NYSE: MAA · Multi-Family Residential REITs
Mid-America Apartment Communities
Mid-America Apartment Communities (MAA), a REIT based in Germantown, Tennessee, owns, operates and develops apartment communities, mainly in the Southeast, Southwest and Mid-Atlantic. At the end of 2025 it owned and operated 293 communities across 16 states and D.C., with eight more under construction (2,522 units). 2025 property revenues were $2,209 million — almost all from same-store communities, whose revenue was flat — and average same-store occupancy was 95.6%. Net income fell to $447 million (EPS $3.78). MAA raised its dividend to an annual rate of $6.12 for 2026. It agreed to pay $53.0 million to settle class action claims that it and other large landlords used RealPage software to inflate rents, while suits by the District of Columbia and Kentucky continue.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 29, 2026 13:20 (SEC EDGAR) · Source 10-K filed: February 6, 2026
Built on10-K FY2025 · filed 2026-02-0610-Q (quarter ended 2026-09-30) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.41x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 31.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.59
Higher than 30% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 83% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$119.35close on 2026-11-04
Market cap$13.95B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 31.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 5.1%
At FY2025 year-end: 36.8x
Earnings: fiscal FY2025
At FY2025 year-end: 2.9x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 4.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Mar 31, 2026.
These figures are behind: a newer quarter was reported on Oct 28, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$549M → $554M (vs. a year earlier)↑ +0.8%$549M → $554M (vs. a year earlier)
- Net income$182M → $124M (vs. a year earlier)↓ −31.5%$182M → $124M (vs. a year earlier)
- Diluted EPS$1.54 → $1.06 (vs. a year earlier)↓ −31.2%$1.54 → $1.06 (vs. a year earlier)
- Cash$60M → $72M (vs. previous quarter-end)↑ +18.7%$60M → $72M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Key changes
Same Store blended lease rate growth 0.4%. Source sentence
During the third quarter of 2026, MAA's Same Store effective blended lease rate growth was 0.4%, a 10 basis point improvement over the same period in the prior year driven by an 80 basis point improvement in renewal lease pricing.
Resident turnover 39.6%. Source sentence
As of September 30, 2026, resident turnover in the Same Store Portfolio remained historically low at 39.6% with a record low level of move-outs associated with buying single-family homes of 10.1% for the quarter.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- MID AMERICA APARTMENT COMMUNITIES INC.
- Headquarters
- GERMANTOWN, TN
- Incorporated in
- Tennessee
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: MAA
- Industry
- Multi-Family Residential REITs
- CIK
- 912595
- Website
- https://www.maac.com/ ↗
- IR page
- https://ir.maac.com/ ↗
Workforce (as of FY2025 year-end)
Employees
2,507
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 35–38 days after quarter end (Feb 4, 2026; Feb 5, 2025; Feb 7, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 6, 2026 10-K (+37 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 5, 2025 (+36 days) | Feb 7, 2025 10-K (+38 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 7, 2024 (+38 days) | Feb 9, 2024 10-K (+40 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Apartments
Apartment communities
Apartment communities in the Southeast, Southwest and Mid-Atlantic regions.
Development
New communities
Eight communities under construction; five expected to complete in 2026.
Redevelopment
Unit renovations
Kitchen and bath upgrades yielding higher rents.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market-share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026
EPS $0.72 (vs $0.84); FFO $2.11 and Core FFO $2.10 per share (vs $2.16). MAA used forward-sale equity proceeds to redeem its Series I preferred stock.
Source: Q3 2026 earnings release; Form 10-Q (quarter ended 2026-09-30)
Development pipeline
Eight communities (2,522 units) under construction with $625.6M spent; five to complete in 2026.
Source: Form 10-K (FY2025)
Dividend
Expects to pay an annual rate of $6.12 per share in 2026.
Source: Form 10-K (FY2025)
RealPage settlement
Agreed to pay $53.0M to settle the RealPage class action; the court granted final approval and dismissed the claims against MAA with prejudice on October 15, 2026, though a state attorneys general appeal remains pending.
Source: Form 10-Q (quarter ended 2026-09-30)
Capex ÷ D&A (FY2025)
0.58x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$360M ÷ $623M = 0.58x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $226M in FY2020 to $360M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$2.21B
As reported in the 10-K
Revenue CAGR (5 years)
+5.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($2,209M ÷ $1,678M) ^ (1÷5) − 1 = 5.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
7.7%
6-year average: 8.3%
As reported in the 10-K
P/B (FY2025 end)
2.87x
formulafiscal year-end closing price ÷ book value per share
e.g.$138.91 ÷ $48.45 = 2.87x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.7% a year over 5 years (strong growth)
From $1.68B in FY2020 to $2.21B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 47.3% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 8.3% over 6 years (latest: 7.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Same Store communities
- Non-Same Store and Other (lease-up, development, acquisitions)
06 · what it draws on
Key resources
- 2,507 associates
- 293 apartment communities in 16 states and D.C.
- Development pipeline of 8 communities (2,522 units)
02 · why customers buy
Value propositions
- Apartment communities in the Southeast and Southwest.
04 · how it keeps them
Customer relationships
- Leases and renewals; residents can do business with MAA 24/7 online.
03 · how it reaches them
Channels
- Online leasing, virtual and self-guided tours, and on-site teams.
01 · who it serves
Customer segments
- Apartment residents
09 · where money goes
Cost structure
FY2025, share of revenue ($2.21B)
- Selling, general & administrative2.5%
Depreciation & amortization (inside the costs above): $623M. Capital spending: $360M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Same Store $2,077M (2025)
- Non-Same Store and Other $132M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Owns and manages apartment communities, collecting rent from residents, renovating units to raise rents, developing new communities, and paying out most taxable income as dividends.
01 what it draws on
Inputs & resources
- 2,507 associates
- 293 apartment communities in 16 states and D.C.
- Development pipeline of 8 communities (2,522 units)
02 what it does
Activities
- Same Store communities
- Non-Same Store and Other (lease-up, development, acquisitions)
03 who it serves
Customers
- Apartment residents
04 how money comes in
How it earns
- Same Store $2,077M (2025)
- Non-Same Store and Other $132M
How the business makes money
- Same Store average physical occupancy 95.6% in 2025.
- Renovated 5,995 units in 2025 for 7.0% rent premiums.
- 35 communities include retail components.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
MAA is a REIT subject to housing, zoning and tax laws.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
Zoning and building rules
Subject to zoning, building codes and other laws regulating housing.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Same Store
2,077.2 (94%)Non-Same Store and Other
132 (6%)
Source: Form 10-K (FY2025) Property revenues by segment; total $2,209M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Apartment residents.
Named by the company
No customer concentration.
Suppliers
Contractors and service providers.
Named by the company
No material supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says other apartments, condominiums and single-family homes compete for residents and other investors compete for properties, without naming them.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peer group from the 2026 proxy statement.
- American Homes 4 Rentsite ↗
- AvalonBay Communitiessite ↗
- Camden Property Trustsite ↗
- Equity LifeStyle Propertiessite ↗
- Equity Residentialsite ↗
- Essex Property Trustsite ↗
- Extra Space Storagesite ↗
- Invitation Homessite ↗
- Kimco Realtysite ↗
- Public Storagesite ↗
- Sun Communitiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,678 | 1,778 | 2,020 | 2,148 | 2,191 | 2,209 |
| Pretax income | 266 | 563 | 647 | 571 | 545 | 459 |
| Net income (attributable) | 255 | 534 | 637 | 553 | 528 | 447 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 6.0% | 13.6% | 6.4% | 2.0% | 0.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 15.2% | 30.0% | 31.6% | 25.7% | 24.1% | 20.2% |
| Balance sheet ($M) | ||||||
| Total assets | 11,195 | 11,285 | 11,241 | 11,485 | 11,812 | 11,975 |
| Total equity | 6,088 | 6,154 | 6,190 | 6,280 | 6,125 | 5,819 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 4,563 | 4,517 | 4,415 | 4,540 | 4,981 | 5,405 |
| Equity ratio | 52.4% | 52.9% | 53.4% | 53.1% | 50.3% | 47.3% |
| ROE | 4.3% | 9.0% | 10.7% | 9.1% | 8.8% | 7.7% |
| Cash flow ($M) | ||||||
| Operating CF | 824 | 895 | 1,058 | 1,137 | 1,098 | 1,078 |
| Investing CF | -485 | -254 | -405 | -775 | -825 | -690 |
| Financing CF | -374 | -546 | -723 | -368 | -271 | -371 |
| Free cash flowcalccash flow from operations − capital expenditures | 598 | 615 | 762 | 796 | 776 | 718 |
| Cash and equivalents | 25 | 54 | 39 | 41 | 43 | 60 |
| Per share & other | ||||||
| EPS ($) | 2.19 | 4.61 | 5.48 | 4.71 | 4.49 | 3.78 |
| BVPS ($) | 51.34 | 51.72 | 52.00 | 52.22 | 50.84 | 48.45 |
| Dividend per share ($) | 4.03 | 4.16 | 4.99 | 5.67 | 5.93 | 6.08 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 183.8% | 90.3% | 91.0% | 120.4% | 132.0% | 160.7% |
| P/E (x) | 57.9 | 49.8 | 28.7 | 28.6 | 34.4 | 36.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.47 | 4.44 | 3.02 | 2.57 | 3.04 | 2.87 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-03-31 | $554M+0.8% | $124M-31.5% | $1.06 |
| 2025-12-31 † | $556M+1.0% | $58M-65.5% | — |
| 2025-09-30 | $554M+0.6% | $100M-13.6% | $0.84 |
| 2025-06-30 | $550M+0.6% | $108M+6.1% | $0.92 |
| 2025-03-31 | $549M | $182M | $1.54 |
| 2024-12-31 † | $550M | $167M | — |
| 2024-09-30 | $551M | $115M | $0.98 |
| 2024-06-30 | $546M | $102M | $0.86 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.0% − 3.7%
Past FCF growth (FY2020–FY2025)
+3.7%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+5.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $718M (operating CF − capex); enterprise value $19.29B = market cap $13.95B (latest close, 2026-11-04) + debt $5.41B − cash and short-term investments $60M; r = WACC of 7.0% using this page’s default assumptions (β 0.59, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$19.4B
FCF $718M ÷ (7.0% − 3.3%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.0% | 6.0% | 7.0% | 8.0% | 9.0% |
|---|---|---|---|---|---|
| 0% | 0.74x | 0.62x | 0.53x | 0.47x | 0.41x |
| 2% | 1.24x | 0.93x | 0.74x | 0.62x | 0.53x |
| 4% | 3.72x | 1.86x | 1.24x | 0.93x | 0.74x |
| 6% | — | — | 3.72x | 1.86x | 1.24x |
| 8% | — | — | — | — | 3.72x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.19x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -5.3%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,078M ÷ $447M = 2.41x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 96.7%
- Directors & officers (shares)
- 0.6%
- Everyone else (est.)
- 2.7%
- Directors & officers (voting power)
- 0.6%
- Institutional-ownership rank
- 99 of 416
- Beta (adjusted)
- 0.59
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 24% of covered companies have more
above 1 = swings more than the market
- 112.6M shares reported by 774 13F filers ÷ 116.4M shares outstanding on 2026-04-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-06 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-04-27)
18
Strengths & weaknessesSite analysis
Strengths
1. High occupancy
Same Store occupancy averaged 95.6% in 2025.
Evidence: Form 10-K (FY2025)
2. Rising dividend
Dividends per share rose every year from $4.03 (2020) to $6.08 (2025); 2026 annual rate $6.12.
Evidence: Form 10-K (FY2025)
3. Moderate leverage
Debt of about $5.4B against $5.8B of equity.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Flat same-store revenue
Same Store revenue fell 0.1% in 2025.
Evidence: Form 10-K (FY2025)
2. Falling earnings
EPS fell from $5.48 (2022) to $3.78 (2025).
Evidence: Form 10-K (FY2025)
3. RealPage litigation
$53.0M class settlement plus pending government suits.
Evidence: Form 10-K (FY2025) — Note 11, Commitments and Contingencies
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
36.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.37%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
161%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.4%
(Operating CF − capex) ÷ market cap
1. Steady REIT income
High occupancy and a rising dividend.
- What has to hold
- Rent growth resumes as supply eases.
- The other side
- Supply overhang.
Evidence: Form 10-K (FY2025)
2. Development upside
New communities add future income.
- What has to hold
- Lease-ups succeed.
- The other side
- Construction and lease-up risk.
Evidence: Form 10-K (FY2025)
REITs do not report operating income in XBRL; capex shown is capital improvements.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$60M vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
1.0x
$718M vs. $709M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Stable cash flow
Operating cash flow stayed above $820M every year 2020–2025.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
MAA agreed to pay $53.0 million to settle class actions alleging large landlords used RealPage software to inflate rents; antitrust suits by the District of Columbia and Kentucky remain pending.
1 open matter · 1 settled or closed
District of Columbia and Kentucky suits
PendingAntitrustDistrict of Columbia; Commonwealth of Kentucky
Antitrust and other claims against RealPage and large apartment owners, including MAA. In September 2026 MAA resolved the D.C. case through a consent judgment, paying $1.2 million and accepting eight years of commitments on its use of revenue management software in the District; the Kentucky case remains.
Source: Form 10-Q (quarter ended 2026-09-30) — Commitments and Contingencies
RealPage rent-pricing class action
SettledAntitrustRenters v. RealPage et al.
Class claims that RealPage and large apartment owners, including MAA, conspired to inflate rents. MAA agreed to pay $53.0M; the settlement received final approval on October 15, 2026 and the claims against MAA were dismissed with prejudice, subject to a pending attorneys general appeal.
- Amounts
- $53.0 million
Source: Form 10-Q (quarter ended 2026-09-30) — Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note 11, Commitments and Contingencies, reviewed 2026-10-29. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
New apartment supply
- Company disclosure (summarized from the 10-K)
- Competition from new apartments, condos and single-family homes limits rent growth.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Rent-pricing antitrust suits
- Company disclosure (summarized from the 10-K)
- Suits by D.C. and Kentucky over RealPage revenue management software continue.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Higher rates raise borrowing costs and can lower property values.
- Company’s stated mitigation
- To achieve this objective, we manage our exposure to fluctuations in market interest rates for borrowings through the use of fixed rate debt instruments and from time to time interest rate swaps to effectively fix the interest rate on anticipated future debt transactions.
- This site’s assessment
- Impact Med / Likelihood High
- 4Disaster
Weather and climate
- Company disclosure (summarized from the 10-K)
- Severe weather and natural disasters can damage communities.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Costs & inflation
Operating costs
- Company disclosure (summarized from the 10-K)
- Property taxes, insurance and labor costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
A failure to keep pace with developments in technology could impair our operations or competitive position.
Our business continues and will continue to demand the use of sophisticated systems, software and technology, including artificial intelligence. Read more
These systems, software and technologies must be refined, updated and replaced on a regular basis in order for us to meet our business requirements, our residents’ demands and expectations, and regulatory requirements. If we are unable to do so on a timely basis or at a reasonable cost, or fail to do so, our business could suffer. Also, we may not achieve the benefits that we anticipate from any new system, software or technology, and a failure to do so could result in higher than anticipated costs or could adversely affect our results of operations.
No longer in the text (3)
• our ability to successfully complete the lease-up of properties in our lease-up portfolio and attain expected rental and occupancy rates due to social distancing or other restrictions that may frustrate our leasing activities, which, for example, led us to temporarily close property amenities and temporarily prohibit public access in our property leasing offices during the COVID-19 pandemic;
• our ability to continue our apartment unit redevelopment programs and attain increased rental rates for renovated or upgraded units due to social distancing or other restrictions, which, for example, caused us to temporarily suspend our apartment unit redevelopment activities during the COVID-19 pandemic;
• disruption and instability in the financial markets, which experienced significant volatility during the COVID-19 pandemic, or deteriorations in credit and financing conditions (or a refusal or failure of one or more lenders under our unsecured revolving credit facility to fund their respective financing commitment to us), which could affect our ability to access capital necessary to fund our business operations or refinance maturing debt on a timely basis, on attractive terms, or at all, which would adversely affect our ability to meet liquidity and capital expenditure requirements;
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 6, 2026 ↗ with the 10-K filed Feb 7, 2025 ↗.
24
What to watch going forwardSite analysis
- Same-store rent growth as new supply is absorbed.
- Development lease-ups.
- RealPage litigation.
- Dividend growth.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 29, 2026 13:20 (SEC EDGAR) · Source 10-K filed: February 6, 2026
Built on10-K FY2025 · filed 2026-02-06Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Mid-America Apartment Communities’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.