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Mid-America Apartment Communities

MAA NYSE Multi-Family Residential REITs Financials FY2016–FY2025

Mid-America Apartment Communities' revenue rose 0.8% to $2.2 billion in fiscal 2025. Its net margin was 20.2%, down from 24.1% a year earlier. It paid out $736 million in dividends and buybacks. The diluted share count rose 0.3%.

Last close · Oct 23, 2026

$119.78

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.2B
0.8% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$447M
15.3%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.7%
0.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$14.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.3x
On $3.30 EPS (TTM)

About these figures. Debt is Mid-America Apartment's notes payable, which cover all its secured and unsecured borrowings. Mid-America Apartment's cash flow statement splits its spending on its properties across several lines (capital improvements and development) with no total, so capital spending and free cash flow are left blank. Mid-America Apartment's filings for 2016 and 2017 tag most figures only for its operating partnership, so those years are mostly blank.

What Mid-America Apartment Communities does

No business description yet.

Legal name
MID-AMERICA APARTMENT COMMUNITIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-041208
0000912595

Revenue and margins

Mid-America Apartment Communities had $2.2B of revenue in fiscal 2025, up 0.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Mid-America Apartment Communities returned $736M to shareholders in fiscal 2025. The diluted share count rose 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Mid-America Apartment Communities yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.3B and divides by 117.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.3x · peers 30.5x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Mid-America Apartment Communities can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $54.3M$38.7M$41.3M$43.0M$60.3M
Debt incl. finance leases $4.5B$4.4B$4.5B$5.0B$5.4B
Net debt / EBITDA 3.6x3.3x3.5x3.8x4.2x
Debt / equity 0.8x0.7x0.8x0.8x1.0x
Interest coverage 4.6x5.2x4.8x4.2x3.5x
Total assets $11.3B$11.2B$11.5B$11.8B$12.0B
Total liabilities $5.1B$5.0B$5.2B$5.7B$6.1B
Shareholders' equity $6.0B$6.0B$6.1B$5.9B$5.7B
Net debt (− = net cash) $4.5B$4.4B$4.5B$4.9B$5.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$0.4M

5 insiders

Of sales under plans

89%

$0.4M

DateInsiderTradeSharesPriceValueFiling
May 21, 2026 Tamara D FischerDirector Bought 1,100 $128.55 $0.1M Form 4
May 8, 2026 James Barton FrenchEVP Investments Sold 350 $130.98 $0.0M Form 4
Apr 6, 2026 Amber FairbanksEVP, Property Management Sold plan 711 $124.73 $0.1M Form 4
Apr 6, 2026 Aubrey Clay HolderEVP, CFO Sold plan 145 $124.73 $0.0M Form 4
Apr 6, 2026 Melanie CarpenterEVP & CHRO Sold plan 731 $124.78 $0.1M Form 4
Apr 6, 2026 Timothy ArgoEVP, Chief Strategy & Analysis Sold plan 183 $124.73 $0.0M Form 4
Jan 8, 2026 Amber FairbanksEVP, Property Management Sold plan 185 $134.98 $0.0M Form 4
Jan 8, 2026 Aubrey Clay HolderEVP, CFO Sold plan 73 $134.98 $0.0M Form 4
Jan 8, 2026 Melanie CarpenterEVP & CHRO Sold plan 145 $134.98 $0.0M Form 4
Jan 8, 2026 Timothy ArgoEVP, Chief Strategy & Analysis Sold plan 53 $134.98 $0.0M Form 4
Jan 6, 2026 Amber FairbanksEVP, Property Management Sold plan 233 $136.50 $0.0M Form 4
Jan 6, 2026 Melanie CarpenterEVP & CHRO Sold plan 290 $136.50 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score — / 9— / 9— / 9
Accruals ratio −5.1%−4.9%−5.3%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Mid-America Apartment Communities MAA $14.0B 0.8% — — 5.7% 36.3x —
Essex Property Trust ESS $17.9B 6.4% 47.7% — — 43.3x — Compare →
UDR UDR $11.8B 2.4% 32.3% — 6.0% 24.4x — Compare →
Vivmark Residential VMRK $24.2B 3.8% — — 7.6% 27.3x — Compare →
Camden Property Trust CPT $10.4B 1.9% — 24.5% 6.3% 33.8x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue — $1.5B $1.6B $1.6B $1.7B $1.8B $2.0B $2.1B $2.2B $2.2B
Interest expense — $155M $174M $180M $168M $157M $155M $149M $169M $185M
Pretax income — $342M $232M $369M $266M $563M $647M $571M $545M $459M
Income tax — $2.6M $2.6M $3.7M $3.3M $13.6M −$6.2M $4.7M $5.2M $4.6M
Net income — $328M $223M $354M $255M $534M $637M $553M $528M $447M
Diluted EPS — $2.86 $1.93 $3.07 $2.19 $4.61 $5.48 $4.71 $4.49 $3.78
Diluted shares — 0.11B 0.11B 0.11B 0.11B 0.12B 0.12B 0.12B 0.12B 0.12B
Cash flow
Cash from operations — $661M $734M $781M $824M $895M $1.1B $1.1B $1.1B $1.1B
Depreciation and amortization — $495M $491M $498M $512M $534M $544M $566M $586M $623M
Stock-based compensation $12.2M $10.6M $12.4M $13.7M $14.3M $16.7M $18.8M $15.7M $15.8M $16.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $27.2M
Dividends paid $0.0M $395M $420M $438M $457M $470M $540M $652M $687M $709M
Dividends and buybacks $0.0M $395M $420M $438M $457M $470M $540M $652M $687M $736M
Balance sheet
Cash and short-term investments $122M $10.8M $34.3M $20.5M $25.2M $54.3M $38.7M $41.3M $43.0M $60.3M
Total debt $4.5B $4.5B $4.5B $4.5B $4.6B $4.5B $4.4B $4.5B $5.0B $5.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets — — $11.3B $11.2B $11.2B $11.3B $11.2B $11.5B $11.8B $12.0B
Total liabilities — — $4.9B $4.9B $5.1B $5.1B $5.0B $5.2B $5.7B $6.1B
Shareholders' equity $6.6B $6.6B $6.1B $6.1B $5.9B $6.0B $6.0B $6.1B $5.9B $5.7B
Margins
EBITDA margin — 64.8% 57.1% 63.8% 56.3% 70.6% 66.6% 59.9% 59.3% 57.4%
Net margin — 21.5% 14.2% 21.6% 15.2% 30.0% 31.6% 25.7% 24.1% 20.2%
Returns
Return on capital — — — 5.0% 4.0% 6.6% 7.6% 6.7% 6.5% 5.7%
Return on equity — — — 5.8% 4.3% 9.0% 10.7% 9.1% 8.8% 7.7%
Return on assets — — — 3.1% 2.3% 4.8% 5.7% 4.9% 4.5% 3.8%
Growth
Revenue growth — — 2.8% 4.4% 2.3% 6.0% 13.6% 6.4% 2.0% 0.8%
Net income growth — — −32.1% 58.7% −27.9% 109.4% 19.4% −13.3% −4.6% −15.3%
EPS growth — — −32.5% 59.1% −28.7% 110.5% 18.9% −14.1% −4.7% −15.8%
Share count change — — 0.1% 0.2% 0.3% 0.5% 0.5% 0.9% 0.1% 0.3%
Financial health
Net debt / EBITDA — 4.5x 5.0x 4.2x 4.8x 3.6x 3.3x 3.5x 3.8x 4.2x
Debt / equity — — 0.7x 0.7x 0.8x 0.8x 0.7x 0.8x 0.8x 1.0x
Interest coverage — 3.2x 2.3x 3.1x 2.6x 4.6x 5.2x 4.8x 4.2x 3.5x
Capital allocation
Stock comp / revenue — 0.7% 0.8% 0.8% 0.9% 0.9% 0.9% 0.7% 0.7% 0.8%
Quality scores
Accruals ratio — — — −3.8% −5.1% −3.2% −3.7% −5.1% −4.9% −5.3%

Source: SEC EDGAR XBRL filings (CIK 0000912595). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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