Question 1

What is Invitation Homes's P/FCF ratio?

Accepted Answer

Invitation Homes (INVH) P/FCF ratio is 15.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Invitation Homes?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Invitation Homes specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is Invitation Homes's P/FCF ratio high or low?

Accepted Answer

Invitation Homes's P/FCF ratio of 15.8× is below its own 5-year average of 24.5× and below the sector median of 15.9×. That places the current reading at the 13th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Invitation Homes's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Invitation Homes (INVH) P/FCF ratio has ranged from a low of 13.0× in 2026 to a high of 59.7× in 2017. The 5-year average is 24.5× and the 5-year median is 23.9×.

Question 7

What was Invitation Homes's P/FCF ratio in 2025?

Accepted Answer

Invitation Homes (INVH) P/FCF ratio at the end of 2025 was 14.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Invitation Homes's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$17B	$1.15B	14.8×	-8.0×	Dec 31, 2025
2024	$19.6B	$858M	22.8×	-0.7×	Dec 31, 2024
2023	$20.9B	$886M	23.6×	+1.3×	Dec 31, 2023
2022	$18.1B	$816M	22.2×	-14.2×	Dec 31, 2022
2021	$27.1B	$745M	36.4×	+4.5×	Dec 31, 2021
2020	$16.7B	$524M	31.9×	-0.6×	Dec 31, 2020
2019	$16.2B	$498M	32.5×	+7.4×	Dec 31, 2019
2018	$10.5B	$416M	25.2×	-34.6×	Dec 31, 2018
2017	$12.2B	$205M	59.7×	+29.6×	Dec 31, 2017
2016	$6.04B	$200M	30.2×	-2.4×	Dec 31, 2016
2015	$6.04B	$186M	32.5×	—	Dec 31, 2015


Digital Realty Trust (DLR)	53.9×
CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Invitation Homes (INVH) 2015-2026

P/FCF Ratio daily chart for Invitation Homes (INVH)

Historical P/FCF Ratio for Invitation Homes (INVH) from 2015 to 2025

About P/FCF Ratio at Invitation Homes (INVH)

Invitation Homes P/FCF Ratio by Year

Invitation Homes P/FCF Ratio 2025: 14.8×

Invitation Homes P/FCF Ratio 2024: 22.8×

Invitation Homes P/FCF Ratio 2023: 23.6×

Invitation Homes P/FCF Ratio 2022: 22.2×

Invitation Homes P/FCF Ratio 2021: 36.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Invitation Homes (INVH) Key Financials