Invitation Homes vs SBA Communications
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KIRA’s take AI analyst
I put Invitation Homes and SBA Communications side by side, using each one’s latest annual report. Here is what stands out:
- 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 25.2x against 20.0x for SBA Communications.
Who comes out ahead
Of the 4 measures where higher (or lower) is clearly better, how many each company leads.
Invitation Homes
INVH
1/4
5-year growth
SBA Communications
SBAC
3/4
Revenue growthNet marginShare count change
Side by side
Best in the row
| Latest fiscal year | INVH FY25 | SBAC FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.3B | $19.8B |
| 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 | 25.2x | 20.0x |
| Piotroski F-score | — | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.