| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 37 | 25.0x | 17.8x | Bottom tier | |
Growth | 45 | 4.5% | 7.1% | Around median | |
Quality | 37 | 2.8% | 4.5% | Bottom tier | |
Safety | 52 | 4.0x | 2.6x | Around median | |
Capital Return | 84 | 4.00% | 2.12% | Top tier | |
Momentum | 58 | -2.6% | 2.9% | Around median | |
Sentiment | 88 | 6 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
American Homes 4 Rent, listed under the ticker AMH, operates as an integrated operator and developer of single-family rental homes in the United States. Its model relies on rental revenue from the existing portfolio, growing net operating income through occupancy, rent increases, and expense control, and adding newly built homes through the internal AMH Development program. The company also recycles capital by selling selected homes; it sold more than 1,300 homes during the first half of fiscal year 2026 and directed the disposition proceeds toward funding on-balance-sheet development, while retaining portfolio acquisitions and third-party property management as growth options when the economics are attractive.
In quarter 2 of fiscal year 2026, revenue according to EDGAR data was approximately $470.1 million, compared with $457.5 million in quarter 2 of fiscal year 2025, representing growth of approximately 2.8%. Net income was $132.9 million and earnings per share were $0.31, compared with net income of $123.6 million and earnings per share of $0.28 a year earlier; this equates to a calculated net income margin of approximately 28.3% versus 27.0%. The earnings call reported more specifically that net income attributable to common shareholders was $113.6 million, while Core FFO was approximately $0.49 per unit, up 5.2%, and Adjusted FFO was approximately $0.45, up 8.3%.
The operating mix was supported by both the same-home portfolio and newer homes outside it: the same-home portfolio achieved core revenue growth of 2.3%, average days occupied of 96%, and new lease, renewal, and blended rent spreads of 1.4%, 3.2%, and 2.7%, respectively. In development, AMH delivered a total of 651 homes during quarter 2 of fiscal year 2026, including 542 homes for the wholly owned portfolio at an investment cost of approximately $220 million. The data did not disclose the revenue split by value between the same-home portfolio and newer homes, but indicated that accelerated pre-leasing added growth to net operating income outside the same-home portfolio.
The average analyst price target is $36.35, with a “Buy” consensus and a target range of $32 to $39. The average is slightly above the top of the 52-week range of $35.61, while the wide gap between the lowest and highest targets reflects meaningful disagreement over the impact of the raised Core FFO guidance versus the expected slowdown in revenue growth during the second half of fiscal year 2026. No earnings multiple is available in the data, so the stock's valuation here is based on the target range, the 52-week range of $27.22–$35.61, and the company's ability to achieve Core FFO of $1.93–$1.97 per share.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
According to EDGAR, revenue was approximately $470.1 million, net income was $132.9 million, and earnings per share were $0.31. This compares with revenue of $457.5 million, net income of $123.6 million, and earnings per share of $0.28 in quarter 2 of fiscal year 2025. On the July 31, 2026 call, the company reported Core FFO of $0.49 per unit, up 5.2%, and Adjusted FFO of $0.45, up 8.3%. Net income attributable to common shareholders was also $113.6 million.
The company raised the midpoint of its Core FFO guidance by $0.03 to $1.95 per share, within a range of $1.93–$1.97. The revision was based on expense control, modestly favorable property tax developments in some smaller states, accelerated leasing of AMH Development homes, better-than-expected dispositions, and share repurchases. The company lowered the midpoint of its same-home core expense growth guidance to 2% and raised the midpoint of Core NOI growth to 2.4%. The midpoint of the new guidance equates to annual growth of 4.3%.
Average days occupied were 96% in quarter 2 of fiscal year 2026, with new lease, renewal, and blended rent spreads of 1.4%, 3.2%, and 2.7%. In July 2026, occupancy reached 96.1%, and the spreads improved to 1.6%, 3.3%, and 2.8%, respectively. For fiscal year 2026, management expects nearly flat growth in new lease rents, renewals near 3.5%, and blended spreads in the low 2% range. The Seattle, Boise, and Salt Lake City markets were operating at approximately 96%–97% occupancy, while Atlanta and Tampa remained relatively weaker.
Automated analysis for informational purposes only — not investment advice.
The program delivered 651 homes in quarter 2 of fiscal year 2026, including 542 homes for the wholly owned portfolio at a cost of approximately $220 million. By July 31, 2026, approximately 40% of the nearly 700 homes planned for delivery in the second half were pre-leased. During the first half, the company also signed more initial leases than the number of homes it delivered, accelerating the contribution of net operating income outside the same-home portfolio. New transactions target yields in the 6% range, compared with yields in the mid-to-low 5% range for projects the company was working on at the time.
The law took effect before the July 31, 2026 call and exempted existing single-family rental homes from the restrictions. It also preserved the role of new construction and AMH's ability to consolidate existing portfolios, the two growth channels highlighted by management. Conversely, the new regulations may make home purchases through MLS more difficult for some smaller companies, while detailed rules were still being written as of that date. AMH did not announce a new portfolio consolidation transaction, but said activity had begun to improve after the period of legislative uncertainty ended.
Net debt including preferred shares was 5.2 times Adjusted EBITDA at the end of quarter 2 of fiscal year 2026. The company held approximately $84 million in cash, with $390 million drawn from a $1.25 billion revolving facility. Home sales generated approximately $380 million in net proceeds during the first half, with the full-year result trending toward the upper half of the $400–$600 million range. The company also repurchased 4.1 million shares for $123 million at an average of $29.88 per share, with approximately $377 million remaining under the repurchase authorization.
