NYSE: MAA
Mid-America Apartment Communities
Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$14.2B
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| Period | Market cap |
|---|---|
| FY2012, ended Dec 31, 2012 | $2.74B |
| FY2017, ended Dec 31, 2017 | $11.4B |
| FY2018, ended Dec 31, 2018 | $10.9B |
| FY2019, ended Dec 31, 2019 | $15.1B |
| FY2020, ended Dec 31, 2020 | $14.5B |
| FY2021, ended Dec 31, 2021 | $26.5B |
| FY2022, ended Dec 31, 2022 | $18.3B |
| FY2023, ended Dec 31, 2023 | $15.7B |
| FY2024, ended Dec 31, 2024 | $18.1B |
| FY2025, ended Dec 31, 2025 | $16.2B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $14.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$2.21B
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| Period | Revenue |
|---|---|
| FY2012, ended Dec 31, 2012 | $497M |
| FY2017, ended Dec 31, 2017 | $1.53B |
| FY2018, ended Dec 31, 2018 | $1.57B |
| FY2019, ended Dec 31, 2019 | $1.64B |
| FY2020, ended Dec 31, 2020 | $1.68B |
| FY2021, ended Dec 31, 2021 | $1.78B |
| FY2022, ended Dec 31, 2022 | $2.02B |
| FY2023, ended Dec 31, 2023 | $2.15B |
| FY2024, ended Dec 31, 2024 | $2.19B |
| FY2025, ended Dec 31, 2025 | $2.21B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $2.21B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2012, ended Dec 31, 2012 | $105M | $164M |
| FY2017, ended Dec 31, 2017 | $328M | $317M |
| FY2018, ended Dec 31, 2018 | $223M | $480M |
| FY2019, ended Dec 31, 2019 | $354M | $591M |
| FY2020, ended Dec 31, 2020 | $255M | $598M |
| FY2021, ended Dec 31, 2021 | $534M | $615M |
| FY2022, ended Dec 31, 2022 | $637M | $762M |
| FY2023, ended Dec 31, 2023 | $553M | $796M |
| FY2024, ended Dec 31, 2024 | $528M | $776M |
| FY2025, ended Dec 31, 2025 | $447M | $718M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $390M | $685M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$71.5M
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| Period | Cash and cash equivalents |
|---|---|
| FY2012, ended Dec 31, 2012 | $9.07M |
| FY2017, ended Dec 31, 2017 | $10.8M |
| FY2018, ended Dec 31, 2018 | $34.3M |
| FY2019, ended Dec 31, 2019 | $20.5M |
| FY2020, ended Dec 31, 2020 | $25.2M |
| FY2021, ended Dec 31, 2021 | $54.3M |
| FY2022, ended Dec 31, 2022 | $38.7M |
| FY2023, ended Dec 31, 2023 | $41.3M |
| FY2024, ended Dec 31, 2024 | $43.0M |
| FY2025, ended Dec 31, 2025 | $60.3M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $71.5M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 175% since 2012.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.116M
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| Period | Shares outstanding |
|---|---|
| FY2012, ended Dec 31, 2012 | 42.4M |
| FY2017, ended Dec 31, 2017 | 114M |
| FY2018, ended Dec 31, 2018 | 114M |
| FY2019, ended Dec 31, 2019 | 114M |
| FY2020, ended Dec 31, 2020 | 114M |
| FY2021, ended Dec 31, 2021 | 115M |
| FY2022, ended Dec 31, 2022 | 117M |
| FY2023, ended Dec 31, 2023 | 117M |
| FY2024, ended Dec 31, 2024 | 117M |
| FY2025, ended Dec 31, 2025 | 117M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 116M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: $81.2M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2012, ended Dec 31, 2012 | $1.99M | $2.23M | $196M |
| FY2017, ended Dec 31, 2017 | — | $10.6M | — |
| FY2018, ended Dec 31, 2018 | — | $12.4M | — |
| FY2019, ended Dec 31, 2019 | — | $13.7M | — |
| FY2020, ended Dec 31, 2020 | — | $14.3M | — |
| FY2021, ended Dec 31, 2021 | — | $16.7M | $645K |
| FY2022, ended Dec 31, 2022 | — | $18.8M | $1.08M |
| FY2023, ended Dec 31, 2023 | $0 | $15.7M | $205M |
| FY2024, ended Dec 31, 2024 | $0 | $15.8M | $1.23M |
| FY2025, ended Dec 31, 2025 | $27.2M | $16.8M | $1.45M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $100M | $17.4M | $1.46M |
Revenue (TTM)
$2.21B
+0.8% YoY
Net income (TTM)
$390M
−31.1% YoY
Cash
$71.5M
+28.2% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $13.6B
- P/E
- 35.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.2×
- Price / Book
- 2.5×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $2.21B
- Revenue Growth YoY
- 0.8%
- Revenue CAGR 3Y
- 3.0%
- Revenue CAGR 5Y
- 5.7%
- EPS Growth YoY
- −31.4%
- Net Income Growth YoY
- −31.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 17.6%
- FCF Margin
- 31.0%
- Return on Equity
- 6.8%
Earnings
Trailing 12 months- Net Income
- $390M
- EPS (diluted)
- $3.30
- EBITDA
- $1.23B
- Operating Income
- —
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $71.5M
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $12.0B
- Total Liabilities
- $6.29B
- Shareholders' Equity
- $5.54B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.03B
- Capital Expenditure
- $346M
- Free Cash Flow
- $685M
Dividends and risk
Last 12 months- Dividend Yield
- 5.2%
- Dividend / Share
- $6.12
- Beta (5Y)
- 0.75
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $2.21B.
Note
Net margin of 17.6% over the last 12 months.
Strength
Turns 31.0% of revenue into free cash flow.
Note
Pays a 5.2% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K56Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 6, 2026 · Read the filing on EDGAR
- Revenue rose 0.8% to about $2.21 billion, all from new and acquired properties; established-property revenue slipped 0.1% as average rent fell 0.5%.
- Net income to common shareholders fell 15.4% to $443.2 million, largely because of $61.9 million of legal costs and settlements.
- MAA agreed to settle the RealPage rent-pricing class lawsuits, while Kentucky has joined the District of Columbia in suing.
- Debt rose to about $5.4 billion, funded through short-term commercial paper, and management expects fewer new apartment deliveries in 2026.
Business momentum
Mixed
“we achieved net income available for MAA common shareholders of $443.2 million, a 15.4% decrease as compared to the year ended December 31, 2024, and total revenue growth of $18.1 million”
Outlook
Positive
“We believe that we will continue to see a decline in new apartment deliveries in calendar year 2026.”
Financial stress
Low
“As of December 31, 2025, we had $879.2 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility.”
Tone against the previous report
About the same
Red flags
- Medium
Major lawsuit
“we recently entered into a settlement agreement to settle lawsuits filed by plaintiffs individually and on behalf of a purported class of plaintiffs alleging that RealPage, Inc.”
Positives
Apartment demand held up, with better occupancy and record low resident turnover
“Demand for apartments in our markets was solid during 2025, as evidenced by improving occupancy and blended pricing trends, solid traffic patterns and lead volumes along with record low resident turnover.”
New apartment supply is being absorbed steadily
“New supply deliveries, while still elevated by historical standards, continue to be absorbed in a steady manner as the demand for apartment housing remains solid.”
Larger credit line adds borrowing room
“In October 2025, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.5 billion with an option to expand to $2.0 billion.”
Concerns
Rents and revenue at established properties slipped
“The Same Store segment generated a 0.1% decrease in revenues for the year ended December 31, 2025, primarily the result of a decrease in average effective rent per unit of 0.5% as compared to the year ended December 31, 2024.”
Legal costs and settlements jumped and reduced profit
“The expense for the year ended December 31, 2025 was primarily driven by $61.9 million of legal costs and settlements”
Higher debt pushed up interest costs
“Interest expense for the year ended December 31, 2025 was $185.3 million, an increase of $16.7 million as compared to the year ended December 31, 2024.”
New risks since the previous report
New Kentucky antitrust lawsuit over rent pricing, adding to the District of Columbia case
“other lawsuits alleging violations of antitrust and other laws have been filed by the District of Columbia and the Commonwealth of Kentucky against RealPage”
Tariffs and immigration changes could raise building costs and delay developments
“such as the imposition of tariffs or changes in immigration laws or their enforcement, could result in higher building component costs, tighter overall labor conditions and a shortage of skilled tradespeople”
Artificial intelligence could make cyber attacks harder to detect and contain
“may also heighten our cybersecurity risks by making cyber attacks more difficult to detect, contain and mitigate”
Biggest risks named
- New apartment supply and weak economy limiting rents and occupancy
- Inflation raising personnel, utility, property tax and insurance costs
- Refinancing debt at elevated interest rates
- Remaining antitrust lawsuits and costs over rent-pricing software
- Rent control and other tenant-focused regulation
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −2.4 | |
| New risks | −1.5 | |
| Score | 56 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 6, 2026 | 56 | Mixed | 1 medium | |
| 10-K | Feb 7, 2025 | 61 | Mixed | None | |
| 10-K | Feb 9, 2024 | 54 | Mixed | None | |
| 10-K | Feb 14, 2023 | 67 | Strong improvement | 1 medium | |
| 10-K | Feb 17, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 18, 2021 | 51 | Mixed | None | |
| 10-K | Feb 20, 2020 | 74 | Strong improvement | None | |
| 10-K | Feb 21, 2019 | 57 | Mixed | 1 medium | |
| 10-K | Feb 23, 2018 | 73 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed Apr 30, 2026. View filings on SEC EDGAR