Aureus
AExcellent

Invitation Homes Inc.(INVH)

A

Financial data as of Dec 31, 2025Declining · Real Estate

FCF Margin34.3%Free Cash Flow / Revenue
Cash Conversion205.2%Operating CF / Net Income
Free Cash Flow$963.5M
Revenue$2.7B
Net Cash-$8.3BNet debt position
Debt / FCF9.0xElevated debt burden
Current Ratio1.52Adequate short-term liquidity
YoY FCF Growth-15.4%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
-0.5Elevated debt-to-FCF ratio (9.0x; 5.1x sector-adjusted)
→
+0.5Healthy FCF margin with manageable debt (34.3%, 9.0x; 5.1x sector-adjusted)
→
-0.5Moderate decline but healthy margin (-15.4% YoY)
→
FinalA

Analysis Summary

Strengths

  • Exceptional FCF margin (34.3%)
  • Excellent cash conversion (205%)

Concerns

  • Heavy debt position ($8.3B net debt, 9.0x FCF)
  • High debt-to-FCF ratio (9.0x)
  • FCF trend declining (-15.4% YoY) but margin still healthy

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin34.3%
Net Margin21.5%
Operating CF Margin44.2%
CapEx Ratio8.9%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$8.3BNet debt position
Debt / FCF9.0xElevated debt burden
Current Ratio1.52Strong liquidity
Debt / Equity0.88Low leverage

Quarterly FCF Trend

-15.4% YoYDeclining (-15.4%)

Free cash flow per quarter

Sector Comparison — Real Estate

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameInvitation Homes Inc.
SectorReal Estate
Free Cash Flow$963.5M
Revenue$2.7B
Net Income$587.9M
Operating Cash Flow$1.2B
Capital Expenditure$242.8M
FCF Margin34.3%
Cash Conversion Rate205.2%
Net Margin21.5%
Total Debt$8.4B
Total Cash$130.0M
Net Cash-$8.3B
Current Ratio1.52
Debt / Equity0.88
Debt / FCF9.0x
YoY FCF Growth-15.4%
Positive Quarters5 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeA
Data SourceYahoo Finance

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