Latest Ratios: P/E Ratio 31.2x · EV/EBITDA 15.3x · ROE 7.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.7B | $16.3B | $18.1B | $15.7B | $18.1B | $26.4B | $14.5B | $15.6B | $11.3B | $11.4B | $7.7B |
| Enterprise Value | $19.1B | $21.6B | $23.0B | $20.2B | $22.6B | $30.9B | $19.0B | $20.0B | $15.8B | $15.9B | $12.7B |
| P/E Ratio → | 31.16 | 36.75 | 34.43 | 28.55 | 28.65 | 49.77 | 57.85 | 44.10 | 50.63 | 35.16 | 36.40 |
| P/S Ratio | 6.21 | 7.36 | 8.24 | 7.30 | 8.98 | 14.84 | 8.64 | 9.50 | 7.19 | 7.48 | 6.86 |
| P/B Ratio | 2.36 | 2.79 | 2.94 | 2.49 | 2.92 | 4.27 | 2.38 | 2.47 | 1.77 | 1.74 | 1.16 |
| P/FCF | 19.09 | 22.66 | 23.26 | 19.70 | 23.80 | 68.79 | 24.24 | 26.36 | 23.54 | 36.07 | 25.63 |
| P/OCF | 12.71 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 15.34 | 17.40 | 18.51 | 16.11 | 19.23 | 30.88 | 20.28 | 21.52 | 17.71 | 18.75 | 21.28 |
| EV / EBIT | 30.76 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 5.1% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 2.7% | 2.9% | 3.5% | 3.5% | 2.0% | 1.7% | 2.3% | 2.0% | 2.8% | 2.7% |
| FCF Yield | 5.2% | 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 | 5.3% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MAA stock.
Mid-America Apartment Communities, Inc.'s current P/E ratio is 31.2x. The historical average is 54.0x. This places it at the 32th percentile of its historical range.
Mid-America Apartment Communities, Inc.'s current EV/EBITDA is 15.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Mid-America Apartment Communities, Inc.'s return on equity (ROE) is 7.5%. The historical average is 6.5%.
Based on historical data, Mid-America Apartment Communities, Inc. is trading at a P/E of 31.2x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mid-America Apartment Communities, Inc.'s current dividend yield is 5.14% with a payout ratio of 158.7%.
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.
Mid-America Apartment Communities, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Sunbelt supply glut
Metrics are mathematically derived from official filings.
P/FFO Premium Reflects Supply Concerns
MAA's P/FFO of 48.2x in 2026Q2 sits well above peers like EQR (23.3x) and AVB (25.6x), suggesting investors are paying a premium for Sunbelt stability. According to recent SEC filings, this multiple may already price in a prolonged supply overhang.
The elevated P/FFO relative to coastal peers appears inconsistent with MAA's decelerating FFO growth, which turned negative in 2025Q4. This suggests the market is valuing MAA's defensive suburban positioning and potential consolidation upside, rather than near-term earnings momentum. Investors should monitor whether the premium compresses as supply pressures persist.
NOI Margin Volatility Masks Core Stability
NOI margin swung from 60.6% in 2026Q2 to 29.5% in 2025Q3, a 31-point swing that appears inconsistent with stable operations. As reported in financial statements, this volatility may reflect non-recurring items or accounting adjustments rather than true property-level deterioration.
The dramatic quarterly swings in NOI margin, from 60.6% to 29.5%, are unlikely to represent genuine operational shifts, given the stable occupancy and rent collection typical of residential REITs. This suggests the reported figures may be distorted by one-time gains or losses, such as property sales or impairment charges. Analysts should normalize for these items to assess the underlying profitability trend, which appears to be stable but under pressure from rising operating expenses.
Payout Ratio Creeps Higher on Capex
FFO payout ratio rose to 62.6% in 2026Q2 from 53.0% in 2025Q1, while AFFO payout likely exceeds 100% given the widening FFO-AFFO gap. Based on MAA's reported figures, dividend coverage is thinning as recurring capex escalates.
The FFO payout ratio remains below the 70% threshold often considered safe, but the gap between FFO and AFFO widened to $133.6M in 2026Q2, up from $72.6M a year earlier. This implies that AFFO, which accounts for maintenance capex, may not fully cover the dividend, suggesting the payout is partially funded by retained cash or external sources. Investors should monitor whether this trend continues, as it could signal a future dividend cut if cash flow deteriorates further.
Leverage Creeps Higher Amid Rate Pressure
Debt-to-equity rose to 1.02 in 2026Q2 from 0.74 in 2024Q1, while interest coverage fell to 3.35x from 4.69x. As per SEC filings, this indicates a gradual increase in financial leverage, though still within a manageable range.
MAA's leverage has increased steadily over the past two years, with debt-to-equity now above 1.0, and interest coverage declining to 3.35x, the lowest in the series. This trend appears driven by debt-funded development and rising interest rates, which could pressure distributable cash flow if rates remain elevated. However, the absolute leverage remains moderate compared to peers like UDR (D/E 1.49), and MAA's fixed-rate exposure likely mitigates near-term refinancing risk.
Occupancy and Capex Signal Quality Strain
Recurring capex, implied by the FFO-AFFO gap, rose to $133.6M in 2026Q2 from $72.6M a year earlier, as per financial statements, signaling increased maintenance and leasing costs. This may indicate portfolio quality pressures amid supply competition.
The sharp increase in recurring capex suggests MAA is spending more to maintain occupancy and unit quality, likely in response to the competitive leasing environment. This is consistent with the decelerating revenue growth and may indicate that the portfolio is facing higher turnover or concession costs. While occupancy remains high, the rising capex burden could erode NOI margins if not offset by rent growth.
P/E Misleads on Depreciation Distortion
MAA's P/E of 35.2x is misleading because it incorporates heavy non-cash depreciation, which overstates the earnings drag. As reported in financial statements, FFO per share of $2.45 in 2026Q2 is more than double net income per share, highlighting the need for FFO-based valuation.
Standard P/E ratios are inappropriate for REITs because depreciation charges reduce net income without affecting cash flow, making the multiple appear artificially high. For MAA, the P/E of 35.2x compares unfavorably to its P/FFO of 48.2x, but the latter is still elevated relative to peers. Investors should use P/FFO or P/AFFO to assess valuation, and also consider the implied cap rate (NOI/enterprise value) to gauge relative value against private market transactions.