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Side-by-side financial comparison of American Homes 4 Rent (AMH) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
American Homes 4 Rent is the larger business by last-quarter revenue ($455.0M vs $382.7M, roughly 1.2× INNOVATE Corp.). American Homes 4 Rent runs the higher net margin — 31.7% vs -1.9%, a 33.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 4.2%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 3.6%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
AMH vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $455.0M | $382.7M |
| Net Profit | $144.3M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | — | 3.7% |
| Net Margin | 31.7% | -1.9% |
| Revenue YoY | 4.2% | 61.7% |
| Net Profit YoY | 0.3% | 55.4% |
| EPS (diluted) | $0.33 | $-0.57 |
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.
| Q4 25 | $455.0M | $382.7M | ||
| Q3 25 | $478.5M | $347.1M | ||
| Q2 25 | $457.5M | $242.0M | ||
| Q1 25 | $459.3M | $274.2M | ||
| Q4 24 | $436.6M | $236.6M | ||
| Q3 24 | $445.1M | $242.2M | ||
| Q2 24 | $423.5M | $313.1M | ||
| Q1 24 | $423.6M | $315.2M |
| Q4 25 | $144.3M | $-7.4M | ||
| Q3 25 | $116.8M | $-8.9M | ||
| Q2 25 | $123.6M | $-19.8M | ||
| Q1 25 | $128.7M | $-24.5M | ||
| Q4 24 | $143.9M | $-16.6M | ||
| Q3 24 | $87.6M | $-15.0M | ||
| Q2 24 | $108.5M | $14.4M | ||
| Q1 24 | $128.1M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 31.7% | -1.9% | ||
| Q3 25 | 24.4% | -2.6% | ||
| Q2 25 | 27.0% | -8.2% | ||
| Q1 25 | 28.0% | -8.9% | ||
| Q4 24 | 33.0% | -7.0% | ||
| Q3 24 | 19.7% | -6.2% | ||
| Q2 24 | 25.6% | 4.6% | ||
| Q1 24 | 30.2% | -5.5% |
| Q4 25 | $0.33 | $-0.57 | ||
| Q3 25 | $0.27 | $-0.71 | ||
| Q2 25 | $0.28 | $-1.67 | ||
| Q1 25 | $0.30 | $-1.89 | ||
| Q4 24 | $0.33 | $-0.72 | ||
| Q3 24 | $0.20 | $-1.18 | ||
| Q2 24 | $0.25 | $1.03 | ||
| Q1 24 | $0.30 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | $5.1B | $80.3M |
| Stockholders' EquityBook value | $7.0B | $-240.1M |
| Total Assets | $13.2B | $950.1M |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.5M | $112.1M | ||
| Q3 25 | $45.6M | $35.5M | ||
| Q2 25 | $323.3M | $33.4M | ||
| Q1 25 | $69.7M | $33.3M | ||
| Q4 24 | $199.4M | $48.8M | ||
| Q3 24 | $162.5M | $51.0M | ||
| Q2 24 | $718.4M | $80.2M | ||
| Q1 24 | $124.8M | $38.4M |
| Q4 25 | $5.1B | $80.3M | ||
| Q3 25 | $4.8B | $97.3M | ||
| Q2 25 | $5.2B | $160.1M | ||
| Q1 25 | $4.9B | $139.9M | ||
| Q4 24 | $5.0B | $500.6M | ||
| Q3 24 | $4.5B | $502.4M | ||
| Q2 24 | $5.0B | $638.3M | ||
| Q1 24 | $4.5B | $641.5M |
| Q4 25 | $7.0B | $-240.1M | ||
| Q3 25 | $7.2B | $-233.3M | ||
| Q2 25 | $7.2B | $-224.8M | ||
| Q1 25 | $7.2B | $-204.2M | ||
| Q4 24 | $7.2B | $-180.4M | ||
| Q3 24 | $7.0B | $-163.1M | ||
| Q2 24 | $7.0B | $-149.0M | ||
| Q1 24 | $7.0B | $-184.4M |
| Q4 25 | $13.2B | $950.1M | ||
| Q3 25 | $13.3B | $913.2M | ||
| Q2 25 | $13.6B | $890.9M | ||
| Q1 25 | $13.3B | $868.0M | ||
| Q4 24 | $13.4B | $891.1M | ||
| Q3 24 | $12.8B | $897.2M | ||
| Q2 24 | $13.3B | $898.9M | ||
| Q1 24 | $12.8B | $943.5M |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.68× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 0.64× | — |
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 | $101.1M |
| Free Cash FlowOCF − Capex | $823.7M | — |
| FCF MarginFCF / Revenue | 181.0% | — |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | 5.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $864.3M | $101.1M | ||
| Q3 25 | $223.3M | $19.2M | ||
| Q2 25 | $271.9M | $40.4M | ||
| Q1 25 | $223.4M | $-14.1M | ||
| Q4 24 | $811.5M | $41.4M | ||
| Q3 24 | $233.6M | $-28.4M | ||
| Q2 24 | $274.0M | $21.5M | ||
| Q1 24 | $201.8M | $-25.4M |
| Q4 25 | $823.7M | — | ||
| Q3 25 | $214.5M | $19.0M | ||
| Q2 25 | $257.7M | — | ||
| Q1 25 | $215.9M | $-18.8M | ||
| Q4 24 | $777.5M | $34.2M | ||
| Q3 24 | $225.3M | $-31.5M | ||
| Q2 24 | $263.3M | $18.4M | ||
| Q1 24 | $191.0M | $-31.0M |
| Q4 25 | 181.0% | — | ||
| Q3 25 | 44.8% | 5.5% | ||
| Q2 25 | 56.3% | — | ||
| Q1 25 | 47.0% | -6.9% | ||
| Q4 24 | 178.1% | 14.5% | ||
| Q3 24 | 50.6% | -13.0% | ||
| Q2 24 | 62.2% | 5.9% | ||
| Q1 24 | 45.1% | -9.8% |
| Q4 25 | 8.9% | — | ||
| Q3 25 | 1.8% | 0.1% | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 1.6% | 1.7% | ||
| Q4 24 | 7.8% | 3.0% | ||
| Q3 24 | 1.9% | 1.3% | ||
| Q2 24 | 2.5% | 1.0% | ||
| Q1 24 | 2.6% | 1.8% |
| Q4 25 | 5.99× | — | ||
| Q3 25 | 1.91× | — | ||
| Q2 25 | 2.20× | — | ||
| Q1 25 | 1.74× | — | ||
| Q4 24 | 5.64× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 2.52× | 1.49× | ||
| Q1 24 | 1.58× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMH
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
