%	0.9%	-0.0%
Enterprise value	$25.3B	$27.6B	$28.7B	$25.6B	$33.6B	$24.3B	$26.5B	$22.8B
Net debt / EBITDA	5.6×	5.23×	5.13×	5.66×	6.27×	7.08×	10.05×	13.11×
Cash conversion cycle (days)	8	9	9	9	7	7	5	7