REIT Report Card · August 15, 2026
Invitation Homes is the single-family rental name, $18.0B, about $121 million a day. The year was quiet: shares are −0.8%. EV / EBITDA is about 17.6x and the indicated yield is 3.96%. Operating cash flow is 6.7% of market cap. Most of the numbers sit near the middle of this list.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | B+ | Tradable, though thinner than the mega-caps |
| Balance Sheet | B | A lot of debt. Worth keeping an eye on |
| Debt Service | B | Coverage is fine, but not abundant |
| Operating Quality | B+ | Solid operating profits |
| Cash Generation | A- | Good cash generation versus the current price |
| Dividend | B+ | Useful income, and coverage looks okay |
| Valuation | B+ | A moderate price. Not a bargain |
| Recent Performance | B- | A soft year for the share price |
| Overall | B | A quiet single-family rental year. Most numbers sit near the middle |
1. Valuation
EV / EBITDA asks what the whole firm costs per dollar of trailing EBITDA.
At about 17.6x EV / EBITDA, INVH screens cheaper than a lot of large REITs.
Bottom line: A lower multiple can cushion a miss, or it can mean the market already sees a problem. Read the rest of the card.
2. Leverage
For every $1 of annual EBITDA INVH generates, it has about $5.65 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: INVH uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 32% of INVH's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: A large net-debt share of EV means equity holders have less of a cushion.
4. Interest Protection
INVH generates about 4.04x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
INVH turns about 53 cents of every revenue dollar into EBITDA.
Bottom line: Margins are respectable. Compare them with the same property type, not with net-lease specialists.
6. Cash Generation
INVH generated operating cash flow equal to about 6.7% of its current equity value.
For every $100 of current equity value, the company generated about $6.68 of trailing operating cash flow.
Bottom line: You're getting a lot of cash relative to the price you're paying.
7. Cash Conversion
About 80% of INVH's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers INVH's annualized dividend about 1.69x.
INVH generates roughly 1.69x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks well covered by operating cash flow on this method.
9. Dividend Yield
INVH is not mainly a high-income REIT.
Put $10,000 into INVH at the current indicated yield and you'd get about $396 a year if the dividend stays the same.
Bottom line: People who buy INVH are usually after the mix of a check plus the assets, not the fattest current yield here.
10. Market Liquidity
About $121 million of INVH stock changes hands on an average trading day.
Bottom line: Liquidity is fine for smaller positions, but large orders may take more time than they would in a mega-cap REIT.
If you put $10,000 into INVH today, based on the numbers in this report:
INVH has $8.59B of total debt against $0.11B of cash (5.65x net debt / EBITDA). Interest coverage of 4.0x does not fully cancel that load.
At 17.6x EV / EBITDA, this is a middle-of-the-range price versus the other names here.
OCF dividend coverage is 1.69x and the indicated yield is 3.96%. The cash-flow cushion looks comfortable on this math.
Average daily dollar volume is $120.7M, adequate, but thinner than the mega-cap REITs here.
Invitation Homes did almost nothing on price (−0.8%). 17.6x EV / EBITDA and a 3.96% yield is a middle-of-the-list single-family rental screen, not a special situation.
OCF yield on equity is 6.7% and dividend coverage is 1.69x. Those are respectable middle-of-the-list results. So is almost everything else on the page.
17.6x EV / EBITDA, 5.65x leverage, 1.69x coverage, 4.0% yield. A middle-of-the-list card, without a reason to stretch.
| Metric | INVH |
|---|---|
| Market Capitalization | $17.96B |
| Enterprise Value | $26.43B |
| Share Price | $30.29 |
| Revenue (TTM) | $2.85B |
| EBITDA (TTM) | $1.50B |
| EBIT (TTM) | $0.74B |
| Operating Cash Flow (TTM) | $1.20B |
| CapEx (TTM) | $0.39B |
| Cash | $0.11B |
| Total Debt | $8.59B |
| Average Daily $ Volume | $120.7M |
| Daily Equity Turnover | 0.67% |
| EV / EBITDA | 17.62x |
| EBITDA Yield on EV | 5.68% |
| EBITDA Margin | 52.63% |
| Net Debt / EBITDA | 5.65x |
| Net Debt / Market Cap | 47.20% |
| Net Debt / Enterprise Value | 32.07% |
| Debt / Total Capital | 32.35% |
| Cash / Debt | 1.32% |
| EV Premium to Equity | 47.16% |
| Operating Cash Flow Yield | 6.68% |
| OCF / EBITDA Conversion | 80.00% |
| CapEx / Operating Cash Flow | 32.70% |
| CapEx / Revenue | 13.77% |
| Post-CapEx Cash Yield | 4.50% |
| Dividend / OCF Burden | 0.59x |
| OCF Dividend Coverage | 1.69x |
| Implied Interest / Revenue | 13.04% |
| EBITDA Interest Coverage | 4.04x |
| Reported Interest Coverage (source) | 1.98x |
| Dividend Yield | 3.96% |
| 52-Week Price Change | −0.82% |
| Approx. 1-Year Total Carry | +3.14% |
| Beta (5Y) | 0.84 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/invh/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.