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AvalonBay Communities, Inc.(AVB)Earnings, Financials & Key Ratios
AVB•NYSE•REIT / Real Estate
24.0× P/E·Price updated Jun 19, 2026
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%
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 3.9%
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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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
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
Apr 27, 2026Metric
Actual
Est
EPS
$2.33+83.5%
$1.27
Rev
$705M-8.3%
$769M
Q1 2026
Feb 4, 2026Metric
Actual
Est
EPS
$1.17-4.9%
$1.23
Rev
$679M-11.3%
$766M
Q4 2025
Oct 29, 2025Metric
Actual
Est
EPS
$2.75-2.1%
$2.81
Rev
$765M-0.2%
$766M
Q3 2025
Jul 30, 2025Metric
Actual
Est
EPS
$2.82+0.7%
$2.80
Rev
$760M-0.8%
$766M
| 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 →
AVB Peer Comparison
AvalonBay Communities, Inc. (AVB) competitors in Diversified apartment REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 EQR | 24.01B | 64.09 | 22.02 | 4.06% | 30.56% | 8.4% | 0.77 | |
 ESS | 17.65B | 273.71 | 26.29 | 7.11% | 30.17% | 9.99% | 1.20 | |
 UDR | 12.24B | 37.56 | 33.24 | 2.42% | 28.6% | 12.37% | 1.49 | |
 CPT | 11.41B | 108.99 | 30.79 | 1.92% | 32.81% | 8.71% | 0.88 | |
 MAA | 15.42B | 132.50 | 35.05 | 0.83% | 18.19% | 6.81% | 0.93 | |
 NHI | 3.43B | 70.82 | 23.45 | 12.93% | 36.76% | 9.78% | 0.76 | |
 IRT | 3.73B | 15.82 | 65.92 | 2.76% | 7.27% | 1.35% | 0.64 | |
 NXRT | 684.45M | 26.97 | -21.40 | -3.24% | -12.67% | -10.13% | 5.18 |
Compare AVB vs Peers
AvalonBay Communities, Inc. (AVB) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
AVB Income Statement
AvalonBay Communities, Inc. (AVB) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | 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
| Metric | 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
| Metric | 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% |
Related:AVB Dividend History·AVB Revenue History·AVB Price History·AVB P/E History·AVB Financial Ratios·AVB Institutional Holders
AVB SEC Filings & Documents
AvalonBay Communities, Inc. (AVB) SEC filings — annual & quarterly reports (10-K, 10-Q)
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 3.94%. 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 3.94% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.