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Mid-America Apartment Communities, Inc.

MAA Real Estate Reit Residential

Mid-America Apartment Communities, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 0.83% from fiscal 2024.

Revenue
+1.04%
EPS
−11.9%
Free cash flow
+81.7%
Total debt
+12.4%

Quarter to September 2026, against a year earlier

121.17 0.98 −0.80%
Market cap
$14.5B
P/E
36.5×
Fwd P/E
32.1×
Dividend yield
5.05%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Same Store
  • Non-Same Store and Other

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 0.34
Sold, $m 1.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — 1 — — — — 1 —
Sell — 9 — — 4 1 — — — — — —
Insider Ownership 0.74%

Capital & Financial Ratios $m

Size
Market Cap 14,470.00
Revenue ttm 2,224.54
Net income ttm 394.48
Free cash flow ttm 614.92
Net debt Q 5,753.84
Valuation
P/E 36.49 (above 35: high)
Forward P/E 32.10
Price / sales 6.31
Forward P/S Powerpack
Price / FCF 22.84
Price / book 2.59
Financial health
Current ratio Q 0.11
Debt / equity Q 1.08
Interest coverage Q 2.55
Growth
Revenue growth Q +1.04% (above 0%: growing)
Operating income growth Q −7.56% (below 0%: shrinking)
EPS, this year −3.39% (below 0%: weak)
EPS, next year A −15.05% (below 0%: weak)
Revenue, next year A +0.81%
EPS, past 5 yrs +11.53%
EPS, next 5 yrs A −3.40% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.9×, against a ten-year median of 10.6×; over the ten years it ranged from 8.4× in 2023 to 17.3× in 2021.
P/E against its own 10 years 53.39%
10-year low 10-year high
P/S against its own 10 years 2.35%
10-year low 10-year high
P/B against its own 10 years 57.43%
10-year low 10-year high
EV/Sales against its own 10 years 3.15%
10-year low 10-year high
EV/FCF against its own 10 years 40.96%
10-year low 10-year high

Dividends raised 2 years running

Yield
5.05%
Annual rate
6.12
Payout ratio
184.3%
Growth, 2018–26
+6.53%/yr
  1. 3.69 ’18
  2. 3.84 ’19 +4
  3. 4.00 ’20 +4
  4. 5.16 ’21 +29
  5. 4.68 ’22 −9
  6. 8.06 ’23 +72
  7. 5.88 ’24 −27
  8. 6.06 ’25 +3
  9. 6.12 ’26 +1
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 55 57 74 85
Receivables — — — —
Inventory — — — —
Other — — — —
55 57 74 85
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
645 684 730 759

Compound Annual Growth %

10y 5y 3y
Sales 7.80% 5.65% 3.03%
Cash Flow 8.80% 5.53% 0.62%
Earnings 2.92% 12.02% (11.24%)
Book Value 6.30% (0.90%) (2.04%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.10 Actual 2.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.22 2.23 Beat by 0.01
Q1 FY26 2.12 2.13 Beat by 0.01
Q2 FY26 2.08 2.08 Met by 0.00
Q3 FY26 2.10 2.10 Met by 0.00
Q4 FY26 2.20 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.06 1.04 0.74 — —
’25 1.54 0.92 0.84 0.48 3.78
’24 1.22 0.86 0.98 1.42 4.49
’23 1.16 1.24 0.94 1.37 4.71
’22 0.95 1.82 1.05 1.67 5.48
’21 0.40 1.88 0.73 1.60 4.61
’20 0.31 0.65 0.52 0.72 2.19
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 554 555 560 — —
’25 549 550 554 556 2,209
’24 544 546 551 550 2,191
’23 529 535 542 542 2,148
’22 476 495 521 528 2,020
’21 425 437 453 464 1,778
’20 418 413 423 424 1,678
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 150 333 257 — —
’25 197 353 266 262 1,078
’24 200 349 310 239 1,098
’23 218 336 318 265 1,137
’22 180 284 343 251 1,058
’21 148 249 281 217 895
’20 161 229 254 180 824
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 103 246 136 — —
’25 205 256 75 130 666
’24 148 168 118 125 559
’23 133 237 231 (26) 575
’22 136 343 22 310 811
’21 100 282 201 280 862
’20 72 122 161 190 544
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 1.3% a year for ten years.

Implied
1.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,125 1,529 1,571 1,641 1,678 1,778 2,020 2,148 2,191 2,209 2,225 +7.8% 2,227 2,280 2,375 +2.4%
Gross margin, % 59.35 59.43 59.13 59.30 58.71 59.12 60.93 61.09 59.28 58.69 58.22 (0.7) pt
EBT 226 342 232 369 266 563 647 571 545 459 403 +8.2%
EBT margin, % 20.07 22.35 14.75 22.47 15.84 31.67 32.03 26.57 24.87 20.78 18.09 +0.7 pt
Net income 224 341 231 367 264 551 655 568 542 457 394 +8.2%
Per share, $
Per share, $ Revenue 14.34 13.48 13.83 14.41 14.69 15.50 17.51 18.44 18.76 18.89 19.19 +3.1%
Earnings 2.70 2.86 1.93 3.07 2.20 4.62 5.49 4.71 4.49 3.79 3.32 +3.8%
Cash flow 6.18 5.83 6.46 6.86 7.22 7.80 9.18 9.76 9.41 9.22 8.64 +4.5%
Capex (2.89) (2.58) (3.21) (1.06) (2.45) (0.28) (2.14) (4.82) (4.62) (3.53) (3.33) +2.2%
Free cash flow 3.29 3.25 3.26 5.81 4.76 7.52 7.03 4.94 4.79 5.69 5.31 +6.3%
Book value 84.61 57.97 56.07 55.24 53.32 53.64 53.66 53.90 52.45 49.76 46.84 (5.7%)
Shares, m 79 113 114 114 114 115 115 117 117 117 116 +4.5%
Valuation, ×
Valuation, × P/E 35.52 34.83 49.59 43.09 57.59 49.77 28.31 28.84 34.50 36.65 36.49 39.9
P/S 6.79 7.39 6.92 9.15 8.62 14.80 8.88 7.37 8.24 7.35 6.31 8.6
P/B 1.15 1.72 1.71 2.39 2.38 4.28 2.90 2.52 2.95 2.79 2.59 2.5
EV/Sales 10.68 10.27 9.77 11.82 11.32 17.27 11.03 9.45 10.49 9.77 8.90 11.2
EV/FCF 46.54 42.68 41.48 29.35 34.91 35.61 27.46 35.30 41.09 32.41 32.20 36.7
Cash, $m
Cash, $m Operating cash flow 485 661 734 781 824 895 1,058 1,137 1,098 1,078 1,001 +9.3%
Capex (227) (293) (364) (120) (280) (33) (247) (562) (539) (412) (386) +6.9%
Free cash flow 258 368 370 661 544 862 811 575 559 666 615 +11.1%
Balance, $m
Balance, $m Working capital (331) (317) (362) (402) (493) (454) (555) (590) (627) (656) (674) +7.9%
Net debt 4,378 4,413 4,477 4,384 4,527 4,386 4,354 4,485 4,924 5,331 5,754 +2.2%
Shareholders’ equity 6,642 6,574 6,372 6,289 6,088 6,154 6,190 6,280 6,125 5,819 5,428 (1.5%)
Returns, %
Returns, % ROA 2.30 2.81 1.92 3.10 2.24 4.72 5.63 4.83 4.50 3.73 3.20 +1.4 pt
ROIC 1.56 2.02 2.31 2.53 2.52 2.76 3.73 4.00 3.71 3.47 3.27 +1.9 pt
ROE 4.32 4.91 3.39 5.53 4.06 8.66 10.27 8.81 8.45 7.42 6.72 +3.1 pt
People
People Employees 2,528 2,464 2,552 2,513 2,530 2,429 2,387 2,427 2,532 2,507 — (0.1%)
Revenue/emp, $m 0.45 0.62 0.62 0.65 0.66 0.73 0.85 0.89 0.87 0.88 — +7.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Mid-America Apartment Communities, or MAA, owns and operates apartment communities that provide rental housing to residents. It also buys communities, develops new ones selectively and renovates existing properties. Founded in 1977, the company is headquartered in Germantown. Brad Hill is its president and chief executive officer.

MAA is a self-managed real estate investment trust, or REIT: it manages its own properties and has elected a tax structure that generally requires it to distribute at least 90% of its REIT taxable income, excluding net capital gains, to shareholders annually. Its business is conducted principally through an operating partnership, of which MAA is the sole general partner.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Same Store 2,077 94.03%
Non-Same Store and Other 132 5.97%
Gross margin 58.69%
Operating margin 28.04%
Pre-tax margin 20.78%

Revenue by segment since 2017

Mid-America Apartment Communities, Inc. vs peers in Reit Residential (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ESS Essex Property Trust, Inc. $18.1B 49.3× 46.4× +4.10% (above 0%: growing) −36.97% (below 0%: shrinking) −5.14% (below 0%: shrinking) 66.94% 31.82% Compare
INVH Invitation Home $15.9B 24.0× 30.4× +6.26% (above 0%: growing) +22.91% (above 0%: growing) +239.04% (above 0%: growing) 54.14% 21.76% Compare
SUI Sun Communities, Inc. $14.6B — (loss-making) — (loss-making) +12.56% (above 0%: growing) +1,411.29% (above 0%: growing) +42.90% (above 0%: growing) 63.45% 28.16% Compare
MAA Mid-America Apartment Communities, Inc. $14.5B 36.5× 32.1× +1.04% (above 0%: growing) −11.86% (below 0%: shrinking) +81.71% (above 0%: growing) 57.07% 24.91%
CPT Camden Property Trust $14.0B 34.2× 66.4× −0.90% (below 0%: shrinking) −75.68% (below 0%: shrinking) −1,195.62% (below 0%: shrinking) 64.13% 12.20% Compare
ELS Equity Lifestyle Properties, Inc. $12.7B 31.0× 28.8× +4.22% (above 0%: growing) −10.00% (below 0%: shrinking) +33.46% (above 0%: growing) 52.10% 33.35% Compare
UDR United Dominion Realty Trust, Inc. $12.5B 16.9× 30.1× −0.88% (below 0%: shrinking) +500.08% (above 0%: growing) −180.36% (below 0%: shrinking) 62.20% 63.12% Compare
AMH American Homes 4 Rent $11.9B 27.0× 32.4× +4.10% (above 0%: growing) −14.81% (below 0%: shrinking) −25.98% (below 0%: shrinking) 0.00% 0.00% Compare
JAN Janus Living, Inc. $9.5B — (loss-making) — +78.32% (above 0%: growing) n/m +592.48% (above 0%: growing) 27.91% (4.66%) Compare
Median of peers $13.4B 29.0× 31.4× +4.16% −10.00% +14.16% 58.17% 24.96%

All 20 Reit Residential stocks →

From the latest earnings call

Updated

  • CEO Brad Hill said the recovery in new-lease pricing arrived later than expected, but preliminary October leasing rates improved from a year earlier.
  • Tim Argo said pre-leasing volumes and rates for November and December were trending above year-earlier levels, while occupancy remained stable.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.79%
Held by the ten largest 56.40%
Holder Shares Stake Change
Vanguard 18.82m 16.23% +50.88k
BlackRock 13.10m 11.30% +73.33k
State Street 7.93m 6.84% −72.10k
Norges Bank 5.45m 4.70% +5.45m
VIKING GLOBAL INVESTORS LP 5.04m 4.35% +244.91k
AQR Capital Management 3.76m 3.24% +2.99m
Geode Capital Management 3.54m 3.05% +42.41k
APG Asset Management US Inc. 3.09m 2.66% 0.00
Invesco 2.37m 2.04% −61.36k
JPMorgan Chase 2.31m 1.99% −595.51k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 6 April 2026

Ownership

Directors and executive officers, together 0.60%
BlackRock, Inc. 10.20%
State Street Corporation 6.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Mid-America Apartment Communities, Inc. (MAA) Latest News

30 Oct

Impact 3 · · MarketBeat

29 Oct

Impact 4 · · Moby
Impact 3 · · Zacks
Impact 3 · · Zacks

28 Oct

Impact 5 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

26 Oct

Impact 3 · · Zacks

17 Oct

Impact 3 · · Barchart

23 Sep

Impact 4 · · Simply Wall St.

22 Sep

Impact 3 · · Barchart

31 Jul

Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·
Impact 3 ·
Impact 3 · · Moby transcript

29 Jul

Impact 3 ·

3 Jul

Impact 3 ·

27 Jun

Impact 3 ·

24 May

Impact 3 · · Insider Monkey

11 May

Impact 3 · · Barrons.com

9 May

Impact 4 · · Simply Wall St.

6 May

Impact 4 · · multifamilydive.com

1 May

Impact 3 · · MarketBeat

30 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · Zacks

29 Apr

Impact 3 · · Zacks
Impact 3 · · PR Newswire

27 Apr

Impact 3 · · multifamilydive.com

MAA metrics, ten years each

stockrow.com/MAA · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com