# American Homes 4 Rent (AMH) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AMH/thesis · /stocks/AMH/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AMH/fundamental

## Navigation

- Overview: /stocks/AMH
- Financials (this page): /stocks/AMH/financials
- Thesis: /stocks/AMH/thesis
- Investment Memo: /stocks/AMH/memo
- Coverage universe: /stocks