Mid-America Apartment Communities, Inc. (MAA) Key Metrics
MAA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $13.92B
- Enterprise value
- $19.31B
- P/E (TTM)
- 34.1 10-yr median 36.4
- Forward P/E
- 33.6
- PEG ratio
- 7.03
- Price / sales
- 6.3 10-yr median 7.9
- Price / book
- 2.5 10-yr median 2.5
- EV / EBITDA
- 16.0 10-yr median 17.7
- Dividend yield
- 5.12% $6.12 a year
- Beta
- 0.73
MAA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMAA valuation Price multiples at each fiscal year-end price.
MAA returns How much profit the business earns on the capital it uses.
MAA per-share figures Results divided by the shares outstanding at year-end.
MAA financial health Debt, liquidity and how easily interest is covered.
MAA efficiency & capital use Working capital cycle and where the cash goes.
MAA valuation history
MAA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MAA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MAA cash returned to shareholders
MAA price vs earnings per share
MAA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $16.27B | $18.05B | $15.68B | $18.15B | $26.39B | $14.51B | $15.59B | $11.29B | $11.43B | $7.72B |
| Enterprise value | $21.57B | $23.01B | $20.21B | $22.54B | $30.98B | $19.22B | $20.09B | $15.85B | $15.92B | $12.67B |
| P/E ratio | 36.4 | 34.2 | 28.4 | 28.5 | 49.4 | 57.0 | 44.1 | 50.7 | 34.8 | 36.4 |
| Price / sales | 7.4 | 8.2 | 7.3 | 9.0 | 14.8 | 8.6 | 9.5 | 7.2 | 7.5 | 6.9 |
| Price / book | 2.9 | 3.0 | 2.6 | 2.9 | 4.3 | 2.4 | 2.5 | 1.8 | 1.8 | 1.2 |
| Price / free cash flow | 22.7 | 23.3 | 19.7 | 23.8 | 42.9 | 36.5 | 26.4 | 23.5 | 36.1 | 25.6 |
| Price / operating cash flow | 15.1 | 16.4 | 13.8 | 17.1 | 29.5 | 17.6 | 19.9 | 15.4 | 17.3 | 15.9 |
| EV / sales | 9.8 | 10.5 | 9.4 | 11.2 | 17.4 | 11.5 | 12.2 | 10.1 | 10.4 | 11.3 |
| EV / EBITDA | 16.4 | 17.7 | 15.7 | 16.8 | 24.7 | 20.3 | 19.2 | 17.7 | 16.1 | 18.7 |
| EV / free cash flow | 30.0 | 29.7 | 25.4 | 29.6 | 50.3 | 48.4 | 34.0 | 33.0 | 50.2 | 42.1 |
| Earnings yield | 2.7% | 2.9% | 3.5% | 3.5% | 2.0% | 1.8% | 2.3% | 2.0% | 2.9% | 2.8% |
| Free cash flow yield | 4.4% | 4.3% | 5.1% | 4.2% | 2.3% | 2.7% | 3.8% | 4.2% | 2.8% | 3.9% |
| Dividend yield | 4.4% | 3.8% | 4.2% | 3.0% | 1.8% | 3.2% | 2.8% | 3.8% | 3.5% | 3.2% |
| Shareholder yield (dividends + buybacks) | 4.5% | 3.8% | 4.2% | 3.2% | 1.8% | 3.2% | 2.8% | 3.8% | 3.5% | 3.2% |
| Share price at fiscal year-end | $138.91 | $154.57 | $134.46 | $156.99 | $229.44 | $126.69 | $131.86 | $95.70 | $100.56 | $97.92 |
| Per share | ||||||||||
| Revenue per share | $18.86 | $18.76 | $18.42 | $17.48 | $15.46 | $14.65 | $13.88 | $13.32 | $13.45 | $14.28 |
| Earnings per share | $3.82 | $4.52 | $4.74 | $5.51 | $4.64 | $2.22 | $2.99 | $1.89 | $2.89 | $2.69 |
| Operating cash flow per share | $9.21 | $9.41 | $9.75 | $9.16 | $7.78 | $7.20 | $6.61 | $6.22 | $5.81 | $6.15 |
| Free cash flow per share | $6.13 | $6.64 | $6.82 | $6.60 | $5.35 | $3.47 | $5.00 | $4.07 | $2.79 | $3.82 |
| Cash per share | $0.91 | $0.37 | $0.35 | $0.33 | $0.47 | $0.22 | $0.17 | $0.29 | $0.09 | $0.43 |
| Book value per share | $48.53 | $51.08 | $52.41 | $53.73 | $53.76 | $53.31 | $53.33 | $54.09 | $55.86 | $84.42 |
| Tangible book value per share | $48.53 | $51.07 | $52.40 | $53.73 | $53.75 | $53.30 | $53.31 | $54.06 | $55.76 | $83.86 |
| Dividends per share | $6.09 | $5.91 | $5.62 | $4.70 | $4.12 | $4.03 | $3.73 | $3.59 | $3.51 | $3.15 |
| Capex per share | $3.08 | $2.76 | $2.93 | $2.56 | $2.43 | $3.73 | $1.61 | $2.16 | $3.02 | $2.33 |
| Debt per share | $46.15 | $42.88 | $39.16 | $38.37 | $40.35 | $41.35 | $38.28 | $38.93 | $39.60 | $63.32 |
| Shares outstanding | 117.1M | 116.8M | 116.6M | 115.6M | 115.0M | 114.5M | 118.2M | 118.0M | 113.7M | 78.8M |
| Change in shares outstanding | +0.3% | +0.1% | +0.9% | +0.5% | +0.5% | −3.1% | +0.2% | +3.8% | +44.3% | +4.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.7% | 8.7% | 9.0% | 10.3% | 8.7% | 4.1% | 5.6% | 3.5% | 5.1% | 4.3% |
| Return on invested capital (ROIC) | 5.6% | 6.0% | 6.4% | 5.9% | 4.2% | 3.9% | 3.9% | 3.6% | 3.1% | 3.0% |
| Return on assets (ROA) | 3.8% | 4.5% | 4.9% | 5.7% | 4.7% | 2.3% | 3.1% | 2.0% | 2.8% | 2.3% |
| Return on tangible assets | 3.7% | 4.5% | 4.8% | 5.7% | 4.7% | 2.3% | 3.2% | 2.0% | 2.9% | 1.8% |
| Free cash flow margin | 32.5% | 35.4% | 37.0% | 37.7% | 34.6% | 23.7% | 36.0% | 30.5% | 20.7% | 26.7% |
| Income quality (OCF / net income) | 2.41 | 2.08 | 2.06 | 1.66 | 1.68 | 3.24 | 2.21 | 3.29 | 2.01 | 2.29 |
| Financial health | ||||||||||
| Total debt | $5.41B | $5.01B | $4.57B | $4.43B | $4.64B | $4.73B | $4.52B | $4.59B | $4.50B | $4.99B |
| Cash & short-term investments | $106.7M | $43.0M | $41.3M | $38.7M | $54.3M | $25.2M | $20.5M | $34.3M | $10.8M | $33.5M |
| Net debt | $5.30B | $4.96B | $4.53B | $4.40B | $4.59B | $4.71B | $4.50B | $4.56B | $4.49B | $4.96B |
| Debt / equity | 0.95 | 0.84 | 0.75 | 0.71 | 0.75 | 0.78 | 0.72 | 0.72 | 0.71 | 0.75 |
| Debt / assets | 0.45 | 0.42 | 0.40 | 0.39 | 0.41 | 0.42 | 0.40 | 0.41 | 0.39 | 0.43 |
| Net debt / EBITDA | 4.02 | 3.82 | 3.52 | 3.27 | 3.66 | 4.98 | 4.30 | 5.09 | 4.53 | 7.30 |
| Current ratio | 0.16 | 0.08 | 0.05 | 0.10 | 0.22 | 0.07 | 0.15 | 0.12 | 0.12 | 0.29 |
| Quick ratio | 0.06 | −0.01 | −0.02 | −0.01 | 0.18 | −0.05 | 0.08 | −0.02 | 0.04 | 0.12 |
| Interest coverage | 3.3 | 3.9 | 4.6 | 4.1 | 3.0 | 2.6 | 2.4 | 2.3 | 2.3 | 2.1 |
| Working capital | −$610.0M | −$792.2M | −$1.01B | −$554.8M | −$453.8M | −$492.7M | −$401.7M | −$362.2M | −$721.4M | −$304.4M |
| Invested capital | $10.98B | $10.93B | $10.64B | $10.61B | $10.77B | $10.81B | $10.81B | $10.94B | $10.84B | $11.61B |
| Tangible asset value | $5.84B | $6.15B | $6.30B | $6.21B | $6.18B | $6.10B | $6.30B | $6.38B | $6.57B | $6.61B |
| Net current asset value | −$6.02B | −$5.60B | −$5.13B | −$4.97B | −$4.97B | −$5.06B | −$4.86B | −$4.89B | −$4.81B | −$4.83B |
| Graham number | $64.55 | $72.05 | $74.76 | $81.65 | $74.92 | $51.65 | $59.93 | $47.95 | $60.25 | $71.52 |
| Graham net-net per share | −$51.17 | −$47.83 | −$43.78 | −$42.91 | −$43.77 | −$43.98 | −$41.36 | −$41.35 | −$42.80 | −$61.97 |
| Capital allocation | ||||||||||
| Dividends paid | $712.7M | $690.6M | $655.4M | $543.3M | $474.1M | $461.0M | $441.4M | $423.5M | $399.0M | $248.6M |
| Share buybacks (net) | $27.2M | $0 | $0 | $43.1M | $645,000 | — | — | $2.9M | $4.8M | $2.0M |
| Dividend payout ratio | 159.5% | 130.9% | 118.6% | 85.2% | 88.8% | 181.1% | 124.8% | 190.0% | 121.5% | 117.1% |
| Dividends + buybacks / free cash flow | 103.1% | 89.0% | 82.3% | 76.9% | 77.2% | 116.1% | 74.7% | 88.9% | 127.4% | 83.2% |
| Capex / revenue | 16.3% | 14.7% | 15.9% | 14.7% | 15.7% | 25.4% | 11.6% | 16.2% | 22.5% | 16.3% |
| Capex / operating cash flow | 33.4% | 29.4% | 30.0% | 28.0% | 31.2% | 51.8% | 24.3% | 34.7% | 52.0% | 37.9% |
| Capex / depreciation | 0.58 | 0.55 | 0.60 | 0.54 | 0.52 | 0.83 | 0.38 | 0.52 | 0.70 | 0.57 |
| Stock-based compensation / revenue | 0.8% | 0.7% | 0.7% | 0.9% | 0.9% | 0.9% | 0.8% | 0.8% | 0.7% | 1.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 2.5% | 2.6% | 2.7% | 2.9% | 3.0% | 2.8% | 2.7% | 2.5% | 2.6% | 2.6% |
| Efficiency | ||||||||||
| Days of inventory on hand | 17.8 | 18.2 | 18.0 | 12.1 | 12.3 | 14.5 | 14.5 | 19.5 | 22.0 | 28.8 |
| Days payables outstanding | 28.2 | 27.1 | 25.6 | 94.0 | 97.1 | 6.7 | 58.3 | 132.1 | 68.4 | 4.9 |
| Payables turnover | 12.93 | 13.48 | 14.26 | 3.88 | 3.76 | 54.44 | 6.26 | 2.76 | 5.34 | 73.93 |
| Inventory turnover | 20.53 | 20.08 | 20.28 | 30.16 | 29.65 | 25.20 | 25.10 | 18.73 | 16.62 | 12.66 |
| Asset turnover | 0.19 | 0.19 | 0.19 | 0.18 | 0.16 | 0.15 | 0.15 | 0.14 | 0.13 | 0.12 |
| Average payables | $116.5M | $109.6M | $98.2M | $343.2M | $335.3M | $22.1M | $185.9M | $409.7M | $208.8M | $10.6M |
| Average inventory | $73.4M | $73.6M | $69.1M | $44.2M | $42.5M | $47.8M | $46.4M | $60.4M | $67.0M | $61.6M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.4% |
Computed from MAA's annual financial statements (latest annual report filed February 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MAA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Mid-America Apartment traded at 36.4 times earnings, against a 10-year median of 36.4. Based on the latest twelve months, the trailing P/E is 34.1 and the forward P/E is 33.6. Mid-America Apartment earned a return on equity of 7.7% and a return on invested capital of 5.6% in fiscal 2025. It ended the year with $5.4 billion of debt and $106.7 million in cash and short-term investments, net debt of $5.3 billion. It returned $739.9 million to shareholders: $712.7 million in dividends and $27.2 million in share buybacks, 103% of free cash flow. The share count rose 48.6% from 78.8M to 117.1M over 9 years.
See the MAA income statement, the MAA chart for price history, or the MAA stock overview for the latest quote and news.
MAA key metrics FAQ
What is Mid-America Apartment's P/E ratio?
Mid-America Apartment's trailing P/E ratio is 34.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 33.6. At the end of fiscal 2025 it was 36.4, compared with a 10-year median of 36.4.
What is Mid-America Apartment's EV/EBITDA?
Mid-America Apartment's enterprise value was 16.4 times EBITDA at the end of fiscal 2025 (enterprise value $21.6 billion, EBITDA $1.3 billion); the current EV/EBITDA is 16.0.
What is Mid-America Apartment's return on equity?
Mid-America Apartment's return on equity (ROE) was 7.7% in fiscal 2025: net income of $446.9 million on average shareholders' equity of $5.8 billion.
What is Mid-America Apartment's ROIC?
Mid-America Apartment's return on invested capital was 5.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Mid-America Apartment have?
Mid-America Apartment had total debt of $5.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.95 and $5.3 billion of net debt (4.02 times EBITDA).
What is Mid-America Apartment's dividend yield?
Mid-America Apartment's forward dividend yield is 5.12%. Mid-America Apartment paid $712.7 million in dividends in fiscal 2025 ($6.09 per share), a payout ratio of 159.5%.
Does Mid-America Apartment buy back its shares?
Yes. Mid-America Apartment spent $27.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.3% over the year, to 117.1M..
What is Mid-America Apartment's free cash flow yield?
Mid-America Apartment generated $717.9 million of free cash flow in fiscal 2025, a free cash flow yield of 4.4% on its market value at year-end ($16.3 billion).
What is Mid-America Apartment's current ratio?
Mid-America Apartment's current ratio was 0.16 at the end of fiscal 2025: current assets were 0.16 times current liabilities.