MAA Real Estate

Mid-America Apartment Communities, Inc.

$117.34-0.85%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Real Estate
Industry: REIT - Residential
Country: United States
Market cap: 14.0B USD
Enterprise value: 19.5B USD
Full-time employees: 2,507

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.05 vs a peer median of 1.20) and more debt relative to equity (1.11× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.05 vs peers 1.20) and more debt vs equity (1.11× vs peers 0.80×)
About average: profitability and valuation

Ranks #467 of 632 real estate companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $48M vs $27M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.5% from December 2022 to July 2026.
Over three fiscal years Mid-America Apartment Communities recorded $48M of stock-based pay expense and spent $27M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Mid-America Apartment Communities recorded $48M of stock-based pay expense and spent $27M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.7B in 2020 to $2.2B in 2025.
Mid-America Apartment Communities's fiscal-year revenue rose in each of the five years to 2025, from $1.7B to $2.2B.
Profit is backed by cash. Free cash flow is 160% of reported profit.
Mid-America Apartment Communities's free cash flow is 160% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

40/ 100

Oct 5 40 → Nov 4 40

Valuation

Is the price right?

48/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 47 → 48

Share price -1.2%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ EBITDA yield
▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.0%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.49Sector median: 0.0535 · MAD: 0.0484

EBITDA yield6.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 0.50Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield4.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.40Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield39.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

33/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-28.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.29Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth1.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.29Sector median: 0.0378 · MAD: 0.0744

Revenue growth0.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.23Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

54/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin28.0%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.05Sector median: 0.2683 · MAD: 0.2257

Return on assets3.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.93Sector median: 0.0211 · MAD: 0.0134

Return on invested capital4.0%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 0.30Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin58.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity7.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 25 → 24

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.73

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.05Sector median: 0.7490 · MAD: 0.3270

Current ratio0.05×

Yahoo Finance fallback · SEC figure unavailable or out of dateOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.46Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.11×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.80Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Mid-America Apartment Communities

Is Mid-America Apartment Communities getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 40/100 since Oct 28, 2026.
How is Mid-America Apartment Communities valued vs its peers?: Priced about in line with its peers. Valuation scores 48/100 against 762 real estate peers. EBITDA yield 6.4% vs a peer median of 5.4% (stronger than 66% of peers).EBITDA yield 6.4% vs peers 5.4% (stronger than 66% of peers). Earnings yield 3.0% vs a peer median of 5.3% (weaker than 65% of peers).Earnings yield 3.0% vs peers 5.3% (weaker than 65% of peers).
Is Mid-America Apartment Communities growing?: More slowly than most of its peers. Growth scores 33/100 against 762 real estate peers. Earnings per share growth -28.8% vs a peer median of 11.2% (weaker than 77% of peers).Earnings per share growth -28.8% vs peers 11.2% (weaker than 77% of peers).
How profitable is Mid-America Apartment Communities?: About as profitable as its peers. Profitability scores 54/100 against 762 real estate peers. Return on assets 3.4% vs a peer median of 2.1% (stronger than 75% of peers).Return on assets 3.4% vs peers 2.1% (stronger than 75% of peers).
How risky is Mid-America Apartment Communities?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.05× vs a peer median of 1.20× (weaker than 100% of peers).Current ratio 0.05× vs peers 1.20× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.2B USD	2.2B USD	+0.2%
Net income (12 months)	389.6M USD	403.2M USD	+3.5%
Free cash flow (12 months)	685.2M USD	644.6M USD	−5.9%
Debt	6.0B USD	6.1B USD	+0.6%
Cash	71.5M USD	51.8M USD	−27.5%
Shares outstanding	116.4M	116.0M	−0.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Residential companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	29.8%	34.1%	25.1%	24.8%	22.9%	▼ 1.9 pts
Net margin	30.0%	31.6%	25.7%	24.1%	20.2%	▼ 3.8 pts
Return on assets (ROA)	4.7%	5.7%	4.8%	4.5%	3.7%	▼ 0.7 pts
Return on equity (ROE)	8.9%	10.6%	9.1%	8.9%	7.9%	▼ 1.0 pts
Free cash flow margin	34.6%	37.7%	37.0%	35.4%	32.5%	▼ 2.9 pts
Debt to equity	0.82×	0.80×	0.80×	0.90×	1.02×	▲ 13%
Interest coverage	3.37×	4.46×	3.62×	3.22×	2.73×	▼ 15%

MAA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.05 vs a peer median of 1.20) and more debt relative to equity (1.11× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.05 vs peers 1.20) and more debt vs equity (1.11× vs peers 0.80×)

About average: profitability and valuation

Ranks #467 of 632 real estate companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $48M vs $27M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.5% from December 2022 to July 2026.

Over three fiscal years Mid-America Apartment Communities recorded $48M of stock-based pay expense and spent $27M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Mid-America Apartment Communities recorded $48M of stock-based pay expense and spent $27M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.7B in 2020 to $2.2B in 2025.

Mid-America Apartment Communities's fiscal-year revenue rose in each of the five years to 2025, from $1.7B to $2.2B.

Profit is backed by cash. Free cash flow is 160% of reported profit.

Mid-America Apartment Communities's free cash flow is 160% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Mid-America Apartment Communities

Is Mid-America Apartment Communities getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 40/100 since Oct 28, 2026.

How is Mid-America Apartment Communities valued vs its peers?

Priced about in line with its peers. Valuation scores 48/100 against 762 real estate peers. EBITDA yield 6.4% vs a peer median of 5.4% (stronger than 66% of peers).EBITDA yield 6.4% vs peers 5.4% (stronger than 66% of peers). Earnings yield 3.0% vs a peer median of 5.3% (weaker than 65% of peers).Earnings yield 3.0% vs peers 5.3% (weaker than 65% of peers).

Is Mid-America Apartment Communities growing?

More slowly than most of its peers. Growth scores 33/100 against 762 real estate peers. Earnings per share growth -28.8% vs a peer median of 11.2% (weaker than 77% of peers).Earnings per share growth -28.8% vs peers 11.2% (weaker than 77% of peers).

How profitable is Mid-America Apartment Communities?

About as profitable as its peers. Profitability scores 54/100 against 762 real estate peers. Return on assets 3.4% vs a peer median of 2.1% (stronger than 75% of peers).Return on assets 3.4% vs peers 2.1% (stronger than 75% of peers).

How risky is Mid-America Apartment Communities?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.05× vs a peer median of 1.20× (weaker than 100% of peers).Current ratio 0.05× vs peers 1.20× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.2B USD

2.2B USD

+0.2%

Net income (12 months)

389.6M USD

403.2M USD

+3.5%

Free cash flow (12 months)

685.2M USD

644.6M USD

−5.9%

Debt

6.0B USD

6.1B USD

+0.6%

Cash

71.5M USD

51.8M USD

−27.5%

Shares outstanding

116.4M

116.0M

−0.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

29.8%

34.1%

25.1%

24.8%

22.9%

▼ 1.9 pts

Net margin

30.0%

31.6%

25.7%

24.1%

20.2%

▼ 3.8 pts

Return on assets (ROA)

4.7%

5.7%

4.8%

4.5%

3.7%

▼ 0.7 pts

Return on equity (ROE)

8.9%

10.6%

9.1%

8.9%

7.9%

▼ 1.0 pts

Free cash flow margin

34.6%

37.7%

37.0%

35.4%

32.5%

▼ 2.9 pts

Debt to equity

0.82×

0.80×

0.90×

1.02×

▲ 13%

Interest coverage

3.37×

4.46×

3.62×

3.22×

2.73×

▼ 15%