AMH vs ELS: American Homes 4 Rent and Equity Lifestyle Properties compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- American Homes 4 Rent is the larger company, worth $12.8B, close to Equity Lifestyle Properties's $11.8B.
- American Homes 4 Rent grew revenue faster over the last year (+5.4% vs +2.7%).
- On earnings, American Homes 4 Rent is the cheaper stock (25.3x vs 29.4x).
- Equity Lifestyle Properties's price assumes faster free cash flow growth: about 12% a year, against 2% for American Homes 4 Rent (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AMH | ELS |
|---|---|---|
| Market cap | $12.8B | $11.8B |
| Share price | $30.85 | $59.01 |
| Revenue (last fiscal year) | — | $1.5B |
| Free cash flow (last fiscal year) | $824M | $334M |
| Revenue growth, last year | +5.4% | +2.7% |
| Revenue growth per year, last 5 fiscal years | — | +3.9% |
| Operating margin | — | 25.6% |
| Net margin | — | 25.0% |
| Return on equity | 6.8% | 21.9% |
| P/E (trailing) | 25.3x | 29.4x |
| Price / free cash flow | 17.1x | 35.3x |
| EV / EBITDA | 13.4x | 20.8x |
| FCF growth the price implies | 1.7% | 12.4% |
| Dividend yield | 3.9% | 3.6% |
| Debt / equity | 0.83x | 2.23x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
American Homes 4 Rent
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | $548M | — |
| 2022 | — | $567M | — |
| 2023 | — | $699M | — |
| 2024 | — | $777M | — |
| 2025 | — | $824M | — |
Equity Lifestyle Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $305M | 20.7% |
| 2022 | $1.4B | $227M | 20.4% |
| 2023 | $1.5B | $231M | 21.5% |
| 2024 | $1.5B | $355M | 24.9% |
| 2025 | $1.5B | $334M | 25.6% |
Where the revenue comes from
American Homes 4 Rent · by products, 2018
Rents from single-family properties$909M85%
Tenant charge-backs$147M14%
Fees from single-family properties$11M1%
Other$6M1%
Equity Lifestyle Properties
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AMH in InvestinglyQuestions
Which is bigger, American Homes 4 Rent or Equity Lifestyle Properties?
American Homes 4 Rent (AMH), at $12.8B against $11.8B.
Is AMH or ELS cheaper?
By trailing P/E, American Homes 4 Rent (25.3x) is cheaper than Equity Lifestyle Properties (29.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, AMH or ELS?
American Homes 4 Rent: revenue grew +5.4% over the last year, against +2.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.