# American Homes 4 Rent (AMH)

> Source: Nexqual · https://nexqual.com/AMH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, American Homes 4 Rent (AMH), nexqual.com/AMH" · informational, not investment advice.

**Price:** USD 31.9 (+3.10% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 30.94 · day 31.05–32.01 · 52w 27.22–35.07 · market cap $13.1B · NYQ

## Key facts
- Valuation: P/E 24.1x (avg 27.6x at the last 3 fiscal year-ends), net debt $5.05B.
- 2 of 80 tracked superinvestors hold AMH (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 6 Form 4 filings, $652K; 5 by opportunistic insiders, 1 by routine insiders.
- Analysts: Buy (mean 2.13 on a 1–5 scale) (24 analysts), mean target USD 36.52 (range 31–42).
- Total return with dividends: 1Y -0.1% vs S&P 500 +14.9%; 5Y -8.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.16, revenue estimate $489M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $211M | $310M | $432M | $468M | $513M | $543M |
| EPS (diluted) | $0.41 | $0.71 | $1.01 | $1.08 | $1.18 | — |
| Free cash flow | $548M | $567M | $699M | $777M | $824M | $821M |
| Cash + short-term investments | $48.2M | $69.2M | $59.4M | $199M | $109M | — |
| Total debt | $3.88B | $4.52B | $4.46B | $5.01B | $5.10B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.1x · P/FCF 15.9x · P/B 1.9x · FCF yield 6.27% · Earnings yield 4.15% · Dividend yield (paid, TTM) 3.54% · Net debt $5.05B · EV $18.1B
P/E at fiscal year-ends: Dec 2025 23.2x, Dec 2024 29.4x, Dec 2023 30.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold AMH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 1.40% | $8.8M | Reduced -0.2% |
| Christopher Davis | Davis Advisors | 0.05% | $10.9M | Added +17.5% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
6 purchases, $652K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-10…2026-09-11 | Corrigan Jack E | Director | 9,000 | $194K | 21.51 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24 | Corrigan Jack E | Director | 6,000 | $135K | 22.42 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11…2026-08-12 | Benham Douglas N | Director | 4,000 | $93K | 23.14 | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Corrigan Jack E | Director | 5,000 | $114K | 22.8 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-15…2026-05-18 | Corrigan Jack E | Director | 3,400 | $80K | 23.48 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12…2026-05-13 | Corrigan Jack E | Director | 1,600 | $37K | 23.25 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 24 analysts; mean target USD 36.52 (low 31, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $38 → $34 |
| 2026-10-14 | Barclays | Target lowered | Equal-Weight | $36 → $35 |
| 2026-10-13 | RBC Capital | Target lowered | Outperform | $37 → $35 |
| 2026-10-12 | UBS | Target lowered | Neutral | $35 → $32 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $38 → $37 |
| 2026-09-21 | Mizuho | Upgrade | Neutral → Outperform | $35 → $36 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Perform | $33 → $31 |
| 2026-08-19 | JP Morgan | Target raised | Neutral | $35 → $38 |
| 2026-08-12 | Morgan Stanley | Target lowered | Overweight | $38.5 → $38 |
| 2026-08-10 | Wells Fargo | Target raised | Overweight | $36 → $38 |
| 2026-08-05 | Keefe, Bruyette & Woods | Target raised | Outperform | $36 → $38 |
| 2026-08-03 | RBC Capital | Target raised | Outperform | $36 → $37 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.1% | -8.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.1% | -1.8% |
| Volatility (annualized) | 20.2% | 21.5% |
| Max drawdown | -16.3% (Oct 2025→Mar 2026) | -31.4% (Dec 2021→Mar 2023) |

## Peers (REIT - Residential)
UDR (UDR, Inc.) USD 36.18 +3.25% · ELS (Equity Lifestyle Properties, In) USD 61.17 +3.40% · CPT (Camden Property Trust) USD 102.74 +2.55% · MAA (Mid-America Apartment Communiti) USD 121.17 +2.97% · SUI (Sun Communities, Inc.) USD 119.86 +2.92% · INVH (Invitation Homes Inc.) USD 27.53 +2.69%

## More
Full page: https://nexqual.com/AMH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.16 | $0.15 | +1.4% | $489.1M | 4 |
| Next quarter (ends 2026-12-31) | $0.17 | $0.17 | -1.2% | $473.3M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.78 | $0.71 | +9.8% | $1.90B | 2 |
| Next fiscal year (ends 2027-12-31) | $0.67 | $0.66 | +1.7% | $1.97B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-04): ±10.5%; last 8 reports averaged ±2.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 29.2% | ±10.5% |
| 2027-03-19 | 147 | 29.5% | ±14.5% |
| 2027-06-17 | 237 | 25.4% | ±16.5% |