American Homes 4 Rent

AMH
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$472M
Q1 2026 · +5% YoY
TTM ROIC
6.6%
FY2025 (current book) · NOI / Total Real Estate at cost (cap rate on book value) · WACC ~6.75% · Moat spread +0pp

Financial Snapshot

ticker: AMH step: 04 generated: 2026-05-13 source: quick-research

American Homes 4 Rent (AMH) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$1.49B $1.62B $1.73B +6.5%
Gross Margin ~60% ~62% ~63%
Operating Margin ~25% ~27% ~28%
Net Income ~$300M ~$350M ~$380M
Core FFO/Share ~$1.45 ~$1.57 ~$1.68 +7%

Core FFO is the primary performance metric for SFR REITs; GAAP net income is depressed by depreciation on the ~$20B+ asset base. Core FFO/share grew approximately 8% in FY2023 and ~7% in FY2024 on portfolio additions and same-home NOI growth.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$900M
Free Cash Flow (AFFO) ~$700M
Cash & Equivalents ~$200M
Total Debt ~$5.5B
Net Debt / EBITDA ~5.8x
Total Real Estate Assets ~$20B+

Key Ratios (approximate)

  • P/Core FFO: ~22x | EV/EBITDA: ~24x | Dividend Yield: ~2.5%
  • Revenue Growth (FY2024): +6.5% | Core FFO/Share Growth: +7%
  • Same-Home Core NOI Growth (FY2024): +4.6%
  • AFFO Payout Ratio: ~71% (Q1 2025: AFFO $0.42 vs. dividend $0.30)

Growth Profile

AMH has delivered consistent mid-to-high single-digit revenue and Core FFO/share growth since 2022, driven by a combination of same-home rent increases and portfolio expansion via the AMH Development Program. Revenue grew 8.9% in FY2023 and 6.5% in FY2024. In early 2025, growth accelerated: Q1 2025 revenue +8.4% YoY, Q2 2025 +8.0% YoY — well above the initial guidance range. The development pipeline (10,000+ lots) provides a visible multi-year growth runway at above-market cap rates.

Forward Estimates

  • FY2026 Core FFO/share guidance: $1.89–$1.95 (midpoint $1.92; in-line with FactSet consensus $1.95)
  • FY2025 Core FFO/share growth: ~5.6% (company guidance)
  • FY2026 development target: ~1,900 new homes delivered
  • $500M share buyback plan authorized (2025)
  • Dividend raised 15.4% in past 12 months; 4 consecutive years of dividend growth

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $AMH.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/amh/financials/md · → thesis · → memo