Mid-America Apartment Communities, Inc.MAA
NYSE•Real Estate•REIT - Residential
Mid-America Apartment Communities, Inc. is a self-administered real estate investment trust (REIT) and member of S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. Mid-America Apartment Communities, Inc. was incorporated in 1977 in Tennessee and is based in Germantown, United States.
Mid-America Apartment Communiti (MAA) reported trailing twelve months revenue of $2.21B as of March 2026, a 0.8% increase year-over-year. Quarterly revenue reached $553.73M, reflecting continued top-line momentum.
Mid-America Apartment Communiti generated $389.60M in TTM net income, with quarterly EBITDA of $277.90M. The operating margin contracted from 33.9% to 20.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (20.9%) and net margin (22.5%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 33.1% a year ago, reflecting increased costs or interest expense.
MAA trades at a P/E of 39.8x (a premium multiple) and a P/S of 7.0x. The price-to-book ratio of 2.8x reflects a moderate premium to book value.
The company generated $91.28M in free cash flow over the trailing twelve months, a 26.4% decrease year-over-year, indicating cash generation ability. The balance sheet shows $11.99B in total assets with $5.30B in long-term debt against $5.54B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~23.6% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.7% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 7 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 28.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 1.7x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 21.5% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.