American Homes 4 Rent financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data American Homes 4 Rent files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	879	960	1,073	1,143	1,183
General and administrative	33.1	34.7	36.6	43.2	48.5	56.4	68.1	74.6	83.6	83
Operating expenses	874	887	978	1,024	1,058	1,147	1,324	1,411	1,502
Interest expense	131	113	123	127	117	115	135	140	165	185
Other non-operating income				8.17	1.71	3.99	6.87	9.8	22.2	15.7
Income from continuing operations	10.4	76.5	112	156
Net income to minority interests	3.75	-4.51	4.17	15.2	14.5
Net income	-33.5	-22.1	23.5	85.9	85.2	135	251	366	398	439
EPS, basic	-0.14	-0.08	0.08	0.29	0.28	0.42	0.72	1.01	1.08	1.18
EPS, diluted	-0.14	-0.08	0.08	0.29	0.28	0.41	0.71	1.01	1.08	1.18
Shares, basic (weighted)	234	264	294	299	307	324	349	362	367	371
Shares, diluted (weighted)	234	264	294	300	307	326	350	362	368	371
Dividend per share	0.20	0.20					0.72	0.88	1.04	1.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	119	46.2	30.3	37.6	137	48.2	69.2	59.4	199	109
Lease right-of-use assets				3.84	18.8	17.3	19.1	16.6	14.7	15.7
Goodwill	120	120	120	120	120	120	120	120	120	120
Intangible assets			12.7	6.84	4.86	13.1	10.2	7.63	12.4	9.48
Total assets	8,107	8,609	9,001	9,100	9,594	10,962	12,175	12,688	13,381	13,242
Total liabilities	3,170	2,733	3,028	3,081	3,121	4,224	5,000	5,035	5,533	5,533
Total debt	2,923	2,476	2,804	2,833	2,817	3,880	4,516	4,462	5,011	5,096
Paid-in capital	4,569	5,600	5,732	5,791	6,223	6,493	6,932	7,358	7,529	7,411
Retained earnings	-379	-454	-491	-465	-444	-439	-441	-395	-381	-388
Other comprehensive income	0.1	0.08	7.39	6.66	5.84	1.81	1.33	0.84	7.85	6.63
Shareholders' equity	4,193	5,150	5,252	5,335	5,789	6,060	6,496	6,968	7,160	7,034
Minority interests	745	726	722	683	683	679	679	685	689	676
Total equity	4,938	5,876	5,974	6,019	6,472	6,738	7,175	7,653	7,849	7,710
Total liabilities and equity	8,107	8,609	9,001	9,100	9,594	10,962	12,175	12,688	13,381	13,242

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10.4	76.5	112	156	155	211	310	432	468	513
Depreciation and amortization	299	297	319	329	343	373	427	457	477	504
Stock-based compensation	3.64	4.21	3.43	4.81	9.83	17.8	27.3	25.4	31	25.8
Change in receivables	-9.7	-11	-12.2	-2.78	-15.6	-4.89	-8.15	0.88	-1.71	1.31
Change in payables	-13.3	9.81	11.8	17.4	14.2	44.5	43.6	44.3	34.4	18.2
Cash from operations	279	386	411	458	474	595	666	739	812	864
Capital expenditures	-39.9	-47.9	-52.4	-21.9	-17	-47.7	-98	-40.1	-34.1	-40.6
Acquisitions	0
Cash from investing	-522	-837	-674	-377	-643	-1,733	-1,426	-693	-826	-328
Debt repaid	0	0	-135	0	0
Stock issued	103	695	0	0	414	4.23
Share buybacks	-96.1	0	-35	0	0
Dividends paid	-48.2	-38.9	-58.4	-59.8	-61.1	-146	-253	-319	-384	-446
Cash from financing	325	384	256	-92.1	270	1,065	786	-42.2	143	-656
Net change in cash	81.3	-67.4	-7.61	-11.1	101	-73.3	26.2	3.9	128	-120
Free cash flow	239	338	359	436	457	548	567	699	777	824
Interest paid	116	101	105	113	110	95.8	116	128	128	172

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $30.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	6.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	10.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	20.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	38.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	9.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	33.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	15.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	18.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-1.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.75x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.1%	Total debt / total assets.
Liabilities / assets	43.0%	Total liabilities / total assets.
Net debt	$5.05B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	1.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	176.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$2.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.40	Cash from operations / diluted weighted shares.
Book value per share	$18.87	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.51	Tangible book value / shares outstanding.
Cash per share	$0.23	(Cash + short-term investments) / shares outstanding.
Payout ratio	99.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	56.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.01B	Share price x shares outstanding.
Enterprise value	$16.05B	Market cap + total debt - cash - short-term investments.
P/E	23.7x	Market cap / net income. Only when net income is positive.
P/B	1.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.65x	Market cap / tangible book value, when positive.
P/FCF	13.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/FCF	19.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.5%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Dividend yield	4.2%	Dividends paid over the period / market cap.
Shareholder yield	4.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.28x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was American Homes 4 Rent profitable in fiscal 2025?

Yes. Net income was $439.0M, a net margin of -.

How much free cash flow did American Homes 4 Rent generate in fiscal 2025?

Cash from operations of $864.3M minus capital expenditures of $40.6M left free cash flow of $823.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to American Homes 4 Rent