Equity Lifestyle Properties Inc (ELS) is overvalued and Invitation Homes Inc (INVH) is overvalued.
Both trade above our estimate of their intrinsic value. ELS is the closer of the two: -79%, against -153% for INVH.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $33.71; the price of $60.26 is 79% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $10.74; the price of $27.14 is 153% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | ELS | INVH |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $60.26 | $27.14 |
| Intrinsic value | $33.71 | $10.74 |
| Margin of safety | -79% | -153% |
| Leak Score | 0/100 (2/12) | 0/100 (2/12) |
| Market cap | $12.1B | $16.0B |
| Revenue growth, 5 years | 7.1% | 10.1% |
| Operating margin | 34.3% | 25.9% |
| Net margin | 25.7% | 11.8% |
| Return on equity | 23.0% | 7.0% |
| Debt to equity | 1.88 | 0.95 |
| P/E | 29.3x | 48.5x |
| Forward P/E | 27.4x | 36.5x |
| P/B | 6.7x | 1.8x |
| Dividend yield | 3.6% | 4.4% |