Equity Residential (EQR) vs Invitation Homes Inc. (INVH)
A side-by-side comparison of Equity Residential 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 — EQR vs INVH
growth of $100 · dividends reinvested · last 10yEQR vs INVH: by the numbers
- •EQR is the larger company ($23.87B vs $16.88B market cap).
- •EQR converts more revenue to profit (27.91% vs 23.14% net margin).
- •INVH grew revenue faster over the past five years (8.60% vs 5.22% CAGR).
- •EQR pays the higher dividend yield (4.27% vs 4.19%).
Metrics side by side
Valuation
| Metric | EQR | INVH |
|---|---|---|
| P/E ratio | 28.66 | 26.05 |
| Forward P/E | 44.91 | 28.22 |
| P/S ratio | 8.00 | 5.89 |
| P/B ratio | 2.39 | 1.86 |
| EV / EBITDA | 17.80 | 15.55 |
| FCF yield | 4.69% | 6.43% |
For REITs like Equity Residential, 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 | EQR | INVH |
|---|---|---|
| Gross margin | 45.96% | 3.69% |
| Operating margin | 36.33% | 30.16% |
| Net margin | 27.91% | 23.14% |
| ROE | 8.32% | 7.30% |
| ROIC | 4.45% | 4.67% |
Dividends
| Metric | EQR | INVH |
|---|---|---|
| Dividend yield | 4.27% | 4.19% |
| Payout ratio | 122.37% | 109.17% |
Equity Residential'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 | EQR | INVH |
|---|---|---|
| Revenue CAGR (5Y) | 5.22% | 8.60% |
| EPS CAGR (5Y) | 4.71% | 22.36% |
| FCF CAGR (5Y) | 2.37% | 12.11% |
| Total return CAGR (5Y) | -1.45% | -4.48% |
Frequently asked
- Which has grown faster, EQR or INVH?
- Over the past five years, INVH grew revenue faster — EQR at a 5.22% CAGR versus INVH at 8.60%.
- Does EQR or INVH pay a bigger dividend?
- EQR yields 4.27% and INVH yields 4.19% based on trailing dividends and the latest price.
- Is EQR or INVH more profitable?
- EQR runs the higher net margin — EQR at 27.91% versus INVH at 23.14%.
- How have EQR and INVH total returns compared?
- Over the past 5 years, EQR delivered -1.45% and INVH delivered -4.48% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Equity Residential & 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.