AvalonBay Communities, Inc.(AVB)Earnings, Financials & Key Ratios

AVB•NYSE•REIT / Real Estate

$185.25

$25.77B mkt cap·25.1× P/E·Price updated May 6, 2026

SectorReal Estate IndustryResidential REITs Sub-IndustryDiversified apartment REITs

AboutAs of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment 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 markets consisting of Southeast Florida and Denver, Colorado (the Expansion Markets).Show more

Revenue$3.04B+4.3%
FFO$1.97B+1.9%
FFO/Share13.85+2.3%
FFO Payout50.48%+1.2%
FFO per Share13.85+2.3%
NOI Margin66.99%+6.1%
FFO Margin64.69%-2.3%
ROE8.85%-2.9%
ROA4.87%-6.1%
Debt/Assets42.04%+7.0%
Net Debt/EBITDA5.00+8.3%
Book Value/Share83.35-0.6%

Analysis→Technical→

AVB Key Insights

AvalonBay Communities, Inc. (AVB) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Sustainable FFO payout ratio of 50.5%
✓High NOI margin of 67.0%
✓Healthy dividend yield of 3.8%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

AVB Price & Volume

AvalonBay Communities, Inc. (AVB) stock price & volume — 10-year historical chart

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AVB Growth Metrics

AvalonBay Communities, Inc. (AVB) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years5.05%

5 Years5.72%

3 Years5.43%

TTM4.29%

Profit CAGR

10 Years3.56%

5 Years4.93%

3 Years-2.53%

TTM-2.72%

EPS CAGR

10 Years2.98%

5 Years4.68%

3 Years-3.05%

TTM-2.63%

Return on Capital

10 Years4.3%

5 Years4.13%

3 Years4.46%

Last Year4.38%

AVB Recent Earnings

AvalonBay Communities, Inc. (AVB) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 9/12 qtrs (75%)●Beat Revenue 3/12 qtrs (25%)

Q2 2026Latest

Apr 27, 2026

EPS

$2.33

Est $1.27

+83.5%

Revenue

$705M

Est $769M

-8.3%

Q1 2026

Feb 4, 2026

EPS

$1.17

Est $1.23

-4.9%

Revenue

$679M

Est $766M

-11.3%

Q4 2025

Oct 29, 2025

EPS

$2.75

Est $2.81

-2.1%

Revenue

$765M

Est $766M

-0.2%

Q3 2025

Jul 30, 2025

EPS

$2.82

Est $2.80

+0.7%

Revenue

$760M

Est $766M

-0.8%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 27, 2026	$2.33vs $1.27+83.5%	$705Mvs $769M-8.3%
Q1 2026	Feb 4, 2026	$1.17vs $1.23-4.9%	$679Mvs $766M-11.3%
Q4 2025	Oct 29, 2025	$2.75vs $2.81-2.1%	$765Mvs $766M-0.2%
Q3 2025	Jul 30, 2025	$2.82vs $2.80+0.7%	$760Mvs $766M-0.8%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
EQREquity ResidentialDirect Competitor	24.82B	66.25	22.77	4.06%	30.56%	8.4%	5.2%	0.77
ESSEssex Property Trust, Inc.Direct Competitor	17.2B	266.69	25.62	7.11%	30.17%	9.99%	6.25%	1.20
UDRUDR, Inc.Direct Competitor	12.04B	36.94	32.69	2.42%	28.6%	12.37%	5.1%	1.49
CPTCamden Property TrustDirect Competitor	10.97B	104.74	29.59	1.92%	32.81%	8.71%	3.52%	0.88
MAAMid-America Apartment Communities, Inc.Direct Competitor	15.14B	130.16	34.43	0.83%	18.19%	6.81%	4.74%	0.93
NHINational Health Investors, Inc.Product Competitor	3.54B	73.09	24.20	12.93%	36.81%	9.77%	6.22%	0.76
IRTIndependence Realty Trust, Inc.Product Competitor	3.89B	16.50	68.75	2.76%	7.27%	1.35%	3.77%	0.64
NXRTNexPoint Residential Trust, Inc.Product Competitor	748.15M	29.48	-23.40	-3.24%	-12.67%	-10.13%	11.17%	5.18

Compare AVB vs Peers

AvalonBay Communities, Inc. (AVB) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EQR

Most directly comparable listed peer for AVB.

Scale Benchmark

vs PLD

Larger-name benchmark to compare AVB against a more recognizable public peer.

Peer Set

Compare Top 5

vs EQR, ESS, UDR, CPT

AVB Income Statement

AvalonBay Communities, Inc. (AVB) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Revenue	2.16B	2.28B	2.32B	2.3B	2.29B	2.59B	2.77B	2.91B	3.04B
Revenue Growth %	5.54%	5.83%	1.75%	-1.01%	-0.28%	13.01%	6.73%	5.27%	4.29%
Property Operating Expenses	722.3M	766.56M	768.11M	823.1M	853.94M	919.11M	988.13M	1.07B	1B
Net Operating Income (NOI)	1.44B▲ 0%	1.52B▲ 5.7%	1.56B▲ 2.5%	1.48B▼ 5.0%	1.44B▼ 2.5%	1.67B▲ 16.2%	1.78B▲ 6.3%	1.84B▲ 3.4%	2.04B▲ 10.6%
NOI Margin %	66.54%	66.45%	66.96%	64.23%	62.79%	64.56%	64.3%	63.16%	66.99%
Operating Expenses	637.85M	691.57M	719.62M	767.67M	828.21M	889.04M	893.5M	924.55M	1.12B
G&A Expenses	53.7M	60.37M	58.04M	60.34M	69.61M	74.06M	76.53M	77.7M	86.68M
EBITDA	1.38B	1.46B	1.5B	1.42B	1.37B	1.6B	1.7B	1.76B	1.83B
EBITDA Margin %	64.05%	63.8%	64.46%	61.61%	59.76%	61.7%	61.54%	60.49%	60.13%
Depreciation & Amortization	584.15M	631.2M	661.58M	707.33M	758.6M	814.98M	816.97M	846.85M	913.38M
D&A / Revenue %	27.06%	27.63%	28.46%	30.74%	33.06%	31.42%	29.52%	29.06%	30.06%
Operating Income	798.48M▲ 0%	826.41M▲ 3.5%	836.9M▲ 1.3%	710.49M▼ 15.1%	612.7M▼ 13.8%	785.29M▲ 28.2%	886.28M▲ 12.9%	915.75M▲ 3.3%	913.86M▼ 0.2%
Operating Margin %	36.99%	36.17%	36%	30.87%	26.7%	30.28%	32.02%	31.43%	30.07%
Interest Expense	199.66M	220.97M	203.59M	214.15M	220.41M	230.07M	205.99M	226.59M	259.18M
Interest Coverage	5.39x	5.41x	4.93x	4.85x	5.58x	6.00x	5.56x	5.78x	5.07x
Non-Operating Income	-277.98M	-368.57M	-165.79M	-328.13M	-617.8M	-595.87M	-258.31M	-393.46M	-400.79M
Pretax Income	876.66M▲ 0%	974.17M▲ 11.1%	799.11M▼ 18.0%	824.46M▲ 3.2%	1.01B▲ 22.5%	1.15B▲ 14.0%	938.59M▼ 18.5%	1.08B▲ 15.3%	1.06B▼ 2.5%
Pretax Margin %	40.61%	42.64%	34.38%	35.83%	44.02%	44.38%	33.91%	37.16%	34.73%
Income Tax	141K	-160K	13M	-3.25M	5.73M	14.65M	10.15M	445K	-1.14M
Effective Tax Rate %	0.02%	-0.02%	1.63%	-0.39%	0.57%	1.27%	1.08%	0.04%	-0.11%
Net Income	876.92M▲ 0%	974.52M▲ 11.1%	785.97M▼ 19.3%	827.63M▲ 5.3%	1B▲ 21.3%	1.14B▲ 13.2%	928.83M▼ 18.3%	1.08B▲ 16.5%	1.05B▼ 2.7%
Net Margin %	40.62%	42.66%	33.81%	35.96%	43.76%	43.83%	33.56%	37.13%	34.64%
Net Income Growth %	-15.19%	11.13%	-19.35%	5.3%	21.35%	13.19%	-18.29%	16.49%	-2.72%
Funds From Operations (FFO)	1.46B▲ 0%	1.61B▲ 9.9%	1.45B▼ 9.9%	1.53B▲ 6.0%	1.76B▲ 14.8%	1.95B▲ 10.7%	1.75B▼ 10.6%	1.93B▲ 10.5%	1.97B▲ 1.9%
FFO Margin %	67.69%	70.29%	62.27%	66.7%	76.82%	75.26%	63.07%	66.2%	64.69%
FFO Growth %	-6.67%	9.9%	-9.85%	6.04%	14.85%	10.71%	-10.55%	10.49%	1.92%
FFO per Share	10.58	11.61	10.37	10.93	12.62	13.94	12.33	13.54	13.85
FFO Payout Ratio %	52.88%	50.15%	58%	57.54%	50.39%	45.58%	52.85%	49.87%	50.48%
EPS (Diluted)	6.35▲ 0%	7.05▲ 11.0%	5.63▼ 20.1%	5.88▲ 4.4%	7.17▲ 21.9%	8.11▲ 13.1%	6.56▼ 19.1%	7.60▲ 15.9%	7.39▼ 2.8%
EPS Growth %	-15.56%	11.02%	-20.14%	4.44%	21.94%	13.11%	-19.11%	15.85%	-2.76%
EPS (Basic)	6.36	7.05	5.64	5.89	7.19	8.13	6.57	7.61	7.40
Diluted Shares Outstanding	138.07M	138.29M	139.57M	140.44M	139.72M	139.98M	141.64M	142.46M	141.99M

AVB Balance Sheet

AvalonBay Communities, Inc. (AVB) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Assets	18.41B	18.38B	19.12B	19.2B	19.9B	20.46B	20.68B	21B	22.19B
Asset Growth %	3.06%	-0.19%	4.03%	0.41%	3.66%	2.79%	1.08%	1.56%	5.67%
Real Estate & Other Assets	18.02B	17.91B	18.67B	18.5B	18.96B	19.37B	19.79B	20.35B	165.85M
PP&E (Net)	17.65B	17.59B	124.96M	155.27M	146.6M	143.33M	134.67M	154.65M	20.81B
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets	234.59M	249.68M	161.84M	344.34M	577.54M	734.25M	530.96M	267.08M	187.23M
Cash & Equivalents	67.09M	91.66M	39.69M	216.98M	420.25M	613.19M	397.89M	108.58M	187.23M
Receivables	0	0	0	0	0	0	0	0	0
Other Current Assets	134.82M	126.2M	87.93M	96.56M	123.54M	84.24M	133.07M	158.5M	0
Intangible Assets	0	0	0	0	0	0	0	0	0
Total Liabilities	8.02B	7.74B	8.13B	8.44B	8.97B	9.2B	8.89B	9.06B	10.36B
Total Debt	7.33B	7.04B	7.44B	7.75B	8.27B	8.48B	8.14B	8.25B	9.33B
Net Debt	7.26B	6.95B	7.4B	7.53B	7.85B	7.87B	7.74B	8.14B	9.14B
Long-Term Debt	7.33B	7.04B	7.3B	7.56B	8.1B	8.32B	7.98B	8.08B	8.59B
Short-Term Borrowings	0	0	0	0	0	0	162K	0	739.61M
Capital Lease Obligations	0	0	140.47M	181.48M	166.5M	162.67M	153.23M	173.28M	0
Total Current Liabilities	632.78M	645.67M	629.09M	642.55M	635.72M	659.11M	694.55M	746.28M	739.61M
Accounts Payable	85.38M	96.98M	92.14M	93.61M	63.72M	72.8M	87.7M	85.95M	0
Deferred Revenue	58.47M	58.41M	61.75M	0	0	0	0	0	0
Other Liabilities	0	0	0	55.93M	59.79M	63.7M	63.81M	62.83M	0
Total Equity	10.39B▲ 0%	10.64B▲ 2.3%	10.99B▲ 3.4%	10.75B▼ 2.2%	10.94B▲ 1.7%	11.26B▲ 2.9%	11.78B▲ 4.7%	11.94B▲ 1.3%	11.83B▼ 0.9%
Equity Growth %	2.11%	2.33%	3.36%	-2.17%	1.69%	2.92%	4.7%	1.33%	-0.89%
Shareholders Equity	10.39B	10.63B	10.99B	10.75B	10.93B	11.25B	11.78B	11.94B	11.61B
Minority Interest	6.06M	3.24M	3.9M	3.27M	3.93M	2.76M	1.47M	0	222.98M
Common Stock	1.38M	1.39M	1.41M	1.4M	1.4M	1.4M	1.42M	1.42M	1.4M
Additional Paid-in Capital	10.24B	10.31B	10.74B	10.66B	10.72B	10.77B	11.29B	11.31B	11.21B
Retained Earnings	188.61M	350.78M	282.91M	126.02M	240.82M	485.22M	478.16M	591.25M	371.16M
Preferred Stock	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	4.83%	5.3%	4.19%	4.32%	5.14%	5.63%	4.52%	5.19%	4.87%
Return on Equity (ROE)	8.52%	9.27%	7.27%	7.61%	9.26%	10.24%	8.06%	9.12%	8.85%
Debt / Assets	39.8%	38.3%	38.89%	40.34%	41.55%	41.45%	39.34%	39.29%	42.04%
Debt / Equity	0.71x	0.66x	0.68x	0.72x	0.76x	0.75x	0.69x	0.69x	0.79x
Net Debt / EBITDA	5.25x	4.77x	4.94x	5.31x	5.72x	4.92x	4.54x	4.62x	5.00x
Book Value per Share	75.28	76.91	78.77	76.58	78.28	80.42	83.20	83.82	83.35

AVB Cash Flow Statement

AvalonBay Communities, Inc. (AVB) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	1.26B	1.3B	1.32B	1.22B	1.2B	1.42B	1.56B	1.61B	1.68B
Operating CF Growth %	9.86%	3.57%	1.59%	-7.73%	-1.35%	18.18%	9.71%	3.07%	4.4%
Operating CF / Revenue %	58.2%	56.95%	56.86%	53%	52.43%	54.83%	56.36%	55.18%	55.24%
Net Income	876.66M	974.17M	786.1M	827.71M	1B	1.14B	928.44M	1.08B	1.05B
Depreciation & Amortization	584.15M	631.2M	661.58M	707.33M	758.6M	814.98M	816.97M	846.85M	913.38M
Stock-Based Compensation	17.92M	20.28M	25.62M	21.6M	25.5M	33.86M	27.14M	25.37M	26.46M
Other Non-Cash Items	2.13M	10.14M	11.88M	18.6M	12.55M	-573.36M	-230.31M	-353.29M	-324.28M
Working Capital Changes	35.83M	20.25M	-10.5M	-25.46M	10M	10.01M	17.8M	6.76M	13.72M
Cash from Investing	-965.38M	-596.65M	-1.19B	-179.43M	-624.05M	-560.42M	-928.96M	-996.86M	-1.4B
Acquisitions (Net)	503.04M	-11.02M	-10.18M	-68K	-53.54M	-14.27M	-18.86M	-14.18M	0
Purchase of Investments	-1.48B	-1.49B	-1.48B	-880.25M	-1.48B	-1.5B	0	0	-1.96B
Sale of Investments	503.04M	936.45M	424.82M	825.23M	977.2M	1.06B	0	0	814.47M
Other Investing	-1.39B	-498.7M	15.79M	12.7M	86.82M	74.81M	-712.82M	-784.66M	6.31M
Cash from Financing	-418.95M	-688.5M	-218.19M	-854.26M	-348.86M	-671.06M	-834.36M	-874.9M	-192.73M
Dividends Paid	-773.12M	-805.24M	-839.65M	-883.21M	-888.34M	-889.61M	-922.66M	-961.91M	-992.33M
Common Dividends	-772.66M	-805.24M	-839.65M	-883.21M	-888.34M	-889.61M	-922.66M	-961.91M	-992.33M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Share Repurchases	0	0	0	-183.88M	0	0	-1.91M	0	-488.12M
Other Financing	110.52M	-15.8M	-40.75M	-34.45M	-19.32M	30.31M	-9.25M	-12.51M	-26.24M
Net Change in Cash	-128.07M▲ 0%	15.96M▲ 112.5%	-90.25M▼ 665.5%	185.92M▲ 306.0%	230.26M▲ 23.8%	190.46M▼ 17.3%	-203.28M▼ 206.7%	-263.88M▼ 29.8%	86.01M▲ 132.6%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0
Cash at Beginning	329.98M	201.91M	217.86M	127.61M	313.53M	543.79M	734.25M	530.96M	267.08M
Cash at End	201.91M	217.86M	127.61M	313.53M	543.79M	734.25M	530.96M	267.08M	353.08M
Free Cash Flow	1.18B▲ 0%	1.21B▲ 2.7%	1.18B▼ 2.7%	1.08B▼ 8.3%	1.05B▼ 3.0%	1.25B▲ 18.8%	1.36B▲ 9.3%	1.41B▲ 3.5%	1.41B▲ 0.3%
FCF Growth %	10.43%	2.7%	-2.74%	-8.33%	-3.02%	18.79%	9.26%	3.46%	0.27%
FCF / Revenue %	54.77%	53.15%	50.8%	47.04%	45.75%	48.09%	49.23%	48.39%	46.52%

AVB Key Ratios

AvalonBay Communities, Inc. (AVB) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	11.39	10.58	11.61	10.37	10.93	12.62	13.94	12.33	13.54	13.85
FFO Payout Ratio	46.42%	52.88%	50.15%	58%	57.54%	50.39%	45.58%	52.85%	49.87%	50.48%
NOI Margin	66.59%	66.54%	66.45%	66.96%	64.23%	62.79%	64.56%	64.3%	63.16%	66.99%
Net Debt / EBITDA	5.18x	5.25x	4.77x	4.94x	5.31x	5.72x	4.92x	4.54x	4.62x	5.00x
Debt / Assets	39.35%	39.8%	38.3%	38.89%	40.34%	41.55%	41.45%	39.34%	39.29%	42.04%
Interest Coverage	6.51x	5.39x	5.41x	4.93x	4.85x	5.58x	6.00x	5.56x	5.78x	5.07x
Book Value / Share	74.05	75.28	76.91	78.77	76.58	78.28	80.42	83.2	83.82	83.35
Revenue Growth	10.2%	5.54%	5.83%	1.75%	-1.01%	-0.28%	13.01%	6.73%	5.27%	4.29%

AVB SEC Filings & Documents

AvalonBay Communities, Inc. (AVB) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 28, 2026·SEC

Material company update

Feb 5, 2026·SEC

Material company update

Dec 1, 2025·SEC

10-K Annual Reports

FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Feb 23, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 8, 2025·SEC

AVB Frequently Asked Questions

AvalonBay Communities, Inc. (AVB) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

AvalonBay Communities, Inc. (AVB) reported $3.04B in revenue for fiscal year 2025. This represents a 3579% increase from $82.6M in 1996.

AvalonBay Communities, Inc. (AVB) grew revenue by 4.3% over the past year. Growth has been modest.

Yes, AvalonBay Communities, Inc. (AVB) is profitable, generating $1.05B in net income for fiscal year 2025 (34.6% net margin).

Dividend & Returns

Yes, AvalonBay Communities, Inc. (AVB) pays a dividend with a yield of 3.77%. This makes it attractive for income-focused investors.

AvalonBay Communities, Inc. (AVB) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Industry Metrics

AvalonBay Communities, Inc. (AVB) generated Funds From Operations (FFO) of $1.97B in the trailing twelve months. FFO is the primary profitability metric for REITs.

AvalonBay Communities, Inc. (AVB) offers a 3.77% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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AvalonBay Communities, Inc. (AVB) financial analysis — history, returns, DCA and operating performance tools

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AvalonBay Communities, Inc.(AVB)Earnings, Financials & Key Ratios

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