Mid-America Apartment Communities, Inc.

Real Estate Investment Trusts

MAAStrained8 of 11 basics passed

$116.86

+0.58%

Market cap $13.6B

$116.86

+0.58%

Market cap $13.6B

Mid-America Apartment Communities Inc is a multifamily-focused, self-administered and self-managed real estate investment trust. The company owns, operates, acquires and selectively develops apartment communities located in the Southeast, Southwest and Mid-Atlantic regions of the U.S.

It is a $13.6B real estate company. Revenue grew 0.8% over the last year, it keeps 18¢ of every dollar of sales as profit, and its net debt equals ~6.4 years of free cash flow. It trades at 33.6× earnings — around the middle of its own history.

Website: maac.com
Location: Germantown, TN
Employees: 2 507
Sector: Real Estate

Share price · 3 years

$132.42 → $116.86-11.8%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.22B
Profit: keeps 18¢ of every $1 sold; $401M
Free cash flow: cash left after running the business; $843M
Net debt: debt minus cash on hand; $5.37B
P/E: years of profit in the price; 33.6
EPS: earnings per share, TTM; $3.43
Dividend: of the share price, paid yearly; 5.28%
Shares: shares outstanding; 117.1M
Volatility: beta vs the market — under 1 swings less; 0.71

Revenue, last 7 years

52-week range

Low $114.21$116.86High $142.19

Today's price is 9% of the way from the year's low to its high.

P/E vs its history5y

34.0×median 33.0×

Higher than 62% of past days — around the middle of its own history.

Valuation vs own history

P/E

34.0×

37%

P/S

6.1×

100%

P/B

2.4×

93%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Standing in Real Estate

Size$13.6Btop 56%
Revenue growth+3%top 82%
Net margin18%top 62%
Return on equity7%top 58%
P/E33.6×top 70%
Dividend yield5.28%top 35%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Health and Quality lag behind.

Valuation49

P/E vs own history62th pct · 5/25
FCF yield6.2% · 20/25
P/S6.1x · 12/25
EV/EBITDA16.3x · 12/25

Growth32

Revenue CAGR5.6% · 12/25
Net income CAGR-4.6% · 0/25
EPS CAGR ~5Y11.6% · 20/25
Fwd implied growth-6.5% · 0/25

Profitability50

ROIC4.0% · 5/25
ROE7.2% · 5/25
Net margin18.1% · 20/25
Operating margin24.0% · 20/25

Health18

Altman Z0.09 · 3/25
Current ratio0.09 · 0/25
Interest coverage3.6x · 10/25
Net cash / debtD/A 45% · 5/25

Quality35

Piotroski F4/9 · 10/25
Beneish M-2.67 · 25/25
FCF conversionn/a · 0/25
Margin stabilityn/a · 0/25

Moat50

ROIC >12% yearsn/a · 0/25
Median gross marginn/a · 0/25
FCF-positive years3/3 yrs · 25/25
Worst-year net marginworst 15.2% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q2 2026Insiders
2 open-market insider purchases
~1K shares bought by insiders
FY2022Financial
Best year on record
$633M net income
FY2019Financial
Profitable every year on record
7 consecutive profitable years in our data
FY2019Financial
Revenue crossed $1B
$1.64B for the year
FY2019Financial
Positive free cash flow every year since
7-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 100 today — price return only

$2.2B revenue in FY2025

Profitable 7 years in a row

Positive free cash flow 7 years in a row

2 507 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (58.4%)
Strong cash conversion — FCF is 38.0% of revenue

Watch-outs

Altman Z-Score 0.09 — elevated financial-distress risk
Net debt equals ~6.4 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+0.8% YoY
Profitable — makes more than it spends$401M TTM
Profit growing — earnings are higher than last year-11.6% YoY
Generates cash — cash left after running and investing$843M TTM
Debt under control — could handle its obligations~6.4y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$13.6B market cap
Not printing shares — share count not ballooning — you keep your slice+0.6% shares over ~5y
Proven track record — years of profitability behind it7/8 profitable years
Financially stable — balance sheet not near distressAltman Z 0.1 — distress
Pays a dividend — returns cash to shareholdersyield 5.28%
Valuation not extreme — price not wildly above earningsP/E 33.6

Peer comparisonMid-America Apartment Communities, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
MAA this company	$13.6B	33.6	+0.8%	18.1%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: MAA vs WELL · MAA vs PLD · MAA vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 9Hold 15Sell 3Strong sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.22B · net income $401M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$2.22B

YoY 0.8%

Net income (TTM)

$401M

Margin 18.1%

Gross margin

58.4%

Operating margin

24.0%

P/E ratio

33.6

Dividend yield

5.28%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.7	1.8	2.0	2.1	2.2	2.2
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	—	—	—	—	—
Net income	0.3	0.5	0.6	0.5	0.5	0.4
EPS (diluted)	2.19	4.61	5.48	4.71	4.49	3.78

Cash flowFree cash flow $843M · operating cash flow $1.01B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$843M

Margin 38.0%

Operating cash flow (TTM)

$1.01B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.8	0.9	1.1	1.1	1.1	1.1
Capital expenditure	-0.4	-0.3	—	—	—	—
Free cash flow	0.4	0.6	1.1	1.1	1.1	1.1
FCF margin	23.7%	34.6%	52.4%	52.9%	50.1%	48.8%

Balance sheetAssets $12.0B · net debt $5.37B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

Cash vs debt

Total debt $5.43B − cash $60.3M = net debt $5.37B

Cash on hand covers 1% of debt.

Altman Z-Score

0.09

Distress zone

Interest coverage

3.6x

EBIT ÷ interest expense

ROE

7.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.0	0.1	0.0	0.0	0.0	0.1
Total assets	11.2	11.3	11.2	11.5	11.8	12.0
Total liabilities	5.1	5.1	—	—	—	—
Total debt	—	4.5	4.4	4.6	5.0	5.4
Equity	5.9	6.0	6.2	6.3	6.1	5.8
Net debt	—	4.5	4.4	4.5	5.0	5.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of MAA on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $116.86 · market cap $13.6B.