# Invitation Homes Inc. (INVH)

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

**Price:** USD 27.53 (+2.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 26.81 · day 26.85–27.59 · 52w 24.25–30.89 · market cap $16.3B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.86B, net income $661M (23.1% margin) (SEC filings).
- Valuation: P/E 24.6x (avg 37.5x at the last 3 fiscal year-ends), net debt $8.45B.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (25 analysts), mean target USD 32.83 (range 28–41).
- Total return with dividends: 1Y -0.4% vs S&P 500 +14.9%; 5Y -20.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.14, revenue estimate $743M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.00B | $2.24B | $2.43B | $2.62B | $2.73B | $2.86B |
| Net income | $261M | $383M | $519M | $454M | $588M | $661M |
| EPS (diluted) | $0.45 | $0.63 | $0.85 | $0.74 | $0.96 | — |
| Free cash flow | $830M | $901M | $1.08B | $1.05B | $1.18B | — |
| Net margin | 13.1% | 17.1% | 21.4% | 17.3% | 21.5% | 23.1% |
| Revenue growth | +9.5% | +12.1% | +8.7% | +7.7% | +4.2% | — |
| Cash + short-term investments | $610M | $263M | $701M | $174M | $130M | — |
| Total debt | $8.00B | $7.77B | $8.55B | $8.20B | $8.38B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.6x · P/S 5.7x · EV/Sales 8.7x · P/B 1.8x · Earnings yield 4.06% · Dividend yield (paid, TTM) 4.43% · Net debt $8.45B · EV $24.7B
P/E at fiscal year-ends: Dec 2025 29.0x, Dec 2024 43.2x, Dec 2023 40.3x.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 25 analysts; mean target USD 32.83 (low 28, high 41).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $33 → $30 |
| 2026-10-14 | Barclays | Target lowered | Overweight | $36 → $35 |
| 2026-10-13 | RBC Capital | Target lowered | Sector Perform | $31 → $29 |
| 2026-10-12 | UBS | Target lowered | Buy | $35 → $31 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $34 → $33 |
| 2026-09-21 | Mizuho | Upgrade | Neutral → Outperform | $31 → $32 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Perform | $30 → $28 |
| 2026-08-25 | JP Morgan | Target raised | Overweight | $33 → $34 |
| 2026-08-05 | Keefe, Bruyette & Woods | Target raised | Market Perform | $29 → $31 |
| 2026-08-03 | Oppenheimer | Target raised | Outperform | $31 → $33 |
| 2026-07-14 | Barclays | Target raised | Overweight | $32 → $36 |
| 2026-07-08 | UBS | Target raised | Buy | $32 → $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.4% | -20.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.4% | -4.3% |
| Volatility (annualized) | 21.3% | 21.9% |
| Max drawdown | -14.7% (Oct 2025→Mar 2026) | -38.4% (Dec 2021→Mar 2026) |

## Peers (REIT - Residential)
SUI (Sun Communities, Inc.) USD 119.86 +2.92% · MAA (Mid-America Apartment Communiti) USD 121.17 +2.97% · ESS (Essex Property Trust, Inc.) USD 282.45 +3.04% · UDR (UDR, Inc.) USD 36.18 +3.25% · AMH (American Homes 4 Rent) USD 31.9 +3.10% · ELS (Equity Lifestyle Properties, In) USD 61.17 +3.40%

## More
Full page: https://nexqual.com/INVH · 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

## Company outlook (8-K filed 2026-07-29)

- "We have raised our full year 2026 guidance, increasing Core FFO per share and AFFO per share midpoints by one cent each to $1.95 and $1.65, respectively, as set forth below, in addition to our other underlying assumptions."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.14 | $0.14 | +2.0% | $742.8M | 1 |
| Next quarter (ends 2026-12-31) | $0.15 | $0.16 | -3.0% | $742.0M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.80 | $0.62 | +28.9% | $2.97B | 2 |
| Next fiscal year (ends 2027-12-31) | $0.73 | $0.67 | +9.7% | $3.03B | 2 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±5.6%; last 8 reports averaged ±3.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.0% | ±5.6% |
| 2027-01-15 | 84 | 16.7% | ±6.6% |
| 2027-04-16 | 175 | 22.9% | ±12.7% |