AMH (American Homes 4 Rent) Stock Financials & Earnings | Market Cap Arena

AMH (American Homes 4 Rent) Stock Financials & Earnings | Market Cap Arena

AMHAmerican Homes 4 Rent

Mkt Cap$11B

Real Estate·REIT - Residential·🇺🇸 United States·NYSE

Revenue (TTM)$1.9B

Net Income (TTM)$453M

EPS (TTM)$1.18

Free Cash Flow (TTM)$864M

Gross Margin43.2%

Op. Margin31.4%

Net Margin24.4%

FCF Margin46.6%

P/S Ratio (TTM)5.8x

P/E Ratio (TTM)23.8x

YoY Rev Growth+7.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$398M	$215M	$196M
Q2 23	$396M	$218M	$198M
Q3 23	$422M	$220M	$201M
Q4 23	$409M	$230M	$211M
Q1 24	$424M	$233M	$210M
Q2 24	$423M	$239M	$216M
Q3 24	$445M	$238M	$218M
Q4 24	$437M	$251M	$230M
Q1 25	$459M	$255M	$234M
Q2 25	$458M	$263M	$116M
Q3 25	$478M	$263M	$116M
Q4 25	$459M	$21M	$116M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	7.0x	32.3x
Q2 23	6.9x	29.2x
Q3 23	6.7x	27.5x
Q4 23	6.6x	28.3x
Q1 24	6.5x	28.9x
Q2 24	6.4x	29.4x
Q3 24	6.3x	29.4x
Q4 24	6.2x	26.1x
Q1 25	6.1x	26.0x
Q2 25	6.0x	25.2x
Q3 25	5.9x	23.8x
Q4 25	5.8x	23.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$200M	$169M
Q2 23	$215M	$179M
Q3 23	$208M	$169M
Q4 23	$115M	$88M
Q1 24	$202M	$178M
Q2 24	$274M	$248M
Q3 24	$234M	$202M
Q4 24	$102M	$62M
Q1 25	$223M	$192M
Q2 25	$272M	$241M
Q3 25	$223M	$167M
Q4 25	$146M	$264M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$32M
Q2 23	$36M
Q3 23	$39M
Q4 23	$28M
Q1 24	$24M
Q2 24	$26M
Q3 24	$31M
Q4 24	$41M
Q1 25	$31M
Q2 25	$31M
Q3 25	$57M
Q4 25	$118M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+11.7%	+9.7%
Q2 23	+9.3%	+6.9%
Q3 23	+7.7%	+8.0%
Q4 23	+7.3%	+7.7%
Q1 24	+6.5%	+5.9%
Q2 24	+7.1%	+4.7%
Q3 24	+5.5%	+2.9%
Q4 24	+6.8%	+4.8%
Q1 25	+8.4%	+5.7%
Q2 25	+8.0%	+64.7%
Q3 25	+7.5%	+59.7%
Q4 25	+5.2%	+65.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$6M	1.5%
Q2 23	$9M	2.2%
Q3 23	$6M	1.5%
Q4 23	$5M	1.1%
Q1 24	$10M	2.3%
Q2 24	$10M	2.5%
Q3 24	$6M	1.3%
Q4 24	$5M	1.1%
Q1 25	$8M	1.7%
Q2 25	$6M	1.4%
Q3 25	$6M	1.3%
Q4 25	$5M	1.2%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$18M	$700K
Q2 23	$20M	$700K
Q3 23	$18M	$800K
Q4 23	$14M	$5M
Q1 24	$22M	$800K
Q2 24	$22M	$800K
Q3 24	$19M	$900K
Q4 24	$17M	$5M
Q1 25	$20M	$1M
Q2 25	$20M	—
Q3 25	$21M	—
Q4 25	$23M	—

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$256M	$0	$256M
Q2 23	$200M	$0	$200M
Q3 23	$70M	$0	$70M
Q4 23	$59M	$0	$59M
Q1 24	$125M	$0	$125M
Q2 24	$718M	$0	$718M
Q3 24	$162M	$0	$162M
Q4 24	$199M	$0	$199M
Q1 25	$70M	$0	$70M
Q2 25	$323M	$0	$323M
Q3 25	$46M	$0	$46M
Q4 25	$109M	$0	$109M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	361M	+1.8%
Q2 23	362M	+0.5%
Q3 23	363M	+0.1%
Q4 23	363M	+0.1%
Q1 24	367M	+1.0%
Q2 24	367M	+0.1%
Q3 24	368M	+0.1%
Q4 24	370M	+0.6%
Q1 25	371M	+0.2%
Q2 25	371M	+0.1%
Q3 25	371M	+0.0%
Q4 25	370M	-0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$530K	752
FY 15	$807K	781
FY 16	$922K	953
FY 17	$846K	1K
FY 18	$869K	1K
FY 19	$855K	1K
FY 20	$810K	1K
FY 21	$848K	2K
FY 22	$831K	2K
FY 23	$941K	2K
FY 24	$999K	2K
FY 25	$1M	2K