Invitation Homes
Market Cap
US$15.3b
Last Updated
2020/06/03 05:02 UTC
Data Sources
Company Financials +
Executive Summary
Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -8.1% per year for the next 3 years
+ 2 more risks
Snowflake Analysis
Proven track record second-rate dividend payer.
Similar Companies
Share Price & News
How has Invitation Homes's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: INVH's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
5.0%
INVH
3.9%
US REITs
2.4%
US Market
1 Year Return
4.8%
INVH
-7.4%
US REITs
9.2%
US Market
Return vs Industry: INVH exceeded the US REITs industry which returned -8.6% over the past year.
Return vs Market: INVH underperformed the US Market which returned 8.5% over the past year.
Shareholder returns
| INVH | Industry | Market | |
|---|---|---|---|
| 7 Day | 5.0% | 3.9% | 2.4% |
| 30 Day | 21.1% | 9.7% | 10.2% |
| 90 Day | -8.6% | -11.9% | 3.4% |
| 1 Year | 6.9%4.8% | -3.6%-7.4% | 11.6%9.2% |
| 3 Year | 37.2%29.5% | 16.0%1.8% | 33.7%24.9% |
| 5 Year | n/a | 47.1%17.0% | 59.7%41.8% |
Price Volatility Vs. Market
How volatile is Invitation Homes's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
Is Invitation Homes Inc.'s (NYSE:INVH) 1.8% ROE Worse Than Average?3 months ago | Simply Wall St
Investors Who Bought Invitation Homes (NYSE:INVH) Shares Three Years Ago Are Now Up 31%4 months ago | Simply Wall St
Should Invitation Homes Inc. (NYSE:INVH) Focus On Improving This Fundamental Metric?Valuation
Is Invitation Homes undervalued compared to its fair value and its price relative to the market?
84.97x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: INVH ($27.59) is trading above our estimate of fair value ($23.14)
Significantly Below Fair Value: INVH is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: INVH is poor value based on its PE Ratio (85x) compared to the REITs industry average (28x).
PE vs Market: INVH is poor value based on its PE Ratio (85x) compared to the US market (15.8x).
Price to Earnings Growth Ratio
PEG Ratio: INVH's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: INVH is overvalued based on its PB Ratio (1.9x) compared to the US REITs industry average (1.4x).
Next Steps
Future Growth
How is Invitation Homes forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?
-8.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: INVH's earnings are forecast to decline over the next 3 years (-8.1% per year).
Earnings vs Market: INVH's earnings are forecast to decline over the next 3 years (-8.1% per year).
High Growth Earnings: INVH's earnings are forecast to decline over the next 3 years.
Revenue vs Market: INVH's revenue (3.5% per year) is forecast to grow slower than the US market (8.9% per year).
High Growth Revenue: INVH's revenue (3.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: INVH's Return on Equity is forecast to be low in 3 years time (1%).
Next Steps
Past Performance
How has Invitation Homes performed over the past 5 years?
70.1%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: INVH has a large one-off gain of $88.4M impacting its March 31 2020 financial results.
Growing Profit Margin: INVH's current net profit margins (9.8%) are higher than last year (1.9%).
Past Earnings Growth Analysis
Earnings Trend: INVH has become profitable over the past 5 years, growing earnings by 70.1% per year.
Accelerating Growth: INVH's earnings growth over the past year (427.2%) exceeds its 5-year average (70.1% per year).
Earnings vs Industry: INVH earnings growth over the past year (427.2%) exceeded the REITs industry 5.3%.
Return on Equity
High ROE: INVH's Return on Equity (2.2%) is considered low.
Next Steps
Financial Health
How is Invitation Homes's financial position?
Financial Position Analysis
Short Term Liabilities: INVH's short term assets ($690.0M) do not cover its short term liabilities ($1.1B).
Long Term Liabilities: INVH's short term assets ($690.0M) do not cover its long term liabilities ($8.6B).
Debt to Equity History and Analysis
Debt Level: INVH's debt to equity ratio (116.2%) is considered high.
Reducing Debt: INVH's debt to equity ratio has reduced from 296.5% to 116.2% over the past 5 years.
Debt Coverage: INVH's debt is not well covered by operating cash flow (7%).
Interest Coverage: INVH's interest payments on its debt are not well covered by EBIT (1.2x coverage).
Balance Sheet
Next Steps
Dividend
What is Invitation Homes's current dividend yield, its reliability and sustainability?
2.17%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: INVH's dividend (2.17%) is higher than the bottom 25% of dividend payers in the US market (1.67%).
High Dividend: INVH's dividend (2.17%) is low compared to the top 25% of dividend payers in the US market (4.48%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, INVH has been paying a dividend for less than 10 years.
Growing Dividend: INVH's dividend payments have increased, but the company has only paid a dividend for 3 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (46.4%), INVH's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: INVH's dividends in 3 years are forecast to be thoroughly covered by earnings (0.09% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.9yrs
Average management tenure
CEO
Dallas Tanner (38yo)
1.42yrs
Tenure
US$6,291,215
Compensation
Mr. Dallas B. Tanner has been President, Chief Executive Officer and Director of Invitation Homes Inc since January 16, 2019. He served as Interim President and Interim Chief Executive Officer of Invitatio ...
CEO Compensation Analysis
Compensation vs Market: Dallas's total compensation ($USD6.29M) is below average for companies of similar size in the US market ($USD11.58M).
Compensation vs Earnings: Dallas's compensation has increased by more than 20% in the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder | 1.42yrs | US$6.29m | 0.034% $5.1m | |
| Executive VP & CFO | 4.67yrs | US$4.76m | 0.048% $7.3m | |
| Executive VP & COO | 2.58yrs | US$4.54m | 0.018% $2.7m | |
| Executive VP | 4.83yrs | US$2.51m | 0.014% $2.2m | |
| Executive VP & Chief Accounting Officer | 5.42yrs | no data | 0.016% $2.4m | |
| Executive VP & CTO | no data | no data | no data | |
| Executive VP & Chief Information Officer | 0.50yr | no data | no data | |
| Vice President of Investor Relations | 3.92yrs | no data | no data | |
| Senior Vice President of Communications | 1.75yrs | no data | no data | |
| Senior Vice President of Marketing | 4.17yrs | no data | no data |
3.9yrs
Average Tenure
51yo
Average Age
Experienced Management: INVH's management team is considered experienced (3.9 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder | 1.42yrs | US$6.29m | 0.034% $5.1m | |
| Independent Director | 0.083yr | no data | no data | |
| Independent Director | 7.67yrs | no data | 0.0060% $910.3k | |
| Chairperson of the Board | 3.42yrs | US$740.01k | 0.062% $9.4m | |
| Independent Director | 2.58yrs | US$210.86k | 0.010% $1.6m | |
| Independent Director | 2.58yrs | US$230.86k | 0.0090% $1.4m | |
| Independent Director | 2.58yrs | US$210.86k | 0.0072% $1.1m | |
| Independent Director | 3.42yrs | US$230.86k | 0.0055% $833.9k | |
| Independent Director | 4.67yrs | US$230.86k | 0.0056% $861.4k | |
| Independent Director | 1.58yrs | US$210.86k | 0.0016% $250.5k |
2.6yrs
Average Tenure
59yo
Average Age
Experienced Board: INVH's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.9%.
Top Shareholders
Company Information
Invitation Homes Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Invitation Homes Inc.
- Ticker: INVH
- Exchange: NYSE
- Founded: 2012
- Industry: Residential REITs
- Sector: Real Estate
- Implied Market Cap: US$15.273b
- Market Cap: US$15.403b
- Shares outstanding: 547.23m
- Website: https://www.InvitationHomes.com
Number of Employees
Location
- Invitation Homes Inc.
- 1717 Main Street
- Suite 2000
- Dallas
- Texas
- 75201
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| 4IV | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Feb 2017 |
| INVH | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Feb 2017 |
| INVH * | BMV (Bolsa Mexicana de Valores) | Yes | Common Stock | MX | MXN | Feb 2017 |
Biography
Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/06/03 05:02 |
| End of Day Share Price | 2020/06/02 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.