Mid-America Apartment Communities, Inc.

MAA · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Valuation
Market cap	$16,264	$18,066	$15,690	$18,129	$26,417	$14,587	$15,182	$11,019	$11,578	$11,274	$10,456	$5,600	$3,078	$2,657	$2,314	$2,023	$1,368	$1,001	$1,081	$1,344	$1,038	$837	$617	$429	$458	$396	$423	$425	$392	$317	$245	$185
Enterprise value	$21,719	$23,214	$20,402	$22,718	$31,068	$19,341	$19,837	$15,735	$16,304	$16,381	$14,086	$9,306	$6,628	$4,376	$3,932	$3,499	$2,777	$2,340	$2,358	$2,563	$2,194	$1,943	$1,591	$1,256	$1,270	$1,211	$1,210	$1,233	$1,072	$667	$594	$462
P/E (TTM) at period end	36.69×	34.49×	28.57×	28.61×	49.83×	58.05×	43.36×	50.27×	35.66×	53.20×	31.47×	37.84×	26.70×	25.25×	47.40×	111.97×	56.20×	57.59×	27.07×	64.15×	52.58×	33.24×	30.54×	26.60×	15.97×	13.29×	12.64×	15.88×	34.99×	22.21×	25.00×	26.49×
P/S (TTM) at period end	7.36×	8.25×	7.30×	8.98×	14.86×	8.69×	9.25×	7.01×	7.57×	10.02×	10.03×	5.64×	4.84×	5.34×	5.37×	5.32×	3.65×	2.71×	3.06×	4.12×	3.49×	3.13×	2.56×	1.84×	2.01×	1.76×	1.87×	1.97×	2.82×	2.83×	2.58×	3.61×
P/B at period end	2.87×	3.04×	2.57×	3.02×	4.43×	2.48×	2.50×	1.79×	1.82×	1.76×	3.48×	1.93×	1.04×	2.91×	3.22×	3.90×	3.18×	2.40×	2.70×	2.99×	2.86×	2.34×	1.76×	1.31×	1.15×	0.91×	0.91×	0.82×	0.85×	1.31×	1.21×	1.22×
EV / EBITDA (TTM)	17.48×	18.67×	16.26×	19.37×	31.09×	20.59×	21.32×	17.65×	19.20×	27.51×	24.05×	17.49×	21.59×	16.67×	18.33×	18.23×	14.57×	12.38×	13.08×	15.19×	14.29×	14.16×	12.82×	10.05×	9.95×	9.58×	9.49×	9.97×	13.37×	17.78×	3.77×	5.51×
EV / Sales (TTM)	9.83×	10.59×	9.50×	11.25×	17.47×	11.53×	12.09×	10.01×	10.66×	14.56×	13.51×	9.38×	10.43×	8.80×	9.13×	9.20×	7.42×	6.33×	6.68×	7.86×	7.38×	7.26×	6.60×	5.39×	5.57×	5.39×	5.34×	5.72×	7.71×	5.96×	6.26×	9.00×
Returns
Return on equity	7.8%	8.8%	9.0%	10.6%	8.9%	4.3%	5.8%	3.6%	5.1%	3.3%	11.1%	5.1%	3.9%	11.5%	6.8%	3.5%	5.7%	4.2%	10.0%	4.7%	5.4%	7.1%	5.8%	4.9%	7.2%	6.8%	7.2%	5.2%	2.4%	5.9%	4.8%	4.6%
Return on invested capital	5.5%	5.9%	6.3%	5.9%	4.3%	4.0%	4.0%	3.6%	3.2%	2.3%	4.4%	3.4%	1.8%	4.9%	4.1%	4.3%	5.0%	5.5%	5.5%	5.2%	5.0%	4.6%	4.8%	5.8%	6.0%	5.7%	5.9%	5.7%	4.5%	2.6%	25.5%	17.4%
Dividend yield	4.4%	3.8%	4.2%	3.0%	1.8%	3.1%	2.9%	3.8%	3.4%	2.2%	2.2%	3.9%	4.6%	4.1%	4.0%	3.8%	5.1%	6.6%	6.2%	(0.6%)	(0.8%)	6.4%	(1.5%)	11.2%	10.4%	12.0%	11.9%	11.1%	8.8%	8.6%	7.5%	4.3%
Financial health
Current ratio	0.16×	–	–	–	0.22×	–	–	–	–	–	–	–	–	–	–	–	0.20×	0.14×	0.28×	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.95×	–	–	0.74×	0.76×	–	–	–	–	–	1.17×	1.23×	1.18×	1.86×	2.30×	2.89×	3.25×	3.17×	3.15×	2.66×	3.14×	3.03×	2.71×	2.45×	1.96×	1.79×	1.60×	1.46×	1.37×	1.31×	1.52×	1.53×
Effective tax rate	1.0%	1.0%	0.8%	(1.0%)	2.4%	1.3%	1.0%	1.1%	0.8%	0.8%	0.5%	1.4%	2.4%	(55.2%)	(137.9%)	(99.3%)	(112.2%)	(95.4%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	–	(100.0%)
Share count
Diluted shares outstanding	117	117	117	116	115	114	114	114	114	79	75	75	53	43	39	32	28	27	25	24	22	21	18	18	18	18	19	19	14	11	10	7

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Revenue and gross profit
Revenue	$2,219	$2,209	$2,191	$2,148	$2,020	$1,778	$1,678	$1,641	$1,571	$1,529	$1,125	$1,043	$992	$635	$497	$431	$380	$374	$370	$353	$326	$297	$268	$241	$233	$228	$225	$226	$216	$139	$112	$95	$51
Cost of revenue	($1,170)	($1,506)	($1,478)	($1,401)	($1,332)	($1,260)	($1,204)	($1,165)	($1,132)	($1,114)	($780)	($726)	($727)	($464)	–	–	–	($160)	($155)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$1,048	$703	$713	$747	$688	$518	$474	$476	$439	$415	$345	$317	$265	$172	–	–	–	$219	$215	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	($0)	($0)	($0)	($0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($58)	($55)	($57)	($59)	($59)	($53)	($47)	($44)	($39)	($40)	($29)	($26)	($21)	($16)	($14)	($18)	($12)	($11)	($12)	($29)	($12)	($10)	($9)	($7)	($7)	($6)	($15)	($40)	($12)	($21)	($6)	($14)	($9)
Total operating expenses	($452)	($84)	($57)	($59)	($59)	($53)	($47)	($44)	($39)	($60)	($73)	($26)	($35)	($54)	–	–	–	($127)	($119)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($1,622)	($1,590)	($1,534)	($1,460)	($1,391)	($1,313)	($1,250)	($1,209)	($1,171)	($1,174)	($853)	($752)	($762)	($518)	($367)	($336)	($295)	($282)	($274)	($261)	($239)	($221)	($201)	($178)	($166)	($155)	($153)	($152)	($140)	($88)	($97)	$46	$23
Operating income	$597	$619	$657	$689	$629	$465	$428	$432	$401	$355	$272	$291	$230	$117	$130	$95	$85	$92	$96	$92	$87	$76	$67	$63	$67	$73	$72	$74	$75	$51	$15	$140	$75
Earnings
EBITDA	$1,238	$1,242	$1,243	$1,255	$1,173	$999	$939	$930	$892	$849	$595	$586	$532	$307	$262	$215	$192	$191	$189	$180	$169	$154	$137	$124	$125	$128	$126	$128	$124	$80	$38	$158	$84
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	$1	$0	$0	$1	$1	$0	$1	$0	–	–	–	$18	–	–	–	–	–	–	–	–	–
Interest expense	($200)	($185)	($169)	($149)	($155)	($157)	($168)	($180)	($174)	($155)	($130)	($122)	($124)	($79)	($59)	($57)	($55)	($57)	($62)	($40)	($21)	($20)	($25)	($20)	($16)	($29)	($30)	($34)	($27)	($11)	($14)	($10)	($7)
Pre-tax income	$418	$459	$545	$571	$647	$563	$266	$369	$232	$342	$226	$352	$145	$38	$68	$35	$30	$33	$32	$40	$21	$20	$25	$20	$16	$29	$30	$34	$27	$11	$14	$10	$7
Income tax expense	($9)	($5)	($5)	($5)	$6	($14)	($3)	($4)	($3)	($3)	($2)	($2)	($2)	($1)	$37	$49	$30	$37	$30	$40	$21	$20	$25	$20	$16	$29	$30	$34	$27	$11	$14	–	$7
Net income	$403	$447	$528	$553	$637	$534	$255	$354	$223	$328	$212	$332	$148	$115	$105	$49	$30	$37	$30	$40	$21	$20	$25	$20	$16	$29	$30	$34	$27	$11	$14	$10	$7
Per share
Diluted EPS (GAAP)	$3.42	$3.78	$4.49	$4.71	$5.48	$4.61	$2.19	$3.07	$1.93	$2.86	$2.69	$4.41	$1.97	$2.25	$2.56	$1.31	$0.56	$0.85	$0.64	$1.01	$0.29	$0.25	$0.50	($0.07)	($0.11)	$0.72	$0.78	$0.93	$0.82	$0.43	$1.21	$1.00	$1.01
Basic EPS (GAAP)	$3.42	$3.79	$4.49	$4.71	$5.49	$4.62	$2.20	$3.07	$1.93	$2.86	$2.69	$4.41	$1.97	$2.27	$2.56	$1.32	$0.57	$0.85	$0.64	$1.01	$0.30	$0.25	$0.51	($0.07)	($0.11)	$0.72	$0.78	$0.93	$0.82	$0.43	$1.21	$1.00	$1.01
Basic shares outstanding	117	117	117	117	115	115	114	114	114	113	79	75	75	51	41	37	32	28	27	25	23	21	20	18	18	17	18	19	19	14	11	10	7
Margins
Gross margin	47.3%	31.8%	32.6%	34.8%	34.0%	29.1%	28.3%	29.0%	28.0%	27.1%	30.7%	30.4%	26.7%	27.0%	–	–	–	58.5%	58.0%	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	26.9%	28.0%	30.0%	32.1%	31.1%	26.1%	25.5%	26.4%	25.5%	23.2%	24.2%	27.9%	23.2%	18.5%	26.2%	22.1%	22.4%	24.6%	25.9%	25.9%	26.8%	25.7%	24.9%	26.2%	28.7%	32.1%	31.9%	32.8%	34.9%	37.0%	13.7%	148.0%	145.4%
Net margin	18.2%	20.2%	24.1%	25.7%	31.6%	30.0%	15.2%	21.6%	14.2%	21.5%	18.8%	31.9%	14.9%	18.1%	21.2%	11.3%	7.8%	9.9%	8.2%	11.3%	6.4%	6.6%	9.4%	8.4%	6.9%	12.6%	13.3%	14.8%	12.4%	8.1%	12.7%	10.3%	13.6%

Analyst consensus

Hold37 analysts

Bearish · 2 · Hold · 18 · Bullish · 17

Earnings history

	EPS	Estimate
Q3 2024	$0.95	$1.01	Miss
Q4 2024	$1.46	$1.04	Beat
Q1 2025	$1.59	$0.89	Beat
Q2 2025	$0.96	$0.87	Beat
Q3 2025	$0.84	$0.89	Miss
Q4 2025	$0.48	$0.92	Miss
Q1 2026	$1.09	$0.83	Beat
Q2 2026	$1.07	$0.76	Beat

Peers

Company overview

IPO dateJan 28, 1994

CEOAdrian Bradley Hill

Employees2,507

SectorReal Estate

IndustryREIT - Residential

CountryUS

ExchangeNew York Stock Exchange

Websitewww.maac.com

Mid-America Apartment Communities, known as MAA, is a prominent S&P 500 entity operating as a Real Estate Investment Trust (REIT). Its core objective is to generate outstanding, comprehensive investment returns for its shareholders. MAA achieves this by strategically acquiring, developing, redeveloping, owning, and managing high-quality apartment complexes. These properties are primarily located across the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2020, the company held an interest in 102,772 apartment units, a figure that includes communities currently under development, spread throughout 16 states and the District of Columbia.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.