Invitation Homes Inc. (INVH) intrinsic value & 10-year financials
Invitation Homes Inc. (INVH) has a Graham intrinsic value of $31.89 per share. At $27.07 on Oct 17, 2026, the stock trades 15% below that value. Over the last 10 fiscal years revenue grew 58.0% a year to $2.7B, with an average return on invested capital of 1.0%.
- Graham intrinsic value
- $31.89
- Share price (Oct 17, 2026)
- $27.07
- Price vs Graham value
- 15% below
- Market cap
- $16.6B
- Revenue (FY2025)
- $2.7B
- Revenue growth (10-yr CAGR)
- 58.0%
- ROIC (10-yr avg)
- 1.0%
- Free cash flow (FY2025)
- $963.5M
INVH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.7B | $587.9M | $0.96 | $963.5M | — | 3.3% |
| FY2024 | $2.6B | $453.9M | $0.74 | $862.4M | — | 2.5% |
| FY2023 | $2.4B | $519.5M | $0.85 | $886.0M | — | 2.9% |
| FY2022 | $2.2B | $383.3M | $0.63 | $815.5M | — | 2.2% |
| FY2021 | $2.0B | $261.4M | $0.45 | $744.8M | — | 1.6% |
| FY2020 | $1.8B | $196.2M | $0.35 | $524.4M | — | 1.2% |
| FY2019 | $1.8B | $145.5M | $0.27 | $497.9M | — | 0.9% |
| FY2018 | $1.7B | -$4.9M | -$0.01 | $557.2M | — | -0.0% |
| FY2017 | $1.1B | -$105.3M | — | $255.7M | 11.2% | -0.6% |
| FY2016 | $44.6M | -$78.2M | — | $246.3M | 427.8% | -4.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Invitation Homes is a consistent compounder, expanding top-line revenue at 58.0% annually over the past decade.
Invitation Homes has historically struggled to out-earn its cost of capital, averaging just 1.5% ROIC.
Invitation Homes capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Invitation Homes is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.89 per share.