Mid-America Apartment Communities, Inc.

MAA

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Mid-America Apartment Communities, Inc.is a S&P 500 company. It is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of December 31, 2025, MAA had ownership interest in 104,945 apartment units, including communities currently in development, across 16 states and the District of Columbia. Mid-America Apartment Communities, Inc. was incorporated in 1997 in Tennessee, USA.

Valuation

Market Cap$16.3B

Current Price$133.43as of Jun 23, 2026

P/E Ratio36.87

P/B Ratio2.87

EV / EBITDA17.12

EV / Sales9.82

Profitability

Operating Margin28.0%

Net Profit Margin20.1%

EBITDA Margin57.4%

Returns

ROE7.8%

ROCE5.8%

ROIC %-

ROA3.7%

Solvency

Current Ratio0.09

Debt / Equity0.96

Debt / Assets0.45

CFO / Net Profit2.43

Price History▼ 11.14% 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$2.2B▲ 0.8%

EBITDA$1.3B▼ 2.5%

Net Profit$447M▼ 15.3%

Cash from Ops (CFO)$1.1B▼ 1.8%

Free Cash Flow (FCF)$718M▼ 7.5%

Revenue CAGR 3Y3.0%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-11.2%

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	$2.2B	$1.3B	$447M	$718M	7.9%	0.8%	-15.3%
2024	$2.2B	$1.3B	$528M	$776M	8.8%	2.0%	-4.6%
2023	$2.1B	$1.3B	$553M	$796M	9.0%	6.4%	-13.3%
2022	$2.0B	$1.3B	$637M	$762M	10.6%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,019.87	2,148.47	2,191.02	2,209.13
Operating Revenue	-	2,019.87	2,148.47	2,191.02	2,209.13
Cost Of Revenue	-	1,332.16	1,400.99	1,477.75	1,534.88
Gross Profit	-	687.71	747.48	713.27	674.24
Operating Expense	-	58.83	58.58	56.52	54.81
Selling General And Administration	-	58.83	58.58	56.52	54.81
Total Expenses	-	1,390.99	1,459.57	1,534.26	1,589.69
Operating Income	-	628.88	688.90	656.75	619.44
EBITDA	-	1,345.74	1,285.94	1,299.81	1,267.31
Normalized EBITDA	-	1,130.17	1,285.94	1,244.81	1,195.25
EBIT	-	801.74	720.08	713.41	644.34
Interest Expense	-	154.75	149.23	168.54	185.26
Net Interest Income	-	-154.75	-149.23	-168.54	-185.26
Other Non Operating Income Expenses	-	-42.71	31.18	1.66	-47.16
Other Income Expense	-	172.86	31.18	56.66	24.90
Interest Expense Non Operating	-	154.75	149.23	168.54	185.26
Net Non Operating Interest Income Expense	-	-154.75	-149.23	-168.54	-185.26
Pretax Income	-	646.99	570.84	544.86	459.09
Tax Provision	-	-6.21	4.74	5.24	4.60
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	45.27	0	0.53	0.72
Net Income Continuous Operations	-	654.78	567.83	541.58	456.57
Net Income From Continuing And Discontinued Operation	-	637.44	552.81	527.54	446.91
Net Income From Continuing Operation Net Minority Interest	-	637.44	552.81	527.54	446.91
Net Income	-	637.44	552.81	527.54	446.91
Net Income Common Stockholders	-	633.31	548.89	523.78	442.98
Net Income Including Noncontrolling Interests	-	654.78	567.83	541.58	456.57
Normalized Income	-	467.13	552.81	473.07	375.56
Diluted NI Availto Com Stockholders	-	633.75	549.12	523.86	443.22
Basic Average Shares	-	115.34	116.52	116.78	116.95
Diluted Average Shares	-	115.58	116.64	116.78	117.15
Reconciled Depreciation	-	544	565.86	586.40	622.97
Reconciled Cost Of Revenue	-	1,332.16	1,400.99	1,477.75	1,534.88
Total Unusual Items	-	215.57	-0.01	55	72.07
Total Unusual Items Excluding Goodwill	-	215.57	-0.01	55	72.07
Preferred Stock Dividends	-	3.69	3.69	3.69	3.69
Minority Interests	-	-17.34	-15.02	-14.03	-9.66
Earnings From Equity Interest Net Of Tax	-	1.58	1.73	1.95	2.08
Gain On Sale Of Security	-	215.57	-0.01	55	72.07
General And Administrative Expense	-	58.83	58.58	56.52	54.81
Other Gand A	-	58.83	58.58	56.52	54.81
Otherunder Preferred Stock Dividend	-	0.44	0.22	0.08	0.24
Average Dilution Earnings	-	0.44	0.22	0.08	0.24

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Mid-America Apartment Communities, Inc.this co.	MAA	$16.3B	36.87	2.87	7.8%	17.12
Weyerhaeuser Company	WY	$17.8B	54.97	1.89	3.4%	22.02
Invitation Homes Inc.	INVH	$17.5B	29.84	1.84	6.2%	15.24
Host Hotels & Resorts, Inc.	HST	$17.0B	22.17	2.59	11.7%	11.82
Kimco Realty Corporation

Learn while you research

Hand-picked academy chapters to deepen your understanding of Mid-America Apartment 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 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.2B

$1.3B

$447M

$718M

7.9%

0.8%

-15.3%

2024

$2.2B

$1.3B

$528M

$776M

8.8%

2.0%

-4.6%

2023

$2.1B

$1.3B

$553M

$796M

9.0%

6.4%

-13.3%

2022

$2.0B

$1.3B

$637M

$762M

10.6%

Metric

2021

2022

2023

2024

2025

Total Revenue

2,019.87

2,148.47

2,191.02

2,209.13

Operating Revenue

2,019.87

2,148.47

2,191.02

2,209.13

Cost Of Revenue

1,332.16

1,400.99

1,477.75

1,534.88

Gross Profit

687.71

747.48

713.27

674.24

Operating Expense

58.83

58.58

56.52

54.81

Selling General And Administration

58.83

58.58

56.52

54.81

Total Expenses

1,390.99

1,459.57

1,534.26

1,589.69

Operating Income

628.88

688.90

656.75

619.44

EBITDA

1,345.74

1,285.94

1,299.81

1,267.31

Normalized EBITDA

1,130.17

1,285.94

1,244.81

1,195.25

EBIT

801.74

720.08

713.41

644.34

Interest Expense

154.75

149.23

168.54

185.26

Net Interest Income

-154.75

-149.23

-168.54

-185.26

Other Non Operating Income Expenses

-42.71

31.18

1.66

-47.16

Other Income Expense

172.86

31.18

56.66

24.90

Interest Expense Non Operating

154.75

149.23

168.54

185.26

Net Non Operating Interest Income Expense

-154.75

-149.23

-168.54

-185.26

Pretax Income

646.99

570.84

544.86

459.09

Tax Provision

-6.21

4.74

5.24

4.60

Tax Rate For Calcs

Tax Effect Of Unusual Items

45.27

0.53

0.72

Net Income Continuous Operations

654.78

567.83

541.58

456.57

Net Income From Continuing And Discontinued Operation

637.44

552.81

527.54

446.91

Net Income From Continuing Operation Net Minority Interest

637.44

552.81

527.54

446.91

Net Income

637.44

552.81

527.54

446.91

Net Income Common Stockholders

633.31

548.89

523.78

442.98

Net Income Including Noncontrolling Interests

654.78

567.83

541.58

456.57

Normalized Income

467.13

552.81

473.07

375.56

Diluted NI Availto Com Stockholders

633.75

549.12

523.86

443.22

Basic Average Shares

115.34

116.52

116.78

116.95

Diluted Average Shares

115.58

116.64

116.78

117.15

Reconciled Depreciation

544

565.86

586.40

622.97

Reconciled Cost Of Revenue

1,332.16

1,400.99

1,477.75

1,534.88

Total Unusual Items

215.57

-0.01

72.07

Total Unusual Items Excluding Goodwill

215.57

-0.01

72.07

Preferred Stock Dividends

3.69

Minority Interests

-17.34

-15.02

-14.03

-9.66

Earnings From Equity Interest Net Of Tax

1.58

1.73

1.95

2.08

Gain On Sale Of Security

215.57

-0.01

72.07

General And Administrative Expense

58.83

58.58

56.52

54.81

Other Gand A

58.83

58.58

56.52

54.81

Otherunder Preferred Stock Dividend

0.44

0.22

0.08

0.24

Average Dilution Earnings

0.44

0.22

0.08

0.24

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Mid-America Apartment Communities, Inc.this co.

MAA

$16.3B

36.87

2.87

7.8%

17.12

Weyerhaeuser Company

$17.8B

54.97

1.89

3.4%

22.02

Invitation Homes Inc.

INVH

$17.5B

29.84

1.84

6.2%

15.24

Host Hotels & Resorts, Inc.

HST

$17.0B

22.17

2.59

11.7%

11.82

Kimco Realty Corporation

Mid-America Apartment 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

Mid-America Apartment 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