NYSE : AMH
American Homes 4 Rent — Financial statements
Real Estate · REIT - Residential · United States
Last price 31.56 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.94B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.88B | 1.85B | 1.73B | 1.62B | 1.49B | 1.30B |
| Total Revenue | 1.88B | 1.85B | 1.73B | 1.62B | 1.49B | 1.30B |
| Property Expenses | 813.13M | 811.02M | 767.40M | 739.73M | 688.24M | 602.82M |
| Selling, General & Administrative | 89.82M | 87.21M | 86.99M | 77.61M | 70.76M | 56.44M |
| Depreciation & Amortization | 503.92M | 500.14M | 473.61M | 453.55M | 423.83M | 372.85M |
| Total Operating Expenses | 1.41B | 1.40B | 1.33B | 1.27B | 1.18B | 1.03B |
| Operating Income | 468.71M | 451.87M | 400.70M | 352.71M | 307.70M | 271.77M |
| Interest Expense | -191.22M | -185.20M | -165.35M | -140.20M | -134.87M | -114.89M |
| Income (Loss) on Equity Investments | -1.40M | 320.00K | -6.00K | 1.23M | 3.07M | 1.61M |
| Other Non-Operating Income | 52.37M | 4.16M | 8.57M | 4.71M | 1.46M | 1.52M |
| EBT Excluding Unusual Items | 328.46M | 271.15M | 243.91M | 218.45M | 177.36M | 160.01M |
| Gain (Loss) on Sale of Assets | 277.00M | 277.00M | 248.60M | 215.60M | 141.30M | 50.68M |
| Total Insurance Settlements | 3.90M | 2.80M | ||||
| Asset Writedown | -62.46M | -34.36M | -9.16M | -1.91M | -2.50M | -131.00K |
| Other Unusual Items | -180.00K | -396.00K | -19.11M | -8.93M | ||
| Pretax Income | 542.82M | 513.39M | 468.14M | 432.14M | 310.02M | 210.56M |
| Earnings From Continuing Operations | 542.82M | 513.39M | 468.14M | 432.14M | 310.02M | 210.56M |
| Minority Interest in Earnings | -63.98M | -60.42M | -55.72M | -51.97M | -36.89M | -21.47M |
| Net Income | 478.84M | 452.97M | 412.43M | 380.17M | 273.14M | 189.09M |
| Preferred Dividends & Other Adjustments | 15.35M | 15.28M | 15.26M | 15.03M | 23.12M | 54.22M |
| Net Income to Common | 463.50M | 437.70M | 397.17M | 365.14M | 250.01M | 134.87M |
| Basic Shares Outstanding | 365.93M | 370.56M | 367.45M | 362.02M | 349.29M | 324.25M |
| Diluted Shares Outstanding | 366.19M | 370.91M | 367.99M | 362.48M | 349.79M | 325.52M |
| EPS (Basic) | 1.27 | 1.18 | 1.08 | 1.01 | 0.72 | 0.42 |
| EPS (Diluted) | 1.27 | 1.18 | 1.08 | 1.01 | 0.71 | 0.41 |
| Dividend Per Share | 1.26 | 1.20 | 1.04 | 0.88 | 0.72 | 0.40 |
| Operating Margin | 24.99% | 24.42% | 23.18% | 21.72% | 20.64% | 20.84% |
| Profit Margin | 24.71% | 23.66% | 22.98% | 22.49% | 16.77% | 10.34% |
| EBITDA | 972.64M | 952.01M | 874.31M | 806.26M | 731.54M | 640.72M |
| EBITDA Margin | 51.86% | 51.45% | 50.58% | 49.66% | 49.08% | 49.14% |
| D&A For Ebitda | 503.92M | 500.14M | 473.61M | 453.55M | 423.83M | 368.95M |
| EBIT | 468.71M | 451.87M | 400.70M | 352.71M | 307.70M | 271.77M |
| EBIT Margin | 24.99% | 24.42% | 23.18% | 21.72% | 20.64% | 20.84% |
| Funds From Operations (FFO) | 765.75M | 756.94M | 690.73M | 651.21M | 564.73M | 470.63M |
| FFO Per Share | 1.79 | 1.65 | 1.57 | |||
| Adjusted Funds From Operations (AFFO) | 732.77M | 712.45M | 663.31M | 609.32M | 550.54M | 459.07M |
| AFFO Per Share | 1.69 | 1.58 | 1.47 | |||
| FFO Payout Ratio | 60.45% | 58.96% | 55.53% | 49.06% | 44.71% | 31.07% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 11.70B | 11.70B | 11.57B | 11.03B | 10.51B | 9.60B |
| Cash & Equivalents | 83.67M | 108.52M | 199.41M | 59.38M | 69.16M | 48.20M |
| Accounts Receivable | 45.37M | 42.92M | 44.55M | 42.82M | 42.75M | 39.69M |
| Other Receivables | 200.00K | 3.90M | 5.00M | 1.90M | ||
| Investment In Debt and Equity Securities | 25.67M | 25.67M | 25.67M | |||
| Goodwill | 120.28M | 120.28M | 120.28M | 120.28M | 120.28M | 120.28M |
| Loans Receivable Current | 1.05M | 2.38M | 35.35M | |||
| Restricted Cash | 174.03M | 122.17M | 150.80M | 162.48M | 148.81M | 143.57M |
| Other Current Assets | 89.60M | 94.35M | 116.32M | 136.64M | 105.81M | 88.41M |
| Deferred Long-Term Charges | 8.39M | 9.48M | 12.40M | 7.63M | 10.24M | 13.13M |
| Other Long-Term Assets | 464.75M | 483.29M | 565.88M | 540.47M | 499.95M | 299.32M |
| Total Assets | 13.12B | 13.24B | 13.38B | 12.69B | 12.18B | 10.96B |
| Current Portion of Leases | 4.35M | |||||
| Long-Term Debt | 5.13B | 5.10B | 5.01B | 4.46B | 4.52B | 3.88B |
| Long-Term Leases | 19.06M | 12.84M | 16.31M | 18.29M | 20.75M | 18.72M |
| Accounts Payable | 213.00K | 322.00K | 96.00K | 36.06M | 5.72M | 1.11M |
| Accrued Expenses | 286.24M | 207.49M | 196.60M | 166.73M | 155.41M | 136.04M |
| Current Unearned Revenue | 33.13M | 33.19M | 30.15M | 30.32M | 26.92M | 31.19M |
| Other Current Liabilities | 173.32M | 178.69M | 278.61M | 322.27M | 275.60M | 156.46M |
| Total Liabilities | 5.64B | 5.53B | 5.53B | 5.04B | 5.00B | 4.22B |
| Preferred Stock, Redeemable | 92.00K | 92.00K | 92.00K | 92.00K | 92.00K | 154.00K |
| Total Preferred Equity | 92.00K | 92.00K | 92.00K | 92.00K | 92.00K | 154.00K |
| Common Stock | 3.60M | 3.67M | 3.70M | 3.65M | 3.54M | 3.38M |
| Additional Paid-In Capital | 7.18B | 7.41B | 7.53B | 7.36B | 6.93B | 6.49B |
| Retained Earnings | -385.90M | -387.64M | -380.63M | -394.91M | -440.79M | -438.71M |
| Comprehensive Income & Other | 6.00M | 6.63M | 7.85M | 843.00K | 1.33M | 1.81M |
| Total Common Equity | 6.81B | 7.03B | 7.16B | 6.97B | 6.50B | 6.06B |
| Minority Interest | 671.44M | 675.76M | 688.61M | 685.36M | 678.67M | 678.86M |
| Shareholders' Equity | 7.48B | 7.71B | 7.85B | 7.65B | 7.17B | 6.74B |
| Total Liabilities & Equity | 13.12B | 13.24B | 13.38B | 12.69B | 12.18B | 10.96B |
| Total Debt | 5.15B | 5.11B | 5.03B | 4.48B | 4.54B | 3.90B |
| Net Cash (Debt) | -5.07B | -5.00B | -4.83B | -4.42B | -4.47B | -3.85B |
| Net Cash Per Share | -13.83 | -13.49 | -13.12 | -12.20 | -12.77 | -11.83 |
| Filing Date Shares Outstanding | 359.82M | 363.78M | 370.13M | 366.13M | 361.77M | 348.25M |
| Total Common Shares Outstanding | 359.82M | 366.66M | 369.62M | 364.93M | 353.52M | 338.00M |
| Book Value Per Share | 18.92 | 19.18 | 19.37 | 19.09 | 18.38 | 17.93 |
| Tangible Book Value | 6.69B | 6.91B | 7.04B | 6.85B | 6.38B | 5.94B |
| Tangible Book Value Per Share | 18.59 | 18.86 | 19.05 | 18.76 | 18.03 | 17.57 |
| Land | 2.45B | 2.41B | 2.37B | 2.23B | 2.20B | 2.06B |
| Buildings | 12.22B | 11.97B | 11.56B | 10.65B | 10.13B | 9.26B |
| Construction In Progress | 558.13M | 674.41M | 670.14M | 845.71M | 555.68M | 332.51M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 478.84M | 452.97M | 412.43M | 380.17M | 273.14M | 189.09M |
| Depreciation & Amortization | 503.92M | 500.14M | 473.61M | 453.55M | 423.83M | 368.95M |
| Other Amortization | 13.41M | 14.24M | 14.89M | 15.28M | 14.37M | 12.69M |
| Gain (Loss) on Sale of Assets | -255.41M | -231.46M | -225.76M | -209.83M | -136.46M | -49.70M |
| Stock-Based Compensation | 25.09M | 25.82M | 30.98M | 25.37M | 27.31M | 17.79M |
| Income (Loss) on Equity Investments | 4.35M | 3.31M | 1.95M | 2.12M | 2.65M | -1.61M |
| Change in Accounts Receivable | 815.00K | 1.31M | -1.71M | 879.00K | -8.15M | -4.88M |
| Change in Accounts Payable | 10.35M | 18.16M | 34.36M | 44.26M | 43.62M | 44.51M |
| Change in Other Net Operating Assets | 19.24M | 19.02M | 8.74M | -25.08M | -11.67M | -3.11M |
| Other Operating Activities | 64.16M | 60.81M | 62.04M | 51.97M | 36.89M | 21.47M |
| Operating Cash Flow | 864.75M | 864.33M | 811.53M | 738.69M | 665.52M | 595.20M |
| Acquisition of Real Estate Assets | -854.38M | -992.95M | -1.50B | -1.17B | -1.75B | -1.84B |
| Sale of Real Estate Assets | 753.40M | 630.57M | 573.72M | 470.16M | 326.60M | 133.32M |
| Net Sale / Acq. of Real Estate Assets | -100.98M | -362.38M | -923.84M | -696.78M | -1.43B | -1.71B |
| Investment in Marketable & Equity Securities | 53.50M | 63.62M | 96.63M | 35.12M | 43.00M | 28.29M |
| Other Investing Activities | -25.16M | -29.41M | -24.33M | -30.92M | -41.71M | -50.53M |
| Investing Cash Flow | -72.64M | -328.17M | -825.88M | -692.58M | -1.43B | -1.73B |
| Long-Term Debt Issued | 1.42B | 1.99B | 200.00M | 1.50B | 2.15B | |
| Long-Term Debt Repaid | -1.34B | -1.44B | -264.47M | -862.58M | -1.08B | |
| Net Debt Issued (Repaid) | -37.71M | 80.60M | 551.86M | -64.47M | 634.23M | 1.06B |
| Issuance of Common Stock | 4.66M | 6.07M | 149.50M | 405.14M | 566.41M | 733.03M |
| Repurchase of Common Stock | -398.19M | -161.94M | -9.02M | -3.97M | -4.81M | -2.68M |
| Preferred Share Repurchases | -155.00M | -498.75M | ||||
| Common Dividends Paid | -462.88M | -446.29M | -383.54M | -319.50M | -252.51M | -146.24M |
| Preferred Dividends Paid | -13.94M | -13.94M | -13.94M | -13.94M | -17.08M | -37.92M |
| Total Dividends Paid | -476.83M | -460.24M | -397.48M | -333.44M | -269.59M | -184.17M |
| Other Financing Activities | -92.95M | -120.17M | -152.17M | -45.47M | 14.94M | -45.37M |
| Net Cash Flow | -208.90M | -119.53M | 128.35M | 3.90M | 26.19M | -73.31M |
| Levered Free Cash Flow | 822.33M | 719.99M | 605.65M | 748.32M | 634.66M | 206.83M |
| Unlevered Free Cash Flow | 931.92M | 825.70M | 697.50M | 823.67M | 707.28M | 269.85M |
| Cash Interest Paid | 185.68M | 172.22M | 128.06M | 128.03M | 116.40M | 95.79M |
| Change in Working Capital | 30.40M | 38.49M | 41.39M | 20.06M | 23.80M | 36.52M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.07B | 11.91B | 13.83B | 13.02B | 10.65B | 14.58B |
| Enterprise Value | 18.14B | 17.40B | 18.88B | 18.03B | 15.64B | 18.75B |
| Last Close Price | 31.60 | 31.09 | 34.98 | 32.69 | 26.70 | 37.85 |
| Price/FFO Ratio | 17.34 | 21.26 | 20.80 | |||
| Price/AFFO Ratio | 18.42 | 22.14 | 22.23 | |||
| PE Ratio | 25.17 | 27.22 | 34.81 | 35.66 | 42.61 | 108.12 |
| PS Ratio | 6.96 | 6.44 | 8.00 | 8.02 | 7.15 | 11.18 |
| PB Ratio | 1.67 | 1.54 | 1.76 | 1.70 | 1.49 | 2.16 |
| P/OCF Ratio | 15.10 | 13.78 | 17.04 | 17.62 | 16.01 | 24.50 |
| EV/Sales Ratio | 9.66 | 9.41 | 10.92 | 11.11 | 10.49 | 14.38 |
| EV/EBITDA Ratio | 18.63 | 18.28 | 21.60 | 22.36 | 21.38 | 29.26 |
| EV/EBIT Ratio | 38.66 | 38.52 | 47.13 | 51.12 | 50.83 | 68.99 |
| Debt / Equity Ratio | 0.69 | 0.66 | 0.64 | 0.58 | 0.63 | 0.58 |
| Debt / EBITDA Ratio | 5.25 | 5.32 | 5.70 | 5.51 | 6.15 | 6.05 |
| Net Debt / Equity Ratio | 0.68 | 0.65 | 0.61 | 0.58 | 0.62 | 0.57 |
| Net Debt / EBITDA Ratio | 5.21 | 5.26 | 5.52 | 5.48 | 6.11 | 6.01 |
| Asset Turnover | 0.14 | 0.14 | 0.13 | 0.13 | 0.13 | 0.13 |
| Quick Ratio | 0.26 | 0.36 | 0.49 | 0.18 | 0.25 | 0.28 |
| Current Ratio | 1.67 | 2.19 | 2.21 | 1.74 | 2.17 | 2.79 |
| Return on Equity (ROE) | 7.08% | 6.60% | 6.04% | 5.83% | 4.46% | 3.19% |
| Return on Assets (ROA) | 2.19% | 2.12% | 1.92% | 1.77% | 1.66% | 1.65% |
| Earnings Yield | 3.97% | 3.80% | 2.98% | 2.92% | 2.56% | 1.30% |
| Dividend Yield | 4.14% | 3.69% | 2.78% | 2.47% | 2.39% | 0.93% |
| Payout Ratio | 104.21% | 101.60% | 96.38% | 87.71% | 98.70% | 97.39% |
| Buyback Yield / Dilution | 7.42% | -0.79% | -1.52% | -3.63% | -7.46% | -6.01% |
| Total Shareholder Return | 11.56% | 2.90% | 1.26% | -1.16% | -5.07% | -5.08% |