Independence Realty Trust vs Mid-America Apartment Communities
Add, change or remove companies; up to four.
The short version
- Mid-America Apartment Communities is the larger business, with $2.2B of revenue in fiscal 2025 against $658M for Independence Realty Trust, about 3.4 times as much.
- Independence Realty Trust grew revenue faster (2.8%, against 0.8%).
- Mid-America Apartment Communities earned a higher return on the capital invested in it (5.7%, against 2.3%).
- Investors pay more for each dollar of Independence Realty Trust’s earnings: a P/E of 83.1x against 36.3x for Mid-America Apartment Communities.
| Latest fiscal year | IRT · FY25 | MAA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.5B | $14.0B |
| Revenue | $658M | $2.2B |
| Free cash flow | — | — |
| Net income | $56.6M | $447M |
| Growth | ||
| Revenue growth | 2.8% | 0.8% |
| 5-year growth | 25.4% | 5.7% |
| Share count change | 4.1% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 8.6% | 20.2% |
| FCF margin | — | — |
| Return on capital | 2.3% | 5.7% |
| Return on equity | 1.6% | 7.7% |
| Balance sheet | ||
| Net debt | $2.3B | $5.3B |
| Net debt / EBITDA | 6.0x | 4.2x |
| Dividends and buybacks | $184M | $736M |
| Valuation & quality | ||
| P/E | 83.1x | 36.3x |
| Piotroski F-score | — | — |
Revenue
FY16
IRT $153M
MAA —
FY17
IRT $161M
MAA $1.5B
FY18
IRT $191M
MAA $1.6B
FY19
IRT $203M
MAA $1.6B
FY20
IRT $212M
MAA $1.7B
FY21
IRT $250M
MAA $1.8B
FY22
IRT $629M
MAA $2.0B
FY23
IRT $661M
MAA $2.1B
FY24
IRT $640M
MAA $2.2B
FY25
IRT $658M
MAA $2.2B
IRT
MAA
Operating margin
FY16
IRT 25.9%
MAA —
FY17
IRT 28.2%
MAA —
FY18
IRT 27.1%
MAA —
FY19
IRT —
MAA —
FY20
IRT —
MAA —
FY21
IRT —
MAA —
FY22
IRT —
MAA —
FY23
IRT —
MAA —
FY24
IRT —
MAA —
FY25
IRT —
MAA —
IRT
MAA
Free cash flow
FY16
IRT −$18.2M
MAA —
FY17
IRT $40.0M
MAA —
FY18
IRT $67.9M
MAA —
FY19
IRT $74.8M
MAA —
FY20
IRT $74.9M
MAA —
FY21
IRT $52.1M
MAA —
FY22
IRT —
MAA —
FY23
IRT —
MAA —
FY24
IRT —
MAA —
FY25
IRT —
MAA —
IRT
MAA
Return on capital
FY16
IRT 2.4%
MAA —
FY17
IRT 3.4%
MAA —
FY18
IRT 3.4%
MAA —
FY19
IRT 5.3%
MAA 5.0%
FY20
IRT 3.2%
MAA 4.0%
FY21
IRT 2.0%
MAA 6.6%
FY22
IRT 3.2%
MAA 7.6%
FY23
IRT 0.9%
MAA 6.7%
FY24
IRT 1.9%
MAA 6.5%
FY25
IRT 2.3%
MAA 5.7%
IRT
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.