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Side-by-side financial comparison of American Homes 4 Rent (AMH) and Alexandria Real Estate Equities (ARE). Click either name above to swap in a different company.
Alexandria Real Estate Equities is the larger business by last-quarter revenue ($671.0M vs $455.0M, roughly 1.5× American Homes 4 Rent). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 31.7%, a 27.7% gap on every dollar of revenue. On growth, American Homes 4 Rent posted the faster year-over-year revenue change (4.2% vs -11.5%). Over the past eight quarters, American Homes 4 Rent's revenue compounded faster (3.6% CAGR vs -6.4%).
American Homes 4 RentAMHEarnings & Financial Report
American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta, Dallas-Fort Worth, and Charlotte, North Carolina.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
AMH vs ARE — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $455.0M | $671.0M |
| Net Profit | $144.3M | $398.4M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 31.7% | 59.4% |
| Revenue YoY | 4.2% | -11.5% |
| Net Profit YoY | 0.3% | 740.6% |
| EPS (diluted) | $0.33 | $2.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $671.0M | ||
| Q4 25 | $455.0M | $754.4M | ||
| Q3 25 | $478.5M | $751.9M | ||
| Q2 25 | $457.5M | $762.0M | ||
| Q1 25 | $459.3M | $758.2M | ||
| Q4 24 | $436.6M | $788.9M | ||
| Q3 24 | $445.1M | $791.6M | ||
| Q2 24 | $423.5M | $766.7M |
| Q1 26 | — | $398.4M | ||
| Q4 25 | $144.3M | $-1.1B | ||
| Q3 25 | $116.8M | $-232.8M | ||
| Q2 25 | $123.6M | $-107.0M | ||
| Q1 25 | $128.7M | $-8.9M | ||
| Q4 24 | $143.9M | $-62.2M | ||
| Q3 24 | $87.6M | $167.9M | ||
| Q2 24 | $108.5M | $46.7M |
| Q1 26 | — | 59.4% | ||
| Q4 25 | 31.7% | -143.3% | ||
| Q3 25 | 24.4% | -31.0% | ||
| Q2 25 | 27.0% | -14.0% | ||
| Q1 25 | 28.0% | -1.2% | ||
| Q4 24 | 33.0% | -7.9% | ||
| Q3 24 | 19.7% | 21.2% | ||
| Q2 24 | 25.6% | 6.1% |
| Q1 26 | — | $2.10 | ||
| Q4 25 | $0.33 | $-6.35 | ||
| Q3 25 | $0.27 | $-1.38 | ||
| Q2 25 | $0.28 | $-0.64 | ||
| Q1 25 | $0.30 | $-0.07 | ||
| Q4 24 | $0.33 | $-0.38 | ||
| Q3 24 | $0.20 | $0.96 | ||
| Q2 24 | $0.25 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $108.5M | $418.7M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $7.0B | $19.4B |
| Total Assets | $13.2B | $34.2B |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $418.7M | ||
| Q4 25 | $108.5M | $549.1M | ||
| Q3 25 | $45.6M | $579.5M | ||
| Q2 25 | $323.3M | $520.5M | ||
| Q1 25 | $69.7M | $476.4M | ||
| Q4 24 | $199.4M | $552.1M | ||
| Q3 24 | $162.5M | $562.6M | ||
| Q2 24 | $718.4M | $561.0M |
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | $12.4B | ||
| Q3 25 | $4.8B | $13.6B | ||
| Q2 25 | $5.2B | $13.3B | ||
| Q1 25 | $4.9B | $13.1B | ||
| Q4 24 | $5.0B | $12.2B | ||
| Q3 24 | $4.5B | $12.7B | ||
| Q2 24 | $5.0B | $12.4B |
| Q1 26 | — | $19.4B | ||
| Q4 25 | $7.0B | $15.5B | ||
| Q3 25 | $7.2B | $16.6B | ||
| Q2 25 | $7.2B | $17.2B | ||
| Q1 25 | $7.2B | $17.5B | ||
| Q4 24 | $7.2B | $17.9B | ||
| Q3 24 | $7.0B | $18.2B | ||
| Q2 24 | $7.0B | $18.3B |
| Q1 26 | — | $34.2B | ||
| Q4 25 | $13.2B | $34.1B | ||
| Q3 25 | $13.3B | $37.4B | ||
| Q2 25 | $13.6B | $37.6B | ||
| Q1 25 | $13.3B | $37.6B | ||
| Q4 24 | $13.4B | $37.5B | ||
| Q3 24 | $12.8B | $38.5B | ||
| Q2 24 | $13.3B | $37.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | 0.80× | ||
| Q3 25 | 0.68× | 0.82× | ||
| Q2 25 | 0.72× | 0.77× | ||
| Q1 25 | 0.69× | 0.75× | ||
| Q4 24 | 0.70× | 0.68× | ||
| Q3 24 | 0.64× | 0.70× | ||
| Q2 24 | 0.71× | 0.68× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $864.3M | $196.6M |
| Free Cash FlowOCF − Capex | $823.7M | — |
| FCF MarginFCF / Revenue | 181.0% | — |
| Capex IntensityCapex / Revenue | 8.9% | 76.0% |
| Cash ConversionOCF / Net Profit | 5.99× | 0.49× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $196.6M | ||
| Q4 25 | $864.3M | $312.4M | ||
| Q3 25 | $223.3M | $433.5M | ||
| Q2 25 | $271.9M | $460.2M | ||
| Q1 25 | $223.4M | $207.9M | ||
| Q4 24 | $811.5M | $274.2M | ||
| Q3 24 | $233.6M | $477.4M | ||
| Q2 24 | $274.0M | $411.8M |
| Q1 26 | — | — | ||
| Q4 25 | $823.7M | — | ||
| Q3 25 | $214.5M | — | ||
| Q2 25 | $257.7M | — | ||
| Q1 25 | $215.9M | — | ||
| Q4 24 | $777.5M | — | ||
| Q3 24 | $225.3M | — | ||
| Q2 24 | $263.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | 181.0% | — | ||
| Q3 25 | 44.8% | — | ||
| Q2 25 | 56.3% | — | ||
| Q1 25 | 47.0% | — | ||
| Q4 24 | 178.1% | — | ||
| Q3 24 | 50.6% | — | ||
| Q2 24 | 62.2% | — |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 8.9% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 2.5% | — |
| Q1 26 | — | 0.49× | ||
| Q4 25 | 5.99× | — | ||
| Q3 25 | 1.91× | — | ||
| Q2 25 | 2.20× | — | ||
| Q1 25 | 1.74× | — | ||
| Q4 24 | 5.64× | — | ||
| Q3 24 | 2.67× | 2.84× | ||
| Q2 24 | 2.52× | 8.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMH
Segment breakdown not available.
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
