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 36.4x (a premium multiple) and a P/S of 6.4x. The price-to-book ratio of 2.6x 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation