Mid-America Apartment Communities, Inc. (MAA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.78	$1.04	+33.3%	—	$555.1M	—
Q1 26	$0.84	$1.06	+26.2%	—	$553.7M	—
Q4 25	$0.9	$0.92	+2.2%	—	$555.6M	—
Q3 25	$0.85	$0.85	0.0%	—	$554.4M	—
Q2 25	$0.85	$0.88	+3.5%	—	$549.9M	—
Q1 25	$0.87	$1.54	+77.0%	—	$549.3M	—
Q4 24	$1.01	$1.43	+41.6%	—	$549.8M	—
Q3 24	$0.92	$1.06	+15.2%	—	$551.1M	—
Q2 24	$0.99	$1.03	+4.0%	—	$546.4M	—
Q1 24	$1	$1.03	+3.0%	—	$543.6M	—
Q4 23	$1.08	$1.14	+5.6%	—	$542.2M	—
Q3 23	$1.12	$0.94	-16.1%	—	$542M	—
Q2 23	$1.1	$1.24	+12.7%	—	$535.1M	—
Q1 23	$1.1	$1.16	+5.5%	—	$529M	—
Q4 22	$1.17	$1.67	+42.7%	—	$528M	—
Q3 22	$1.11	$1.05	-5.4%	—	$520.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.79	—	—	$2.2B	—
FY24	—	$4.49	—	—	$2.2B	—
FY23	—	$4.71	—	—	$2.1B	—
FY22	—	$5.49	—	—	$2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	$1.5B	$1.6B	$1.6B	$1.7B	$1.8B	$2B	$2.1B	$2.2B	$2.2B
YoY change	+7.92%	+35.9%	+2.77%	+4.43%	+2.25%	+5.97%	+13.6%	+6.37%	+1.98%	+0.83%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	1.5B	1.6B	1.6B	1.7B	1.8B	2B	2.1B	2.2B	2.2B
Cost of revenue	780.4M	1.1B	1.1B	1.2B	1.2B	1.3B	1.3B	1.4B	1.5B	1.5B
Gross profit	344.9M	415M	439.4M	476.3M	474.4M	517.8M	687.7M	747.5M	713.3M	674.2M
Gross margin	30.7%	27.1%	28%	29%	28.3%	29.1%	34%	34.8%	32.6%	30.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	29M	40.2M	38.9M	43.8M	46.9M	52.9M	58.8M	58.6M	56.5M	54.8M
Operating expenses	58.8M	40.2M	38.9M	43.8M	46.9M	52.9M	58.8M	58.6M	56.5M	54.8M
Operating income	315.9M	374.8M	400.5M	432.5M	427.5M	464.9M	628.9M	688.9M	656.8M	619.4M
Operating margin	28.1%	24.5%	25.5%	26.4%	25.5%	26.1%	31.1%	32.1%	30%	28%
Non-operating income, net	39.9M	121.8M	4.9M	116M	5.9M	255.1M	172.9M	31.2M	56.7M	24.9M
Pretax income	225.9M	341.8M	231.8M	368.7M	265.8M	563.1M	647M	570.8M	544.9M	459.1M
Income tax	1.7M	2.6M	2.6M	3.7M	3.3M	13.6M	-6.2M	4.7M	5.2M	4.6M
Net income	224.4M	340.5M	231M	366.6M	264M	550.7M	654.8M	567.8M	541.6M	456.6M
Net margin	19.9%	22.3%	14.7%	22.3%	15.7%	31%	32.4%	26.4%	24.7%	20.7%
EBITDA	637.3M	883.7M	901M	953.3M	944M	1B	1.1B	1.3B	1.2B	1.2B
EPS	2.69	2.86	1.93	3.07	2.2	4.62	5.49	4.71	4.49	3.79
Diluted EPS	2.69	2.86	1.93	3.07	2.19	4.61	5.48	4.71	4.49	3.78

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	542M	542.2M	543.6M	546.4M	551.1M	549.8M	549.3M	549.9M	554.4M	555.6M	553.7M	555.1M
Cost of revenue	362.2M	350.1M	360.8M	368M	375.5M	373.4M	374.3M	385.7M	390.9M	384M	389.9M	399.2M
Gross profit	179.8M	192.1M	182.8M	178.4M	175.6M	176.5M	175M	—	—	—	—	155.9M
Gross margin	33.2%	35.4%	33.6%	32.7%	31.9%	32.1%	31.9%	—	—	—	—	28.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	13.5M	15.2M	17M	12.7M	12.7M	14.1M	15.6M	12.8M	12.5M	13.8M	16.7M	15.1M
Operating expenses	13.5M	15.2M	17M	12.7M	12.7M	14.1M	15.6M	12.8M	12.5M	13.8M	16.7M	15.1M
Operating income	166.3M	176.9M	165.8M	165.7M	162.8M	162.4M	159.4M	151.4M	151M	157.7M	147.1M	140.8M
Operating margin	30.7%	32.6%	30.5%	30.3%	29.5%	29.5%	29%	27.5%	27.2%	28.4%	26.6%	25.4%
Non-operating income, net	-16.6M	27.2M	23.5M	-19.3M	-1.7M	54.1M	72.7M	4.7M	-1.3M	-51.2M	36.2M	37.4M
Pretax income	113.1M	165.5M	148.9M	105.2M	118.4M	172.3M	187M	110.9M	103.4M	57.7M	131.9M	125M
Income tax	-209K	1.1M	1.8M	1M	670K	1.8M	1M	600K	1.8M	1.2M	5.5M	454K
Net income	113.7M	164.9M	147.6M	104.7M	118.2M	171.1M	186.4M	110.9M	102M	57.2M	126.6M	124.8M
Net margin	21%	30.4%	27.2%	19.2%	21.5%	31.1%	33.9%	20.2%	18.4%	10.3%	22.9%	22.5%
EBITDA	296.7M	345.1M	332.5M	291.7M	308.1M	312.5M	312.7M	309.8M	306.5M	266.2M	325.2M	305.6M
EPS	0.94	1.37	1.22	0.86	0.98	1.42	1.55	0.92	0.84	0.48	1.06	1.04
Diluted EPS	0.94	1.37	1.22	0.86	0.98	1.42	1.54	0.92	0.84	0.48	1.06	1.04

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.7B	—	10.9B	15B	14.5B	26.3B	18.1B	15.7B	18.1B	16.2B	14.1B
Enterprise value	12.6B	—	15.4B	19.4B	19B	30.8B	22.5B	20.2B	23B	21.6B	19.5B
Shares outstanding	78.5M	113.4M	113.6M	113.9M	114.2M	114.7M	115.3M	116.5M	116.8M	117M	117M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	34.3	—	47.1	40.9	54.8	47.8	27.7	27.6	33.3	35.6	34.5
P/S	6.83	—	6.92	9.15	8.62	14.8	8.96	7.29	8.24	7.35	6.35
P/B	1.16	—	1.7	2.38	2.37	4.26	2.92	2.49	2.94	2.78	2.52
EV/EBITDA	19.8	—	17.1	20.4	20.1	29.8	19.9	15.7	18.5	18.1	15.8
EV/Sales	11.2	—	9.78	11.9	11.3	17.3	11.1	9.4	10.5	9.78	8.81
Earnings yield	2.92%	—	2.12%	2.44%	1.83%	2.09%	3.62%	3.62%	3%	2.81%	2.9%
FCF yield	3.92%	—	4.41%	3.94%	4.14%	1.46%	3.26%	3.82%	4.3%	4.42%	6.52%
PEG	—	—	—	—	—	—	—	—	—	—	2.65

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.7%	27.1%	28%	29%	28.3%	29.1%	34%	34.8%	32.6%	30.5%	28.1%
Operating margin	28.1%	24.5%	25.5%	26.4%	25.5%	26.1%	31.1%	32.1%	30%	28%	25.4%
Net margin	19.9%	22.3%	14.7%	22.3%	15.7%	31%	32.4%	26.4%	24.7%	20.7%	18.2%
ROE	3.37%	5.17%	3.62%	5.82%	4.33%	8.91%	10.5%	9.01%	8.81%	7.82%	7.05%
ROA	1.93%	2.96%	2.04%	3.26%	2.36%	4.88%	5.82%	4.94%	4.58%	3.81%	3.13%
ROIC	2.7%	3.36%	3.64%	3.99%	3.97%	4.26%	5.92%	6.31%	5.85%	5.47%	5.19%
Return on tangible assets	1.95%	2.97%	2.04%	3.27%	2.36%	4.88%	5.82%	4.94%	4.58%	3.81%	3.42%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.27	0.12	0.05	0.13	0.05	0.22	0.11	0.05	0.08	0.09	0.05
Quick ratio	0.27	0.12	0.05	0.13	0.05	0.22	0.11	0.05	0.08	0.09	0.05
Debt / equity	0.75	0.68	0.71	0.71	0.75	0.73	0.72	0.73	0.81	0.93	1.02
Debt / assets	0.43	0.39	0.4	0.4	0.41	0.4	0.4	0.4	0.42	0.45	0.47
Net debt / EBITDA	7.78	5.08	4.99	4.65	4.81	4.32	3.9	3.52	3.99	4.49	4.69
Interest coverage	2.74	3.21	2.34	3.05	2.59	4.59	5.18	4.83	4.23	3.48	3.1
Effective tax rate	0.75%	0.77%	1.13%	1%	1.25%	2.42%	0%	0.83%	0.96%	1%	2.14%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.3	13.5	13.8	14.4	14.7	15.5	17.5	18.4	18.8	18.9	19
EPS (basic)	2.69	2.86	1.93	3.07	2.2	4.62	5.49	4.71	4.49	3.79	3.79
EPS (diluted)	2.69	2.86	1.93	3.07	2.19	4.61	5.48	4.71	4.49	3.78	3.42
Book value per share	84.7	58.1	56.2	55.4	53.5	53.9	53.8	54.1	52.6	49.9	46.8
FCF per share	3.83	2.79	4.22	5.19	5.24	3.34	5.12	5.13	6.64	6.14	5.55
Cash per share	0.43	0.09	0.3	0.18	0.22	0.47	0.34	0.35	0.37	0.52	0.45
Capex per share	—	—	—	—	—	—	—	—	—	3.08	3.15

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	16.3%	16.5%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	33.4%	36.2%
Payout ratio	110.8%	117.2%	183.3%	120.4%	174.6%	86.1%	83%	115.4%	127.5%	156.1%	178.1%
Dividend yield	3.23%	—	3.89%	2.94%	3.19%	1.8%	3%	4.18%	3.83%	4.39%	5.18%

Yield

5.18%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.53

ex-dividend Jul 15, 2026

Payout ratio

178%

of earnings

Dividend growth

15 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 15, 2026	$1.53
Apr 15, 2026	$1.53
Jan 15, 2026	$1.53

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$542M	$542.2M	$543.6M	$546.4M	$551.1M	$549.8M	$549.3M	$549.9M	$554.4M	$555.6M	$553.7M	$555.1M
YoY change	+4.08%	+2.71%	+2.76%	+2.11%	+1.68%	+1.4%	+1.04%	+0.63%	+0.59%	+1.04%	+0.81%	+0.95%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	33.5M	10.8M	34.3M	20.5M	25.2M	54.3M	38.7M	41.3M	43M	60.3M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	121.8M	94.2M	51.7M	70.5M	35.6M	130.6M	61.1M	55.1M	64.5M	120.4M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	86M	14.2M	7.8M	5.2M	2.6M	1.8M	—	—	—	—
Total assets	11.6B	11.5B	11.3B	11.2B	11.2B	11.3B	11.2B	11.5B	11.8B	12B
Accounts payable	12M	—	—	—	—	—	102M	94.5M	124.8M	108.2M
Short-term debt	490M	410M	540M	70M	172M	—	20M	495M	250M	676M
Total current liabilities	452.6M	815.6M	953.9M	542.3M	700.3M	584.4M	558M	1.1B	856.7M	1.3B
Long-term debt	4.5B	4.1B	4B	4.4B	4.4B	4.5B	4.4B	4.1B	4.8B	4.8B
Total liabilities	5B	4.9B	4.9B	4.9B	5.1B	5.1B	5B	5.2B	5.7B	6.1B
Shareholders' equity	6.7B	6.6B	6.4B	6.3B	6.1B	6.2B	6.2B	6.3B	6.1B	5.8B
Total debt	5B	4.5B	4.5B	4.5B	4.6B	4.5B	4.4B	4.6B	5B	5.4B
Net debt	5B	4.5B	4.5B	4.4B	4.5B	4.5B	4.4B	4.5B	5B	5.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	161.9M	41.3M	54.6M	62.8M	50.2M	43M	55.8M	54.5M	32.2M	60.3M	71.5M	51.8M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	175.3M	55.1M	68.1M	76.5M	79.4M	64.5M	69.5M	68.1M	45.9M	120.4M	111.9M	65M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	11.4B	11.5B	11.5B	11.6B	11.8B	11.8B	11.8B	11.8B	11.9B	12B	12B	12B
Accounts payable	—	94.5M	—	—	—	124.8M	—	—	—	108.2M	—	—
Short-term debt	—	495M	235M	316M	490M	250M	310M	315M	463M	676M	727.3M	664M
Total current liabilities	666.4M	1.1B	804.8M	972M	1.2B	856.7M	921.9M	1B	1.2B	1.3B	1.4B	1.4B
Long-term debt	4.4B	4.1B	4.4B	4.4B	4.4B	4.8B	4.7B	4.7B	4.7B	4.8B	4.9B	5B
Total liabilities	5.1B	5.2B	5.2B	5.4B	5.6B	5.7B	5.7B	5.7B	5.9B	6.1B	6.3B	6.4B
Shareholders' equity	6.3B	6.3B	6.3B	6.2B	6.2B	6.1B	6.2B	6.1B	6B	5.8B	5.7B	5.6B
Total debt	4.4B	4.6B	4.6B	4.7B	4.9B	5B	5B	5B	5.2B	5.4B	5.7B	5.7B
Net debt	4.2B	4.5B	4.6B	4.6B	4.8B	5B	5B	5B	5.2B	5.4B	5.6B	5.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	224.4M	340.5M	231M	366.6M	264M	550.7M	654.8M	567.8M	541.6M	456.6M
Depreciation & amortization	323.3M	494.5M	491M	497.8M	511.7M	534.4M	544M	565.9M	586.4M	623M
Stock-based compensation	11.5M	10.6M	12.4M	13.7M	14.3M	16.7M	18.8M	15.7M	15.8M	16.8M
Change in working capital	-14.1M	—	—	—	—	—	—	—	—	—
Operating cash flow	535.3M	835.8M	729.5M	883.8M	795M	1.1B	1.2B	1.2B	1.1B	1.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-360.2M
Investing cash flow	-548.7M	9.1M	-257.6M	-308.5M	-3.8M	10.2M	13.5M	-15.7M	27.3M	-366.4M
Dividends paid	-248.6M	-399M	-423.5M	-441.4M	-461M	-474.1M	-543.3M	-655.4M	-690.6M	-712.7M
Share repurchases	-2M	-4.8M	-2.9M	—	—	—	—	—	—	-27.2M
Financing cash flow	-77.7M	-1.4B	-1.9B	-1.6B	-629.1M	-546.4M	-722.8M	-367.9M	-271.1M	-370.7M
Net change in cash	-91.1M	-522.8M	-1.4B	-1.1B	162M	571.2M	514.3M	771.7M	894.7M	341M
Free cash flow	301M	316.9M	479.6M	591.2M	598.4M	383.7M	590.2M	597.8M	775.9M	717.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	113.7M	164.9M	147.6M	104.7M	118.2M	171.1M	186.4M	110.9M	102M	57.2M	126.6M	124.8M
Depreciation & amortization	146.9M	141.1M	143.3M	145.2M	146.9M	151.1M	152.5M	153.7M	156.8M	159.9M	162M	162.7M
Stock-based compensation	3.5M	3.4M	5.9M	3.4M	3.1M	3.4M	5.3M	3.5M	3.4M	4.7M	5.8M	3.7M
Change in working capital	—	—	—	—	—	—	—	—	—	—	-5.2M	3.1M
Operating cash flow	265.6M	310.7M	298.3M	254.8M	258.7M	326.8M	345.8M	353.4M	266.4M	261.7M	149.6M	332.9M
Capital expenditure	—	—	—	—	—	—	—	-88.9M	-95.6M	-103.1M	-58.4M	-109M
Investing cash flow	-1.9M	-8.9M	4.5M	3.4M	13.6M	-1M	-3.7M	-92.7M	-96.2M	-104.8M	-59.1M	-109.5M
Dividends paid	-164.3M	-164.3M	-172.5M	-172.7M	-172.7M	-172.7M	-178M	-178.1M	-178.3M	-178.3M	-179.8M	-179M
Share repurchases	—	—	—	—	—	—	—	—	—	—	-72.8M	-50M
Financing cash flow	-170.8M	-38.5M	-354.3M	-23.1M	-5.2M	-67.5M	-122.5M	-177.9M	-34.2M	-8.9M	-16.2M	-199.6M
Net change in cash	92.9M	263.4M	-51.5M	235.1M	267.1M	258.3M	219.6M	82.9M	135.9M	148M	74.3M	23.9M
Free cash flow	231.4M	-13.4M	148.2M	259.7M	215.5M	152.6M	124M	264.5M	170.8M	158.6M	91.3M	223.9M

Mid-America Apartment Communities, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement