Mid-America Apartment Communities, Inc. (MAA) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Residential
EV/EBITDA
↓
16.50
↓-19% vs avg
5yr avg: 20.43
30Y Low9.0·High30.9
P/FCF
↓
21.09
↓-33% vs avg
5yr avg: 31.64
30Y Low8.5·High68.8
P/B Ratio
↓
2.61
↓-15% vs avg
5yr avg: 3.08
30Y Low0.7·High4.3
ROE
↓
7.5%
-15% vs avg
5yr avg: 8.7%
30Y Low3%·High12%
Debt/EBITDA
↓
4.35
+7% vs avg
5yr avg: 4.07
30Y Low3.6·High11.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MAA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Mid-America Apartment Communities, Inc. trades at 34.4x earnings, roughly in line with its 5-year average of 35.6x, sitting at the 36th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 43%. On a free-cash-flow basis, the stock trades at 21.1x P/FCF, 33% below the 5-year average of 31.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.1B | $16.3B | $18.1B | $15.7B | $18.1B | $26.4B | $14.5B | $15.6B | $11.3B | $11.4B | $7.7B |
| Enterprise Value | $20.5B | $21.6B | $23.0B | $20.2B | $22.6B | $30.9B | $19.0B | $20.0B | $15.8B | $15.9B | $12.7B |
| P/E Ratio → | 34.43 | 36.75 | 34.43 | 28.55 | 28.65 | 49.77 | 57.85 | 44.10 | 50.63 | 35.16 | 36.40 |
| P/S Ratio | 6.86 | 7.36 | 8.24 | 7.30 | 8.98 | 14.84 | 8.64 | 9.50 | 7.19 | 7.48 | 6.86 |
| P/B Ratio | 2.61 | 2.79 | 2.94 | 2.49 | 2.92 | 4.27 | 2.38 | 2.47 | 1.77 | 1.74 | 1.16 |
| P/FCF | 21.09 | 22.66 | 23.26 | 19.70 | 23.80 | 68.79 | 24.24 | 26.36 | 23.54 | 36.07 | 25.63 |
| P/OCF | 14.05 | 15.09 | 16.43 | 13.79 | 17.14 | 29.49 | 17.61 | 19.95 | 15.38 | 17.30 | 15.91 |
P/E links to full P/E history page with 30-year chart
MAA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Mid-America Apartment Communities, Inc.'s enterprise value stands at 16.5x EBITDA, 19% below its 5-year average of 20.4x. This is roughly in line with the Real Estate sector median of 16.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.78 | 10.50 | 9.41 | 11.16 | 17.35 | 11.35 | 12.20 | 10.05 | 10.41 | 11.26 |
| EV / EBITDA | 16.50 | 17.40 | 18.51 | 16.11 | 19.23 | 30.88 | 20.28 | 21.52 | 17.71 | 18.75 | 21.28 |
| EV / EBIT | 33.08 | 31.06 | 32.26 | 28.07 | 28.13 | 42.86 | 43.94 | 36.50 | 38.94 | 32.07 | 35.62 |
| EV / FCF | — | 30.10 | 29.66 | 25.39 | 29.58 | 80.42 | 31.82 | 33.86 | 32.91 | 50.25 | 42.10 |
MAA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Mid-America Apartment Communities, Inc. earns an operating margin of 28.0%, above the Real Estate sector average of 26.0%. Operating margins have compressed from 32.1% to 28.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 7.5% is modest. ROIC of 4.2% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.8% | 31.8% | 32.6% | 34.8% | 34.0% | 29.1% | 28.3% | 29.0% | 28.0% | 27.1% | 30.7% |
| Operating Margin | 28.0% | 28.0% | 30.0% | 32.1% | 31.1% | 26.1% | 25.5% | 26.4% | 25.5% | 23.2% | 24.2% |
| Net Profit Margin | 20.2% | 20.2% | 24.1% | 25.7% | 31.6% | 30.0% | 15.2% | 21.6% | 14.2% | 21.5% | 18.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | 8.5% | 8.8% | 10.3% | 8.7% | 4.1% | 5.6% | 3.4% | 5.0% | 4.3% |
| ROA | 3.8% | 3.8% | 4.5% | 4.9% | 5.7% | 4.7% | 2.3% | 3.1% | 2.0% | 2.8% | 2.3% |
| ROIC | 4.2% | 4.2% | 4.5% | 4.8% | 4.4% | 3.3% | 3.0% | 3.0% | 2.7% | 2.3% | 2.2% |
| ROCE | 5.6% | 5.6% | 6.1% | 6.5% | 5.9% | 4.4% | 4.0% | 4.1% | 3.8% | 3.3% | 3.1% |
MAA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Mid-America Apartment Communities, Inc. carries a Debt/EBITDA ratio of 4.4x, which is highly leveraged (45% below the sector average of 7.9x). Net debt stands at $5.3B ($5.4B total debt minus $60M cash). Interest coverage of 3.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 0.81 | 0.73 | 0.72 | 0.73 | 0.75 | 0.71 | 0.71 | 0.68 | 0.75 |
| Debt / EBITDA | 4.35 | 4.35 | 4.03 | 3.64 | 3.79 | 4.52 | 4.86 | 4.79 | 5.08 | 5.30 | 8.38 |
| Net Debt / Equity | — | 0.92 | 0.81 | 0.72 | 0.71 | 0.72 | 0.74 | 0.70 | 0.70 | 0.68 | 0.75 |
| Net Debt / EBITDA | 4.30 | 4.30 | 3.99 | 3.61 | 3.76 | 4.47 | 4.83 | 4.77 | 5.04 | 5.29 | 8.32 |
| Debt / FCF | — | 7.45 | 6.40 | 5.69 | 5.78 | 11.63 | 7.58 | 7.50 | 9.37 | 14.17 | 16.46 |
| Interest Coverage | 3.76 | 3.76 | 4.23 | 4.83 | 5.18 | 4.59 | 2.59 | 3.05 | 2.34 | 3.21 | 2.74 |
MAA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.16x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.05x to 0.16x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.16 | 0.16 | 0.08 | 0.05 | 0.11 | 0.22 | 0.05 | 0.13 | 0.05 | 0.12 | 0.27 |
| Quick Ratio | 0.16 | 0.16 | 0.08 | 0.05 | 0.11 | 0.22 | 0.05 | 0.13 | 0.05 | 0.12 | 0.27 |
| Cash Ratio | 0.15 | 0.15 | 0.05 | 0.04 | 0.07 | 0.09 | 0.04 | 0.04 | 0.04 | 0.01 | 0.07 |
| Asset Turnover | — | 0.18 | 0.19 | 0.19 | 0.18 | 0.16 | 0.15 | 0.15 | 0.14 | 0.13 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MAA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Mid-America Apartment Communities, Inc. returns 4.8% to shareholders annually — split between a 4.7% dividend yield and 0.2% buyback yield. The payout ratio exceeds 100% at 158.7%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 2.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 4.4% | 3.8% | 4.2% | 3.0% | 1.8% | 3.2% | 2.8% | 3.7% | 3.5% | 3.2% |
| Payout Ratio | 158.7% | 158.7% | 130.2% | 117.9% | 84.7% | 88.1% | 179.6% | 123.7% | 188.4% | 120.4% | 116.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.7% | 2.9% | 3.5% | 3.5% | 2.0% | 1.7% | 2.3% | 2.0% | 2.8% | 2.7% |
| FCF Yield | 4.7% | 4.4% | 4.3% | 5.1% | 4.2% | 1.5% | 4.1% | 3.8% | 4.2% | 2.8% | 3.9% |
| Buyback Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.8% | 4.5% | 3.8% | 4.2% | 3.0% | 1.8% | 3.2% | 2.8% | 3.7% | 3.5% | 3.2% |
| Shares Outstanding | — | $117M | $117M | $117M | $116M | $115M | $115M | $118M | $118M | $114M | $79M |
Peer Comparison
Compare MAA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MAAYou | $15B | 34.4 | 16.5 | 21.1 | 31.8% | 28.0% | 7.5% | 4.2% | 4.4 |
 EQR | $25B | 22.8 | 15.7 | 19.2 | 46.3% | 36.3% | 9.7% | 4.2% | 4.1 |
 AVB | $26B | 25.1 | 19.1 | 18.2 | 67.0% | 30.1% | 8.9% | 3.3% | 5.1 |
 CPT | $11B | 29.6 | 16.5 | 28.4 | 61.4% | 18.4% | 8.4% | 2.6% | 4.3 |
 UDR | $12B | 32.7 | 18.1 | 19.6 | 25.6% | 18.8% | 8.8% | 2.3% | 6.2 |
 ESS | $17B | 25.6 | 16.7 | 16.0 | 68.8% | 43.9% | 11.7% | 5.0% | 4.8 |
 NHI | $4B | 24.2 | 16.8 | 16.1 | 36.7% | 51.5% | 9.7% | 5.6% | 4.2 |
 IRT | $4B | 68.8 | 16.8 | 26.5 | -14.9% | 18.4% | 1.6% | 1.6% | 6.3 |
 NXRT | $748M | -23.4 | 18.5 | 9.0 | 84.3% | 11.1% | -8.9% | 1.1% | 12.6 |
 BRT | $272M | -21.9 | 20.2 | 25.1 | 0.2% | 11.4% | -6.3% | 1.3% | 13.6 |
 CBRE | $42B | 37.0 | 24.2 | 35.0 | 15.0% | 3.2% | 12.3% | 6.2% | 4.8 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMAA — Frequently Asked Questions
Quick answers to the most common questions about buying MAA stock.
What is Mid-America Apartment Communities, Inc.'s P/E ratio?
Mid-America Apartment Communities, Inc.'s current P/E ratio is 34.4x. The historical average is 54.0x. This places it at the 36th percentile of its historical range.
What is Mid-America Apartment Communities, Inc.'s EV/EBITDA?
Mid-America Apartment Communities, Inc.'s current EV/EBITDA is 16.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
What is Mid-America Apartment Communities, Inc.'s ROE?
Mid-America Apartment Communities, Inc.'s return on equity (ROE) is 7.5%. The historical average is 6.5%.
Is MAA stock overvalued?
Based on historical data, Mid-America Apartment Communities, Inc. is trading at a P/E of 34.4x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Mid-America Apartment Communities, Inc.'s dividend yield?
Mid-America Apartment Communities, Inc.'s current dividend yield is 4.65% with a payout ratio of 158.7%.
What are Mid-America Apartment Communities, Inc.'s profit margins?
Mid-America Apartment Communities, Inc. has 31.8% gross margin and 28.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Mid-America Apartment Communities, Inc. have?
Mid-America Apartment Communities, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.