balance equationreview2026-03-31
Difference 18186000 exceeds tolerance 11994502.000. Presentation or filing-vintage differences need review.
Revenue
$553.72M
Fiscal year ended 2026-03-31Operating income
Unavailable
Fiscal year ended 2026-03-31Free cash flow
Unavailable
Fiscal year ended 2026-03-31Valuation, from the filing
| Public float | $11.90B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $101.80 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 26.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 5.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
26.6× earnings today, against a median of 25.9× across 9 years on record. In line with its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $11.90B | 26.6× | |
| 2024-06-28 | $11.00B | 20.9× | |
| 2023-06-30 | $10.70B | 19.4× | |
| 2022-06-30 | $14.00B | 22.0× | |
| 2021-06-30 | $13.80B | 25.9× | |
| 2020-06-30 | $9.10B | 35.7× | |
| 2019-12-31 | $9.20B | 26.0× | |
| 2018-06-29 | $8.08B | 36.2× | |
| 2017-06-30 | $8.31B | 25.3× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Real Estate Investment Trusts filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| SBC / revenue | 0.8% | 18th | |
| Net margin | 20.2% | 62th | |
| Revenue YoY growth | 0.8% | 39th | |
| Effective tax rate | 1.0% | 48th |
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) reported revenue of $553.72M and net income of $124.36M for the fiscal year ended 2026-03-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from MID AMERICA APARTMENT COMMUNITIES INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Real Estate Investment Trusts.
Income
| Metric | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $553.72M | $555.56M | $554.37M | $549.90M | $549.30M | $549.83M | $551.13M | $546.44M | $543.62M | $542.25M |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $124.36M | $57.57M | $99.54M | $108.13M | $181.67M | $166.65M | $115.20M | $101.95M | $143.75M | $160.48M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 116.74M | Unavailable | shares 117.16M | shares 117.16M | shares 117.09M | Unavailable | shares 116.82M | shares 116.78M | shares 116.78M | Unavailable |
| Pretax income | $131.87M | $57.74M | $103.42M | $110.94M | $186.98M | $172.28M | $118.45M | $105.21M | $148.92M | $165.50M |
| Income tax expense | $5.52M | $1.19M | $1.77M | $600.00K | $1.04M | $1.76M | $670.00K | $1.02M | $1.80M | $1.15M |
| Diluted EPS | $1.06 | Unavailable | $0.84 | $0.92 | $1.54 | Unavailable | $0.98 | $0.86 | $1.22 | Unavailable |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $16.72M | $13.85M | $12.52M | $12.81M | $15.62M | $14.07M | $12.73M | $12.67M | $17.04M | $15.25M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $71.53M | $60.26M | $32.25M | $54.48M | $55.78M | $43.02M | $50.23M | $62.83M | $54.60M | $41.31M |
| Total assets | $11.99B | $11.98B | $11.93B | $11.84B | $11.81B | $11.81B | $11.76B | $11.56B | $11.47B | $11.48B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $6.29B | $6.14B | $5.91B | $5.75B | $5.65B | $5.66B | $5.60B | $5.36B | $5.19B | $5.19B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $5.69B | $5.82B | $5.99B | $6.07B | $6.13B | $6.13B | $6.13B | $6.19B | $6.26B | $6.28B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $149.64M | $261.67M | $266.44M | $353.45M | $196.62M | $239.13M | $309.54M | $349.37M | $200.26M | $264.93M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$122.56M | -$197.52M | -$254.37M | -$176.92M | -$61.40M | -$173.91M | -$321.76M | -$236.82M | -$93.01M | -$346.72M |
| Financing cash flow | -$16.20M | -$36.10M | -$34.25M | -$177.87M | -$122.52M | -$72.52M | -$217.00K | -$104.13M | -$94.26M | -$38.46M |
| Net change in cash | $10.89M | $28.04M | -$22.18M | -$1.34M | $12.69M | -$7.30M | -$12.44M | $8.42M | $12.98M | -$120.25M |
| Stock-based compensation | $5.82M | $4.70M | $3.42M | $3.47M | $5.26M | $3.39M | $3.12M | $3.40M | $5.87M | $3.40M |
| Common dividends paid | $178.85M | $177.38M | $177.36M | $177.18M | $177.11M | $171.82M | $171.78M | $171.73M | $171.57M | $163.36M |
| Common share repurchases | $72.78M | Unavailable | Unavailable | Unavailable | $0 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $162.04M | $159.94M | $156.65M | $153.52M | $152.52M | $150.85M | $146.72M | $145.02M | $143.26M | $141.06M |
Derived
| Metric | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 1.1% | 0.8% | 0.6% | 0.6% | 1.0% | 0.6% | 0.6% | 0.6% | 1.1% | 0.6% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 0.8% | 1.0% | 0.6% | 0.6% | 1.0% | 1.4% | 1.7% | 2.1% | 2.8% | 2.7% |
| Net margin | 22.5% | 10.4% | 18.0% | 19.7% | 33.1% | 30.3% | 20.9% | 18.7% | 26.4% | 29.6% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 4.2% | 2.1% | 1.7% | 0.5% | 0.6% | 1.0% | 0.6% | 1.0% | 1.2% | 0.7% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open MAA in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-10-29View SEC filing
25-NSE · Filed 2026-10-01View SEC filing
10-Q · Filed 2026-04-30View SEC filing
10-K · Filed 2026-02-06View SEC filing
10-Q · Filed 2025-10-30View SEC filing
10-Q · Filed 2025-07-31View SEC filing
Reconciliation checks needing review
16 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
balance equationreview2025-12-31
Difference 20402000 exceeds tolerance 11975383.000. Presentation or filing-vintage differences need review.
balance equationreview2025-09-30
Difference 20223000 exceeds tolerance 11926585.000. Presentation or filing-vintage differences need review.
balance equationreview2025-06-30
Difference 21135000 exceeds tolerance 11835597.000. Presentation or filing-vintage differences need review.
balance equationreview2025-03-31
Difference 24425000 exceeds tolerance 11811957.000. Presentation or filing-vintage differences need review.
balance equationreview2024-12-31
Difference 22230000 exceeds tolerance 11812369.000. Presentation or filing-vintage differences need review.
balance equationreview2024-09-30
Difference 22518000 exceeds tolerance 11756252.000. Presentation or filing-vintage differences need review.
balance equationreview2024-06-30
Difference 19787000 exceeds tolerance 11562867.000. Presentation or filing-vintage differences need review.
balance equationreview2024-03-31
Difference 19089000 exceeds tolerance 11470732.000. Presentation or filing-vintage differences need review.
balance equationreview2023-12-31
Difference 19167000 exceeds tolerance 11484503.000. Presentation or filing-vintage differences need review.
balance equationreview2023-09-30
Difference 18033000 exceeds tolerance 11382322.000. Presentation or filing-vintage differences need review.
balance equationreview2023-06-30
Difference 20991000 exceeds tolerance 11391170.000. Presentation or filing-vintage differences need review.