AvalonBay Communities, Inc. (AVB) vs Invitation Homes Inc. (INVH)
A side-by-side comparison of AvalonBay Communities, Inc. and Invitation Homes Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 8, 2026. Differences are shown without an overall score or investment verdict.
Total return — AVB vs INVH
growth of $100 · dividends reinvested · last 10yAVB vs INVH: by the numbers
- •AVB is the larger company ($26.28B vs $16.88B market cap).
- •AVB converts more revenue to profit (33.39% vs 23.14% net margin).
- •INVH grew revenue faster over the past five years (8.60% vs 6.62% CAGR).
- •AVB pays the higher dividend yield (10.36% vs 4.19%).
Metrics side by side
Valuation
| Metric | AVB | INVH |
|---|---|---|
| P/E ratio | 9.39 | 26.05 |
| Forward P/E | 11.29 | 28.22 |
| P/S ratio | 3.14 | 5.89 |
| P/B ratio | 0.80 | 1.86 |
| EV / EBITDA | 10.39 | 15.55 |
| FCF yield | 16.67% | 6.43% |
For REITs like AvalonBay Communities, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Invitation Homes Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | AVB | INVH |
|---|---|---|
| Gross margin | 66.99% | 3.69% |
| Operating margin | 28.45% | 30.16% |
| Net margin | 33.39% | 23.14% |
| ROE | 8.56% | 7.30% |
| ROIC | 3.93% | 4.67% |
Dividends
| Metric | AVB | INVH |
|---|---|---|
| Dividend yield | 10.36% | 4.19% |
| Payout ratio | 97.25% | 109.17% |
AvalonBay Communities, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Invitation Homes Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | AVB | INVH |
|---|---|---|
| Revenue CAGR (5Y) | 6.62% | 8.60% |
| EPS CAGR (5Y) | 4.67% | 22.36% |
| FCF CAGR (5Y) | 9.40% | 12.11% |
| Total return CAGR (5Y) | -18.27% | -4.48% |
Frequently asked
- Which has grown faster, AVB or INVH?
- Over the past five years, INVH grew revenue faster — AVB at a 6.62% CAGR versus INVH at 8.60%.
- Does AVB or INVH pay a bigger dividend?
- AVB yields 10.36% and INVH yields 4.19% based on trailing dividends and the latest price.
- Is AVB or INVH more profitable?
- AVB runs the higher net margin — AVB at 33.39% versus INVH at 23.14%.
- How have AVB and INVH total returns compared?
- Over the past 5 years, AVB delivered -18.27% and INVH delivered -4.48% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
AvalonBay Communities & Invitation Homes appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 8, 2026.