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American Homes 4 Rent

AMH NYSE Single-Family Residential REITs Financials FY2016–FY2025

American Homes 4 Rent's revenue rose 7.0% to $1.9 billion in fiscal 2025. Its net margin was 27.8%, up from 27.1% a year earlier. Free cash flow was $824 million, up 5.9%. It paid out $446 million in dividends and buybacks, 54% of free cash flow. The diluted share count rose 0.8%.

Last close · Oct 23, 2026

$31.92

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$1.9B
7.0% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$513M
9.7%
Free cash flow Cash from operations minus capital spending.
$824M
5.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$11.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.3x
On $1.26 EPS (TTM)

About these figures. American Homes 4 Rent's revenue is its rental and other single-family property income, which its filings tag as lease income rather than as revenue.

What American Homes 4 Rent does

No business description yet.

Legal name
AMERICAN HOMES 4 RENT
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001562401-26-000010
0001562401

Revenue and margins

American Homes 4 Rent had $1.9B of revenue in fiscal 2025, up 7.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $824M in fiscal 2025, 44.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

American Homes 4 Rent returned $446M to shareholders in fiscal 2025, 54% of free cash flow. The diluted share count rose 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value American Homes 4 Rent yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.0B and divides by 370.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.3x · peers 27.8x · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably American Homes 4 Rent can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $48.2M$69.2M$59.4M$199M$109M
Debt incl. finance leases $3.9B$4.5B$4.5B$5.0B$5.1B
Debt / equity 0.6x0.7x0.6x0.7x0.7x
Total assets $11.0B$12.2B$12.7B$13.4B$13.2B
Total liabilities $4.2B$5.0B$5.0B$5.5B$5.5B
Shareholders' equity $6.1B$6.5B$7.0B$7.2B$7.0B
Net debt (− = net cash) $3.8B$4.4B$4.4B$4.8B$5.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.7M

3 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Jack E CorriganDirector Bought 8,000 $21.50 $0.2M Form 4
Sep 10, 2026 Jack E CorriganDirector Bought 1,000 $21.60 $0.0M Form 4
Aug 24, 2026 Jack E CorriganDirector Bought 6,000 $22.42 $0.1M Form 4
Aug 12, 2026 Douglas N BenhamDirector Bought 500 $22.51 $0.0M Form 4
Aug 11, 2026 Douglas N BenhamDirector Bought 3,500 $23.23 $0.1M Form 4
Aug 10, 2026 Jack E CorriganDirector Bought 5,000 $22.80 $0.1M Form 4
May 18, 2026 Jack E CorriganDirector Bought 2,041 $23.53 $0.0M Form 4
May 15, 2026 Jack E CorriganDirector Bought 1,359 $23.40 $0.0M Form 4
May 13, 2026 Jack E CorriganDirector Bought 1,594 $23.25 $0.0M Form 4
May 12, 2026 Jack E CorriganDirector Bought 6 $23.00 $0.0M Form 4
Mar 3, 2026 David GoldbergDirector Bought 2,000 $29.30 $0.1M Form 4
Mar 2, 2026 Douglas N BenhamDirector Bought 1,200 $24.20 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −2.5%−2.6%−2.6%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
American Homes 4 Rent AMH $11.5B 7.0% — 44.5% — 25.3x —
Equity Lifestyle Properties ELS $12.2B 0.3% 25.6% 21.8% 7.7% 30.4x — Compare →
Sun Communities SUI $15.1B 2.0% — 17.7% — 10.9x — Compare →
Invitation Homes INVH $16.3B 4.2% — — — 25.3x — Compare →
Essex Property Trust ESS $17.9B 6.4% 47.7% — — 43.3x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $879M $960M $1.1B $1.1B $1.2B $1.3B $1.5B $1.6B $1.7B $1.9B
Interest expense $131M $113M $123M $127M $117M $115M $135M $140M $165M $185M
Net income $10.4M $76.5M $112M $156M $155M $211M $310M $432M $468M $513M
Diluted EPS −$0.14 −$0.08 $0.08 $0.29 $0.28 $0.41 $0.71 $1.01 $1.08 $1.18
Diluted shares 0.23B 0.26B 0.29B 0.30B 0.31B 0.33B 0.35B 0.36B 0.37B 0.37B
Cash flow
Cash from operations $279M $386M $411M $458M $474M $595M $666M $739M $812M $864M
Capital expenditure $39.9M $47.9M $52.4M $21.9M $17.0M $47.7M $98.0M $40.1M $34.1M $40.6M
Free cash flow $239M $338M $359M $436M $457M $548M $568M $699M $777M $824M
Depreciation and amortization $299M $297M $319M $329M $343M $373M $427M $457M $477M $504M
Stock-based compensation $3.6M $4.2M $3.4M $4.8M $9.8M $17.8M $27.3M $25.4M $31.0M $25.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $96.1M $0.0M $35.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $48.2M $38.9M $58.4M $59.8M $61.1M $146M $253M $320M $384M $446M
Dividends and buybacks $144M $38.9M $93.3M $59.8M $61.1M $146M $253M $320M $384M $446M
Balance sheet
Cash and short-term investments $119M $46.2M $30.3M $37.6M $137M $48.2M $69.2M $59.4M $199M $109M
Total debt $2.9B $2.5B $2.8B $2.8B $2.8B $3.9B $4.5B $4.5B $5.0B $5.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $8.1B $8.6B $9.0B $9.1B $9.6B $11.0B $12.2B $12.7B $13.4B $13.2B
Total liabilities $3.2B $2.7B $3.0B $3.1B $3.1B $4.2B $5.0B $5.0B $5.5B $5.5B
Shareholders' equity $4.2B $5.1B $5.3B $5.3B $5.8B $6.1B $6.5B $7.0B $7.2B $7.0B
Margins
Net margin 1.2% 8.0% 10.5% 13.7% 13.2% 16.2% 20.8% 26.6% 27.1% 27.8%
FCF margin 27.2% 35.2% 33.4% 38.1% 39.0% 42.0% 38.1% 43.0% 45.0% 44.5%
Returns
Return on equity 0.3% 1.6% 2.2% 3.0% 2.8% 3.6% 4.9% 6.4% 6.6% 7.2%
Return on assets 0.1% 0.9% 1.3% 1.7% 1.7% 2.1% 2.7% 3.5% 3.6% 3.9%
Growth
Revenue growth — 9.3% 11.7% 6.6% 2.6% 11.2% 14.3% 8.9% 6.5% 7.0%
Net income growth — 632.3% 47.0% 39.0% −0.9% 36.0% 47.2% 39.4% 8.3% 9.7%
EPS growth — — — 262.5% −3.5% 46.4% 73.2% 42.3% 6.9% 9.3%
FCF growth 269.2% 41.5% 6.1% 21.6% 4.9% 19.8% 3.7% 23.1% 11.3% 5.9%
Share count change 11.1% 12.9% 11.4% 1.9% 2.4% 6.0% 7.5% 3.6% 1.5% 0.8%
Financial health
Debt / equity 0.7x 0.5x 0.5x 0.5x 0.5x 0.6x 0.7x 0.6x 0.7x 0.7x
Capital allocation
Capex / revenue 4.5% 5.0% 4.9% 1.9% 1.5% 3.7% 6.6% 2.5% 2.0% 2.2%
Stock comp / revenue 0.4% 0.4% 0.3% 0.4% 0.8% 1.4% 1.8% 1.6% 1.8% 1.4%
Payouts / FCF 60.4% 11.5% 26.0% 13.7% 13.4% 26.7% 44.5% 45.7% 49.3% 54.2%
Quality scores
Accruals ratio −3.6% −3.7% −3.4% −3.3% −3.4% −3.7% −3.1% −2.5% −2.6% −2.6%

Source: SEC EDGAR XBRL filings (CIK 0001562401). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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