American Homes 4 Rent (AMH) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of American Homes 4 Rent stock $25.88, price $32.82, that is 21.1% below the price, quality 67 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $26.07 – $38.58 · fair‑value band $16.08 – $42.45 · the $32.82 price screens above the $25.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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American Homes 4 Rent (AMH or the General Partner) is an internally managed Maryland real estate investment trust (REIT). American Homes 4 Rent, L.P., a Delaware limited partnership and its consolidated subsidiaries (collectively, the Operating Partnership or the OP) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets.
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References to the Company, we, our and us mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. We are focused on developing, renovating, leasing and managing single-family homes as rental properties.
We commenced operations in November 2012. Our geographically diversified portfolio of single-family homes has evolved into a nationally recognized brand that is well-known for quality, value and resident satisfaction and is well respected in our communities.
Our goal is to simplify the experience of leasing a home and provide an accessible housing option to the one in three households who choose to rent in the country.
Since launching our internal AMH Development Program in 2017, we have contributed to addressing the national housing shortage by developing thousands of built-for-rental homes per year to meet growing demands.
At a time when housing affordability remains constrained across the country, AMH is focused on being part of the solution by expanding the housing supply, elevating the resident experience and creating value for all our stakeholders.
AMH is the general partner of, and as of December 31, 2025, owned approximately 87.9% of the common partnership interest in, the Operating Partnership. The remaining 12.1% of the common partnership interest was owned by limited partners.
As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership's day-to-day management. The Company's management operates AMH and the Operating Partnership as one business, and
Stock analysis
American Homes 4 Rent (AMH) currently trades at $32.82, while our model-based Fair Value estimate is $25.88, 21% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $41.61 per share, and 4 of the 16 models we run sit above the $32.82 price.
Bear case: the Asset-Based group reads lowest at $12.90, and 12 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: $16.08 (bear) to $42.45 (bull), the price of $32.82 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
American Homes 4 Rent reported revenue of $1.9B in FY2025 versus $1.3B in FY2021, a compound +9.4%/yr. Reported net income was $453M in FY2025, compounding +24.4%/yr from FY2021.
Key figures
Market cap $13.6B Large · P/E ratio 27.1 · P/S ratio 7.23 · EPS (TTM) $1.22 · Dividend yield 3.8% · Net margin 25.5% · Return on equity 7.1% · Return on assets (EBIT) 5.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −13% fair-value upside, at −21%, AMH screens richer than that median.
Fair Value models
Bear$16.08Fair Value $25.88Bull$42.45
Price $32.82 · Downside -21.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
BuyDavid GoldbergDirector2× since Feb 24, 2026: 4,000 shares, avg. $29.24$116,940Mar 3, 2026
SaleBrian ReitzChief Accounting Officer7,000 shares at $29.34$205,380Feb 24, 2026
BuyDouglas N BenhamDirector2× since Nov 19, 2025: 3,000 shares, avg. $29.98$89,950Feb 23, 2026
Plus 10 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
Start year 2020 (pandemic). Over 10 years: +11.5% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+108.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+18.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.2%
Dividend (yield on the price)3.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.21.0% vs 45.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.49% → 24%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +6.5% a year for the price and +0.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Vertical integration in development controls new supply and portfolio quality but exposes results to construction costs and local permitting in a sector with few lasting edges.
Main risk: Proposed or enacted federal and state laws restricting institutional investors from acquiring single-family homes could limit AMH's growth options beyond its build-to-rent program and raise compliance costs.
Bull case: By capitalizing on its vertically integrated build-to-rent program which is often exempted from purchase restrictions, AMH could maintain growth and gain market share from smaller or constrained rivals.
Bear case: If regulatory restrictions tighten further or BTR oversupply persists, AMH might face constrained expansion, higher vacancies, and squeezed operating margins in its core Sun Belt markets.
American Homes 4 Rent builds and delivers its own single-family homes through a vertically integrated development program. This gives direct control over new supply and portfolio quality yet exposes results to construction costs and local permitting. Our models currently see it as undervalued. Will the advantages of in-house building outweigh the execution risks in today's market?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Residential · 41 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−21.1% · Below median
Profitability
Return on equity (12 months)7.1% · Above median
Return on assets3.4% · Above median
Net margin (12 months)25.5% · Above median
Operating margin (12 months)25.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)2.8% · Above median
Dividend yield (12 months)3.8% · Below median
Balance sheet
Debt / equity0.67× · Below median
Valuation Multiplesvs REIT - Residential median · lower = cheaper
P/E (12 months)27.1× · Pricier than median
P/B1.93× · Priciest 25%
P/S (12 months)7.23× · Pricier than median
Price / free cash flow (fiscal year)18.2× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "American Homes 4 Rent Fair Value". https://www.fairvalue-calculator.com/stock/AMH
Frequently asked questions
Is American Homes 4 Rent (AMH) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $25.88 versus a price of $32.82, about 21% lower (overvalued).
What is the fair value of AMH?
Our model-based fair value for American Homes 4 Rent is $25.88 (as of Nov 6, 2026), built from audited fundamentals. The current price: $32.82.
What is the quality score of AMH?
American Homes 4 Rent has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for American Homes 4 Rent (AMH)?
Our model-based price target is the fair value of $25.88 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario $16.08, optimistic scenario $42.45. It is a calculation from audited fundamentals, not an analyst target.
What is the American Homes 4 Rent stock forecast for 2026?
Our models put fair value at $25.88, about 21% lower versus a price of $32.82 (overvalued). Cautious scenario $16.08, optimistic scenario $42.45. The calculation is refreshed regularly with new filings.
What is the revenue of American Homes 4 Rent (AMH)?
American Homes 4 Rent reported trailing-twelve-month revenue of about $1.9B (latest available figure, as of Nov 6, 2026).
Does American Homes 4 Rent pay a dividend?
American Homes 4 Rent currently shows a dividend yield of 3.84% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of American Homes 4 Rent (AMH) and when is the ex-dividend date?
American Homes 4 Rent pays a dividend of $1.26 per share a year, a dividend yield of 3.8%. The last ex-dividend date was Sep 15, 2026. A dividend has been paid every year since at least 2013. The payout ratio is 103% of earnings. Free cash flow covers the dividend 1.65 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into American Homes 4 Rent (AMH)?
For today's price to be fair in a discounted-cash-flow model, American Homes 4 Rent would have to grow free cash flow by +9.1 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.7 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of AMH use?
Our models discount American Homes 4 Rent at 8.7 %: a base by market capitalisation (large), damped by beta 0.77, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For American Homes 4 Rent that is +9.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has American Homes 4 Rent (AMH) delivered so far?
Over the past 5 years revenue at American Homes 4 Rent grew +9.7 % a year. The price currently implies free-cash-flow growth of +9.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of American Homes 4 Rent (AMH) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into American Homes 4 Rent (+9.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of American Homes 4 Rent (AMH)?
The free-cash-flow yield on the price is 6.27 %: that much free cash flow American Homes 4 Rent produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of American Homes 4 Rent (AMH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For American Homes 4 Rent it is $25.88 per share (as of Nov 6, 2026), against a price of $32.82. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is American Homes 4 Rent stock overvalued or undervalued in 2026?
As of Nov 6, 2026, AMH trades above its calculated fair value: price $32.82, fair value $25.88, a gap of about −21% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AMH?
No. The price is what the market pays today ($32.82); the fair value is what the company's own numbers justify ($25.88). For American Homes 4 Rent the two are $6.94 per share apart. That gap is exactly why we show both numbers side by side.
How much is American Homes 4 Rent worth?
The market values American Homes 4 Rent at about $13.6B (market capitalisation, as of Nov 6, 2026). Per share that is $32.82; our models calculate a fair value of $25.88 per share.
What do the bullish and bearish scenarios say about AMH?
Our models span a range for American Homes 4 Rent: cautious scenario $16.08, base $25.88, optimistic $42.45 per share (as of Nov 6, 2026, price $32.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AMH?
American Homes 4 Rent trades at a price-to-earnings ratio of 27.1 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $25.88 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), earnings ex one-offs: 31.7. Other multiples: PEG 29.8, P/B 1.9, P/S 7.2, EV/EBITDA 18.7.
What is the PEG ratio of AMH?
The PEG ratio of American Homes 4 Rent is 29.82 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of American Homes 4 Rent (AMH)?
Balance-sheet figures for American Homes 4 Rent (as of Nov 6, 2026): return on equity 7.1%, debt of 0.67 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is AMH from its 52-week high?
American Homes 4 Rent trades at $32.82, about 6% below its 52-week high of $34.81 and 21% above the low of $27.11 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $25.88 is for.
Which stocks are comparable to American Homes 4 Rent?
From the same area (Real Estate) we also value Essex Property Trust, Inc, Invitation Homes, Sun Communities, Inc, Mid-America Apartment Communities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is American Homes 4 Rent stock attractive at the current price?
The data as of Nov 6, 2026: price $32.82, calculated fair value $25.88 (−21%), Quality Score 67/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AMH calculated?
We run American Homes 4 Rent through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $25.88 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. American Homes 4 Rent itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of American Homes 4 Rent (AMH)?
The closing price on Nov 6, 2026 was $32.82. Our model-based fair value is $25.88, about 21% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with American Homes 4 Rent right now?
The model range is unusually wide ($16.08 to $42.45). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of American Homes 4 Rent
How large is the market capitalisation of American Homes 4 Rent (AMH)?
The market capitalisation of American Homes 4 Rent is $13.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of American Homes 4 Rent (AMH)?
The price-to-sales ratio of American Homes 4 Rent is 7.23 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of American Homes 4 Rent (AMH)?
Earnings per share at American Homes 4 Rent are $1.22 (price ÷ EPS = P/E 27.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of American Homes 4 Rent (AMH)?
The dividend yield of American Homes 4 Rent is 3.8% (payout 103%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of American Homes 4 Rent (AMH)?
The net margin of American Homes 4 Rent is 25.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of American Homes 4 Rent (AMH)?
The return on equity (ROE) of American Homes 4 Rent is 7.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of American Homes 4 Rent (AMH)?
On an EBIT basis the return on assets of American Homes 4 Rent is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of American Homes 4 Rent (AMH)?
The operating margin of American Homes 4 Rent is 25.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at American Homes 4 Rent (AMH)?
Revenue at American Homes 4 Rent is growing +2.8% versus a year earlier (3y avg +7.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at American Homes 4 Rent (AMH)?
Earnings per share at American Homes 4 Rent are growing +10.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does American Homes 4 Rent (AMH) carry?
The net debt of American Homes 4 Rent is $5.0B (fiscal year 2025, ≈ 6.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026