| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 34 | 25.3x | 17.8x | Bottom tier | |
Growth | 45 | 6.7% | 7.1% | Around median | |
Quality | 33 | 3.5% | 4.5% | Bottom tier | |
Safety | 43 | 5.3x | 2.6x | Around median | |
Capital Return | 70 | 4.32% | 2.12% | Top tier | |
Momentum | 61 | -0.2% | 2.9% | Around median | |
Sentiment | 78 | 8 | 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.
Invitation Homes Inc. is a real estate company focused on owning, leasing, and managing single-family homes, deriving its primary income from rents, lease fees, and value-added services, alongside third-party property management and construction lending. It also grows its portfolio through purchases from homebuilders, ResiBuilt projects, and joint ventures, while recycling capital through home sales and share repurchases. In Q2 FY2026, average occupancy was 97.1%, average tenant tenure exceeded 40 months, and the tenant retention rate in the same-store portfolio was approximately 77%.
In Q2 FY2026, revenue was $747.5 million, compared with $734.1 million in Q1 FY2026, while net income increased to $218.8 million from $160.5 million, and earnings per share were $0.37. Net income represented approximately 29.3% of revenue, while trailing 12-month net income was $660.6 million on revenue of $2.9 billion. At the operating cash flow level, core FFO per share increased 5% year over year to $0.51, and AFFO per share increased approximately 6% to $0.44.
Core same-store revenue grew 1.6% year over year in Q2 FY2026, and same-store net operating income increased 1.5%, with core operating expenses growing only 1.9%. Renewal rent growth was 3.3%, new lease rent growth was 1.1%, and blended growth was 2.7%, while value-added services income increased 9% year over year. In capital allocation, the company sold 657 wholly owned homes for approximately $309 million and purchased 196 homes from builder partners for approximately $74 million during the same quarter.
The analyst consensus on INVH stock is “Buy,” with an average price target of $31.67 and a range of $27 to $35. The average target is approximately 1.6% above the 52-week range high of $31.16, while the breadth of the target range shows that analysts differ in their assessments of the impact of rent growth, tax risks, and the success of asset recycling. The raised FY2026 guidance and the $600 million share repurchase program should be weighed against same-store net operating income growth of 1.5% and ResiBuilt’s contribution falling below original expectations.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Invitation Homes reported approximately $747.5 million in revenue, $218.8 million in net income, and earnings per share of $0.37 in Q2 FY2026. Core FFO was also $0.51 per share, up 5% year over year, while AFFO was approximately $0.44 per share, up nearly 6%. Same-store properties recorded core revenue growth of 1.6% and net operating income growth of 1.5%.
Renewal rent growth was 3.3% in Q2 FY2026, compared with 1.1% for new leases and 2.7% blended growth. In July 2026, renewal growth accelerated to 4.3%, while preliminary blended growth reached 3.4%, despite occupancy declining seasonally to 96.5%. Management attributes these results to demand remaining healthy, declining build-to-rent supply, and improved lead conversion through a new customer relationship management platform and enhancements to the digital shopping experience.
The company has repurchased $600 million of shares since December 2025, including $100 million in Q2 FY2026. The average repurchase price for 22.8 million shares was approximately $26.30, implying a value of just over $270,000 per wholly owned home. Management compares this with an actual average sale price of $450,000 per home during FY2026 through June 30 and therefore considered repurchases one of the most attractive uses of capital.
Automated analysis for informational purposes only — not investment advice.
Management identified seasonal risks associated with elevated tenant turnover and the need to prepare and re-lease homes while supply remains high in some markets. Property taxes also had not been fully determined as of July 30, 2026, with 70% concentrated in Florida, California, and Georgia. In addition, the company expects ResiBuilt’s contribution to FY2026 earnings to be below original estimates because projects were delayed or canceled during the first half.
Invitation Homes ended Q2 FY2026 with more than $1.5 billion of available liquidity and reduced its credit facility balance from $560 million on March 31 to $280 million on June 30. Its trailing 12-month net debt-to-adjusted EBITDA ratio was 5.4 times, slightly below the target range of 5.5 to 6 times. In July 2026, the company issued $500 million of senior notes due in 2032 with a 4.95% coupon and used the net proceeds to prepay approximately half of the 2017-1 securitization.
ResiBuilt gives the company the ability to develop new communities and operate in Georgia, North Carolina, and Florida, either for its own account or with two joint venture partners. However, its expected contribution to FY2026 earnings declined from the original plan after legislative uncertainty disrupted projects during five of the first six months. Meanwhile, construction lending commitments totaled just under $350 million as of July 30, 2026, and these loans typically target high-single-digit returns with the option to purchase the communities after they stabilize.
