{"schemaVersion":1,"research":true,"symbol":"invh","name":"Invitation Homes","topic":"moat","path":"/stock/invh/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:34:09.318Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Invitation Homes has an established operating platform, local density and realized procurement discounts, but the passages do not establish that these produce a durable competitive cost advantage. Resident tenure exceeding three years supports repeat demand without proving customer dependency. Pricing tools and short leases permit periodic repricing, but realized rent changes and comparable pricing premiums are absent. The evidence leaves the moat uncertain rather than establishing a weak competitive position.","advantages":[{"mechanism":"cost_advantage","claim":"A current, limited procurement benefit is evidenced by negotiated discounts, extended warranties and direct vendor sourcing. Operating scale and local infrastructure support a plausible broader cost advantage, but comparative unit costs and competitors' purchasing terms are missing.","durability":"The infrastructure has operated since 2012, but the persistence, exclusivity and economic magnitude of procurement benefits are not established. Management's claim that local density cannot readily be replicated remains unproven.","risks":"Other institutional investors can operate similar services. Labor and materials inflation has affected operations, while greater housing competition and regulatory constraints could reduce the value of scale. These disclosures do not demonstrate that procurement benefits have already disappeared.","invalidation":"The broader cost-advantage hypothesis would be invalidated by comparable operators obtaining equivalent purchasing terms and matching fully loaded maintenance and renovation costs, or by sustained loss of discounts without offsetting operating efficiencies.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / renovation procurement discounts and warranties","excerpt":"For example, we have negotiated discounts and extended warranties for products that we regularly use during the renovation process, including appliances, HVAC systems and components, carpet and flooring, and paint, among others."},{"id":"e2","sourceId":"filing-1","location":"Business / direct vendor sourcing","excerpt":"We are also able to reduce general contractor fees by working directly with vendors."},{"id":"e3","sourceId":"filing-1","location":"Business / established property management infrastructure","excerpt":"All of our property management functions have been internally managed since our founding in 2012, and we have implemented an extensive property management infrastructure, including a resident portal that is available both online and via a mobile app, smart home technology, a mobile app for residents to schedule and track maintenance requests, a technology suite to manage work orders and associate schedules, dedicated in-market associates, and local offices in each of our core markets."},{"id":"e4","sourceId":"filing-2","location":"MD&A / portfolio scale at June 30, 2026","excerpt":"As of June 30, 2026, we wholly own 85,509 homes for lease, jointly own 8,069 homes for lease, and provide professional third-party property and asset management services for an additional 15,639 homes, all of which are primarily located in 16 core markets across the country."},{"id":"e5","sourceId":"filing-2","location":"MD&A / management assertion concerning density and replication","excerpt":"Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated."},{"id":"e6","sourceId":"filing-1","location":"Competition / similar property and asset management services","excerpt":"These same competitors may also compete with us for residents and may provide property and asset management services similar to those that we provide."},{"id":"e7","sourceId":"filing-2","location":"MD&A / experienced labor and materials cost pressures","excerpt":"Labor shortages and inflationary increases in labor and material costs have impacted and may continue to impact certain aspects of our business."},{"id":"e8","sourceId":"filing-1","location":"Risk factors / potential acquisition and pricing restrictions","excerpt":"In addition, executive actions and federal and state legislative, regulatory, or policy initiatives, particularly those focused on institutional ownership and acquisition of single-family homes, could limit our ability to acquire properties, impose additional compliance or operating requirements, or constrain pricing flexibility in certain markets."},{"id":"e9","sourceId":"filing-3","location":"Stockholder letter / reported resident tenure and occupancy claims","excerpt":"Our commitment to quality, responsiveness, and transparent communication drove strong customer satisfaction, supported sector leading occupancy, and contributed to an average resident tenure that continues to exceed three years."},{"id":"e10","sourceId":"filing-4","location":"Risk factors / experienced deterioration in aged receivable collections","excerpt":"We have been experiencing lower collections from residents with accounts receivable balances that are aged greater than 30 days, or bad debt, and we may experience higher resident turnover."},{"id":"e11","sourceId":"filing-2","location":"MD&A / typical residential lease duration","excerpt":"We enter into leases directly with our residents, and the leases typically have a term of one to two years."},{"id":"e12","sourceId":"filing-2","location":"Financial statement notes / contractual lease terms and cancellation","excerpt":"We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements."},{"id":"e13","sourceId":"filing-1","location":"Business / standardized leases and market-informed pricing tool","excerpt":"On a national level we are also able to standardize resident leases, employ a consistent approach to resident screening and leasing operations, and utilize a tailored pricing tool that analyzes publicly available data to reflect local market conditions."},{"id":"e14","sourceId":"filing-1","location":"MD&A / operating cash generation in 2025 and 2024","excerpt":"Net cash provided by operating activities was $1,206.2 million and $1,081.8 million for the years ended December 31, 2025 and 2024, respectively, an increase of 11.5%."},{"id":"e15","sourceId":"filing-1","location":"MD&A / operational and settlement-related cash flow drivers","excerpt":"The increase in cash provided by operating activities is primarily due to improved operational profitability, including a $110.4 million increase in total revenues and a reduction of cash used for settlement of litigation and regulatory matters, partially offset by changes in operating assets and liabilities between periods."},{"id":"e16","sourceId":"filing-3","location":"Compensation discussion / joint venture deployment below goal","excerpt":"Joint venture capital deployment reached $175 million against a $200 million goal, reflecting partner yield expectation challenges."},{"id":"e17","sourceId":"filing-2","location":"Liquidity / remaining joint venture and construction lending commitments","excerpt":"As of June 30, 2026, our remaining equity commitments to our joint ventures total $93.7 million, and our remaining funding commitments for construction and development loans total $247.9 million."},{"id":"e18","sourceId":"filing-2","location":"Repurchases of equity securities / executed May 2026 repurchases","excerpt":"UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Repurchases of Equity Securities We made the following share repurchases during the three months ended June 30, 2026: Period Total Number of Shares Purchased Average Price Paid Per Share(1) Total Number of Shares Purchased as Part of Publicly Announced Plan or Program Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan or Program(2) ($ in thousands) April 1 — April 30, 2026 — $ — — $ 500,000 May 1 — May 31, 2026 3,478,690 28.75 3,478,690 400,000 June 1 — June 30, 2026 — — — 400,000 Total 3,478,690 $ 28.75 3,478,690 (1)Average Price Paid Per Share excludes cash paid for legal fees and commissions."},{"id":"e19","sourceId":"filing-2","location":"Share-based compensation / May 7, 2026 plan approval and effectiveness","excerpt":"2026 Incentive Omnibus Plan (the “2026 Omnibus Incentive Plan”) became effective upon approval of our stockholders, subsequent to adoption by our board of directors."},{"id":"e20","sourceId":"filing-2","location":"Share-based compensation / actual 2026 LTIP grants","excerpt":"Annual LTIP Awards: •Annual LTIP Awards Granted: During the six months ended June 30, 2026, we granted 1,519,420 RSUs pursuant to LTIP awards."},{"id":"e21","sourceId":"filing-2","location":"Share-based compensation / actual award vesting conditions","excerpt":"Each award includes components which vest based on time-vesting conditions, market-based vesting conditions, and/or performance-based vesting conditions, each of which is subject to continued employment through the applicable vesting date."},{"id":"e22","sourceId":"filing-2","location":"Share-based compensation / three-year performance period","excerpt":"LTIP PRSUs may be earned based on the achievement of certain measures over a three year performance period."},{"id":"e23","sourceId":"filing-5","location":"Share-based compensation / cancellation following unmet performance criteria","excerpt":"Certain other LTIP PRSUs did not achieve performance criteria, resulting in the cancellation of 47,145 awards during the year ended December 31, 2021."},{"id":"e24","sourceId":"filing-3","location":"Compensation governance / anti-hedging policy","excerpt":"Anti-Hedging and Anti-Pledging Policy The Company’s directors, officers, and associates are prohibited from hedging the economic risk of their stock ownership and may not engage in hedging transactions with respect to the Company’s securities, including engaging in transactions in forward contracts, equity swaps, collars, exchange funds, puts, calls, options, and other derivative securities or any instruments designed to increase in value as a result of, or hedge or offset any decrease in, the market value of the Company’s securities."},{"id":"e25","sourceId":"filing-3","location":"Performance assessment / application-to-move-in conversion achievement","excerpt":"Customer experience metrics remained strong, with an approved-application-to-move-in conversion rate of 71.1%, surpassing the 70.0% target."},{"id":"e26","sourceId":"filing-3","location":"Performance assessment / nine of ten operational goals achieved","excerpt":"Of ten operational goals, nine were achieved."},{"id":"e27","sourceId":"filing-3","location":"Performance assessment / purpose and values target missed","excerpt":"Purpose and values alignment scores remained below the 60% target level, though the Compensation and Management Development Committee recognized successful mid-year rollout of new purpose and values in its overall assessment."},{"id":"e28","sourceId":"filing-3","location":"Corporate governance / board structure and shareholder safeguards","excerpt":"Corporate Governance Snapshot Director Nominees 9 Independent Director Nominees 8 Average Tenure of Directors Standing for Election (years) 5.3 Chairperson Position Separate from CEO ✓ Annual Election of All Directors ✓ Proxy Access (3%/3 years) ✓ No Stockholder Rights Plan ✓ Limits on the Number of Directorships Held by Directors ✓ Regular Executive Sessions of Independent Directors ✓ Commitment to Board Refreshment and Focus on Director Succession Planning ✓ Annual Board and Committee Self-Evaluations ✓ Risk Oversight by the Board and Committees ✓ Sustainability and Corporate Responsibility Oversight by Board and Committees ✓ Proactive, Ongoing Engagement with Stockholders ✓ Stock Ownership Requirements for Directors and Executive Officers ✓ Hedging and Pledging Prohibition ✓ Incentive Compensation Clawback Policy ✓ Stockholder Rights and Accountability • Our Board is not classified, and each of our directors is subject to annual reelection (we will not classify our Board in the future without the approval of our stockholders)."},{"id":"e29","sourceId":"filing-3","location":"Related person transactions / independent approval policy","excerpt":"Each related person transaction shall either be approved or ratified by the Audit Committee or another independent body of the Board consisting of independent directors who are disinterested, as applicable, taking into consideration such relevant facts and circumstances as it shall deem appropriate, which may include: • the relationship of the related person to the Company; • the nature and extent of the related person’s interest in the transaction; • the material terms of the transaction; • the importance and fairness of the transaction both to the Company and to the related person; • the business rationale for engaging in the transaction; • whether the transaction would likely impair the judgment of a director or executive officer to act in the best interest of the Company; • whether the value and the terms of the transaction are substantially similar as compared to those of similar transactions previously entered into by the Company with non-related persons, if any; and • any other matters that disinterested members of the Audit Committee or another independent body of the Board consisting of independent directors who are disinterested, as applicable, deem appropriate."},{"id":"e30","sourceId":"filing-4","location":"Legal matters / FTC order final in September 2024 without admission of liability","excerpt":"After fully cooperating with the inquiry and extensive negotiations with the FTC, we entered into a stipulated proposed order with the FTC, resolving all aspects of the inquiry without any admission of liability, which became final on September 27, 2024."},{"id":"e31","sourceId":"filing-4","location":"Legal matters / actual FTC monetary relief payment","excerpt":"Pursuant to the stipulated order, we paid $48,000 of monetary relief, with no civil penalties, to the FTC during the year ended December 31, 2024."},{"id":"e32","sourceId":"filing-1","location":"Competition / alternative housing categories","excerpt":"We face competition for residents from other lessors of single-family properties, apartment buildings, and condominium units."},{"id":"e33","sourceId":"filing-1","location":"Business / prospective brand equity claim","excerpt":"We believe this, in turn, drives rent growth, occupancy, and low turnover rates and will enable us to develop significant brand equity in the longer term."},{"id":"e34","sourceId":"filing-6","location":"MD&A / January 2026 homebuilder acquisition","excerpt":"On January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets."},{"id":"e35","sourceId":"filing-6","location":"MD&A / prospective internal development benefits","excerpt":"We believe this internal development capacity will support our long-term growth strategy by providing a reliable pipeline of purpose-built rental homes tailored to our operational and quality standards."}],"changes":["Retain the previous uncertain verdict: operating infrastructure and tenure still do not establish a durable competitive advantage.","Recognize specific negotiated discounts and warranties as current procurement benefits, refining the previous characterization of procurement advantages as management claims alone.","Add actual incentive grants, subsequent shareholder approval of the 2026 plan, operating achievements and the historical FTC settlement to management assessments.","Distinguish the completed January 2026 homebuilder acquisition from its prospective cost and pipeline benefits."],"limitations":["Only supplied issuer passages were assessed. Source dates are filing dates, retaining dateKind=filed; they are not retrieval dates or necessarily the dates of the underlying events.","Competition passages identify generic investor and housing categories without naming operating competitors. Competitor arrays are therefore empty; companies mentioned in biographies, financing or acquisitions are not established competitors.","No comparative procurement costs, local market shares, sustained excess returns or quantified barriers establish the magnitude and durability of the proposed scale advantage.","Realized rent changes, comparable pricing premiums, renewal rates and matched revenue-cost trends are absent. Aggregate revenue and variable fee growth cannot isolate pricing from volume, mix or reimbursements.","Resident tenure is a disclosed operating outcome; service superiority, sector-leading occupancy and difficult replication are issuer claims without supplied comparative substantiation.","The supplied proxy contains governance and compensation disclosures, but actual executive ownership levels and complete incentive weightings and payout outcomes are missing.","The 2024 collections deterioration and FTC payment are realized historical adverse evidence; their persistence into 2026 is not established. Generic risk factors are treated as possible erosion channels.","Future brand equity and development efficiencies are potential benefits rather than demonstrated additional moat mechanisms."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Scale, established infrastructure and negotiated procurement benefits support a candidate cost advantage, but relative economics and replication barriers cannot establish a moat.","evidenceIds":["e1","e2","e3","e4","e5","e6"]},{"criterion":"durability","grade":null,"rationale":"Infrastructure longevity is established; durable superiority of purchasing terms, service or returns is not. Future brand equity remains an aspiration.","evidenceIds":["e3","e5","e33"]},{"criterion":"customer_dependency","grade":null,"rationale":"Tenure exceeding three years indicates repeat demand, but does not establish dependence on this landlord. One-to-two-year leases and competing housing options provide no demonstrated durable lock-in.","evidenceIds":["e9","e11","e12","e32"]},{"criterion":"erosion_resilience","grade":null,"rationale":"The passages identify experienced input-cost pressure and possible regulatory constraints, but do not show how a comparative advantage has endured them.","evidenceIds":["e7","e8","e14","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"A market-informed pricing tool demonstrates a pricing process, not observed rent increases, cuts or premiums. Supplied revenue changes cannot isolate price outcomes.","evidenceIds":["e13","e15"]},{"criterion":"retention","grade":2,"rationale":"Reported average resident tenure exceeding three years supports repeat demand, without a disclosed renewal rate or proof that retention survives premium pricing. Historical deterioration in aged-receivable collections tempers the evidence of resident demand quality.","evidenceIds":["e9","e10","e11"]},{"criterion":"margin_resilience","grade":null,"rationale":"Operating cash increased with improved operational profitability, but also benefited from lower settlement payments. Without matched operating margin or cost-pass-through trends, this does not establish pricing-driven margin resilience.","evidenceIds":["e7","e14","e15"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Direct leases typically lasting one to two years and active market-informed pricing provide periodic opportunities to reset terms. Contractual commitments constrain immediate changes, and disclosed regulatory initiatives could constrain future pricing flexibility.","evidenceIds":["e11","e12","e13","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation increased and actual repurchases demonstrate capital deployment. Joint venture deployment missed its goal because of partner yield expectations, while substantial development and lending commitments remain. These outcomes support a mixed assessment; acquisition and buyback returns are not established.","evidenceIds":["e14","e15","e16","e17","e18"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual equity grants carry employment and performance or market vesting conditions, with a three-year PRSU measurement period. Historical cancellations for unmet performance criteria demonstrate that conditions have operated, and hedging is prohibited. July's filing confirms May 2026 plan approval; the March proposal alone would not. Ownership amounts and complete payout economics remain missing.","evidenceIds":["e19","e20","e21","e22","e23","e24"]},{"criterion":"execution","grade":3,"rationale":"Nine of ten operational goals were achieved, application-to-move-in conversion exceeded its target, and operating cash increased. These are specific issuer-reported outcomes rather than reputation-based judgments. The missed joint venture deployment and values targets limit the assessment; acquisition synergies remain prospective.","evidenceIds":["e25","e26","e14","e15","e16","e27","e34","e35"]},{"criterion":"governance","grade":2,"rationale":"Annual director elections, separation of chair and CEO, shareholder safeguards and independent related-party review provide substantive governance protections. The final FTC order and $48 million payment in 2024 provide contrary realized compliance evidence, without admission of liability or civil penalties. Current recurrence is not established.","evidenceIds":["e28","e29","e30","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"7b2b45163c9d428b62c7bcca1b8e2fde7dd460ac8e69fc713e8b32a58a52e7df","updatedAt":"2026-10-18T14:34:09.318Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm","publishedAt":"2026-02-19","sha256":"a225c8b2be0aea604341b07e225f43d7cb527a689a12c98570469c070a35a87f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000045/invh-20260630.htm","publishedAt":"2026-07-30","sha256":"d7680e9b5afeb23b09b01215552869c825cfe9718bdef2cf79dedc7c3d277846","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1687229/000119312526126310/d96989ddef14a.htm","publishedAt":"2026-03-26","sha256":"8021d42900de709db1755c3fbe3a47af051238ee5aedab81c6d0a6f45a3cbb2d","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722925000008/invh-20241231.htm","publishedAt":"2025-02-27","sha256":"f5a7a74e269350777d31dd2c77b88639214c3f6a42cd97218cac7feaf8ab01d1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/invh-20231231.htm","publishedAt":"2024-02-21","sha256":"44eed7a493f87240f6dd8c22ad89d94528dc8f9f33065eec5ca4f2148a8b5c6c","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000032/invh-20260331.htm","publishedAt":"2026-04-30","sha256":"661ebeef2cdd1cb789267406020df0ea257b93a7be6fe5dfa4d6829415bfa754","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:bf831565cb41872228162ac6130b1087d41b34b78782e0a73709eea79a8cf6a0","usage":{"input_tokens":89112,"cached_input_tokens":88960,"cache_write_input_tokens":0,"output_tokens":3384,"reasoning_output_tokens":115},"basisSupplement":{"previousHash":"491c66be4a7438255be5d7ddf73905dd61fff0f5c1dd3f56c0b71d912b1de0ab","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.3608031593471952},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.2940319133773375},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.2129781217443074},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.0660029889932652},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.0196768690534117},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-20251231.htm","publishedAt":"2026-02-19","sha256":"a225c8b2be0aea604341b07e225f43d7cb527a689a12c98570469c070a35a87f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000045/invh-20260630.htm","publishedAt":"2026-07-30","sha256":"d7680e9b5afeb23b09b01215552869c825cfe9718bdef2cf79dedc7c3d277846","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1687229/000119312526126310/d96989ddef14a.htm","publishedAt":"2026-03-26","sha256":"8021d42900de709db1755c3fbe3a47af051238ee5aedab81c6d0a6f45a3cbb2d","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722925000008/invh-20241231.htm","publishedAt":"2025-02-27","sha256":"f5a7a74e269350777d31dd2c77b88639214c3f6a42cd97218cac7feaf8ab01d1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/invh-20231231.htm","publishedAt":"2024-02-21","sha256":"44eed7a493f87240f6dd8c22ad89d94528dc8f9f33065eec5ca4f2148a8b5c6c","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1687229/000168722926000032/invh-20260331.htm","publishedAt":"2026-04-30","sha256":"661ebeef2cdd1cb789267406020df0ea257b93a7be6fe5dfa4d6829415bfa754","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}