American Homes 4 Rent

Real Estate Investment Trusts

AMHStrained8 of 11 basics passed

$30.85

+1.18%

Market cap $11.1B

$30.85

+1.18%

Market cap $11.1B

American Homes 4 Rent is a real estate investment trust focused on acquiring, operating, and leasing single-family homes as rental properties throughout the United States.

It is a $11.1B real estate company. Revenue grew 4.3% over the last year, it keeps 25¢ of every dollar of sales as profit, and its net debt equals ~6.1 years of free cash flow. It trades at 23.2× earnings — near the lowest of its own history.

Website: amh.com
Location: Las Vegas, NV
Employees: 1 598
Sector: Real Estate
Founded: 2012

Share price · 3 years

$34.38 → $30.85-10.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.88B
Profit: keeps 25¢ of every $1 sold; $465M
Free cash flow: cash left after running the business; $821M
Net debt: debt minus cash on hand; $5.00B
P/E: years of profit in the price; 23.2
EPS: earnings per share, TTM; $1.25
Dividend: pays out 100% of profit · 58% of FCF; 4.30%
Shares: up 26% since 2018 — dilution; 370.9M
Volatility: beta vs the market — under 1 swings less; 0.79

Revenue, last 8 years

52-week range

Low $27.38$30.85High $34.81

Today's price is 47% of the way from the year's low to its high.

P/E vs its history5y

23.9×median 37.5×

Higher than 2% of past days — near the lowest of its own history.

Valuation vs own history

P/E

23.9×

98%

P/S

5.9×

93%

P/B

1.5×

98%

FCF yield

7.4%

87%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

+$507Knet buying

Purchases$507K

Sales$0

Insiders trading, last 14d0 buy · 0 sell

Standing in Real Estate

Size$11.1Btop 71%
Revenue growth+7%top 44%
Net margin27%top 42%
Return on equity7%top 67%
P/E23.2×top 32%
Dividend yield4.30%top 56%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Health, Quality and Moat lag behind.

Valuation69

P/E vs own history2th pct · 25/25
FCF yield7.4% · 20/25
P/S7.9x · 12/25
EV/EBITDA20.7x · 12/25

Growth50

Revenue CAGRn/a · 0/25
Net income CAGR34.2% · 25/25
EPS CAGR ~5Y33.6% · 25/25
Fwd implied growth-37.6% · 0/25

Profitability55

ROIC4.9% · 5/25
ROE6.9% · 5/25
Net margin24.8% · 25/25
Operating margin15.3% · 20/25

Health15

Altman Zn/a · 0/25
Current ratio0.25 · 0/25
Interest coverage2.5x · 10/25
Net cash / debtD/A 38% · 5/25

Quality41

Piotroski F4/9 · 10/25
Beneish Mn/a · 0/25
FCF conversion177% · 25/25
Margin stabilityσ 18.2% · 6/25

Moat37

ROIC >12% yearsn/a · 0/25
Median gross marginn/a · 0/25
FCF-positive years9/9 yrs · 25/25
Worst-year net marginworst 2.2% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q3 2026Insiders
15 open-market insider purchases
~23K shares bought by insiders
FY2025Financial
Best year on record
$439M net income
FY2018Financial
Turned profitable
$23.5M net income after a loss year
FY2018Financial
Revenue crossed $1B
$1.07B for the year
FY2016Financial
Positive free cash flow every year since
10-year streak
2016Acquisition
The company merged with American Residential Properties, Inc
2013IPO
The company became a public company via an initial public offering
2012Founded
The company was established in October 2012 by B

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$7 665 today — price return only

$1.9B revenue in FY2025

Profitable 8 years in a row

Positive free cash flow 10 years in a row

1 598 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (58.1%)
Strongly profitable — 24.8% net margin
Strong cash conversion — FCF is 43.8% of revenue

Watch-outs

Loss-making in 2 of the recent years
Net debt equals ~6.1 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.3% YoY
Profitable — makes more than it spends$465M TTM
Profit growing — earnings are higher than last year+16.1% YoY
Generates cash — cash left after running and investing$821M TTM
Debt under control — could handle its obligations~6.1y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$11.1B market cap
Not printing shares — share count not ballooning — you keep your slice+20.8% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distresshealth score 10/100
Pays a dividend — returns cash to shareholdersyield 4.30%
Valuation not extreme — price not wildly above earningsP/E 23.2

Peer comparisonAmerican Homes 4 Rent vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AMH this company	$11.1B	23.2	+4.3%	24.8%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: AMH vs WELL · AMH vs PLD · AMH vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 11Hold 12

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.88B · net income $465M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$1.88B

YoY 4.3%

Net income (TTM)

$465M

Margin 24.8%

Gross margin

58.1%

Operating margin

15.3%

P/E ratio

23.2

Dividend yield

4.30%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.2	1.3	1.5	1.6	1.7	1.9
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	—	—	—	—	—
Net income	0.1	0.1	0.3	0.4	0.4	0.4
EPS (diluted)	0.28	0.42	0.72	1.00	1.08	1.18

Cash flowFree cash flow $821M · operating cash flow $865M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$821M

Margin 43.8%

Operating cash flow (TTM)

$865M

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	0.6	0.7	0.7	0.8	0.9
Capital expenditure	-0.0	-0.0	-0.1	—	-0.0	-0.0
Free cash flow	0.5	0.5	0.6	0.7	0.8	0.8
FCF margin	38.6%	42.0%	38.1%	45.5%	45.0%	44.5%

Balance sheetAssets $13.2B · net debt $5.00B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $13.2B of assets is financed

44%

56%

Liabilities $5.53B — borrowed moneyEquity $7.03B — owners' stake

Cash vs debt

Total debt $5.11B − cash $109M = net debt $5.00B

Cash on hand covers 2% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

2.5x

EBIT ÷ interest expense

ROE

6.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.0	0.1	0.1	0.2	0.1
Total assets	9.6	11.0	12.2	12.7	13.4	13.2
Total liabilities	3.1	4.2	5.0	—	5.5	5.5
Total debt	—	3.9	4.5	4.5	5.0	5.1
Equity	5.8	6.1	6.5	7.7	7.2	7.0
Net debt	—	3.9	4.5	4.4	4.8	5.0

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of AMH on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $30.85 · market cap $11.1B.