Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.0B | $2.2B | $2.4B | $2.6B | $2.7B |
| YoY | — | +12.1% | +8.7% | +7.7% | +4.2% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Pretax income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Income tax | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Net income | $261.4M | $383.3M | $519.5M | $453.9M | $587.9M |
| YoY | — | +46.6% | +35.5% | -12.6% | +29.5% |
| EPS — basic | $0.45 | $0.63 | $0.85 | $0.74 | $0.96 |
| YoY | — | +40.0% | +34.9% | -12.9% | +29.7% |
| EPS — diluted | $0.45 | $0.63 | $0.85 | $0.74 | $0.96 |
| YoY | — | +40.0% | +34.9% | -12.9% | +29.7% |
| Weighted shares — basic | 577.7M | 609.8M | 611.9M | 612.6M | 612.9M |
| Weighted shares — diluted | 579.2M | 611.1M | 613.3M | 613.6M | 613.2M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $610.2M | $262.9M | $700.6M | $174.5M | $130.0M |
| YoY | — | -56.9% | +166.5% | -75.1% | -25.5% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total assets | $18.5B | $18.5B | $19.2B | $18.7B | $18.7B |
| YoY | — | -0.0% | +3.7% | -2.7% | -0.1% |
| Total current liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total liabilities | $8.7B | $8.2B | $9.0B | $8.9B | $9.1B |
| YoY | — | -5.6% | +10.0% | -1.4% | +2.3% |
| Total equity | $9.8B | $10.3B | $10.2B | $9.8B | $9.5B |
| YoY | — | +5.0% | -1.3% | -3.9% | -2.3% |
| Shares outstanding | 601.0M | 611.4M | 612.0M | 612.6M | 610.8M |
| YoY | — | +1.7% | +0.1% | +0.1% | -0.3% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $907.7M | $1.0B | $1.1B | $1.1B | $1.2B |
| YoY | — | +12.8% | +8.2% | -2.3% | +11.5% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | $393.8M | $539.0M | $638.1M | $689.2M | $712.8M |
| YoY | — | +36.9% | +18.4% | +8.0% | +3.4% |
| Share repurchases | — | — | — | — | — |
| YoY | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | — | — | — | — | — |
| Net margin | 13.1% | 17.1% | 21.4% | 17.3% | 21.5% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | — | — | — | — | — |
| Current ratio | — | — | — | — | — |
| Total liabilities / equity | 0.89x | 0.80x | 0.89x | 0.91x | 0.96x |
Peer comparison — latest full year
Same sector (Real Estate), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| INVH FY25 · this stock | $2.7B | +4.2% | — | — | 21.5% | — |
| CBRE FY25 | $40.5B | +13.4% | — | 4.3% | 2.9% | — |
| EQIX FY25 | $9.2B | +5.4% | — | 20.0% | 14.6% | — |
| AMT FY20 | $8.0B | +6.1% | — | 35.9% | — | 35.4% |
| SPG FY25 | $6.4B | +6.7% | — | 49.9% | — | — |
| DLR FY25 | $6.1B | +10.0% | — | 10.8% | 21.4% | — |
| O FY25 | $5.7B | +9.1% | — | — | 18.4% | — |
| PSA FY25 | $4.8B | +2.7% | — | — | 37.0% | — |
| CCI FY25 | $4.3B | -4.4% | — | 48.7% | 10.4% | — |
| VICI FY25 | $4.0B | +4.1% | — | — | 69.3% | — |
| EXR FY25 | $3.4B | +3.7% | — | 41.8% | 28.8% | — |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.