The business behind the dividend
| Measure | AMH | Median | Formula |
|---|---|---|---|
| Return on equity | 7.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $977.09m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $823.68m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 0.72x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.68x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio, Interest cover, Net margin, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 7.3% | 6.5% | 6.2% | 4.8% | 3.5% | 2.7% | 2.9% | 2.1% | 1.5% | 0.2% | 2.9% |
| Net margin | — | — | — | — | — | 13.1% | 13.7% | 10.5% | 8.0% | 1.2% | 10.5% |
| Debt to equity | 0.72x | 0.70x | 0.64x | 0.70x | 0.64x | 0.49x | 0.53x | 0.53x | 0.48x | 0.70x | 0.64x |
| Cash conversion | 1.68x | 1.73x | 1.71x | 2.15x | 2.83x | 3.06x | 2.93x | 3.65x | 5.05x | 26.70x | 2.83x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, American Homes 4 Rent pays out less than 32 of them. The median for that group is 65.5%, against this company’s 56.6%.
Closest on funds from operations
- BXP (BXP) 54.1%
- Equinix (EQIX) 54.2%
- Kimco Realty (KIM) 56.3%
- STAG Industrial (STAG) 57.9%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →