Mid-America Apartment Communities, Inc. (MAA) vs Millrose Properties, Inc. (MRP)

Mid-America Apartment Communities, Inc. and Millrose Properties, Inc. are both Reit Residential companies. Mid-America Apartment Communities, Inc. is the larger, with a market value of $14.0B against $4.2B — 3.3× the size. Millrose Properties, Inc. trades at the lower P/E: 9.5× against 34.6×. Millrose Properties, Inc. has the higher net margin (62.6% vs 18.0%) and the higher return on invested capital (4.35% vs 3.33%). Across the 17 metrics below, Millrose Properties, Inc. leads on 12 and Mid-America Apartment Communities, Inc. on 5.

Valuation

Metric MAA MRP Reit Residential median
P/E 34.61 9.48 28.48
P/S 6.19 5.94 5.52
P/B 2.46 0.77 1.89
Price to free cash flow 24.80 n/m 18.04
EV/EBITDA 15.56 11.87 15.74
EV/Sales 8.73 10.47 8.08
Earnings yield 2.89% 10.55% 2.37%
Free cash flow yield 4.03% (27.43%) 4.03%

Profitability

Metric MAA MRP Reit Residential median
Gross margin 58.39% 85.31% 58.73%
Operating margin 26.88% 85.11% 20.57%
Net margin 18.01% 62.60% 20.81%
Free cash flow margin 24.97% (162.90%) 20.24%
Return on equity 6.86% 8.12% 6.86%
Return on assets 3.35% 5.39% 3.17%
Return on invested capital 3.33% 4.35% 2.03%

Growth

Metric MAA MRP Reit Residential median
Revenue growth (TTM) 0.85% — 2.66%
EPS growth (last fiscal year) (15.81%) — —
Revenue growth, 5-year CAGR 5.65% — 7.53%
Net income growth, 5-year CAGR 12.02% — 3.76%

Health

Metric MAA MRP Reit Residential median
Debt to equity 1.02 0.59 0.78
Current ratio 0.09 0.08 0.54
Net debt to EBITDA 4.27 5.93 4.27

Dividend

Metric MAA MRP Reit Residential median
Dividend yield 4.67% — 4.63%
Payout ratio 1.04 — 1.35

Size

Metric MAA MRP Reit Residential median
Market cap 13.95b 4.17b 4.17b

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