Invitation Homes Inc. (INVH)

Price$26.57Cached quoteAs of 2026-09-30 09:03 UTC

AI: Fair-priced

Price checkAt $30.20, the shares look reasonably valued rather than clearly cheap or expensive.

The latest verifiable close before the research timestamp was $30.20 on August 19, 2026. MarketWatch Management now guides to 2026 core funds from operations of $1.95 per share and adjusted funds from operations of $1.65 per share; the latter is a cash-earnings measure for a real-estate trust after recurring adjustments. Nasdaq That implies about 15.5 times core earnings, 18.3 times adjusted cash earnings, and a 5.5% adjusted cash-earnings yield. Those are reasonable, not bargain, levels, supporting a fair-price verdict.

Big pictureRents and cash generation are durable, but recent same-home growth has slowed sharply.

The supplied SEC-derived history shows revenue rising from $1.82 billion in 2020 to $2.73 billion in 2025, while operating cash flow rose from $697 million to $1.21 billion. Pasted text Yet first-half 2026 operating cash flow was about $677 million, roughly flat with $683 million a year earlier. Same-home operating income fell 0.3% in Q1, then rose 1.5% in Q2, leaving year-to-date growth at only 0.7%. Q2 occupancy stayed high at 97.1%, but blended rent growth slowed to 2.7% from 4.0%. Nasdaq

Business strengthHigh occupancy and aggressive buybacks support per-share value, despite a debt-heavy balance sheet.

The balance sheet is large but manageable rather than conservative. June debt was about $8.53 billion against only $76 million of cash, while the company reported $1.55 billion of available liquidity and net debt equal to 5.4 times trailing adjusted property earnings. About 92% of debt was fixed-rate or hedged, and roughly 90% of wholly owned homes were unencumbered. Nasdaq Shares outstanding fell from 610.8 million at year-end 2025 to 590.6 million in June, so buybacks have more than offset stock-based dilution. Pasted text

What could change the storyFaster rent growth or cheaper borrowing would help, while weaker occupancy would hurt.

The strongest bull case is that rent growth reaccelerates while management keeps selling homes above the value implied by the stock and buying shares below private-market property values. Management explicitly cited favorable private-market valuations when raising its 2026 home-sale target. Nasdaq The bear case is that occupancy weakens or expenses keep outrunning rents while borrowing stays costly. At $30.20, investors receive only about a 5.5% adjusted cash-earnings yield. Sustained same-home growth above roughly 2% would strengthen the valuation case; renewed contraction would weaken it.

AI: News

Q2 guidance raisedSecond-quarter earnings improved and full-year targets rose, but growth from existing homes stayed modest.

On July 29, 2026, Invitation Homes reported Q2 revenue of $748 million, up 9.7%, and adjusted funds from operations of $0.44 per share, up 5.9%. Same-home operating income grew only 1.5%, but management raised full-year core funds from operations and adjusted funds from operations midpoints to $1.95 and $1.65 per share. Nasdaq Shares closed 1.46% lower on July 30; that timing suggests mixed reception, but it does not prove the earnings release caused the decline. StockAnalysis.com

Debt deadline extendedNew long-term borrowing pushed debt deadlines out but locked in a meaningful interest cost.

On July 8, 2026, the operating partnership closed $500 million of 4.950% senior notes due in 2032. The proceeds were used to prepay part of a $988 million secured debt obligation maturing in June 2027. SEC Extending that maturity reduces near-term repayment risk and preserves flexibility, which matters for a heavily indebted property owner. The trade-off is a meaningful 4.95% interest rate, so the transaction improves the debt schedule without making financing inexpensive.

Home sales fund buybacksInvitation Homes is selling houses and shrinking its share count when private values look better.

The July 29 results showed a deliberate shift from owning some homes to buying back stock. In Q2, the company sold 657 wholly owned homes for about $309 million of gross proceeds and used roughly $234 million of net proceeds for buybacks and debt reduction. Since December 2025 it had repurchased 22.8 million shares for about $600 million at a $26.30 average price. Management also lifted its 2026 disposition target midpoint to $850 million, citing stronger private-market home values than public-market pricing. Nasdaq

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$2.73B	$2.62B	$2.43B	$2.24B	$2.00B	$1.82B	$1.76B	—	$1.05B	$922.6M	$836.0M
Operating expenses	$2.34B	$2.33B	$2.07B	$1.92B	$1.78B	$1.71B	$1.73B	—	$936.2M	$731.8M	$721.7M
Operating income	$387.6M	$292.2M	$357.4M	$318.9M	$219.6M	$113.2M	$39.2M	—	$118.2M	$190.8M	$114.4M
Operating margin	14.20%	11.16%	14.70%	14.25%	11.00%	6.21%	2.22%	—	11.21%	20.68%	13.68%
EBITDA	$1.14B	$1.01B	$1.03B	$959.7M	$814.5M	$668.1M	$573.4M	—	$427.8M	$458.5M	$364.6M
EBITDA margin	41.73%	38.59%	42.53%	42.88%	40.80%	36.65%	32.49%	—	40.57%	49.69%	43.61%
Net income	$587.9M	$453.9M	$519.5M	$383.3M	$261.4M	$196.2M	$145.5M	−$4.9M	−$88.5M	−$78.2M	−$160.2M
Net profit margin	21.54%	17.33%	21.36%	17.13%	13.09%	10.76%	8.24%	—	−8.39%	−8.48%	−19.16%
Basic EPSper basic share	$0.96	$0.74	$0.85	$0.63	$0.45	$0.35	$0.27	-$0.01	-$0.26	—	—
Diluted EPSper diluted share	$0.96	$0.74	$0.85	$0.63	$0.45	$0.35	$0.27	-$0.01	-$0.26	—	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

10.46%of listed shares

BlackRock, Inc.61.8M shares · Jun 30, 2026

View holders

Top 20 reported holders of INVH
Holder	% owned
BlackRock, Inc.	10.46%61.8M shares
NORGES BANK	8.72%51.51M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	8.13%48.04M shares
STATE STREET CORP	6.44%38.05M shares
VANGUARD CAPITAL MANAGEMENT LLC	6.32%37.31M shares
COHEN & STEERS, INC.	6.29%37.13M shares
FMR LLC	2.94%17.37M shares
GEODE CAPITAL MANAGEMENT, LLC	2.90%17.12M shares
APG Asset Management US Inc.	2.70%15.98M shares
Invesco Ltd.	2.54%14.99M shares
CENTERSQUARE INVESTMENT MANAGEMENT LLC	1.51%8.94M shares
Madison Avenue Partners, LP	1.41%8.34M shares
DIMENSIONAL FUND ADVISORS LP	1.39%8.23M shares
JPMORGAN CHASE & CO	1.36%8.01M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.34%7.93M shares
MORGAN STANLEY	1.26%7.46M shares
GOLDMAN SACHS GROUP INC	1.21%7.13M shares
DEUTSCHE BANK AG\	1.08%6.41M shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	1.01%5.97M shares
NORTHERN TRUST CORP	1.01%5.94M shares