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AMH-PG

American Homes 4 Rent

AMH-PG

American Homes 4 Rent • NYSE
$23.00 ▼ -0.56% (-0.13)
Market Cap $12.93 B
52w High $25.21
52w Low $21.77
Dividend Yield 1.47%
P/E 47.72
Volume 6.46K
Outstanding Shares 560.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $478.464M ▲ $147.159M ▲ $102.863M ▼ 21.499% ▼ $0.27 ▼ $291.656M ▼
Q2-2025 $457.503M ▼ $146.947M ▲ $109.039M ▼ 23.834% ▼ $0.28 ▼ $296.866M ▲
Q1-2025 $459.276M ▲ $20.771M ▼ $113.458M ▼ 24.704% ▼ $0.3 ▼ $233.733M ▲
Q4-2024 $436.593M ▼ $21.665M ▲ $126.716M ▲ 29.024% ▲ $0.33 ▲ $229.583M ▲
Q3-2024 $445.055M $20.147M $77.307M 17.37% $0.2 $218.299M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $45.631M ▼ $13.253B ▼ $5.415B ▼ $7.161B ▼
Q2-2025 $323.258M ▲ $13.592B ▲ $5.747B ▲ $7.165B ▲
Q1-2025 $69.698M ▼ $13.289B ▼ $5.447B ▼ $7.154B ▼
Q4-2024 $199.413M ▲ $13.381B ▲ $5.533B ▲ $7.16B ▲
Q3-2024 $162.477M $12.844B $5.149B $7.011B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $92.725M ▼ $223.254M ▼ $-52.226M ▲ $-461.893M ▼ $-290.865M ▼ $166.675M ▼
Q2-2025 $123.624M ▲ $271.858M ▲ $-120.716M ▼ $96.6M ▲ $247.742M ▲ $241.111M ▲
Q1-2025 $113.458M ▼ $223.403M ▲ $-107.689M ▲ $-247.072M ▼ $-131.358M ▼ $192.461M ▲
Q4-2024 $143.873M ▲ $102.187M ▼ $-532.828M ▼ $463.008M ▲ $32.367M ▲ $61.633M ▼
Q3-2024 $87.64M $233.568M $-185.132M $-612.629M $-563.797M $202.388M

Revenue by Products

Product Q4-2018Q1-2019Q1-2025Q2-2025
Reportable Segment
Reportable Segment
 $0 ▲$0 ▲$400.00M ▲$410.00M ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental And Other Property Related Revenues
Rental And Other Property Related Revenues
 $0 ▲$280.00M ▲$0 ▼$0 ▲
Fees From SingleFamily Properties
Fees From SingleFamily Properties
 $0 ▲$0 ▲$0 ▲$0 ▲
Rent From Single Family Properties
Rent From Single Family Properties
 $450.00M ▲$0 ▼$0 ▲$0 ▲
Tenant Chargebacks
Tenant Chargebacks
 $80.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Over the past several years, American Homes 4 Rent has shown steady, healthy growth in rental revenue and operating profit. The business appears to convert a good share of its rents into profit, reflecting solid cost control and operating efficiency. Net income has risen consistently, not in a straight line but with a clear upward trend, suggesting that scale and improved operations are helping earnings. Profitability has moved from being relatively modest to more robust, which is notable for a capital‑intensive, housing‑focused REIT. The main watchpoints are sensitivity to operating costs such as property taxes, insurance, and maintenance, and how well the company can keep raising rents without hurting occupancy.

Balance Sheet

Balance Sheet The balance sheet shows a large and growing base of real estate assets, financed with a mix of debt and equity that appears balanced for a REIT. Debt has increased over time as the portfolio has expanded, but equity has also grown, which helps keep leverage from becoming extreme. Cash on hand is relatively small compared with assets, which is typical for a REIT that prefers to keep capital invested in properties. The key questions for the balance sheet are how comfortably the company can service its debt in different interest‑rate environments and how conservatively it values its properties during changing housing cycles.

Cash Flow

Cash Flow Cash flow from operations has grown steadily, keeping pace with the expansion of the portfolio. After paying for ongoing investment in homes and communities, the company still generates a meaningful cushion of free cash flow, which supports dividends, interest payments, and additional growth. Capital spending is material but appears disciplined and well aligned with the build‑to‑rent strategy. The main risks are potential pressure on cash generation if rental growth slows, occupancy softens, or maintenance and development costs rise faster than expected.

Competitive Edge

Competitive Edge American Homes 4 Rent operates at scale in the single‑family rental niche, which gives it meaningful advantages over smaller landlords. Its portfolio is diversified across high‑growth markets, which helps reduce dependence on any one region. The vertically integrated model—covering land acquisition, homebuilding, leasing, and property management—improves control over quality and costs versus peers that outsource more of these functions. The build‑to‑rent program is a key differentiator, allowing the company to offer newer, community‑oriented homes that can command attractive rents and appeal to families seeking more space than apartments provide. Competitive pressures remain from both traditional homeownership and other institutional landlords, but AMH’s brand, scale, and integrated platform provide a solid moat.

Innovation and R&D

Innovation and R&D Innovation is a clear focus area. AMH has invested heavily in its own technology platform to manage the full property lifecycle, using data and analytics to guide where it builds, how it prices rents, and how it maintains homes. Digital tools for residents—such as online portals, mobile apps, and self‑tour technology—aim to make renting more convenient and reduce friction in leasing and servicing. The build‑to‑rent program itself is a strategic innovation, letting AMH design communities and homes specifically for renters, with modern layouts and shared amenities. The company is also leaning into sustainability and energy‑efficient features, which could both attract tenants and manage long‑term operating costs. Continued tech investment and execution on development will be central to keeping its edge.

Summary

Overall, American Homes 4 Rent presents as a scaled, growing player in the single‑family rental REIT space with improving profitability and solid cash generation. Its main strengths are a large and modern property base, a vertically integrated operating model, and a differentiated build‑to‑rent strategy supported by technology. These create a business that can be efficient, resident‑friendly, and less reliant on buying older existing homes. On the risk side, the company is exposed to interest‑rate movements, housing market cycles, construction and maintenance cost inflation, and regulatory changes affecting landlords. The balance between continued growth and disciplined leverage will be important to watch. If AMH can sustain strong occupancy, modest rent growth, and cost control while carefully managing debt and development risk, it is positioned to remain a notable player in the single‑family rental market.