M 
Mid-America Apartment Communities MAA · USD
Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
119.40
+0.40%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$2.21bn
FY2016FY2025
Net income
$446.9m
FY2016FY2025
Free cash flow
$717.9m
FY2016FY2025
Shareholders' equity
$5.68bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.21bn | $2.19bn | $2.15bn | $2.02bn | $1.78bn | $1.68bn | $1.64bn | $1.57bn | $1.53bn | $1.13bn |
| Gross profit | $703.1m | $713.3m | $747.5m | $687.7m | $517.8m | $474.4m | $476.3m | $439.4m | $415.0m | $344.9m |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $619.4m | $656.8m | $688.9m | $783.6m | $621.7m | $427.5m | $432.5m | $400.5m | $354.8m | $272.1m |
| Net income | $446.9m | $527.5m | $552.8m | $637.4m | $533.8m | $254.6m | $353.8m | $222.9m | $328.4m | $212.2m |
| Diluted earnings per share | 3.82 | 4.51 | 4.74 | 5.51 | 4.62 | 2.22 | 3.10 | 1.96 | 2.89 | 2.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $11.98bn | $11.81bn | $11.48bn | $11.24bn | $11.29bn | $11.19bn | $11.23bn | $11.32bn | $11.49bn | $11.60bn |
| Cash and short-term investments | $106.7m | $43.0m | $41.3m | $38.7m | $54.3m | $25.2m | $20.5m | $34.3m | $10.8m | $33.5m |
| Total liabilities | $6.14bn | $5.66bn | $5.19bn | $5.03bn | $5.10bn | $5.09bn | $4.93bn | $4.94bn | $4.91bn | $4.95bn |
| Debt | $5.41bn | $4.98bn | $4.54bn | $4.42bn | $4.52bn | $4.56bn | $4.46bn | $4.53bn | $4.50bn | $4.50bn |
| Shareholders' equity | $5.68bn | $5.96bn | $6.11bn | $6.21bn | $6.18bn | $6.10bn | $6.30bn | $6.38bn | $6.35bn | $6.65bn |
| Shares outstanding | 117m | 117m | 117m | 116m | 116m | 115m | 114m | 114m | 114m | 88m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.08bn | $1.10bn | $1.14bn | $1.06bn | $895.0m | $823.9m | $781.4m | $734.3m | $660.8m | $485.0m |
| Capital spending | −$360.2m | −$322.4m | −$341.2m | −$296.2m | −$279.6m | −$426.9m | −$190.2m | −$254.7m | −$343.9m | −$184.0m |
| Free cash flow | $717.9m | $775.9m | $796.0m | $762.3m | $615.3m | $397.0m | $591.2m | $479.6m | $316.9m | $301.0m |
| Dividends paid | −$712.7m | −$690.6m | −$655.4m | −$543.3m | −$474.1m | −$461.0m | −$441.4m | −$423.5m | −$399.0m | −$248.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $555.1m | $553.7m | $555.6m | $554.4m | $549.9m | $549.3m | $549.8m | $551.1m |
| Gross profit | $336.4m | $348.2m | $200.4m | $163.5m | $164.2m | $175.0m | $176.5m | $175.6m |
| Operating income | $140.8m | $147.1m | $107.1m | $151.0m | $151.4m | $204.6m | $206.6m | $162.9m |
| Net income | $121.8m | $124.4m | $57.6m | $99.5m | $108.1m | $181.7m | $166.6m | $115.2m |
| Diluted earnings per share | 1.05 | 1.07 | 0.49 | 0.85 | 0.92 | 1.55 | 1.43 | 0.99 |
| Cash from operations | $332.0m | $149.0m | $261.0m | $266.0m | $353.0m | $196.0m | $239.0m | $309.0m |
| Capital spending | −$108.0m | −$133.0m | −$103.0m | −$95.0m | −$88.0m | −$72.0m | −$86.0m | −$94.0m |
| Free cash flow | $224.0m | $16.0m | $158.0m | $171.0m | $265.0m | $124.0m | $153.0m | $215.0m |
| Total assets | $11.99bn | $11.99bn | $11.98bn | $11.93bn | $11.84bn | $11.81bn | $11.81bn | $11.76bn |
| Cash and short-term investments | $51.8m | $84.9m | $106.7m | $32.2m | $54.5m | $55.8m | $43.0m | $50.2m |
| Debt | $5.03bn | $6.69bn | $5.41bn | $5.20bn | $5.76bn | $5.04bn | $4.98bn | $4.88bn |
| Shareholders' equity | $5.43bn | $5.56bn | $5.68bn | $5.84bn | $5.91bn | $5.97bn | $5.96bn | $5.97bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 31.8% | 32.6% | 34.8% | 34.0% | 29.1% | 28.3% | — | — |
| Operating margin | 28.0% | 30.0% | 32.1% | 38.8% | 35.0% | 25.5% | — | — |
| Net margin | 20.2% | 24.1% | 25.7% | 31.6% | 30.0% | 15.2% | — | — |
| Return on equity | 7.9% | 8.8% | 9.0% | 10.3% | 8.6% | 4.2% | — | — |
| Return on assets | 3.7% | 4.5% | 4.8% | 5.7% | 4.7% | 2.3% | — | — |
| Free cash flow yield | 10.4% | 10.3% | 10.7% | 9.9% | 8.6% | 9.2% | — | — |
| Revenue growth | 0.8% | 2.0% | 6.4% | 13.6% | 6.0% | 2.3% | — | — |
| Earnings growth | -15.3% | -4.6% | -13.3% | 19.4% | 109.6% | -28.0% | — | — |
| Current ratio | 0.16x | 0.08x | 0.05x | 0.10x | 0.22x | 0.07x | — | — |
| Debt to equity | 0.95x | 0.84x | 0.82x | 0.71x | 0.75x | 0.78x | — | — |
| Equity ratio | 47.5% | 50.5% | 53.2% | 55.2% | 54.8% | 54.5% | — | — |
| Interest coverage | 3.34x | 3.90x | 4.62x | 5.06x | 3.96x | 2.55x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.2% | -0.1% | -0.9% | -0.0% | -0.9% | -0.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.0% | 5.7% | 7.8% |
| Operating income | -7.5% | 7.7% | 7.9% |
| Net income | -11.2% | 11.9% | 3.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.2% | 33.3% | 32.0% | 30.8% |
| Operating margin | 29.0% | 32.1% | 31.6% | 29.3% |
| Net margin | 22.1% | 25.3% | 24.6% | 23.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 36.4 | 34.3 | 28.4 | 28.5 | 49.7 | 57.0 | 42.6 | 48.9 | 34.8 | 40.8 |
| Price to sales | 7.4 | 8.3 | 7.3 | 9.0 | 14.9 | 8.7 | 9.2 | 6.9 | 7.5 | 7.7 |
Market value over time
31 Oct 2016 to 29 Sept 2026, in USD
$6.96bn$13.75bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -10% | 12% | -13% | -29% | 75% | -4% | 34% | -2% | 2% | 8% |
Dividends and splits
Per share, in the currency the company pays
Paid for 32 years. Last went ex-dividend on 15 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.59 | 6.075 | 5.925 | 6.733 | 4.988 | 5.225 | 4.025 | 4.84 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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