American Homes 4 Rent vs W. P. Carey
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The short version
- American Homes 4 Rent is the larger business, with $1.9B of revenue in fiscal 2025 against $1.7B for W. P. Carey.
- W. P. Carey grew revenue faster (8.4%, against 7.0%).
- Investors pay more for each dollar of American Homes 4 Rentβs earnings: a P/E of 25.3x against 21.8x for W. P. Carey.
| Latest fiscal year | AMH Β· FY25 | WPC Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.5B | $14.5B |
| Revenue | $1.9B | $1.7B |
| Free cash flow | $824M | β |
| Net income | $513M | $466M |
| Growth | ||
| Revenue growth | 7.0% | 8.4% |
| 5-year growth | 9.6% | 7.3% |
| Share count change | 0.8% | 0.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 27.8% | 27.2% |
| FCF margin | 44.5% | β |
| Return on capital | β | 4.6% |
| Return on equity | 7.2% | 5.6% |
| Balance sheet | ||
| Net debt | $5.0B | $8.6B |
| Net debt / EBITDA | β | 6.5x |
| Dividends and buybacks | $446M | $790M |
| Valuation & quality | ||
| P/E | 25.3x | 21.8x |
| Piotroski F-score | β | β |
Revenue
FY16
AMH $879M
WPC $942M
FY17
AMH $960M
WPC $848M
FY18
AMH $1.1B
WPC $886M
FY19
AMH $1.1B
WPC $1.2B
FY20
AMH $1.2B
WPC $1.2B
FY21
AMH $1.3B
WPC $1.3B
FY22
AMH $1.5B
WPC $1.5B
FY23
AMH $1.6B
WPC $1.7B
FY24
AMH $1.7B
WPC $1.6B
FY25
AMH $1.9B
WPC $1.7B
AMH
WPC
Operating margin
FY16
AMH β
WPC β
FY17
AMH β
WPC β
FY18
AMH β
WPC β
FY19
AMH β
WPC β
FY20
AMH β
WPC β
FY21
AMH β
WPC β
FY22
AMH β
WPC β
FY23
AMH β
WPC β
FY24
AMH β
WPC β
FY25
AMH β
WPC β
AMH
WPC
Free cash flow
FY16
AMH $239M
WPC β
FY17
AMH $338M
WPC β
FY18
AMH $359M
WPC β
FY19
AMH $436M
WPC β
FY20
AMH $457M
WPC β
FY21
AMH $548M
WPC β
FY22
AMH $568M
WPC β
FY23
AMH $699M
WPC β
FY24
AMH $777M
WPC β
FY25
AMH $824M
WPC β
AMH
WPC
Return on capital
FY16
AMH β
WPC 8.0%
FY17
AMH β
WPC 5.9%
FY18
AMH β
WPC 5.8%
FY19
AMH β
WPC 4.0%
FY20
AMH β
WPC 5.0%
FY21
AMH β
WPC 4.3%
FY22
AMH β
WPC 5.2%
FY23
AMH β
WPC 6.0%
FY24
AMH β
WPC 4.5%
FY25
AMH β
WPC 4.6%
AMH
WPC
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.