AvalonBay Communities, Inc.

AVB

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT. The firm develops, redevelops, acquires and manages communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of December 31, 2025, the Company owned or held a direct or indirect ownership interest in 320 communities containing 98,694 apartment homes in 11 states and the District of Columbia, of which 24 communities were under development. AvalonBay Communities, Inc. was incorporated in 1978 in Maryland, USA.

Valuation

Market Cap$26.8B

Current Price$181.10as of Jun 23, 2026

P/E Ratio25.53

P/B Ratio2.31

EV / EBITDA16.22

EV / Sales11.89

Profitability

Operating Margin30.2%

Net Profit Margin34.6%

EBITDA Margin73.3%

Returns

ROE9.1%

ROCE4.5%

ROIC %-

ROA4.7%

Solvency

Current Ratio0.23

Debt / Equity0.82

Debt / Assets0.43

CFO / Net Profit1.59

Price History▼ 12.79% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$3.0B▲ 4.4%

EBITDA$2.2B▲ 3.3%

Net Profit$1.1B▼ 2.8%

Cash from Ops (CFO)$1.7B▲ 3.9%

Free Cash Flow (FCF)$1.4B▼ 0.3%

Revenue CAGR 3Y5.4%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-2.6%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$3.0B	$2.2B	$1.1B	$1.4B	9.1%	4.4%	-2.8%
2024	$2.9B	$2.2B	$1.1B	$1.4B	9.1%	5.3%	16.5%
2023	$2.8B	$2.0B	$929M	$1.4B	7.9%	6.7%	-18.3%
2022	$2.6B	$2.2B	$1.1B	$1.2B	10.1%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,593.45	2,767.91	2,913.76	3,040.72
Operating Revenue	-	2,593.45	2,767.91	2,913.76	3,040.72
Cost Of Revenue	-	919.11	988.13	1,073.46	1,120.91
Gross Profit	-	1,674.33	1,779.78	1,840.30	1,919.81
Operating Expense	-	889.04	893.50	924.55	1,000.06
Research And Development	3.23	16.57	-	-	-
Selling General And Administration	-	74.06	76.53	77.70	86.68
Total Expenses	-	1,808.16	1,881.63	1,998.01	2,120.97
Operating Income	-	785.29	886.28	915.75	919.76
EBITDA	-	2,196.14	1,961.55	2,156.06	2,228.02
Normalized EBITDA	-	1,642.22	1,683.39	1,795.70	1,893.58
EBIT	-	1,381.16	1,144.58	1,309.21	1,314.64
Interest Income	-	-	5.02	18.45	27.48
Interest Expense	-	230.07	205.99	226.59	259.18
Net Interest Income	-	-230.07	-200.97	-208.14	-231.70
Other Non Operating Income Expenses	-	-11.44	-33.30	-17.59	-6.72
Other Income Expense	-	595.87	253.29	375.01	367.41
Interest Income Non Operating	-	-	5.02	18.45	27.48
Interest Expense Non Operating	-	230.07	205.99	226.59	259.18
Net Non Operating Interest Income Expense	-	-230.07	-200.97	-208.14	-231.70
Pretax Income	-	1,151.08	938.59	1,082.62	1,055.46
Tax Provision	-	14.65	10.15	0.44	-1.14
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	7.05	3.01	0.15	70.23
Net Income Continuous Operations	-	1,136.44	928.44	1,082.18	1,056.60
Net Income From Continuing And Discontinued Operation	-	1,136.78	928.82	1,081.99	1,051.30
Net Income	-	1,136.78	928.82	1,081.99	1,051.30
Net Income Common Stockholders	-	1,134.68	927.16	1,079.92	1,049.33
Net Income Including Noncontrolling Interests	-	1,136.44	928.44	1,082.18	1,056.60
Normalized Income	-	589.91	653.68	721.78	787.10
Diluted NI Availto Com Stockholders	-	1,134.68	927.16	1,079.92	1,056.60
Basic Average Shares	-	139.89	141.56	142.27	142.01
Diluted Average Shares	-	139.98	141.64	142.46	142.83
Reconciled Depreciation	-	814.98	816.96	846.85	913.38
Reconciled Cost Of Revenue	-	919.11	988.13	1,073.46	1,120.91
Total Unusual Items	-	553.91	278.16	360.36	334.44
Total Unusual Items Excluding Goodwill	-	553.91	278.16	360.36	334.44
Minority Interests	-	0.34	0.39	-0.18	-5.30
Special Income Charges	-	553.91	278.16	360.36	334.44
Other Special Charges	-	1.65	9.27	2.94	1.28
Restructuring And Mergern Acquisition	3.23	16.57	33.48	-	-
Gain On Sale Of Security	1.12	5.13	287.42	363.30	-
Depreciation Amortization Depletion Income Statement	-	814.98	816.96	846.85	913.38
Depreciation And Amortization In Income Statement	-	814.98	816.96	846.85	913.38
General And Administrative Expense	-	74.06	76.53	77.70	86.68
Other Gand A	-	74.06	76.53	77.70	86.68
Gain On Sale Of Ppe	-	555.56	287.42	363.30	335.71
Otherunder Preferred Stock Dividend	-	2.09	1.66	2.07	1.97
Earnings From Equity Interest	-	53.39	8.44	32.23	39.69
Average Dilution Earnings	-	0.05	0.02	0	7.27
Depreciation Income Statement	-	814.98	816.96	846.85	913.38

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
AvalonBay Communities, Inc.this co.	AVB	$26.8B	25.53	2.31	9.1%	16.22
Extra Space Storage Inc.	EXR	$32.2B	33.05	2.40	7.3%	19.07
VICI Properties Inc.	VICI	$29.3B	10.56	1.05	10.0%	12.66
Equity Residential	EQR	$26.2B	23.42	2.38	10.2%	13.85
SBA Communications Corporation	SBAC	$22.0B

Learn while you research

Hand-picked academy chapters to deepen your understanding of AvalonBay Communities, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Sectors & Industries

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$3.0B

$2.2B

$1.1B

$1.4B

9.1%

4.4%

-2.8%

2024

$2.9B

$2.2B

$1.1B

$1.4B

9.1%

5.3%

16.5%

2023

$2.8B

$2.0B

$929M

$1.4B

7.9%

6.7%

-18.3%

2022

$2.6B

$2.2B

$1.1B

$1.2B

10.1%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,593.45

2,767.91

2,913.76

3,040.72

Operating Revenue

2,593.45

2,767.91

2,913.76

3,040.72

Cost Of Revenue

919.11

988.13

1,073.46

1,120.91

Gross Profit

1,674.33

1,779.78

1,840.30

1,919.81

Operating Expense

889.04

893.50

924.55

1,000.06

Research And Development

3.23

16.57

Selling General And Administration

74.06

76.53

77.70

86.68

Total Expenses

1,808.16

1,881.63

1,998.01

2,120.97

Operating Income

785.29

886.28

915.75

919.76

EBITDA

2,196.14

1,961.55

2,156.06

2,228.02

Normalized EBITDA

1,642.22

1,683.39

1,795.70

1,893.58

EBIT

1,381.16

1,144.58

1,309.21

1,314.64

Interest Income

5.02

18.45

27.48

Interest Expense

230.07

205.99

226.59

259.18

Net Interest Income

-230.07

-200.97

-208.14

-231.70

Other Non Operating Income Expenses

-11.44

-33.30

-17.59

-6.72

Other Income Expense

595.87

253.29

375.01

367.41

Interest Income Non Operating

5.02

18.45

27.48

Interest Expense Non Operating

230.07

205.99

226.59

259.18

Net Non Operating Interest Income Expense

-230.07

-200.97

-208.14

-231.70

Pretax Income

1,151.08

938.59

1,082.62

1,055.46

Tax Provision

14.65

10.15

0.44

-1.14

Tax Rate For Calcs

Tax Effect Of Unusual Items

7.05

3.01

0.15

70.23

Net Income Continuous Operations

1,136.44

928.44

1,082.18

1,056.60

Net Income From Continuing And Discontinued Operation

1,136.78

928.82

1,081.99

1,051.30

Net Income

1,136.78

928.82

1,081.99

1,051.30

Net Income Common Stockholders

1,134.68

927.16

1,079.92

1,049.33

Net Income Including Noncontrolling Interests

1,136.44

928.44

1,082.18

1,056.60

Normalized Income

589.91

653.68

721.78

787.10

Diluted NI Availto Com Stockholders

1,134.68

927.16

1,079.92

1,056.60

Basic Average Shares

139.89

141.56

142.27

142.01

Diluted Average Shares

139.98

141.64

142.46

142.83

Reconciled Depreciation

814.98

816.96

846.85

913.38

Reconciled Cost Of Revenue

919.11

988.13

1,073.46

1,120.91

Total Unusual Items

553.91

278.16

360.36

334.44

Total Unusual Items Excluding Goodwill

553.91

278.16

360.36

334.44

Minority Interests

0.34

0.39

-0.18

-5.30

Special Income Charges

553.91

278.16

360.36

334.44

Other Special Charges

1.65

9.27

2.94

1.28

Restructuring And Mergern Acquisition

3.23

16.57

33.48

Gain On Sale Of Security

1.12

5.13

287.42

363.30

Depreciation Amortization Depletion Income Statement

814.98

816.96

846.85

913.38

Depreciation And Amortization In Income Statement

814.98

816.96

846.85

913.38

General And Administrative Expense

74.06

76.53

77.70

86.68

Other Gand A

74.06

76.53

77.70

86.68

Gain On Sale Of Ppe

555.56

287.42

363.30

335.71

Otherunder Preferred Stock Dividend

2.09

1.66

2.07

1.97

Earnings From Equity Interest

53.39

8.44

32.23

39.69

Average Dilution Earnings

0.05

0.02

7.27

Depreciation Income Statement

814.98

816.96

846.85

913.38

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

AvalonBay Communities, Inc.this co.

AVB

$26.8B

25.53

2.31

9.1%

16.22

Extra Space Storage Inc.

EXR

$32.2B

33.05

2.40

7.3%

19.07

VICI Properties Inc.

VICI

$29.3B

10.56

1.05

10.0%

12.66

Equity Residential

EQR

$26.2B

23.42

2.38

10.2%

13.85

SBA Communications Corporation

SBAC

$22.0B

AvalonBay Communities, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

AvalonBay Communities, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on