Invitation Homes

Real Estate Single-Family Residential REITs Dallas, Texas Last filing Feb 19, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.7B
                    3y CAGR +6.8%
                    
                    P47
                    
                    +4.2%
                    
                    Net income
                    FY2025
                
$587.9M
                    Net margin +21.5%
                    
                    P53
                    
                    +29.5%
                    
                    Total assets
                    FY2025
                
$18.7B
                    ROA +3.1%
                    
                    P42
                    
                    -0.1%
                    
                    Operating cash flow
                    FY2025
                
$1.2B
                    FCF margin +43.2%
                    
                    P73
                    
                    +11.5%

11 yrs · FY2015–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

24 accounts · 3 years

Total assets $18.7B

Total liabilities $9.1B

Shareholders equity $9.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	4.8%	6.7%	28.8%
Accounts Receivable	0.0%	0.0%	0.0%
Prepaid Expenses	2.1%	1.9%	2.0%
Other Current Assets	19.7%	21.7%	21.7%
Property,Plant and Equipment	2.1%	1.6%	1.3%
Operating Lease Assets	1.2%	0.8%	0.4%
Goodwill	9.5%	9.9%	10.6%
Long Term Investments	9.3%	9.2%	10.2%
Other Noncurrent Assets	19.7%	21.7%	21.7%
Total Assets	684.4%	714.1%	790.2%
Liabilities
Operating Lease Liabilities	1.3%	0.8%	0.5%
Other Current Liabilities	11.6%	10.6%	4.3%
Total Current Liabilities	333.9%	340.2%	371.3%
Operating Lease Liabilities Noncurrent	1.3%	0.8%	0.5%
Other Noncurrent Liabilities	11.6%	10.6%	4.3%
Total Liabilities	333.9%	340.2%	371.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.2%	0.2%	0.3%
Additional Paid In Capital	407.7%	426.5%	458.7%
Retained Earnings	-59.0%	-56.5%	-44.0%
Accumulated Other Comprehensive Income	0.2%	2.3%	2.6%
Noncontrolling Interest	1.4%	1.4%	1.4%
Total Stockholders Equity	349.2%	372.5%	417.5%
Total Liabilitiesand Equity	684.4%	714.1%	790.2%

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $2.7B

Operating income Not reported

Net income $587.9M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	85.8%	88.8%	85.3%
Expenses Selling,General and Administrative	3.5%	3.5%	3.4%
Expenses Depreciation and Amortization	0.0%	0.0%	0.0%
Expenses Share Based Compensation	1.0%	1.1%	1.2%
Expenses Operating Expenses	85.8%	88.8%	85.3%
Other Income Expense Interest Expense	0.0%	0.0%	13.7%
Other Income Expense Other Income/expense	-0.2%	-2.0%	-0.1%
net Income net Income	21.5%	17.3%	21.4%
net Income Comprehensive Income	19.5%	17.2%	19.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	22.5%	23.4%	25.2%
Earnings Per Share Weighted Average Shares Diluted	22.5%	23.4%	25.2%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $1.2B

Investing cash flow $-652.6M

Financing cash flow $-618.5M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	21.5%	17.3%	21.4%
Operating Activities Depreciation and Amortization	27.4%	27.3%	27.7%
Operating Activities Stock Based Compensation	1.0%	1.1%	1.2%
Operating Activities Changes In Operating Assets and Liabilities	0.1%	0.1%	0.3%
Operating Activities Other Non Cash Items	0.1%	0.1%	0.3%
Operating Activities net Cash From Operating Activities	44.2%	41.3%	45.5%
Investing Activities Capital Expenditures	1.0%	1.2%	1.2%
Investing Activities Purchases of Investments	0.1%	0.2%	1.4%
Investing Activities Proceeds From Sale of Investments	0.0%	1.2%	0.0%
Investing Activities Other Investing Activities	2.8%	2.5%	1.1%
Investing Activities net Cash From Investing Activities	-23.9%	-17.8%	-31.8%
Financing Activities Proceeds From Debt	21.9%	18.9%	32.5%
Financing Activities Repayment of Debt	0.1%	24.7%	0.9%
Financing Activities Repurchase of Common Stock	1.9%	0.0%	0.0%
Financing Activities Dividends Paid	26.1%	26.3%	26.2%
Financing Activities Tax Withholding On Stock Based Compensation	0.2%	0.4%	0.3%
Financing Activities Other Financing Activities	-0.1%	-0.2%	-0.1%
Financing Activities net Cash From Financing Activities	-22.7%	-41.8%	4.5%
Cash Reconciliation Effect of Exchange Rate On Cash	13.0%	16.0%	36.9%
Cash Reconciliation net Change In Cash	-2.4%	-18.2%	18.2%
Cash Reconciliation Cash At Beginning of Period	13.0%	16.0%	36.9%
Cash Reconciliation Cash At End of Period	13.0%	16.0%	36.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+14.2%	+11.2%	+14.7%
Operating margin	—	—	—
Net margin	+21.5%	+17.3%	+21.4%
FCF margin	+43.2%	+40.1%	+44.3%
Growth
Revenue CAGR (3y)	+6.8%	+9.5%	+10.1%
Returns
ROE	+6.2%	+4.7%	+5.1%
ROA	+3.1%	+2.4%	+2.7%
ROIC	—	—	—
Liquidity
Current ratio	—	—	—
Quick ratio	0.01x	0.02x	0.08x
Leverage
D/E	0.96x	0.91x	0.89x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.15x	0.14x	0.13x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Invitation Homes

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