American Homes 4 Rent Class A (AMH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.15	$0.36	+140.0%	—	$472M	—
Q4 25	$0.22	$0.34	+54.5%	—	$455M	—
Q3 25	$0.2	$0.28	+40.0%	—	$478.5M	—
Q2 25	$0.17	$0.29	+70.6%	—	$457.5M	—
Q1 25	$0.16	$0.31	+93.8%	—	$459.3M	—
Q4 24	$0.14	$0.36	+157.1%	—	$436.6M	—
Q3 24	$0.14	$0.22	+57.1%	—	$445.1M	—
Q2 24	$0.14	$0.26	+85.7%	—	$423.5M	—
Q1 24	$0.16	$0.31	+93.8%	—	$423.6M	—
Q4 23	$0.13	$0.22	+69.2%	—	$408.7M	—
Q3 23	$0.11	$0.2	+81.8%	—	$421.7M	—
Q2 23	$0.1	$0.27	+170.0%	—	$395.5M	—
Q1 23	$0.11	$0.32	+190.9%	—	$397.7M	—
Q4 22	$0.12	$0.25	+108.3%	—	$380.9M	—
Q3 22	$0.12	$0.14	+16.7%	—	$391.6M	—
Q2 22	$0.11	$0.16	+45.5%	—	$361.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.18	—	—	$1.9B	—
FY24	—	$1.08	—	—	$1.7B	—
FY23	—	$1.01	—	—	$1.6B	—
FY22	—	$0.72	—	—	$1.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$878.9M	$960.4M	$1.1B	$1.1B	$1.2B	$1.3B	$1.5B	$1.6B	$1.7B	$1.9B
YoY change	+39.4%	+9.27%	+11.7%	+5.53%	+3.57%	+11.2%	+14.3%	+8.93%	+6.47%	+7.03%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	878.9M	960.4M	1.1B	1.1B	1.2B	1.3B	1.5B	1.6B	1.7B	1.9B
Cost of revenue	388M	424.8M	487.5M	520.8M	540.2M	587.1M	664.8M	722.8M	755.2M	798.8M
Gross profit	490.9M	535.6M	585.4M	611.4M	632.4M	716.8M	825.7M	900.8M	973.5M	1.1B
Gross margin	55.8%	55.8%	54.6%	54%	53.9%	55%	55.4%	55.5%	56.3%	56.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	33.1M	34.7M	36.6M	43.2M	48.5M	56.4M	68.1M	74.6M	83.6M	83M
Operating expenses	45M	39.7M	43.8M	49.9M	48.5M	56.4M	68.1M	74.6M	83.6M	83M
Operating income	159.1M	203.6M	230.1M	238.9M	240.7M	287.5M	331.2M	369.6M	412.9M	464.1M
Operating margin	18.1%	21.2%	21.4%	21.1%	20.5%	22.1%	22.2%	22.8%	23.9%	25.1%
Non-operating income, net	-17.8M	-14.5M	5.2M	44.5M	31.2M	37.9M	113.7M	202.7M	220.6M	234.5M
Pretax income	10.4M	76.5M	112.4M	156.3M	154.8M	210.6M	310M	432.1M	468.1M	513.4M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	10.4M	76.5M	112.4M	156.3M	154.8M	210.6M	310M	432.1M	468.1M	513.4M
Net margin	1.19%	7.96%	10.5%	13.8%	13.2%	16.1%	20.8%	26.6%	27.1%	27.7%
EBITDA	445.8M	495.9M	541.5M	576.3M	585.5M	664.4M	764.6M	836M	912.1M	984.1M
EPS	-0.14	-0.08	0.08	0.29	0.28	0.42	0.72	1.01	1.08	1.18
Diluted EPS	-0.14	-0.08	0.08	0.29	0.28	0.41	0.71	1.01	1.08	1.18

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	421.7M	408.7M	423.6M	423.5M	445.1M	436.6M	459.3M	457.5M	478.5M	455M	472M	470.1M
Cost of revenue	197.8M	173.9M	187.3M	181.9M	204M	182M	201.7M	194.5M	215M	187.6M	202M	195.8M
Gross profit	223.9M	234.7M	236.2M	241.6M	241.1M	254.6M	257.6M	263M	263.5M	267.4M	270M	274.3M
Gross margin	53.1%	57.4%	55.8%	57.1%	54.2%	58.3%	56.1%	57.5%	55.1%	58.8%	57.2%	58.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	18.3M	18.5M	21.9M	21.7M	19.2M	20.8M	19.7M	20M	20.5M	22.8M	21.3M	21.7M
Operating expenses	18.3M	18.5M	21.9M	21.7M	19.2M	20.8M	19.7M	20M	20.5M	22.8M	21.3M	21.7M
Operating income	90.7M	100.5M	98.6M	102.3M	102.1M	109.8M	113M	116.1M	116.3M	118.8M	121.4M	125.1M
Operating margin	21.5%	24.6%	23.3%	24.2%	22.9%	25.2%	24.6%	25.4%	24.3%	26.1%	25.7%	26.6%
Non-operating income, net	31.8M	25.5M	68.1M	44.9M	29.1M	78.5M	61.2M	53.9M	48.7M	70.7M	75.7M	57.4M
Pretax income	88.1M	90.9M	128.1M	108.5M	87.6M	143.9M	128.7M	123.6M	116.8M	144.3M	148.8M	132.9M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	88.1M	90.9M	128.1M	108.5M	87.6M	143.9M	128.7M	123.6M	116.8M	144.3M	148.8M	132.9M
Net margin	20.9%	22.3%	30.2%	25.6%	19.7%	33%	28%	27%	24.4%	31.7%	31.5%	28.3%
EBITDA	207.4M	217M	217.8M	223.9M	230.1M	240.4M	240.3M	247.6M	247.9M	248.3M	249M	253.8M
EPS	0.2	0.21	0.3	0.25	0.2	0.33	0.3	0.28	0.27	0.33	0.35	0.31
Diluted EPS	0.2	0.21	0.3	0.25	0.2	0.33	0.3	0.28	0.27	0.33	0.35	0.31

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	7.8B	9.2B	14.1B	10.5B	13B	13.8B	11.9B	12.5B
Enterprise value	—	—	—	10.7B	11.9B	18B	15B	17.4B	18.6B	16.9B	16.8B
Shares outstanding	234M	264.3M	293.6M	299.4M	306.6M	324.2M	349.3M	362M	367.5M	370.6M	370.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	50.2	59.4	67.2	34	30.1	29.4	23.2	24.1
P/S	—	—	—	6.93	7.85	10.8	7.06	8.02	7.95	6.43	6.64
P/B	—	—	—	1.3	1.42	2.1	1.47	1.7	1.75	1.54	1.6
EV/EBITDA	—	—	—	18.5	20.4	27.1	19.6	20.9	20.4	17.2	17.2
EV/Sales	—	—	—	9.41	10.2	13.8	10.1	10.7	10.7	9.13	8.94
Earnings yield	—	—	—	1.99%	1.68%	1.49%	2.94%	3.32%	3.4%	4.32%	4.15%
FCF yield	—	—	—	4.92%	4.01%	3.34%	5%	4.64%	5.02%	6.27%	6.56%
PEG	—	—	—	—	—	—	—	—	—	—	2.25

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.8%	55.8%	54.6%	54%	53.9%	55%	55.4%	55.5%	56.3%	56.8%	58.4%
Operating margin	18.1%	21.2%	21.4%	21.1%	20.5%	22.1%	22.2%	22.8%	23.9%	25.1%	25.9%
Net margin	1.19%	7.96%	10.5%	13.8%	13.2%	16.1%	20.8%	26.6%	27.1%	27.7%	25.5%
ROE	0.21%	1.3%	1.88%	2.6%	2.39%	3.12%	4.32%	5.65%	5.96%	6.66%	7.08%
ROA	0.13%	0.89%	1.25%	1.72%	1.61%	1.92%	2.55%	3.41%	3.5%	3.88%	2.19%
Return on tangible assets	0.13%	0.91%	1.28%	1.76%	1.66%	1.97%	2.6%	3.47%	3.56%	3.95%	4.21%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.7	0.61	0.45	1.03	1.31	0.42	0.54	0.52	1	0.37	1.67
Quick ratio	1.7	0.61	0.45	1.03	1.31	0.42	0.54	0.52	1	0.37	0.36
Debt / equity	0.59	0.42	0.47	0.47	0.44	0.58	0.63	0.59	0.64	0.66	0.69
Debt / assets	0.36	0.29	0.31	0.31	0.3	0.36	0.37	0.35	0.38	0.39	0.39
Net debt / EBITDA	6.29	4.9	5.12	4.86	4.64	5.8	5.84	5.29	5.29	5.09	5.07
Interest coverage	1.08	1.68	1.91	2.23	2.32	2.83	3.3	4.08	3.83	3.77	3.84

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.76	3.63	3.65	3.78	3.82	4.02	4.27	4.48	4.7	4.99	5.13
EPS (basic)	-0.14	-0.08	0.08	0.29	0.28	0.42	0.72	1.01	1.08	1.18	1.18
EPS (diluted)	-0.14	-0.08	0.08	0.29	0.28	0.41	0.71	1.01	1.08	1.18	1.26
Book value per share	21.1	22.2	20.3	20.1	21.1	20.8	20.5	21.1	21.4	20.8	18.9
FCF per share	1.07	1.32	1.21	1.29	1.2	1.46	1.51	1.67	1.88	2.01	2.1
Cash per share	0.51	0.17	0.1	0.13	0.45	0.15	0.2	0.16	0.54	0.29	0.23
Capex per share	0.38	0.33	—	—	—	—	—	—	—	0.32	0.29

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	10.1%	9.07%	—	—	—	—	—	—	—	6.39%	5.64%
Capex / operating cash flow	30%	22.8%	—	—	—	—	—	—	—	13.7%	12.2%
Payout ratio	846.3%	111.2%	111.7%	73.6%	75%	87.5%	87%	77.2%	84.9%	89.6%	100%
Dividend yield	—	—	—	1.46%	1.26%	1.3%	2.56%	2.56%	2.89%	3.87%	4.32%

Yield

4.32%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.33

ex-dividend Sep 15, 2026

Payout ratio

100%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.33
Jun 15, 2026	$0.33
Mar 13, 2026	$0.33
Dec 15, 2025	$0.30
Sep 15, 2025	$0.30

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$421.7M	$408.7M	$423.6M	$423.5M	$445.1M	$436.6M	$459.3M	$457.5M	$478.5M	$455M	$472M	$470.1M
YoY change	+7.68%	+7.28%	+6.5%	+7.07%	+5.54%	+6.84%	+8.43%	+8.03%	+7.51%	+4.21%	+2.78%	+2.75%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	118.8M	46.2M	30.3M	37.6M	137.1M	48.2M	69.2M	59.4M	199.4M	108.5M
Receivables	17.6M	30.1M	29M	29.6M	41.5M	41.6M	47.8M	42.8M	48.5M	43.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	267.9M	213M	204.2M	230.6M	342.1M	268.7M	268.1M	265.7M	399.2M	273.8M
Property, plant & equipment	932.9M	761.7M	—	3.8M	18.8M	17.3M	19.1M	16.6M	14.7M	15.7M
Goodwill & intangibles	236.4M	230.1M	219.6M	224.3M	250.3M	266.8M	250.8M	240.6M	240.6M	240.6M
Total assets	8.1B	8.6B	9B	9.1B	9.6B	11B	12.2B	12.7B	13.4B	13.2B
Accounts payable	9K	1.7M	195K	5M	432K	1.1M	5.7M	36.1M	96K	322K
Short-term debt	—	140M	250M	3.9M	19.2M	350M	130M	90M	—	360M
Total current liabilities	157.7M	346.9M	451.7M	223.9M	260.2M	643.6M	497.3M	506.4M	400.8M	746.5M
Long-term debt	2.9B	2.3B	2.6B	2.8B	2.8B	3.5B	4.4B	4.4B	5B	4.8B
Total liabilities	3.2B	2.7B	3B	3.1B	3.1B	4.2B	5B	5B	5.5B	5.5B
Shareholders' equity	4.9B	5.9B	6B	6B	6.5B	6.7B	7.2B	7.7B	7.8B	7.7B
Total debt	2.9B	2.5B	2.8B	2.8B	2.9B	3.9B	4.5B	4.5B	5B	5.1B
Net debt	2.8B	2.4B	2.8B	2.8B	2.7B	3.9B	4.5B	4.4B	4.8B	5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	69.5M	59.4M	124.8M	718.4M	162.5M	199.4M	69.7M	323.3M	45.6M	108.5M	63.3M	83.7M
Receivables	53.8M	42.8M	44.8M	43.5M	49.7M	48.5M	52M	50.4M	56.5M	43.1M	48.2M	45.4M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	298.1M	265.7M	329M	925.9M	368.3M	399.2M	271.4M	517.4M	232.5M	273.8M	256.4M	303.1M
Property, plant & equipment	17.1M	16.6M	15.7M	15.3M	14.4M	14.7M	14.7M	14.6M	15.7M	15.7M	16M	17.3M
Goodwill & intangibles	257.3M	240.6M	240.6M	240.6M	240.6M	240.6M	240.6M	240.6M	240.6M	240.6M	240.6M	240.6M
Total assets	12.6B	12.7B	12.8B	13.3B	12.8B	13.4B	13.3B	13.6B	13.3B	13.2B	13.2B	13.1B
Accounts payable	6.1M	36.1M	305K	388K	1M	96K	1.9M	363K	405K	322K	374K	213K
Short-term debt	—	90M	—	—	—	—	410M	—	110M	360M	390M	390M
Total current liabilities	496.7M	506.4M	406.1M	446.7M	489M	400.8M	823.1M	481.8M	601.5M	746.5M	786.1M	849.8M
Long-term debt	4.4B	4.4B	4.5B	5B	4.5B	5B	4.5B	5.2B	4.8B	4.8B	4.8B	4.8B
Total liabilities	5B	5B	5.1B	5.6B	5.1B	5.5B	5.4B	5.7B	5.4B	5.5B	5.6B	5.6B
Shareholders' equity	7.6B	7.7B	7.7B	7.7B	7.7B	7.8B	7.8B	7.8B	7.8B	7.7B	7.6B	7.5B
Total debt	4.4B	4.5B	4.5B	5B	4.5B	5B	4.9B	5.2B	4.9B	5.1B	5.1B	5.1B
Net debt	4.3B	4.4B	4.4B	4.3B	4.4B	4.8B	4.9B	4.9B	4.8B	5B	5.1B	5.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	10.4M	76.5M	112.4M	156.3M	154.8M	210.6M	310M	432.1M	468.1M	513.4M
Depreciation & amortization	298.7M	297.3M	318.7M	329.3M	343.2M	372.8M	426.5M	456.6M	477M	504.3M
Stock-based compensation	3.6M	4.2M	3.4M	4.8M	9.8M	17.8M	27.3M	25.4M	31M	25.8M
Change in working capital	-31M	-8.6M	-13.1M	10.3M	-5.8M	36.1M	30.9M	41.6M	30.2M	16.5M
Operating cash flow	295.7M	382M	430.8M	508.1M	509.4M	646M	806.5M	968M	1B	864.3M
Capital expenditure	88.6M	87.1M	—	—	—	—	—	—	—	-118.2M
Investing cash flow	-183.1M	23.3M	-221M	-407.5M	-609.4M	-902.8M	-954.4M	-1B	-863.7M	-973M
Dividends paid	-88.4M	-85M	-125.6M	-115M	-116.2M	-184.2M	-269.6M	-333.4M	-397.5M	-460.2M
Share repurchases	-96.5M	-169K	-35M	0	0	-498.8M	-155M	0	0	-150.1M
Financing cash flow	-626.2M	271.2M	-49.8M	-353.6M	132.8M	730K	-58.8M	-288.7M	-353.7M	-1.1B
Net change in cash	-513.6M	676.5M	160M	-253M	32.8M	-256M	-206.6M	-343.5M	-199.6M	-1.2B
Free cash flow	251.1M	348.4M	356.4M	386.4M	369.3M	472.6M	526.7M	604.5M	689.8M	746.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	88.1M	90.9M	128.1M	108.5M	87.6M	143.9M	128.7M	123.6M	116.8M	144.3M	148.8M	132.9M
Depreciation & amortization	114.9M	115.8M	115.7M	117.6M	119.7M	124M	124.9M	126.9M	126.7M	125.8M	127.3M	127.6M
Stock-based compensation	6.4M	4.6M	9.9M	10.5M	5.7M	4.8M	7.7M	6.5M	6.2M	5.5M	6.8M	6.6M
Change in working capital	-11.2M	6.4M	-3.6M	1M	-7.5M	5.8M	-3.8M	887K	-9.6M	10.9M	-9.1M	3.8M
Operating cash flow	201.2M	220.8M	253.3M	240.5M	208.6M	281M	260M	271.9M	223.3M	145.8M	203.1M	292.6M
Capital expenditure	—	—	—	—	—	—	—	-30.7M	-32.1M	-24.4M	-23.2M	-26M
Investing cash flow	-269.5M	-274.8M	-185.3M	-239.4M	-243.1M	-195.3M	-208.4M	-260.8M	-217.3M	-255.6M	-181.6M	-177.3M
Dividends paid	-83.4M	-83.4M	-99.4M	-99.1M	-99.1M	-99.9M	-115.9M	-115.1M	-115.1M	-114.2M	-124.9M	-122.6M
Share repurchases	0	0	—	—	—	—	—	—	—	—	-115.1M	-123M
Financing cash flow	-100.2M	-110.9M	-73.6M	362.5M	-613.1M	60.5M	-247.5M	93M	-461.9M	-665.2M	-236.2M	-182.2M
Net change in cash	-168.5M	-164.9M	-5.6M	363.7M	-647.5M	146.3M	-195.9M	104.1M	-456M	-775M	-214.8M	-66.9M
Free cash flow	168.9M	87.5M	178M	247.8M	202.4M	61.6M	192.5M	241.1M	191.1M	121.4M	179.8M	266.6M

American Homes 4 Rent Class A Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement