Latest Ratios: P/E Ratio 37.2x · EV/EBITDA 17.5x · ROE 7.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.4B | $16.3B | $18.1B | $15.7B | $18.1B | $26.4B | $14.5B | $15.6B | $11.3B | $11.4B | $7.7B |
| Enterprise Value | $21.7B | $21.6B | $23.0B | $20.2B | $22.6B | $30.9B | $19.0B | $20.0B | $15.8B | $15.9B | $12.7B |
| P/E Ratio → | 37.24 | 36.75 | 34.43 | 28.55 | 28.65 | 49.77 | 57.85 | 44.10 | 50.63 | 35.16 | 36.40 |
| P/S Ratio | 7.41 | 7.36 | 8.24 | 7.30 | 8.98 | 14.84 | 8.64 | 9.50 | 7.19 | 7.48 | 6.86 |
| P/B Ratio | 2.82 | 2.79 | 2.94 | 2.49 | 2.92 | 4.27 | 2.38 | 2.47 | 1.77 | 1.74 | 1.16 |
| P/FCF | 22.81 | 22.66 | 23.26 | 19.70 | 23.80 | 68.79 | 24.24 | 26.36 | 23.54 | 36.07 | 25.63 |
| P/OCF | 15.19 | 15.09 | 16.43 | 13.79 | 17.14 | 29.49 | 17.61 | 19.95 | 15.38 | 17.30 | 15.91 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.78 | 10.50 | 9.41 | 11.16 | 17.35 | 11.35 | 12.20 | 10.05 | 10.41 | 11.26 |
| EV / EBITDA | 17.49 | 17.40 | 18.51 | 16.11 | 19.23 | 30.88 | 20.28 | 21.52 | 17.71 | 18.75 | 21.28 |
| EV / EBIT | 35.07 | 31.06 | 32.26 | 28.07 | 28.13 | 42.86 | 43.94 | 36.50 | 38.94 | 32.07 | 35.62 |
| EV / FCF | — | 30.10 | 29.66 | 25.39 | 29.58 | 80.42 | 31.82 | 33.86 | 32.91 | 50.25 | 42.10 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.8% | 31.8% | 32.6% | 34.8% | 34.0% | 29.1% | 28.3% | 29.0% | 28.0% | 27.1% | 30.7% |
| Operating Margin | 28.0% | 28.0% | 30.0% | 32.1% | 31.1% | 26.1% | 25.5% | 26.4% | 25.5% | 23.2% | 24.2% |
| Net Profit Margin | 20.2% | 20.2% | 24.1% | 25.7% | 31.6% | 30.0% | 15.2% | 21.6% | 14.2% | 21.5% | 18.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | 8.5% | 8.8% | 10.3% | 8.7% | 4.1% | 5.6% | 3.4% | 5.0% | 4.3% |
| ROA | 3.8% | 3.8% | 4.5% | 4.9% | 5.7% | 4.7% | 2.3% | 3.1% | 2.0% | 2.8% | 2.3% |
| ROIC | 4.2% | 4.2% | 4.5% | 4.8% | 4.4% | 3.3% | 3.0% | 3.0% | 2.7% | 2.3% | 2.2% |
| ROCE | 5.6% | 5.6% | 6.1% | 6.5% | 5.9% | 4.4% | 4.0% | 4.1% | 3.8% | 3.3% | 3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 0.81 | 0.73 | 0.72 | 0.73 | 0.75 | 0.71 | 0.71 | 0.68 | 0.75 |
| Debt / EBITDA | 4.35 | 4.35 | 4.03 | 3.64 | 3.79 | 4.52 | 4.86 | 4.79 | 5.08 | 5.30 | 8.38 |
| Net Debt / Equity | — | 0.92 | 0.81 | 0.72 | 0.71 | 0.72 | 0.74 | 0.70 | 0.70 | 0.68 | 0.75 |
| Net Debt / EBITDA | 4.30 | 4.30 | 3.99 | 3.61 | 3.76 | 4.47 | 4.83 | 4.77 | 5.04 | 5.29 | 8.32 |
| Debt / FCF | — | 7.45 | 6.40 | 5.69 | 5.78 | 11.63 | 7.58 | 7.50 | 9.37 | 14.17 | 16.46 |
| Interest Coverage | 3.76 | 3.76 | 4.23 | 4.83 | 5.18 | 4.59 | 2.59 | 3.05 | 2.34 | 3.21 | 2.74 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.16 | 0.16 | 0.08 | 0.05 | 0.11 | 0.22 | 0.05 | 0.13 | 0.05 | 0.12 | 0.27 |
| Quick Ratio | 0.16 | 0.16 | 0.08 | 0.05 | 0.11 | 0.22 | 0.05 | 0.13 | 0.05 | 0.12 | 0.27 |
| Cash Ratio | 0.15 | 0.15 | 0.05 | 0.04 | 0.07 | 0.09 | 0.04 | 0.04 | 0.04 | 0.01 | 0.07 |
| Asset Turnover | — | 0.18 | 0.19 | 0.19 | 0.18 | 0.16 | 0.15 | 0.15 | 0.14 | 0.13 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 4.4% | 3.8% | 4.2% | 3.0% | 1.8% | 3.2% | 2.8% | 3.7% | 3.5% | 3.2% |
| Payout Ratio | 158.7% | 158.7% | 130.2% | 117.9% | 84.7% | 88.1% | 179.6% | 123.7% | 188.4% | 120.4% | 116.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.7% | 2.9% | 3.5% | 3.5% | 2.0% | 1.7% | 2.3% | 2.0% | 2.8% | 2.7% |
| FCF Yield | 4.4% | 4.4% | 4.3% | 5.1% | 4.2% | 1.5% | 4.1% | 3.8% | 4.2% | 2.8% | 3.9% |
| Buyback Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 4.5% | 3.8% | 4.2% | 3.0% | 1.8% | 3.2% | 2.8% | 3.7% | 3.5% | 3.2% |
| Shares Outstanding | — | $117M | $117M | $117M | $116M | $115M | $115M | $118M | $118M | $114M | $79M |
Sunbelt supply-demand imbalance
As reported in quarterly financial filings, MAA's NOI margin has experienced significant volatility, declining from 35.4% in 2023Q4 to 29.5% by 2025Q3, which underscores the difficulty of maintaining property-level profitability while facing rising insurance costs and increased competition from new supply in core Sunbelt markets.
The contraction in NOI margins suggests that the company's ability to pass through rising operating expenses to tenants is currently limited by market-wide supply pressures. Investors should monitor whether this margin compression is a temporary cyclical phenomenon or a structural shift in the cost of operating in high-growth Sunbelt corridors.
Based on the company's reported figures, the FFO payout ratio reached a concerning 81.6% in 2025Q4, indicating that a larger portion of recurring cash flow is being diverted to dividends, which leaves less room for reinvestment during periods of elevated capital expenditure and market-wide rent growth deceleration.
While the dividend remains supported, the upward trend in the payout ratio warrants caution regarding future distribution growth. The volatility in AFFO, which accounts for necessary maintenance capital, suggests that the true cash-flow buffer is thinner than headline FFO metrics might imply to the casual observer.
According to recent balance sheet data, MAA's debt-to-equity ratio has steadily climbed from 0.73 in 2023Q4 to 0.99 in 2026Q1, suggesting that the company is increasingly relying on debt financing to support its asset base as equity growth remains stagnant in the current high-interest rate environment.
This trend toward higher leverage may limit the company's financial flexibility if interest rates remain elevated for an extended period. While the balance sheet remains fundamentally sound, the consistent increase in debt relative to equity suggests a shift in capital structure that requires careful monitoring by long-term stakeholders.
As noted in industry research, the use of the standard P/E ratio for MAA is fundamentally misleading because it fails to account for the massive non-cash depreciation charges inherent in real estate, which significantly distort earnings and mask the company's actual cash-generating capacity from its residential portfolio.
Investors should prioritize FFO and AFFO multiples over P/E to better understand the true valuation of the company's recurring cash flows. Relying on P/E ignores the capital-intensive nature of property ownership and the necessity of adjusting for maintenance capex to arrive at a sustainable distributable cash figure.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MAA stock.
Mid-America Apartment Communities, Inc.'s current P/E ratio is 37.2x. The historical average is 54.0x. This places it at the 50th percentile of its historical range.
Mid-America Apartment Communities, Inc.'s current EV/EBITDA is 17.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Mid-America Apartment Communities, Inc.'s return on equity (ROE) is 7.5%. The historical average is 6.5%.
Based on historical data, Mid-America Apartment Communities, Inc. is trading at a P/E of 37.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mid-America Apartment Communities, Inc.'s current dividend yield is 4.30% with a payout ratio of 158.7%.
Mid-America Apartment Communities, Inc. has 31.8% gross margin and 28.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Mid-America Apartment Communities, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.