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Thursday 5 November 2026 Export MAA’s income statement to Excel — free account

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

122.10 4.76 +4.06%
Market cap
$14.0B
P/E
35.4×
Fwd P/E
32.1×
Dividend yield
5.21%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
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Mid-America Apartment Communities, Inc. (MAA) valuation and DCF model

What the price implies · reverse DCF

At $122.10 the price implies FFO a share growing 1.5% a year for ten years.

FFO a share grew 5.0% a year over the last five years. The price asks for less than its five-year rate. The industry’s median company is priced for 2.8%.

In December 2019 the price assumed 5.8% a year; Mid-America Apartment Communities, Inc. went on to grow FFO a share 4.2% a year to FY2025.

Q3 2026’s FFO a share is the $2.11 Mid-America Apartment Communities, Inc. reported, in its results release. It reported AFFO of $1.79 a share for Q3 2026.

Price implies
1.5%
Last 5 years, reported
5.0%
Industry median implies
2.8%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
1.5% a year for ten years
$122.10
today’s price
Its base case
5.0% a year for five years, then 3.0%
$149.13
22.1% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Mid-America Apartment Communities, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 1.5% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Mid-America Apartment Communities, Inc.’s own cost of capital: risk-free 4.3% + beta 0.70 × equity premium 4.5% = 7.4% cost of equity; weighted, 7.4%.

Use 7.4%
Base case value per share $149.13 ten years discounted, and what follows
Current price $122.10 market price per share
Above today’s price 22.1% upside at the base case’s assumptions

How we got there$66.78 10 years of FFO+$82.36 terminal value=$149.13 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Residential).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 35.35× 32.73× 39.85× 11% below 26.83× 32% above
P/FCF 22.13× 25.68× 26.83× 18% below 23.00× 4% below
P/B 2.51× 2.73× 2.61× 4% below 1.73× 45% above
EV/EBITDA 15.57× 17.25× 19.37× 20% below 15.65× 1% below
EV/Sales 8.70× 9.89× 10.99× 21% below 7.85× 11% above
P/FFO 14.59× 16.25× 18.35× 20% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
30.35×38.95×47.56×56.16×10Y avg 39.85×2017201820192020202120222023202420252026

MAA trades at 35.35× P/E, against a 10-year average of 39.85× (range 28.31×–57.59×). That is cheaper than 56% of the last 9 year-end readings; re-rating to the average implies $137.63 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.