INVH (Invitation Homes) Beneish M-Score: -2.36 (As of Jun. 26, 2026)

What is Invitation Homes Beneish M-Score?

Invitation Homes INVH +0.91% 81 Beneish M-Score is -2.36 as of Jun. 26, 2026. GuruFocus rates INVH with a GF Score™ of 81/100 and a GF Value™ of $36.98 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 765 REITs companies, Invitation Homes ranks worse than 61.44% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Invitation Homes's Beneish M-Score or its related term are showing as below:

INVH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.52 Max: -1.21
Current: -2.36

During the past 12 years, the highest Beneish M-Score of Invitation Homes was -1.21. The lowest was -2.79. And the median was -2.52.

Invitation Homes Beneish M-Score Related Terms

Invitation Homes Beneish M-Score Historical Data

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The historical data trend for Invitation Homes's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Invitation Homes Beneish M-Score Chart

Invitation Homes Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.62

-2.24

-2.57

-2.63

-2.70

Invitation Homes Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.71	-2.71	-2.67	-2.70	-2.36

INVH vs ESS, SUI, MAA: Beneish M-Score Comparison

For the REIT - Residential subindustry, Invitation Homes's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Invitation Homes Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Invitation Homes's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Invitation Homes's Beneish M-Score falls into.

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81GF Score

Invitation Homes Inc INVH

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Invitation Homes Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Invitation Homes for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3001

0.528 * 1.0293

0.404 * 0.9931

0.892 * 1.0535

0.115 * 1.075

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9627

4.679 * -0.043918

0.327 * 1.0774

-2.36

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $89 Mil.
Revenue was 734.112 + 685.25 + 688.166 + 681.401 = $2,789 Mil.
Gross Profit was 404.519 + 400.942 + 392.056 + 401.29 = $1,599 Mil.
Total Current Assets was $644 Mil.
Total Assets was $18,701 Mil.
Property, Plant and Equipment(Net PPE) was $140 Mil.
Depreciation, Depletion and Amortization(DDA) was $757 Mil.
Selling, General, & Admin. Expense(SGA) was $98 Mil.
Total Current Liabilities was $817 Mil.
Long-Term Debt & Capital Lease Obligation was $8,242 Mil.
Net Income was 160.508 + 144.554 + 136.738 + 140.887 = $583 Mil.
Non Operating Income was 77.32 + 48.558 + 42.836 + 36.537 = $205 Mil.
Cash Flow from Operations was 293.047 + 128.65 + 394.602 + 382.462 = $1,199 Mil.

Total Receivables was $65 Mil.
Revenue was 674.479 + 659.13 + 660.322 + 653.451 = $2,647 Mil.
Gross Profit was 400.291 + 391.428 + 383.712 + 386.634 = $1,562 Mil.
Total Current Assets was $582 Mil.
Total Assets was $18,578 Mil.
Property, Plant and Equipment(Net PPE) was $74 Mil.
Depreciation, Depletion and Amortization(DDA) was $722 Mil.
Selling, General, & Admin. Expense(SGA) was $97 Mil.
Total Current Liabilities was $721 Mil.
Long-Term Debt & Capital Lease Obligation was $7,633 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(89.145 / 2788.929)	/	(65.086 / 2647.382)
	=	0.031964	/	0.024585
	=	1.3001

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(1562.065 / 2647.382)	/	(1598.807 / 2788.929)
	=	0.590041	/	0.573269
	=	1.0293

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (644.346 + 140.154) / 18701.141)	/	(1 - (582.329 + 73.976) / 18578.092)
	=	0.958051	/	0.964673
	=	0.9931

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	2788.929	/	2647.382
	=	1.0535

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(722.159 / (722.159 + 73.976))	/	(756.929 / (756.929 + 140.154))
	=	0.907081	/	0.843767
	=	1.075

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(98.051 / 2788.929)	/	(96.682 / 2647.382)
	=	0.035157	/	0.03652
	=	0.9627

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((8242.37 + 817.455) / 18701.141)	/	((7633.48 + 720.501) / 18578.092)
	=	0.484453	/	0.449668
	=	1.0774

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(582.687 - 205.251	-	1198.761)	/	18701.141
	=	-0.043918

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Invitation Homes has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.36 mean?

Invitation Homes (INVH) has a Beneish M-Score of -2.36 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Invitation Homes and its competitors. According to the industry distribution chart, Invitation Homes ranks #470 out of 765 companies in the REITs industry, placing it in the top 61.4%.

Is Invitation Homes' Beneish M-Score too high?

Invitation Homes' current Beneish M-Score is -2.36. Based on the distribution chart, Invitation Homes ranks #470 out of 765 companies in the REITs industry, which is below the industry midpoint. Overall, Invitation Homes has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Invitation Homes' Beneish M-Score compare to ESS and SUI?

According to the REITs industry distribution chart, Invitation Homes ranks #470 out of 765 companies for Beneish M-Score. This places Invitation Homes in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a REITs company?

A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Invitation Homes and its competitors. Invitation Homes's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Invitation Homes stock overvalued right now?

Based on GuruFocus' analysis, Invitation Homes (INVH) is currently considered Modestly Undervalued. The stock's GF Value™ is $36.98, compared to a current price of $29.91 — trading 19.1% below its estimated fair value. The current Beneish M-Score is -2.36. Invitation Homes' overall GF Score™ is 81/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Invitation Homes (INVH), the current Beneish M-Score is -2.36 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Invitation Homes (INVH) Overvalued in 2026?

Based on GuruFocus' analysis, Invitation Homes stock appears to be undervalued. The current stock price of $29.91 is trading 19.1% below its estimated GF Value™ of $36.98. GuruFocus considers Invitation Homes to be Modestly Undervalued.

Key valuation signals for INVH:

Beneish M-Score: -2.36
GF Value™: $36.98 vs. price of $29.91 (19.1% below fair value)
GF Score™: 81/100 with 7 warning signs

No single metric tells the full story. See the INVH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Invitation Homes Business Description

Industry Real Estate REITs

Comparable Companies ESS SUI MAA UDR ELS AMH CPT EQR AVB JAN MRP DFM:DUBAIRESI TSX:CAR.UN IRT XPAR:ALTA TSE:3269 TSX:BEI.UN TSE:3226 VRE FRA:WY4

Other Exchanges 4IV:Germany I2NV34:Brazil

Address 5420 LBJ Freeway, Suite 600, Dallas, TX, USA, 75240

Website https://www.invitationhomes.com

Invitation Homes owns a portfolio of over 86,000 single-family rental homes. The company focuses on owning homes in the starter and move-up segments of the housing market with an average sale price of around $350,000 and generally less than 1,800 square feet. The portfolio is spread across 17 target markets that feature high employment and household formation growth, with over 70% of the portfolio in the Western US and Florida; 15 of the 17 markets feature average rents lower than homeownership costs.

81GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$29.91

Price

$36.98

GF Value

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