Independence Realty Trust, Inc. (IRT) Stock Analysis
Real Estate · REIT - Residential · NYSE
Independence Realty Trust, Inc. (IRT) posted $656.48M in revenue for fiscal 2025 (up 2.6% year over year), at a 8.6% net margin, and has compounded revenue about 25.4%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Independence Realty Trust, Inc.
Independence Realty Trust, Inc. has grown revenue from $153.39M to $656.48M over the last 10 fiscal years, compounding about 25.4% a year. The most recent year was up 2.6%, so growth has cooled from its longer-run pace.
Net margin sits at 8.6%, up 2.5 points year over year. It carries about $2.28B of total debt.
At today's valuation the market is pricing in roughly 26.6% annual free-cash-flow growth. The one thing worth a second look in the filings is heavy debt load.
Synthesised from Independence Realty Trust, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Independence Realty Trust, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $153.39M | $161.22M | $191.23M | $203.22M | $211.91M | $250.25M | $627.41M | $659.84M | $640.03M | $656.48M |
| Gross profit | $148.54M | $155.21M | $184.27M | $195.50M | — | — | — | — | — | — |
| Net income | $-9.55M | $30.21M | $26.29M | $45.90M | $14.77M | $44.59M | $117.25M | $-17.23M | $39.29M | $56.56M |
| Net margin | -6.2% | 18.7% | 13.7% | 22.6% | 7.0% | 17.8% | 18.7% | -2.6% | 6.1% | 8.6% |
Source: Independence Realty Trust, Inc. SEC filings (10-K). 16 years of history available in the interactive view.
Independence Realty Trust, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $2281.5M is 8.1× last year's operating cash flow — it would take years of cash flow to clear.
- Net margin shrinkingNet margin fell from 18.7% to 8.6% over ~3 years — profitability is compressing.
What growth is priced into IRT stock?
At today's market cap of $4.12B, Independence Realty Trust, Inc. is priced for free-cash-flow growth of about 26.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $52.08M from the FY ending 2021-12-31). For comparison, revenue 25.4%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 16 years of Independence Realty Trust, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Independence Realty Trust, Inc. financial history by metric
Compare Independence Realty Trust, Inc. with peers
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. a Maryland corporation, is a self-administered and self-managed real estate investment trust (REIT) that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of December 31, 2025, we owned and operated 114 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,462 units in the following Southeastern and Midwestern states: Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas. In addition, as of December 31, 2025, we owned one investment in real estate under development in Denver, Colorado that will, upon completion, contain 296 units. As of December 31, 2025, we also owned interests in four unconsolidated joint ventures, two of which own and operate multifamily apartment properties that contain an aggregate of 653 units and two that are developing multifamily apartment properties that will, upon completion, contain an aggregate of 642 units. Independence Realty Trust, Inc. was incorporated in 2009 in Maryland and is based in Philadelphia, United States.
Independence Realty Trust, Inc. — frequently asked questions
What is Independence Realty Trust, Inc.'s revenue?
Independence Realty Trust, Inc. (IRT) reported revenue of $656.48M for fiscal year 2025, up 2.6% from the prior year, according to its SEC filings.
Is Independence Realty Trust, Inc. profitable?
Yes. IRT earned net income of $56.56M in fiscal 2025, a net margin of 8.6%.
What is IRT's P/E ratio?
Independence Realty Trust, Inc. trades at a price-to-earnings ratio of about 85.2 based on the latest data in our nightly-refreshed cache.
How fast is Independence Realty Trust, Inc. growing?
IRT's revenue grew at roughly 25.4% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Independence Realty Trust, Inc. have?
As of fiscal year 2025, IRT carried roughly $2.28B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Independence Realty Trust, Inc.'s market cap?
Independence Realty Trust, Inc. (IRT) has a market capitalization of about $4.12B, based on the latest data in our nightly-refreshed cache.
When does Independence Realty Trust, Inc.'s fiscal year end?
IRT's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into IRT stock?
At today's market cap of $4.12B, Independence Realty Trust, Inc. is priced for free-cash-flow growth of about 26.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $52.08M from the FY ending 2021-12-31). For comparison, revenue 25.4%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Independence Realty Trust, Inc.'s official SEC filings (10-K and 10-Q), covering 16 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.