American Homes (AMH) | Financial Analysis & Statements
American Homes 4 Rent Large-cap Real Estate
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
455.0M
Gross Profit
267.4M
58.78%
Operating Income
118.8M
26.11%
Net Income
144.3M
31.70%
EPS (Diluted)
$0.33
Balance Sheet Metrics
Total Assets
13.2B
Total Liabilities
5.5B
Shareholders Equity
7.7B
Debt to Equity
0.72
Cash Flow Metrics
Operating Cash Flow
288.8M
Free Cash Flow
121.4M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
American Homes Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 1.9B | 1.7B | 1.6B | 1.5B | 1.3B |
| Cost of Goods Sold | 798.8M | 755.2M | 722.8M | 664.8M | 587.1M |
| Gross Profit | 1.1B | 973.5M | 900.8M | 825.7M | 716.8M |
| Gross Margin % | 56.8% | 56.3% | 55.5% | 55.4% | 55.0% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 83.0M | 83.6M | 74.6M | 68.1M | 56.4M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 83.0M | 83.6M | 74.6M | 68.1M | 56.4M |
| Operating Income | 464.1M | 412.9M | 369.6M | 331.2M | 287.5M |
| Operating Margin % | 25.1% | 23.9% | 22.8% | 22.2% | 22.1% |
| Non-Operating Items | |||||
| Interest Income | - | - | - | - | - |
| Interest Expense | 185.2M | 165.4M | 140.2M | 134.9M | 114.9M |
| Other Non-Operating Income | 234.5M | 220.6M | 202.7M | 113.7M | 37.9M |
| Pre-tax Income | 513.4M | 468.1M | 432.1M | 310.0M | 210.6M |
| Income Tax | - | - | - | - | - |
| Effective Tax Rate % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Income | 513.4M | 468.1M | 432.1M | 310.0M | 210.6M |
| Net Margin % | 27.7% | 27.1% | 26.6% | 20.8% | 16.1% |
| Key Metrics | |||||
| EBITDA | 984.1M | 912.1M | 836.0M | 764.6M | 664.4M |
| EPS (Basic) | - | $1.08 | $1.01 | $0.72 | $0.42 |
| EPS (Diluted) | - | $1.08 | $1.01 | $0.71 | $0.41 |
| Basic Shares Outstanding | - | 367454012 | 362024968 | 349290848 | 324245168 |
| Diluted Shares Outstanding | - | 367454012 | 362024968 | 349290848 | 324245168 |
Income Statement Trend
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American Homes Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 108.5M | 199.4M | 59.4M | 69.2M | 48.2M |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | 43.1M | 48.5M | 42.8M | 47.8M | 41.6M |
| Inventory | - | - | - | - | - |
| Other Current Assets | - | - | - | - | - |
| Total Current Assets | 273.8M | 399.2M | 265.7M | 268.1M | 268.7M |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 15.7M | 14.7M | 16.6M | 19.1M | 17.3M |
| Goodwill | 240.6M | 240.6M | 240.6M | 240.6M | 253.7M |
| Intangible Assets | - | - | - | 10.2M | 13.1M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 103.8M | 128.2M | 144.3M | 116.0M | 101.5M |
| Total Non-Current Assets | 13.0B | 13.0B | 12.4B | 11.9B | 10.7B |
| Total Assets | 13.2B | 13.4B | 12.7B | 12.2B | 11.0B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 322.0K | 96.0K | 36.1M | 5.7M | 1.1M |
| Short-term Debt | 360.0M | - | 90.0M | 130.0M | 350.0M |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | 746.5M | 400.8M | 506.4M | 497.3M | 643.6M |
| Non-Current Liabilities | |||||
| Long-term Debt | 4.8B | 5.0B | 4.4B | 4.4B | 3.5B |
| Deferred Tax Liabilities | - | - | - | - | - |
| Other Non-Current Liabilities | - | 74.5M | 108.7M | 69.4M | 105.8M |
| Total Non-Current Liabilities | 4.8B | 5.1B | 4.5B | 4.5B | 3.6B |
| Total Liabilities | 5.5B | 5.5B | 5.0B | 5.0B | 4.2B |
| Equity | |||||
| Common Stock | 3.7M | 3.7M | 3.6M | 3.5M | 3.4M |
| Retained Earnings | -387.6M | -380.6M | -394.9M | -440.8M | -438.7M |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 7.7B | 7.8B | 7.7B | 7.2B | 6.7B |
| Key Metrics | |||||
| Total Debt | 5.1B | 5.0B | 4.5B | 4.5B | 3.9B |
| Working Capital | -472.7M | -1.6M | -240.6M | -229.2M | -374.9M |
Balance Sheet Composition
American Homes Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 513.4M | 468.1M | 432.1M | 310.0M | 210.6M |
| Depreciation & Amortization | 504.3M | 477.0M | 456.6M | 426.5M | 372.8M |
| Stock-Based Compensation | 25.8M | 31.0M | 25.4M | 27.3M | 17.8M |
| Working Capital Changes | 16.5M | 30.2M | 41.6M | 30.9M | 36.1M |
| Operating Cash Flow | 1.1B | 1.0B | 968.0M | 806.5M | 646.0M |
| Investing Activities | |||||
| Capital Expenditures | - | - | - | - | - |
| Acquisitions | -15.1M | -19.7M | -12.6M | -25.3M | -29.3M |
| Investment Purchases | 0 | -653.0K | -1.1M | -14.5M | 0 |
| Investment Sales | 0 | 25.7M | - | - | - |
| Investing Cash Flow | -854.8M | -863.7M | -1.0B | -954.4M | -902.8M |
| Financing Activities | |||||
| Share Repurchases | -150.1M | 0 | 0 | -155.0M | -498.8M |
| Dividends Paid | -460.2M | -397.5M | -333.4M | -269.6M | -184.2M |
| Debt Issuance | 646.4M | 1.6B | 0 | 876.8M | 737.2M |
| Debt Repayment | -410.0M | -490.0M | -240.0M | -840.0M | -1.1B |
| Financing Cash Flow | -1.1B | -353.7M | -288.7M | -58.8M | 730.0K |
| Free Cash Flow | 746.1M | 689.8M | 604.5M | 526.7M | 472.6M |
| Net Change in Cash | -856.4M | -199.6M | -343.5M | -206.6M | -256.0M |
Cash Flow Trend
American Homes Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
25.94
Forward P/E
45.47
Price to Book
1.60
Price to Sales
6.02
PEG Ratio
45.47
Profitability Ratios
Profit Margin
24.48%
Operating Margin
25.47%
Return on Equity
6.60%
Return on Assets
2.12%
Financial Health
Current Ratio
2.19
Debt to Equity
66.32
Beta
0.80
Per Share Data
EPS (TTM)
$1.18
Book Value per Share
$19.18
Revenue per Share
$4.99
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| AMH | 12.7B | 25.94 | 1.60 | 6.60% | 24.48% | 66.32 |
| Equity Residential | 24.4B | 21.04 | 2.12 | 10.02% | 36.20% | 74.32 |
| AvalonBay | 24.0B | 23.29 | 2.08 | 8.89% | 34.57% | 80.26 |
| Essex Property | 17.6B | 24.34 | 2.94 | 12.24% | 34.60% | 119.43 |
| Invitation Homes | 16.6B | 27.65 | 1.70 | 6.09% | 21.63% | 88.12 |
| Sun Communities | 16.6B | 140.48 | 2.30 | 0.01% | 59.22% | 60.91 |
Financial data is updated regularly. All figures are in the company's reporting currency.






