Invitation Homes (INVH)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $15.7B, Invitation Homes's free cash flow of $1.2B (fiscal 2025) would need to grow about -0% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Invitation Homes's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from INVH's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Invitation Homes's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.0B | $2.2B | $2.4B | $2.6B | $2.7B |
| Net income | $261M | $383M | $519M | $454M | $588M |
| Free cash flow | $830M | $901M | $1.1B | $1.1B | $1.2B |
| EPS (diluted) | $0.45 | $0.63 | $0.85 | $0.74 | $0.96 |
| Operating margin | 11.0% | 14.2% | 14.7% | 11.2% | 14.2% |
Superinvestors who own INVH
From each investor's latest 13F filing (what a 13F shows). 4 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $141M | 0.05% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $29M | 0.07% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $18M | 0.15% | Q2 2026 |
| Jay Petschek Corsair Capital Management |
Held | $785,460 | 0.10% | Q2 2026 |
Insider buying
Open-market purchases by Invitation Homes's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Dec 19, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $27.07 | — |
| Dec 19, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $27.07 | — |
| Nov 10, 2025 | Ro Khanna |
0 | $28.07 | — |
| Nov 10, 2025 | Ro Khanna |
0 | $28.07 | — |
| Nov 3, 2025 | Ro Khanna |
0 | $28.33 | — |
| Nov 3, 2025 | Ro Khanna |
0 | $28.33 | — |
| Oct 30, 2025 | Ro Khanna |
0 | $28.42 | — |
| Oct 30, 2025 | Ro Khanna |
0 | $28.42 | — |
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In the full deep dive
Questions
What growth does Invitation Homes's stock price imply?
At a market value of $15.7B, Invitation Homes would need its free cash flow to grow about -0% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 19% a year.
Are Invitation Homes insiders buying the stock?
8 open-market insider purchases of INVH in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Invitation Homes?
4 of the superinvestors Investingly tracks hold INVH in their latest 13F, including Cliff Asness, Joel Greenblatt, Ric Dillon.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.