AMH · Real estate(real estate investment trusts) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Of the $5.7 billion its operations generated over 10 years, 31.9% went to dividends and 7.7% back into the business; the share count rose 58.5%. On the accounting screens, it passes 4 of 6 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital—
Free cash flow after stock pay797.9M
Net debt ÷ EBITDA—net debt 5.0B
Piotroski F-score4/6tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0500.0M1.0B1.5B
2016Revenue 878.9M
2017Revenue 960.4M
2018Revenue 1.1B
2019Revenue 1.1B
2020Revenue 1.2B
2021
2022
2023
2024
2025
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Net income
+18.3%
+27.1%
+54.2%
Earnings per share
+16.0%
+22.4%
+46.5%
Free cash flow per share
+11.0%
+8.3%
+9.0%
Dividend per share
+18.6%
+43.3%
+21.7%
Shares
+2.0%
+3.8%
+5.3%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0.0%10.0%20.0%30.0%40.0%
2016Net 1.2%Free cash flow 27.2%
2017Net 8.0%Free cash flow 35.2%
2018Net 10.5%Free cash flow 33.4%
2019Net 13.7%Free cash flow 38.1%
2020Net 13.1%Free cash flow 38.6%
2021
2022
2023
2024
2025
2016201720182019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
7.3%
Return on assets
3.9%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0250.0M500.0M750.0M1.0B
2016Net income 10.4MFree cash flow 239.0MAfter stock-based pay 235.3M
2017Net income 76.5MFree cash flow 338.1MAfter stock-based pay 333.8M
2018Net income 112.4MFree cash flow 358.5MAfter stock-based pay 355.1M
2019Net income 156.3MFree cash flow 436.0MAfter stock-based pay 431.2M
2020Net income 154.8MFree cash flow 457.1MAfter stock-based pay 447.3M
2021Net income 210.6MFree cash flow 547.5MAfter stock-based pay 529.7M
2022Net income 310.0MFree cash flow 567.5MAfter stock-based pay 540.2M
2023Net income 432.1MFree cash flow 698.6MAfter stock-based pay 673.2M
2024Net income 468.1MFree cash flow 777.5MAfter stock-based pay 746.5M
2025Net income 513.4MFree cash flow 823.7MAfter stock-based pay 797.9M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
5.7B generated by the business. Each band is its share of that total.
Reinvested in the business 8%439.6M
Acquisitions 0%0
Dividends 32%1.8B
Share buybacks 2%131.1M
Kept, or used to pay down debt 58%3.3B
Over the same years it paid 153.2M in stock. The share count rose 58.5%. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$1.00$2.00$3.00
2016Earnings per share $0.04Free cash flow per share $1.02Dividend per share $0.21
2017Earnings per share $0.29Free cash flow per share $1.28Dividend per share $0.15
2018Earnings per share $0.38Free cash flow per share $1.22Dividend per share $0.20
2019Earnings per share $0.52Free cash flow per share $1.45Dividend per share $0.20
2020Earnings per share $0.50Free cash flow per share $1.49Dividend per share $0.20
2021Earnings per share $0.65Free cash flow per share $1.68Dividend per share $0.45
2022Earnings per share $0.89Free cash flow per share $1.62Dividend per share $0.72
2023Earnings per share $1.19Free cash flow per share $1.93Dividend per share $0.88
2024Earnings per share $1.27Free cash flow per share $2.11Dividend per share $1.04
2025Earnings per share $1.38Free cash flow per share $2.22Dividend per share $1.20
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
200.0M250.0M300.0M350.0M400.0M
2016Diluted shares 234.0M
2017Diluted shares 264.3M
2018Diluted shares 294.3M
2019Diluted shares 299.9M
2020Diluted shares 307.1M
2021Diluted shares 325.5M
2022Diluted shares 349.8M
2023Diluted shares 362.5M
2024Diluted shares 368.0M
2025Diluted shares 370.9M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
02.0B4.0B6.0B
2016Net debt 2.8B
2017Net debt 2.4B
2018Net debt 2.8B
2019Net debt 2.8B
2020Net debt 2.7B
2021Net debt 3.8B
2022Net debt 4.4B
2023Net debt 4.4B
2024Net debt 4.8B
2025Net debt 5.0B
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 6 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (41M) is well below depreciation (504M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$534,61017 purchase(s) by 2 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
