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American Homes 4 Rent

AMH
58
REIT - Residential · Real Estate
Also trades as: 0HEJ.L GBP 0.32 (+3.97%)
Price
$31.90
+0.96 (+3.10%)
Market Cap
$11.46B
Exchange
New York Stock Exchange
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Good
10/20
Cash Flow
Exceptional
10/10
Stability
Good
5/10
Valuation
Mixed
3/10
Ownership
Good
8/15
Dividends
Exceptional
5/5

58 of 100 counted points = Winston Score 58.

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Share count rising — dilution

+13.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 325.5M (2021) → 370.9M (2025)

§Winston Score History

The full picture

American Homes 4 Rent owns and rents out single-family houses across the United States. Its customers are everyday renters who want to live in a house instead of an apartment but either cannot afford to buy or prefer not to. The company is one of the largest single-family rental landlords in the country, with a portfolio of roughly 60,000 homes spread across Sun Belt states and other growing metro areas.

The company makes money by collecting monthly rent from tenants, which is a straightforward landlord model. It also develops some homes from the ground up rather than only buying existing ones, which helps control costs and property quality. Its large scale gives it an advantage in managing properties efficiently, but rising interest rates are a meaningful risk because they increase borrowing costs and can slow the pace at which the company can acquire or build new homes to grow its portfolio.

Politician Trades

3 trades / 12mo

1 Congressional buy and 2 sells on AMH in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+10.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

8.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$231M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

American Homes 4 Rent is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
58.4%
Premium pricing power — 58.4% gross margin
Profit after running costs
Operating Margin
26.6%
Excellent — 26.6% operating margin
Return on the money invested
ROCE
4.0%
Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+4.5%
Slow sales growth (+4.5% YoY)
Profit growth
EPS YoY
+13.5%
Earnings growing (+13.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
181%
Turns 181% of profit into real cash
Spare cash per sale
FCF Margin
34.2%
Converts sales into free cash efficiently (34.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.76
Moderate — manageable debt (0.76)
Covers its interest
Interest Cover
2.33x
Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
25.3x
Growth-priced — P/E 25.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
-14.5
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
4.34%
Healthy income — 4.34% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+11.2%
Dividend growing fast (11.2% YoY)
Payout Ratio
100%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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