Invitation Homes vs SBA Communications
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The short version
- SBA Communications is the larger business, with $2.8B of revenue in fiscal 2025 against $2.7B for Invitation Homes.
- SBA Communications grew revenue faster (5.1%, against 4.2%).
- Investors pay more for each dollar of Invitation Homes’s earnings: a P/E of 25.3x against 19.9x for SBA Communications.
| Latest fiscal year | INVH · FY25 | SBAC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.3B | $19.6B |
| Revenue | $2.7B | $2.8B |
| Free cash flow | — | $1.1B |
| Net income | $588M | $1.1B |
| Growth | ||
| Revenue growth | 4.2% | 5.1% |
| 5-year growth | 8.4% | 6.2% |
| Share count change | −0.1% | −0.5% |
| Profitability | ||
| Gross margin | — | 75.5% |
| Operating margin | — | 47.7% |
| Net margin | 21.5% | 37.4% |
| FCF margin | — | 37.9% |
| Return on capital | — | 14.4% |
| Return on equity | 6.1% | — |
| Balance sheet | ||
| Net debt | $8.3B | $12.6B |
| Net debt / EBITDA | — | 7.7x |
| Dividends and buybacks | $766M | $977M |
| Valuation & quality | ||
| P/E | 25.3x | 19.9x |
| Piotroski F-score | — | 6 |
Revenue
FY16
INVH $923M
SBAC $1.6B
FY17
INVH $1.1B
SBAC $1.7B
FY18
INVH $1.7B
SBAC $1.9B
FY19
INVH $1.8B
SBAC $2.0B
FY20
INVH $1.8B
SBAC $2.1B
FY21
INVH $2.0B
SBAC $2.3B
FY22
INVH $2.2B
SBAC $2.6B
FY23
INVH $2.4B
SBAC $2.7B
FY24
INVH $2.6B
SBAC $2.7B
FY25
INVH $2.7B
SBAC $2.8B
INVH
SBAC
Operating margin
FY16
INVH 20.7%
SBAC 23.7%
FY17
INVH 11.2%
SBAC 26.5%
FY18
INVH —
SBAC 29.2%
FY19
INVH —
SBAC 29.0%
FY20
INVH —
SBAC 30.4%
FY21
INVH —
SBAC 33.9%
FY22
INVH —
SBAC 35.1%
FY23
INVH —
SBAC 34.1%
FY24
INVH —
SBAC 53.6%
FY25
INVH —
SBAC 47.7%
INVH
SBAC
Free cash flow
FY16
INVH —
SBAC $603M
FY17
INVH —
SBAC $671M
FY18
INVH —
SBAC $701M
FY19
INVH —
SBAC $816M
FY20
INVH —
SBAC $997M
FY21
INVH —
SBAC $1.1B
FY22
INVH —
SBAC $1.1B
FY23
INVH —
SBAC $1.3B
FY24
INVH —
SBAC $1.1B
FY25
INVH —
SBAC $1.1B
INVH
SBAC
Return on capital
FY16
INVH —
SBAC 5.1%
FY17
INVH —
SBAC 6.1%
FY18
INVH 1.7%
SBAC 7.7%
FY19
INVH 3.0%
SBAC 7.1%
FY20
INVH 3.3%
SBAC 8.0%
FY21
INVH 3.5%
SBAC 11.7%
FY22
INVH 3.9%
SBAC 11.5%
FY23
INVH 4.8%
SBAC 11.6%
FY24
INVH —
SBAC 18.6%
FY25
INVH —
SBAC 14.4%
INVH
SBAC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.