American Homes 4 Rent
AMH · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Net income was $513M. Net debt was $5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Interest expense | $115M | $135M | $140M | $165M | $185M |
| Net income | $211M | $310M | $432M | $468M | $513M |
| Diluted EPS | 0.41 | 0.71 | 1.01 | 1.08 | 1.18 |
| Diluted shares | 326M | 350M | 362M | 368M | 371M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $48M | $69M | $59M | $199M | $109M |
| Goodwill | $120M | $120M | $120M | $120M | $120M |
| Total assets | $11B | $12.2B | $12.7B | $13.4B | $13.2B |
| Deferred revenue | – | – | $30M | $30M | – |
| Long-term debt | $3.9B | $4.5B | $4.5B | $5B | $5.1B |
| Total liabilities | $4.2B | $5B | $5B | $5.5B | $5.5B |
| Shareholders' equity | $6.1B | $6.5B | $7B | $7.2B | $7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $595M | $666M | $739M | $812M | $864M |
| Depreciation & amortisation | $373M | $427M | $457M | $477M | $504M |
| Stock-based compensation | $18M | $27M | $25M | $31M | $26M |
| Dividends paid | $146M | $253M | $319M | $384M | $446M |
| Dividend per share | – | 0.72 | 0.88 | 1.04 | 1.20 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| EPS growth (YoY) | – | 73.2% | 42.3% | 6.9% | 9.3% |
| Return on equityBlank when equity is negative | 3.5% | 4.8% | 6.2% | 6.5% | 7.3% |
| Cash conversion (CFO ÷ net income) | 2.83x | 2.15x | 1.71x | 1.73x | 1.68x |
| Debt ÷ equity | 0.64x | 0.70x | 0.64x | 0.70x | 0.72x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.8B | $4.4B | $4.4B | $4.8B | $5B |
Recent filings
More in Real Estate Investment Trusts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.