On 12 Nov 2026 our base value for Invitation Homes is $38.10 a share, 43.0% above its $26.65 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $38.10 | +43.0% | funds from operations $2.18 a share (FY2025) at its own 5-year median of 17.5× (today 12.2×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $262.78m | $592.13m | $854.91m | 579.21m | $1.48 | $45.34 | 30.7× |
| 2022 | $384.80m | $638.11m | $1.02bn | 611.11m | $1.67 | $29.64 | 17.7× |
| 2023 | $521.03m | $674.29m | $1.20bn | 613.29m | $1.95 | $34.11 | 17.5× |
| 2024 | $455.37m | $714.33m | $1.17bn | 613.63m | $1.91 | $31.97 | 16.8× |
| 2025 | $587.92m | $746.93m | $1.33bn | 613.18m | $2.18 | $27.79 | 12.8× |
| Median P/FFO | 17.5× |
| Latest FFO per share (FY2025) | $2.18 |
| Value per share = median × latest FFO per share | $38.10 |
For a REIT the base value is the price-to-FFO value: $38.10 a share.
Bear $36.51 · Base $38.10 · Bull $38.55 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 66% chance the price is higher than today's $26.65 in a year, from 17.7% volatility. The simulation assumes the price drifts up at our discount rate of 9.18% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $26.04 | $38.10 |
| 9 Oct 2026 | $26.79 | $38.10 |
| 16 Oct 2026 | $27.07 | $38.10 |
| 23 Oct 2026 | $27.54 | $38.10 |
| 30 Oct 2026 | $26.56 | $38.10 |
| 6 Nov 2026 | $27.10 | $38.10 |
| 12 Nov 2026 | $26.65 | $38.10 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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