INVH vs UDR: Invitation Homes and UDR 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 1.3 times UDR.
- UDR keeps more of each dollar of revenue as operating profit (5614.5% vs -70.4%).
- On earnings, UDR is the cheaper stock (23.1x vs 28.3x).
- UDR's price assumes faster free cash flow growth: about 5% 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 | INVH | UDR |
|---|---|---|
| Market cap | $16.0B | $12.6B |
| Share price | $26.79 | $34.12 |
| Revenue (last fiscal year) | $2.7B | $11M |
| Free cash flow (last fiscal year) | $1.2B | $650M |
| Revenue growth, last year | — | +19.7% |
| Revenue growth per year, last 5 fiscal years | +8.1% | +16.8% |
| Operating margin | -70.4% | 5614.5% |
| Net margin | 45.0% | 4167.6% |
| Return on equity | 7.3% | 14.9% |
| P/E (trailing) | 28.3x | 23.1x |
| Price / free cash flow | 16.6x | 20.5x |
| EV / EBITDA | 15.1x | 11.9x |
| FCF growth the price implies | -0.12% | 4.6% |
| Dividend yield | 4.4% | 5.1% |
| Debt / equity | 1.03x | 1.90x |
| Fundamental grade | C | B |
| Superinvestors holding it | 4 | 3 |
| Insider purchases, last 12 months | 8 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
UDR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6M | $508M | 4391.5% |
| 2022 | $5M | $605M | 4994.3% |
| 2023 | $7M | $537M | 9279.7% |
| 2024 | $8M | $627M | 3421.5% |
| 2025 | $11M | $650M | 4872.9% |
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open INVH in InvestinglyQuestions
Which is bigger, Invitation Homes or UDR?
Invitation Homes (INVH), at $16.0B against $12.6B.
Is INVH or UDR cheaper?
By trailing P/E, UDR (23.1x) is cheaper than Invitation Homes (28.3x). 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.