INVHInvitation Homes

Real estate · Real Estate · NYSE

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. 10-K, Item 1

Headquarters: Dallas, TX
CEO: Dallas B. Tanner
Next results: around Feb 17, 2027

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INVH and 9 peers, year by year

The 9 Real estate companies closest to INVH in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
INVH Invitation Homes	FY2025	$2.7B	+4.2%	-	-	21.5%	-	6.2%	0.88
SBAC SBA Communications	FY2025	$2.8B	+59.9%	75.5%	47.7%	37.4%	37.9%	n/m	n/m
ARE Alexandria Real Estate Equities	FY2025	$3.0B	−2.9%	-	-	−47.2%	-	−9.2%	0.80
DOC Healthpeak Properties	FY2025	$2.8B	+6.2%	-	-	2.5%	12.6%	1.0%	1.31
EXR Extra Space Storage	FY2025	$3.4B	+7.1%	-	41.8%	28.8%	38.1%	7.3%	-
BXP BXP, Inc.	FY2025	$3.5B	+2.2%	59.1%	-	7.9%	-	5.4%	0.15
MAA Mid-America Apartment Communities	FY2025	$2.2B	+0.8%	-	-	20.2%	-	7.9%	-
KIM Kimco Realty	FY2025	$2.1B	+5.1%	-	36.0%	27.3%	51.5%	5.6%	0.74
CSGP CoStar Group	FY2025	$3.2B	+18.7%	78.9%	−2.2%	0.2%	3.8%	0.1%	0.02
ESS Essex Property Trust	FY2025	$1.9B	−8.6%	69.9%	47.6%	35.5%	-	12.1%	-

Revenuepeer median $2.8B

Sales growthpeer median +5.1%

Gross marginpeer median 72.7%

CSGP 78.9%
SBAC 75.5%
ESS 69.9%
BXP 59.1%
INVH -
ARE -
DOC -
EXR -
MAA -
KIM -

Operating marginpeer median 41.8%

SBAC 47.7%
ESS 47.6%
EXR 41.8%
KIM 36.0%
CSGP −2.2%
INVH -
ARE -
DOC -
BXP -
MAA -

Net marginpeer median 20.2%

FCF marginpeer median 37.9%

KIM 51.5%
EXR 38.1%
SBAC 37.9%
DOC 12.6%
CSGP 3.8%
INVH -
ARE -
BXP -
MAA -
ESS -

Return on equitypeer median 5.5%

Debt / equitypeer median 0.74

DOC 1.31
INVH 0.88
ARE 0.80
KIM 0.74
BXP 0.15
CSGP 0.02
SBAC n/m
EXR -
MAA -
ESS -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	$922.6M	$1.1B	$1.7B	$1.8B	$1.8B	$2.0B	$2.2B	$2.4B	$2.6B	$2.7B
SBAC Dec	$1.6B	$1.7B	$1.9B	$2.0B	$2.1B	$2.3B	$2.6B	$2.7B	$2.7B	$2.8B
ARE Dec	$921.7M	$1.1B	$1.3B	$1.5B	$1.9B	$2.1B	$2.6B	$2.9B	$3.1B	$3.0B
DOC Dec	$2.1B	$1.8B	$1.2B	$1.2B	$1.6B	$1.9B	$2.1B	$2.2B	$2.7B	$2.8B
EXR Dec	$991.9M	$1.1B	$1.2B	$1.3B	$1.4B	$1.6B	$1.9B	$2.6B	$3.3B	$3.4B
BXP Dec	$2.6B	$2.6B	$2.7B	$3.0B	$2.8B	$2.9B	$3.1B	$3.3B	$3.4B	$3.5B
MAA Dec	-	$1.5B	$1.6B	$1.6B	$1.7B	$1.8B	$2.0B	$2.1B	$2.2B	$2.2B
KIM Dec	$1.2B	$1.2B	$1.2B	$1.2B	$1.1B	$1.4B	$1.7B	$1.8B	$2.0B	$2.1B
CSGP Dec	$837.6M	$965.2M	$1.2B	$1.4B	$1.7B	$1.9B	$2.2B	$2.5B	$2.7B	$3.2B
ESS Dec	$1.3B	$1.4B	$1.4B	$1.5B	$1.5B	$1.4B	$1.6B	$1.7B	$1.8B	$1.9B
Peer median	$1.2B	$1.4B	$1.3B	$1.5B	$1.7B	$1.9B	$2.1B	$2.5B	$2.7B	$2.8B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	−25.1%	+14.3%	+63.4%	+2.4%	+3.3%	+9.5%	+12.1%	+8.7%	+7.7%	+4.2%
SBAC Dec	−0.3%	+5.8%	+19.9%	+22.8%	−16.3%	+59.1%	+45.0%	−34.4%	−21.5%	+59.9%
ARE Dec	-	+22.4%	+17.7%	+15.4%	+23.1%	+12.1%	+22.5%	+11.5%	+8.0%	−2.9%
DOC Dec	+9.7%	−13.2%	+3.9%	+0.1%	+202%	+8.0%	+5.0%	+6.6%	+7.8%	+6.2%
EXR Dec	+26.8%	−1.2%	+6.0%	+19.5%	+4.5%	+27.1%	+26.6%	+21.6%	+18.5%	+7.1%
BXP Dec	+2.4%	+2.0%	+4.4%	+9.0%	−6.6%	+4.4%	+7.6%	+5.3%	+4.1%	+2.2%
MAA Dec	-	-	+2.8%	+4.4%	+2.3%	+6.0%	+13.6%	+6.4%	+2.0%	+0.8%
KIM Dec	+0.3%	+2.6%	−3.0%	−0.5%	−8.7%	+29.0%	+26.6%	+3.2%	+14.2%	+5.1%
CSGP Dec	+17.7%	+15.2%	+23.5%	+17.4%	+18.5%	+17.2%	+12.3%	+12.5%	+11.4%	+18.7%
ESS Dec	+8.3%	+5.4%	+2.7%	+3.7%	+0.7%	−4.8%	+21.9%	−0.1%	−7.8%	−8.6%
Peer median	+8.3%	+4.0%	+4.4%	+9.0%	+2.3%	+12.1%	+21.9%	+6.4%	+7.8%	+5.1%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	-	-	-	-	-	-	-	-	-	-
SBAC Dec	74.2%	74.2%	74.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%
ARE Dec	-	-	-	-	-	-	-	-	-	-
DOC Dec	-	-	-	-	-	-	-	-	-	-
EXR Dec	-	-	-	-	-	-	-	-	-	-
BXP Dec	-	61.7%	60.7%	61.7%	61.3%	62.8%	62.1%	61.1%	59.9%	59.1%
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	79.2%	77.2%	77.4%	79.3%	81.4%	81.6%	81.0%	80.0%	79.6%	78.9%
ESS Dec	-	-	-	-	-	-	70.2%	70.1%	70.0%	69.9%
Peer median	-	74.2%	74.9%	75.5%	77.1%	76.4%	72.4%	73.8%	74.2%	72.7%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	20.7%	11.2%	-	-	-	-	-	-	-	-
SBAC Dec	23.7%	26.5%	29.2%	29.0%	30.4%	33.9%	35.1%	34.1%	53.6%	47.7%
ARE Dec	-	-	-	-	-	-	-	-	-	-
DOC Dec	-	-	-	-	-	-	-	-	-	-
EXR Dec	46.2%	59.2%	51.8%	48.5%	49.1%	61.9%	54.6%	45.7%	40.6%	41.8%
BXP Dec	32.4%	34.9%	-	-	-	-	-	-	-	-
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	33.6%	35.9%	50.0%	41.2%	31.4%	31.1%	32.7%	35.8%	30.9%	36.0%
CSGP Dec	17.3%	18.0%	23.0%	26.0%	17.4%	22.2%	20.7%	11.5%	0.2%	−2.2%
ESS Dec	32.5%	34.7%	36.6%	32.9%	32.9%	36.8%	37.0%	35.0%	39.6%	47.6%
Peer median	32.4%	34.8%	36.6%	32.9%	31.4%	33.9%	35.1%	35.0%	39.6%	41.8%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	−8.5%	−10.0%	−0.3%	8.2%	10.8%	13.1%	17.1%	21.4%	17.3%	21.5%
SBAC Dec	4.7%	6.0%	2.5%	7.3%	1.2%	10.3%	17.5%	18.5%	28.0%	37.4%
ARE Dec	−7.1%	15.0%	28.6%	23.7%	40.9%	27.0%	20.1%	3.6%	10.4%	−47.2%
DOC Dec	29.5%	22.4%	89.1%	3.7%	25.1%	26.7%	24.3%	14.0%	9.0%	2.5%
EXR Dec	36.9%	43.3%	34.7%	32.1%	35.5%	52.5%	44.7%	31.4%	26.2%	28.8%
BXP Dec	20.1%	17.8%	21.5%	17.6%	31.6%	17.5%	27.3%	5.8%	0.4%	7.9%
MAA Dec	-	21.5%	14.2%	21.6%	15.2%	30.0%	31.6%	25.7%	24.1%	20.2%
KIM Dec	32.4%	35.5%	42.7%	35.4%	94.6%	61.9%	7.3%	36.7%	20.2%	27.3%
CSGP Dec	10.2%	12.7%	20.0%	22.5%	13.7%	15.1%	16.9%	15.3%	5.1%	0.2%
ESS Dec	32.1%	31.8%	27.9%	30.1%	38.0%	33.9%	25.4%	24.3%	41.8%	35.5%
Peer median	24.8%	21.5%	27.9%	22.5%	31.6%	27.0%	24.3%	18.5%	20.2%	20.2%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	$252.2M	$258.9M	$557.2M	-	-	-	-	-	-	-
SBAC Dec	$602.5M	$671.4M	$700.8M	$815.8M	$997.5M	$1.1B	$1.1B	$1.3B	$1.1B	$1.1B
ARE Dec	-	-	-	-	-	-	-	-	-	-
DOC Dec	$755.2M	$375.3M	$287.8M	$168.8M	−$30.5M	$35.5M	−$61.7M	$181.7M	$333.7M	$357.0M
EXR Dec	-	-	-	-	-	-	$44.9M	$1.3B	$1.4B	$1.3B
BXP Dec	-	-	-	-	-	-	-	-	-	-
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	-	-	-	-	-	-	-	-	-	$1.1B
CSGP Dec	$181.9M	$210.2M	$305.8M	$457.8M	$486.1M	$346.0M	$443.5M	$372.0M	−$186.0M	$123.0M
ESS Dec	-	-	-	-	-	-	-	-	-	-
Peer median	$602.5M	$375.3M	$305.8M	$457.8M	$486.1M	$346.0M	$244.2M	$819.4M	$720.2M	$1.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	27.3%	24.6%	32.3%	-	-	-	-	-	-	-
SBAC Dec	36.9%	38.9%	37.6%	40.5%	47.9%	45.7%	40.7%	48.2%	41.3%	37.9%
ARE Dec	-	-	-	-	-	-	-	-	-	-
DOC Dec	35.5%	20.3%	24.2%	13.6%	−1.9%	1.9%	−3.0%	8.3%	12.4%	12.6%
EXR Dec	-	-	-	-	-	-	2.3%	49.5%	43.2%	38.1%
BXP Dec	-	-	-	-	-	-	-	-	-	-
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	-	-	-	-	-	-	-	-	-	51.5%
CSGP Dec	21.7%	21.8%	25.7%	32.7%	29.3%	17.8%	20.3%	15.2%	−6.8%	3.8%
ESS Dec	-	-	-	-	-	-	-	-	-	-
Peer median	35.5%	21.8%	25.7%	32.7%	29.3%	17.8%	11.3%	31.7%	26.8%	37.9%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	−4.0%	−1.2%	−0.1%	1.8%	2.3%	2.7%	3.7%	5.1%	4.7%	6.2%
SBAC Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
ARE Dec	−1.3%	2.8%	5.2%	4.1%	6.6%	3.5%	2.7%	0.6%	1.8%	−9.2%
DOC Dec	11.3%	7.8%	17.9%	0.7%	6.1%	7.8%	7.5%	4.8%	2.9%	1.0%
EXR Dec	16.3%	20.4%	17.2%	16.5%	18.9%	26.6%	26.4%	5.6%	6.1%	7.3%
BXP Dec	8.9%	8.0%	9.9%	9.2%	14.6%	8.7%	13.8%	3.2%	0.3%	5.4%
MAA Dec	-	5.0%	3.6%	5.8%	4.3%	8.9%	10.6%	9.1%	8.9%	7.9%
KIM Dec	7.2%	7.9%	9.3%	8.4%	17.8%	8.5%	1.3%	6.9%	3.9%	5.6%
CSGP Dec	5.1%	4.6%	7.9%	9.2%	4.2%	5.1%	5.4%	5.1%	1.8%	0.1%
ESS Dec	6.7%	6.9%	6.2%	7.1%	9.5%	8.2%	7.1%	7.5%	13.4%	12.1%
Peer median	7.2%	7.4%	8.6%	7.8%	8.0%	8.3%	7.3%	5.3%	3.4%	5.5%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	-	1.14	1.12	1.03	0.94	0.82	0.75	0.84	0.84	0.88
SBAC Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
ARE Dec	0.85	0.80	0.75	0.76	0.65	0.54	0.54	0.61	0.68	0.80
DOC Dec	1.64	1.47	0.92	1.04	0.98	0.95	0.98	1.08	1.04	1.31
EXR Dec	-	0.26	-	-	-	-	-	-	0.04	-
BXP Dec	0.35	0.52	0.51	0.52	0.49	0.57	-	0.00	0.09	0.15
MAA Dec	-	-	-	-	-	-	-	-	-	-
KIM Dec	0.75	0.85	0.82	0.99	0.90	0.71	0.71	0.76	0.75	0.74
CSGP Dec	0.20	0.00	0.00	0.00	0.19	0.18	0.15	0.14	0.13	0.02
ESS Dec	0.35	0.32	0.29	0.16	0.11	0.11	-	-	-	-
Peer median	0.55	0.52	0.63	0.64	0.57	0.55	0.62	0.61	0.41	0.74

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INVH Dec	-	-	−$0.01	$0.27	$0.35	$0.45	$0.63	$0.85	$0.74	$0.96
SBAC Dec	$0.61	$0.86	$0.41	$1.28	$0.21	$2.14	$4.22	$4.61	$6.94	$9.80
ARE Dec	−$1.99	$1.58	$3.52	$3.12	$6.01	$3.82	$3.18	$0.54	$1.80	−$8.44
DOC Dec	$1.34	$0.88	$2.24	$0.09	$0.77	$0.93	$0.92	$0.56	$0.36	$0.10
EXR Dec	$2.91	$3.76	$3.27	$3.24	$3.71	$6.19	$6.41	$4.74	$4.03	$4.59
BXP Dec	$3.26	$2.93	$3.70	$3.30	$5.54	$3.17	$5.40	$1.21	$0.09	$1.74
MAA Dec	-	$2.86	$1.93	$3.07	$2.19	$4.61	$5.48	$4.71	$4.49	$3.78
KIM Dec	$0.79	$0.87	$1.02	-	-	-	-	-	-	-
CSGP Dec	$0.26	$0.37	$0.65	$0.86	$0.59	$0.74	$0.93	$0.92	$0.34	$0.02
ESS Dec	$6.27	$6.57	$5.90	$6.66	$8.69	$7.51	$6.27	$6.32	$11.54	$10.40
Peer median	$1.06	$1.58	$2.24	$3.09	$2.95	$3.50	$4.81	$2.91	$2.92	$2.76

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out INVH and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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