Camden Property Trust vs Mid-America Apartment Communities

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The short version

Mid-America Apartment Communities is the larger business, with $2.2B of revenue in fiscal 2025 against $1.6B for Camden Property Trust.
Camden Property Trust grew revenue faster (1.9%, against 0.8%).
Camden Property Trust earned a higher return on the capital invested in it (6.3%, against 5.7%).
Investors pay more for each dollar of Mid-America Apartment Communities’s earnings: a P/E of 36.3x against 33.8x for Camden Property Trust.

Latest fiscal year	CPT · FY25	MAA · FY25
Size
Market cap	$10.4B	$14.0B
Revenue	$1.6B	$2.2B
Free cash flow	$386M	—
Net income	$385M	$447M
Growth
Revenue growth	1.9%	0.8%
5-year growth	8.6%	5.7%
Share count change	−0.1%	0.3%
Profitability
Gross margin	64.0%	—
Operating margin	—	—
Net margin	24.4%	20.2%
FCF margin	24.5%	—
Return on capital	6.3%	5.7%
Return on equity	8.5%	7.7%
Balance sheet
Net debt	$3.9B	$5.3B
Net debt / EBITDA	3.4x	4.2x
Dividends and buybacks	$732M	$736M
Valuation & quality
P/E	33.8x	36.3x
Piotroski F-score	—	—

Revenue

FY16

CPT $876M

MAA —

FY17

CPT $901M

MAA $1.5B

FY18

CPT $955M

MAA $1.6B

FY19

CPT $1.0B

MAA $1.6B

FY20

CPT $1.0B

MAA $1.7B

FY21

CPT $1.1B

MAA $1.8B

FY22

CPT $1.4B

MAA $2.0B

FY23

CPT $1.5B

MAA $2.1B

FY24

CPT $1.5B

MAA $2.2B

FY25

CPT $1.6B

MAA $2.2B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CPT MAA

Operating margin

FY16

CPT —

MAA —

FY17

CPT —

MAA —

FY18

CPT —

MAA —

FY19

CPT —

MAA —

FY20

CPT —

MAA —

FY21

CPT —

MAA —

FY22

CPT —

MAA —

FY23

CPT —

MAA —

FY24

CPT —

MAA —

FY25

CPT —

MAA —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CPT MAA

Free cash flow

FY16

CPT $100M

MAA —

FY17

CPT $136M

MAA —

FY18

CPT $145M

MAA —

FY19

CPT $148M

MAA —

FY20

CPT $92.1M

MAA —

FY21

CPT $149M

MAA —

FY22

CPT $295M

MAA —

FY23

CPT $384M

MAA —

FY24

CPT $381M

MAA —

FY25

CPT $386M

MAA —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CPT MAA

Return on capital

FY16

CPT —

MAA —

FY17

CPT —

MAA —

FY18

CPT —

MAA —

FY19

CPT —

MAA 5.0%

FY20

CPT —

MAA 4.0%

FY21

CPT —

MAA 6.6%

FY22

CPT —

MAA 7.6%

FY23

CPT 6.2%

MAA 6.7%

FY24

CPT 3.5%

MAA 6.5%

FY25

CPT 6.3%

MAA 5.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CPT MAA

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.