ELS vs INVH: Equity Lifestyle Properties and Invitation Homes compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Invitation Homes is the larger company, worth $16.0B, about 1.4 times Equity Lifestyle Properties.
- Equity Lifestyle Properties keeps more of each dollar of revenue as operating profit (25.6% vs -70.4%).
- On earnings, Invitation Homes is the cheaper stock (28.3x vs 29.4x).
- Equity Lifestyle Properties's price assumes faster free cash flow growth: about 12% a year, against -0% for Invitation Homes (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 | ELS | INVH |
|---|---|---|
| Market cap | $11.8B | $16.0B |
| Share price | $59.01 | $26.79 |
| Revenue (last fiscal year) | $1.5B | $2.7B |
| Free cash flow (last fiscal year) | $334M | $1.2B |
| Revenue growth, last year | +2.7% | — |
| Revenue growth per year, last 5 fiscal years | +3.9% | +8.1% |
| Operating margin | 25.6% | -70.4% |
| Net margin | 25.0% | 45.0% |
| Return on equity | 21.9% | 7.3% |
| P/E (trailing) | 29.4x | 28.3x |
| Price / free cash flow | 35.3x | 16.6x |
| EV / EBITDA | 20.8x | 15.1x |
| FCF growth the price implies | 12.4% | -0.12% |
| Dividend yield | 3.6% | 4.4% |
| Debt / equity | 2.23x | 1.03x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 4 |
| Insider purchases, last 12 months | 0 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Invitation Homes
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.0B | $830M | 11.0% |
| 2022 | $2.2B | $901M | 14.2% |
| 2023 | $2.4B | $1.1B | 14.7% |
| 2024 | $2.6B | $1.1B | 11.2% |
| 2025 | $2.7B | $1.2B | 14.2% |
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ELS in InvestinglyQuestions
Which is bigger, Equity Lifestyle Properties or Invitation Homes?
Invitation Homes (INVH), at $16.0B against $11.8B.
Is ELS or INVH cheaper?
By trailing P/E, Invitation Homes (28.3x) is cheaper than Equity Lifestyle Properties (29.4x). A lower multiple can also mean the market expects less growth.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.