# Invitation Homes Inc. (INVH) — Financial Analysis

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

## Financial Snapshot

---
ticker: INVH
step: 04
generated: 2026-05-12
source: quick-research
---

### Invitation Homes Inc. (INVH) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Total Revenue | $2.24B | $2.43B | $2.62B | +7.7% |
| Core FFO/share | $1.67 | ~$1.80 | ~$1.88 | +4.4% |
| AFFO/share | $1.41 | ~$1.52 | $1.60 | +5.3% |
| Same-Store NOI Growth | +9.1% | ~+6.5% | +4.6% | — |

*REIT structure: AFFO/share is the primary performance metric rather than GAAP EPS. FY2022 was a strong year driven by post-COVID rent normalization and housing supply tightness. FY2023–FY2024 saw deceleration in same-store growth as rent growth moderated. FY2025: Core FFO/share $1.91, AFFO/share $1.63, Same-Store NOI +2.3% (further deceleration).*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Total Revenue (FY2024) | $2.62B |
| Total Revenue (FY2025) | $2.73B |
| Portfolio Size | 85,138 homes |
| Portfolio Value | ~$17B |
| Same-Store Occupancy | ~96.7% |
| Net Debt | ~$8.5B |
| Dividend Yield | ~3.5% |

*INVH maintains high occupancy (96.7%) with long average tenancies (~38 months). Leverage is moderate for a REIT (~5.5x net debt/EBITDA). Dividend payout is from AFFO — payout ratio is ~90% of AFFO.*

#### Key Ratios (approximate)
- P/AFFO: ~20x | Dividend Yield: ~3.5%
- Same-Store Core Revenue Growth (FY2025): +2.4% (deceleration from +9% in 2022)
- Occupancy: ~96.7%
- Average Monthly Rent: ~$2,300–2,400

#### Growth Profile
INVH delivered exceptional same-store growth in 2021–2022 (+9%) as post-COVID housing demand surge met tight single-family inventory. Since 2023, same-store revenue growth has decelerated toward the 2–3% range as the acute supply shortage eased and rent affordability constraints emerged. Long-term growth is driven by: (1) organic rent increases, (2) portfolio expansion via acquisitions, and (3) operating leverage as the platform scales.

#### Forward Estimates
- FY2026 Core FFO/share: ~$1.95–2.00 (consensus; modest growth from FY2025's $1.91)
- Same-store NOI growth (FY2026): ~2–4% (stabilizing from deceleration)
- Portfolio expansion: ongoing acquisitions in Sun Belt markets

## 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/INVH/fundamental

## Navigation

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