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Arphra AIPlain-English read on American Homes 4 Rent’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
B+Solid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin3.4%
Operating margin24.2%
Net margin24.3%
ROE5.9%
ROA3.4%
ROIC2.7%
Liquidity & leverage
Current ratio62.90×
Quick ratio62.90×
Debt / equity0.66×
Net debt / EBITDA4.17×
Interest coverage2×
Efficiency & per-share
Asset turnover0.14×
Inventory days0
Days sales out.8
FCF / share$2.01
Book value / share$20.79
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $13.75B | $11.89B | — | — | — |
| Enterprise value | — | — | — | $18.58B | $16.91B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 10.75 | 9.06 | — | — | — |
| EV / FCF | — | — | — | 26.93 | 22.67 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | +3.00% | +3.81% | — | — | — |
| Free cash flow yield | — | — | — | +5.02% | +6.27% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +53.77% | +53.83% | +54.44% | +55.61% | +3.37% | +37.14% | +37.69% | +37.14% |
| Operating margin | +49.44% | +49.08% | +49.66% | +50.58% | +24.21% | +37.47% | +37.55% | +36.88% |
| EBITDA margin | +49.14% | +49.08% | +49.66% | +50.58% | +64.46% | +53.74% | +55.68% | +54.08% |
| EBIT margin | +20.84% | +20.64% | +21.72% | +23.18% | +37.43% | +27.30% | +27.11% | +28.27% |
| Pre-tax margin | +16.15% | +20.80% | +26.62% | +27.08% | +27.51% | +26.99% | +26.78% | +26.33% |
| Net margin | +14.50% | +18.32% | +23.42% | +23.86% | +24.27% | +23.46% | +24.54% | +24.09% |
| Cost structure | ||||||||
| Cost of revenue / sales | +46.23% | +46.17% | +45.56% | +44.39% | +96.63% | +62.01% | +62.64% | +61.95% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +4.33% | +4.75% | +4.78% | +5.03% | +4.45% | +4.71% | +4.88% | +4.88% |
| Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +2.81% | +3.81% | +4.97% | +5.25% | +5.88% | +5.39% | +5.44% | +5.32% |
| Return on assets (ROA) | +1.72% | +2.24% | +3.00% | +3.08% | +3.42% | +3.02% | +3.23% | +3.15% |
| Return on capital (ROC) | +6.06% | +6.25% | +6.65% | +6.79% | +3.52% | +5.18% | +5.19% | +5.06% |
| Return on invested capital (ROIC) | +1.78% | +2.33% | +3.13% | +3.20% | +3.53% | +3.24% | +3.39% | +3.31% |
| Asset turnover | +11.89% | +12.24% | +12.80% | +12.92% | +14.09% | +12.87% | +13.15% | +13.08% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +14.50% | +18.32% | +23.42% | +23.86% | +24.27% | +23.46% | +24.54% | +24.09% |
| Asset turnover (× revenue / assets) | +11.89% | +12.24% | +12.80% | +12.92% | +14.09% | +12.87% | +13.15% | +13.08% |
| Equity multiplier (× assets / equity) | +162.69% | +169.70% | +165.80% | +170.49% | +171.76% | +178.34% | +168.67% | +168.89% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.13 | 0.13 | 0.13 |
| Fixed-asset turnover | 75.50 | 77.92 | 97.67 | 117.37 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 16.95 | 29.73 | 37.00 | 35.30 | 43.28 | — | — | — |
| Payables turnover | 541.62 | 120.34 | 20.52 | 7993.71 | — | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 21.54 | 12.28 | 9.86 | 10.34 | 8.43 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 0.67 | 3.03 | 17.79 | 0.05 | — | — | — | — |
| Cash conversion cycle | 20.86 | 9.24 | -7.93 | 10.29 | 8.43 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 3.15 | 2.44 | 1.94 | 1.97 | 1.91 | 1.94 | 1.91 | 1.92 |
| FCF / Net income | 2.50 | 1.93 | 1.59 | 1.67 | 1.65 | 1.64 | 1.57 | 1.60 |
| FCF margin | +36.25% | +35.34% | +37.23% | +39.90% | +39.98% | +38.53% | +38.62% | +38.45% |
| OCF margin | +45.65% | +44.65% | +45.50% | +46.94% | +46.32% | +45.42% | +46.94% | +46.26% |
| CapEx / Revenue | +9.40% | +9.31% | +8.26% | +7.04% | +6.33% | +7.39% | +7.21% | +7.16% |
| CapEx / D&A | 0.33 | 0.33 | 0.29 | 0.26 | 0.23 | — | — | — |
| Stock-based comp / Revenue | +1.36% | +1.83% | +1.56% | +1.79% | +1.38% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 0.41 | 0.71 | 1.01 | 1.08 | 1.18 | 0.92 | 0.80 | 0.69 |
| EPS · basic | 0.42 | 0.72 | 1.01 | 1.08 | 1.18 | 0.92 | 0.81 | 0.70 |
| Book value / share | 20.70 | 20.51 | 21.11 | 21.33 | 20.79 | 22.24 | 24.01 | 25.05 |
| Tangible BV / share | 20.29 | 20.17 | 20.78 | 21.00 | 20.46 | 22.24 | 24.01 | 25.05 |
| Sales / share | 4.01 | 4.26 | 4.48 | 4.70 | 5.03 | 5.11 | 5.33 | 5.53 |
| Operating CF / share | 1.83 | 1.90 | 2.04 | 2.21 | 2.33 | 2.32 | 2.50 | 2.56 |
| Free cash flow / share | 1.45 | 1.51 | 1.67 | 1.87 | 2.01 | 1.97 | 2.06 | 2.13 |
| Dividends / share | 0.45 | 0.72 | 0.88 | 1.04 | 1.24 | 1.13 | 1.18 | 1.21 |
| Payout ratio | +77.34% | +92.45% | +84.04% | +92.99% | +101.60% | +94.19% | +90.15% | +90.92% |
| Retention ratio | +22.66% | +7.55% | +15.96% | +7.01% | -1.60% | +5.81% | +9.85% | +9.08% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +14.32% | +8.93% | +6.47% | +7.95% | +1.58% | +3.64% | +5.00% | +6.77% |
| Gross profit · YoY | — | +14.44% | +10.17% | +8.76% | -93.47% | +1020.66% | +5.18% | +3.48% | +1.28% |
| Profit | |||||||||
| Operating income · YoY | — | +13.48% | +10.21% | +8.44% | -48.32% | +57.19% | +3.87% | +3.12% | +2.40% |
| EBITDA · YoY | — | +14.17% | +10.21% | +8.44% | +37.59% | -15.32% | +7.37% | +1.99% | +8.24% |
| Net income · YoY | — | +44.45% | +39.19% | +8.49% | +9.83% | -1.82% | +8.41% | +3.09% | +14.80% |
| Operating | |||||||||
| EBIT · YoY | — | +13.22% | +14.63% | +13.61% | +74.34% | -25.91% | +2.90% | +9.49% | +11.52% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +73.17% | +42.25% | +6.93% | +9.26% | -22.17% | -12.39% | -13.86% | +7.79% |
| EPS · basic · YoY | — | +71.43% | +40.28% | +6.93% | +9.26% | -22.02% | -12.43% | -13.04% | +7.58% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $3.9B | $4.54B | $4.48B | $5.03B | $5.13B | $5.45B | $5.37B | $5.69B |
| Net debt | $3.85B | $4.47B | $4.42B | $4.83B | $5.02B | $5.32B | $5.23B | $5.54B |
| Net debt / EBITDA | 6.01 | 6.11 | 5.48 | 5.52 | 4.17 | 5.22 | 4.78 | 4.96 |
| Debt / equity | 0.58 | 0.63 | 0.59 | 0.64 | 0.66 | 0.66 | 0.61 | 0.61 |
| Debt / assets | +35.57% | +37.26% | +35.31% | +37.57% | +38.71% | +37.03% | +35.93% | +36.06% |
| Equity / assets | +61.47% | +58.93% | +60.32% | +58.65% | +58.22% | +56.07% | +59.29% | +59.21% |
| Coverage | ||||||||
| EBITDA / interest expense | 5.58 | 5.42 | 5.75 | 5.29 | 6.50 | 5.86 | 6.09 | 5.62 |
| Operating income / interest | 5.61 | 5.42 | 5.75 | 5.29 | 2.44 | 4.08 | 4.11 | 3.83 |
| Interest expense | $114.89M | $134.87M | $140.2M | $165.35M | $185.2M | $173.89M | $179.61M | $198.52M |
| Liquidity | ||||||||
| Current ratio | 0.42 | 0.54 | 0.52 | 1.00 | 62.90 | — | — | — |
| Quick ratio | 0.19 | 0.24 | 0.20 | 0.62 | 34.83 | — | — | — |
| Cash ratio | 0.07 | 0.14 | 0.12 | 0.50 | 24.93 | — | — | — |
| Working capital | -$374.91M | -$229.2M | -$240.63M | -$1.6M | $269.46M | — | — | — |
| Working capital / revenue | -28.75% | -15.38% | -14.82% | -0.09% | +14.44% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 9.06x | 10.75x |
| Earnings yield | 3.8% | 3.0% |
| FCF yield | 6.3% | 5.0% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 6.4% | 5.8% |
| ROA | 3.4% | 3.1% |
| ROIC | 3.4% | 6.7% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 4.17 | 5.52 |
| Interest coverage | — | — |
| Current ratio | 62.90x | 1.00x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).