INVH Invitation Homes
too hard · 51
Owner-earnings value$32.64
Price$27.07
Margin of safety
+20.6%
Quality gate · 51/100
⚠ sub-hurdle returns (median roic 4% < 9%) · over-levered (net debt/EBITDA 4.6x > 4x)
Median ROIC3.6%
Gross margin56.4%
Net debt / EBITDA4.6x
FCF conversion181%
Share count / yr-0.0%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 956.72M |
| Owner-earnings yield | 6.0% |
| Free-cash-flow yield | 6.0% |
| Growth used (normalized) | 6.8% |
| Market-implied growth (reverse DCF) | 2.4% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.0% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 1.02B | 6.8% | 937.74M |
| 2 | 1.09B | 6.4% | 915.46M |
| 3 | 1.15B | 6.0% | 890.14M |
| 4 | 1.22B | 5.6% | 862.03M |
| 5 | 1.28B | 5.1% | 831.44M |
| 6 | 1.34B | 4.7% | 798.68M |
| 7 | 1.40B | 4.3% | 764.09M |
| 8 | 1.45B | 3.9% | 728.00M |
| 9 | 1.50B | 3.4% | 690.78M |
| 10 | 1.55B | 3.0% | 652.75M |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~2%/yr owner-earnings growth over 10y (reverse DCF); model credits 7%.