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ZYBERNO

Stock Report

Updated Aug 29, 2026

AMERICAN HOMES 4 RENT (AMH)

Financial Services • NYSE

$33.52

American Homes 4 Rent is an American real estate investment trust headquartered in Las Vegas, Nevada, that is one of the largest owners and operators of single-family rental homes in the United States. The company owns and manages approximately 59,000 single-family homes across 21 states, primarily in the Sun Belt, Pacific Northwest, and Southeast regions, serving families who prefer single-family home living without homeownership.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

45.0/100

WEAK BUSINESS

AMERICAN HOMES 4 RENT (AMH) scores 45/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full AMH quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+17.2%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

12.7%

5-year annualised assuming price converges to intrinsic value

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full AMH valuation analysis · → View full AMH Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):POOR (7.1%)

Debt-to-Equity (Solvency Risk):AVERAGE (0.70x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):CRITICAL (0.0%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

AMERICAN HOMES 4 RENT (AMH) stock report — Zyberno Score 45/100 (WEAK BUSINESS), Margin of Safety +17.2%, 13% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, AMERICAN HOMES 4 RENT (AMH) trades at $33.52 against an estimated intrinsic value per share of $40.49 — a +17.2% Margin of Safety based on Owner Earnings of $801.39M TTM, projected at 8.5% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 12.7% annually.

Over the trailing twelve months, AMH generated $801.39M in Owner Earnings. Capital was deployed as follows: $455.37M paid as dividends, $42.60M invested in capital expenditures. Owner Earnings have grown at 8.5% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:33.52

Market Cap:$12.09B

Valuation Multiples (4)

P/E Ratio:

26.60x

📊 Click to view full AMH P/E analysis →

P/B Ratio:1.62x

P/S Ratio:6.45x

Peg Ratio:1.97x

Enterprise Metrics (3)

Enterprise Value:$17.63B

Ev Ebitda Ratio:34.75x

Pfcf Ratio:15.08x

Price Action & Momentum (3)

12-1 Momentum:

+0.1% (33th pctile)

📈 Click to view full AMH Momentum analysis →

Momentum Percentile:33 / 100

% of 52-Week High:93.5%

B. Profitability Assessment

Return Metrics (2)

ROE:

7.1%

📊 Click to view full AMH ROE analysis →

ROA:4.1%

Margin Analysis (2)

Net Margin Ttm:28.9%

Ebitda Margin:27.1%

TTM Performance (1)

Net Margin Ttm:28.9%

Yield Metrics (3)

Earnings Yield:$3.76

Owner Earnings Yield:$6.63

Dividend Yield:3.8%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.30

📊 Click to view full AMH Earnings Surprise analysis →

EPS Surprise vs Expected:-5.2%

Latest Earnings Filed:2026-07-31

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):6.1%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):13.2%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):8.5%

Operating Cash Flow Growth Rate (Linear):5.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.01x

Quick Ratio:0.01x

Cash Ratio:0.01x

Leverage Analysis (3)

Debt To Equity Ttm:0.70x

Debt-to-Equity Ratio:0.70x

Debt To Ebitda:11.10x

Coverage Ratios (2)

Interest Coverage Ratio:0.00x

Times Interest Earned:0.00

Capital Structure (4)

Working Capital:-5,558,413,000.00

Cash And Cash Equivalents:83,670,000.00

Long Term Debt:$5.13B

Net Debt:$5.55B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.88B

Linear Growth: 6.1%

📊 Click to view full AMH Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00$0.00

Bottom Line Performance (3)

Net income TTM: $542.82M

Linear Growth: 13.2%

📊 Click to view full AMH Net Income analysis & methodology →

Income Before Tax:$0.00

Ebitda Ttm:507,424,000.00

Operating Expenses (5)

Operating Expenses:1,598,088,000.00

R And D Expense:0.00

Sga Expense:86,318,000.00

Income Tax Expense:$0.00

Interest Expense:191,218,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:18.4%

Ebitda Margin:27.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$13.12B

Current Assets:$83.67M

Ppe Net:0.00

Goodwill:120,279,000.00

Intangible Assets:$8.39M

Liability Structure (4)

Total Liabilities:5,642,083,000.00

Current Liabilities:5,642,083,000.00

Long Term Debt:$5.13B

Short Term Debt:$500.00M

Equity & Capital (3)

Equity:$7.48B

Retained Earnings:-$385.90M

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:45,369,000.00

Inventory:0.00

Accounts Payable:511,966,000.00

Special Items (2)

Contract Liabilities:30,153,000.00

Stock Based Compensation:6,645,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $843.98M

Linear Growth: 5.0%

Free cash flow TTM: $801.39M

Linear Growth: 8.5%

📊 Click to view full AMH Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$10.25M

Capital Expenditures Ttm:42,598,000.00

Financing Activities (3)

Financing Cash Flow:-$235.84M

Dividends Paid Ttm:455,374,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:507,424,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):1.26

Eps diluted TTM: $1.26

Linear Growth: 12.9%

📊 Click to view full AMH EPS analysis & methodology →

Earnings Per Share Ttm:$1.51

Revenue & Cash Per Share (3)

Sales Per Share Ttm:5.20

Operating Cash Flow Per Share:$2.40

Fcf Per Share Ttm:2.22

Book Value & Capital (2)

Book Value Per Share:$20.74

Cash Per Share:0.23

Dividend Policy (1)

Dividend Payout Ratio:86.20x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.14x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:41.34x

Days Sales Outstanding Ttm:8.83

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:99.63

Cash Conversion Cycle:-1,089.80

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:75.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $801.39M

Linear Growth: 8.5%

📊 Click to view full AMH Owner Earnings analysis & methodology →

Owner Earnings Per Share:$2.22

Owner Earnings Yield:$6.63

Growth Assessment (1)

Owner Earnings Growth Rate:$8.49

Intrinsic Value Models (1)

Intrinsic Value:

$14.60B

📊 Click to view full AMH DCF valuation →

Margin of Safety (1)

Margin Of Safety:

17.2%

📊 Click to view full AMH valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:

12.7%

📊 Click to view full AMH expected return analysis →

Investment Assessment (1)

Buffett Assessment:Good margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):6.1%

Net Income Growth Rate (Linear):13.2%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):8.5%

Operating Cash Flow Growth Rate (Linear):5.0%

Other Growth Rates (2)

Book Value Growth Rate (Linear):2.0%

Owner Earnings Growth Rate:$8.49

C. Company Profile & Context

Corporate Information (6)

Symbol:AMH

Company Name:AMERICAN HOMES 4 RENT

Sector:Financial Services

Industry:Real Estate

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:360.63M

Shares Outstanding Basic:360.63M

Shares Outstanding Diluted:360.81M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-29 07:26:44 UTC

Data Timestamp:2026-08-29T07:26:44.283690