F

Invitation Homes Inc. — Earnings Quality Grade F

INVH · Real Estate

Major red flags

Revenue
$2.7B
2025
Net Income
$588M
2025
Gross Margin
58.4%
Free Cash Flow
$963M
01

Screening Summary

15
Passed
1
Watch
1
Failed
-2.65
M-Score

Management Signals

View all →
Routine2026-01-02
Mark Solls · Chief Legal OfficerAppointment
Standard appointment
SEC
View management analysis in INVH deep report →

Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available

02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 8 days, change -1 days YoY

A2AR vs Revenue Growth

AR growth -2.1% vs revenue growth 4.2%

A3Revenue vs CFFO

Revenue 4.2%, CFFO 11.5%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth 10.6% vs revenue 4.2%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 6.0%, excellent (<30%)

B4Gross Margin

Gross margin 58.4%, change -0.6pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.05. Profits backed by cash

C2Free Cash Flow

FCF $1.0B, FCF/NI = 1.64

C3Accruals Ratio

Accruals ratio = -3.3%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 2% of debt $8.4B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.3B = 3% of equity. Manageable

!
D2Leverage

Debt/EBITDA = 5.0x (>4x). Financial stress

D3Soft Asset Growth

Other assets 9.8% vs revenue 4.2%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.65 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.65
-4.0 Clean-2.22 Grey-1.78 Danger0
0.939
DSRI
AR growing faster than revenue?
1.011
GMI
Gross margin declining?
1.004
AQI
Asset quality deteriorating?
1.042
SGI
Revenue growth rate
1.034
DEPI
Depreciation slowing?
1.009
SGAI
SG&A ratio changing?
-0.0331
TATA
Accruals level
1.02
LVGI
Leverage increasing?

Altman Z-Score — Not Applicable

Invitation Homes Inc. is a financial company. Z-Score is designed for non-financial companies.

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25

·Latest Quarterly Check

About this →

INVH is sitting near the watch threshold across the last 5–6 quarters.

  • Q3 · GM compressionGM: 59.3% → 55.1% (-425 bp)

Updated 2026-05-19