American Homes 4 Rent vs Equity Lifestyle Properties
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KIRA’s take AI analyst
I put American Homes 4 Rent and Equity Lifestyle Properties side by side, using each one’s latest annual report. Here is what stands out:
- American Homes 4 Rent is the larger business, with $1.9B of revenue in fiscal 2025 against $1.5B for Equity Lifestyle Properties.
- American Homes 4 Rent grew revenue faster (7.0%, against 0.3%).
- American Homes 4 Rent turned more of its sales into free cash flow (44.5% FCF margin, against 21.8%).
- Investors pay more for each dollar of Equity Lifestyle Properties’s earnings: a P/E of 30.4x against 25.3x for American Homes 4 Rent.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
American Homes 4 Rent
AMH
5/6
Revenue growth5-year growthNet marginFCF marginShare count change
Equity Lifestyle Properties
ELS
1/6
Return on equity
Side by side
Best in the row
| Latest fiscal year | AMH FY25 | ELS FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.5B | $12.2B |
| Revenue | $1.9B | $1.5B |
| Free cash flow | $824M | $334M |
| Net income | $513M | $402M |
| Growth | ||
| Revenue growth | 7.0% | 0.3% |
| 5-year growth | 9.6% | 6.5% |
| Share count change | 0.8% | 1.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 25.6% |
| Net margin | 27.8% | 26.3% |
| FCF margin | 44.5% | 21.8% |
| Return on capital | — | 7.7% |
| Return on equity | 7.2% | 23.0% |
| Balance sheet | ||
| Net debt | $5.0B | $3.3B |
| Net debt / EBITDA | — | 5.5x |
| Dividends and buybacks | $446M | $388M |
| Valuation & quality | ||
| P/E | 25.3x | 30.4x |
| Piotroski F-score | — | — |
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.