# Mid-America Apartment Communities (MAA.US)

Canonical: https://gigainvestors.com/s/MAA

Analysis as of: 2026-10-16T07:30:02.132Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $116.27 per share; close as of 2026-10-15.

Estimated value: low $75.70 per share, central $86.13 per share, high $100.01 per share. Buy at or below the central value $86.13 per share. Valuation as of 2026-10-16T07:30:02.132Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.23×

- FY2018: 0.25×

- FY2019: 0.26×

- FY2020: 0.25×

- FY2021: 0.26×

- FY2022: 0.31×

- FY2023: 0.32×

- FY2024: 0.30×

- FY2025: 0.28×

- LTM to Jun 2026: 0.27×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.1%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: -1.9 pp

- Typical gross margin (annual median): 29.9%

- Recent gross margin (lower of latest and 3-year median): 31.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.0%

- ROIC including acquisitions, ten-year median: 6.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.3%

- FY2017: 3.2%

- FY2018: 3.6%

- FY2019: 4.0%

- FY2020: 3.9%

- FY2021: 4.2%

- FY2022: 5.9%

- FY2023: 6.4%

- FY2024: 6.0%

- FY2025: 5.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.0B

- Net income, five-year total: $2.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.3 pp

- Working capital / revenue, change between three-year averages: -18.6 pp

- Working capital / revenue, final three-year average: -18.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.48×

- FY2022: 1.39×

- FY2023: 1.41×

- FY2024: 1.50×

- FY2025: 1.59×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.2% vs 6.0%

- Per-share earnings: 2.89 to 4.52 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.5%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: $5.1B

- Cumulative retained earnings: -$1.0B

- Diluted shares, 10-year annual growth: 4.5%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.7%

- Per-share value change: $1.63

- Per-share value, starting three-year median: $2.89

- Per-share value, ending three-year median: $4.52

- Buybacks concentrated in cheaper years (correlation): 0.89

- Average buyback yield: 0.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $79M

- Cumulative net income, 10 years: $4.1B

- ROIC, first three-year median: 3.2%

- ROIC, last three-year median: 6.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.40

- FY2017: $2.89

- FY2018: $1.96

- FY2019: $3.10

- FY2020: $2.22

- FY2021: $4.64

- FY2022: $5.51

- FY2023: $4.74

- FY2024: $4.52

- FY2025: $3.81

### accounting: pass

- Sloan accruals: -5.3%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.41×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: -2.9%

- FY2018: -4.5%

- FY2019: -3.8%

- FY2020: -5.1%

- FY2021: -3.2%

- FY2022: -3.7%

- FY2023: -5.1%

- FY2024: -4.8%

- FY2025: -5.3%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Dec 2021 · "Mid-America Apartment Q2 FFO Misses Estimates as Same-Store NOI Falls" (finance.yahoo.com, Jul 2026) · sales +0.4%

Story as of 2026-10-16T09:59:07.302Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

- 2025-08-07: New lease rents a drag on MAA in Q2 ([finance.yahoo.com](https://finance.yahoo.com/news/lease-rents-drag-maa-q2-155200194.html))

- 2026-07-30: Mid-America Apartment Q2 FFO Misses Estimates as Same-Store NOI Falls ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/mid-america-apartment-q2-ffo-164100451.html))

### Sales · FY2025–2026

sales +0.4%; source https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-20251231.htm; observed 2026-02-06.

- FY2017: $1.5B 

- FY2018: $1.6B 

- FY2019: $1.6B 

- FY2020: $1.7B 

- FY2021: $1.8B 

- FY2022: $2.0B 

- FY2023: $2.1B 

- FY2024: $2.2B 

- FY2025: $2.2B 

- FY2026: $2.2B 

### Gross margin · FY2025

gross margin 31.8%; source https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-20251231.htm; observed 2026-02-06.

- FY2016: 30.7% 

- FY2017: 27.1% 

- FY2018: 28.0% 

- FY2019: 29.0% 

- FY2020: 28.3% 

- FY2021: 29.1% 

- FY2022: 34.0% 

- FY2023: 34.8% 

- FY2024: 32.6% 

- FY2025: 31.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 2.2 billion.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2025-12-31 (filed 2026-02-06); FY2025: revenue 2209126000; grossProfit 703069000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 31.8% to 34.8% during 2023–25; it earns 4.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2023-12-31 (filed 2026-02-06); FY2023: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2024-12-31 (filed 2026-02-06); FY2024: grossProfit / revenue = 32.6%.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2025-12-31 (filed 2026-02-06); FY2025: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on capital observations [[2016,0.023270458084070748],[2017,0.03247275097263567],[2018,0.03619527176591265],[2019,0.03961404994065056],[2020,0.039040989634166676],[2021,0.04211285735077407],[2022,0.059290843878041566],[2023,0.0642114139110025],[2024,0.059517909406883014],[2025,0.05584178508198868]]; median 0.04086345364571232. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1.4% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2016-12-31 (filed 2026-02-06); FY2016: growth capex 0; upkeep 183977000; owner earnings 351528000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2017-12-31 (filed 2026-02-06); FY2017: growth capex 0; upkeep 343890000; owner earnings 479029000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2018-12-31 (filed 2026-02-06); FY2018: growth capex 0; upkeep 254715000; owner earnings 459179000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2019-12-31 (filed 2026-02-06); FY2019: growth capex 0; upkeep 190204000; owner earnings 661397000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2020-12-31 (filed 2026-02-06); FY2020: growth capex 0; upkeep 426941000; owner earnings 339361000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2021-12-31 (filed 2026-02-06); FY2021: growth capex 0; upkeep 279635000; owner earnings 788571000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2022-12-31 (filed 2026-02-06); FY2022: growth capex 0; upkeep 296176000; cash acquisitions 13849000; owner earnings 885264000. Growth capex plus acquisitions / owner earnings = 0.015643920909468815.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2023-12-31 (filed 2026-02-06); FY2023: growth capex 0; upkeep 341224000; cash acquisitions 16636000; owner earnings 777439000. Growth capex plus acquisitions / owner earnings = 0.021398463416422382.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2024-12-31 (filed 2026-02-06); FY2024: growth capex 0; upkeep 322372000; cash acquisitions 2874000; owner earnings 791573000. Growth capex plus acquisitions / owner earnings = 0.0036307453639778014.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2025-12-31 (filed 2026-02-06); FY2025: growth capex 0; upkeep 360238000; cash acquisitions 9850000; owner earnings 709303000. Growth capex plus acquisitions / owner earnings = 0.013886872041990517.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,248576000],[2017,398982000],[2018,423537000],[2019,441431000],[2020,461043000],[2021,474089000],[2022,543293000],[2023,655405000],[2024,690588000],[2025,712712000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MAA.US.json#2025-12-31 (filed 2026-02-06); FY2025: cash repurchases 27235000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MAA.US SharesStats.PercentInsiders = 0.46299999999999997 percentage points; cache date 2026-10-16.

### What could break it

"Our substantial indebtedness could adversely affect our financial condition and results of operations." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-20251231.htm (filed 2026-02-06); Our substantial indebtedness could adversely affect our financial condition and results of operations.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years; actual decline was 0.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Ten-year compound average after fade. Initial solved rate 0.05371840949503415. Price 116.27; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.116220159151194 → FY2025 6.054708106770011. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $92.75 per share

- 2016-11: $91.63 per share

- 2016-12: $97.92 per share

- 2017-01: $94.95 per share

- 2017-02: $102.73 per share

- 2017-03: $101.74 per share

- 2017-04: $99.21 per share

- 2017-05: $101.94 per share

- 2017-06: $105.38 per share

- 2017-07: $103.53 per share

- 2017-08: $106.46 per share

- 2017-09: $106.88 per share

- 2017-10: $102.35 per share

- 2017-11: $102.44 per share

- 2017-12: $100.56 per share

- 2018-01: $95.37 per share

- 2018-02: $85.82 per share

- 2018-03: $91.24 per share

- 2018-04: $91.46 per share

- 2018-05: $93.56 per share

- 2018-06: $100.67 per share

- 2018-07: $100.78 per share

- 2018-08: $103.56 per share

- 2018-09: $100.18 per share

- 2018-10: $97.71 per share

- 2018-11: $103.56 per share

- 2018-12: $95.70 per share

- 2019-01: $101.28 per share

- 2019-02: $103.58 per share

- 2019-03: $109.33 per share

- 2019-04: $109.41 per share

- 2019-05: $114.18 per share

- 2019-06: $117.76 per share

- 2019-07: $117.84 per share

- 2019-08: $126.68 per share

- 2019-09: $130.01 per share

- 2019-10: $138.99 per share

- 2019-11: $136.11 per share

- 2019-12: $131.86 per share

- 2020-01: $137.21 per share

- 2020-02: $129.26 per share

- 2020-03: $103.03 per share

- 2020-04: $111.92 per share

- 2020-05: $116.36 per share

- 2020-06: $114.67 per share

- 2020-07: $119.19 per share

- 2020-08: $117.12 per share

- 2020-09: $115.95 per share

- 2020-10: $116.63 per share

- 2020-11: $126.16 per share

- 2020-12: $126.69 per share

- 2021-01: $132.75 per share

- 2021-02: $134.73 per share

- 2021-03: $144.36 per share

- 2021-04: $157.33 per share

- 2021-05: $160.70 per share

- 2021-06: $168.42 per share

- 2021-07: $193.10 per share

- 2021-08: $192.37 per share

- 2021-09: $186.75 per share

- 2021-10: $204.21 per share

- 2021-11: $206.25 per share

- 2021-12: $229.44 per share

- 2022-01: $206.68 per share

- 2022-02: $204.61 per share

- 2022-03: $209.45 per share

- 2022-04: $196.68 per share

- 2022-05: $181.00 per share

- 2022-06: $174.67 per share

- 2022-07: $185.73 per share

- 2022-08: $165.67 per share

- 2022-09: $155.07 per share

- 2022-10: $157.45 per share

- 2022-11: $164.88 per share

- 2022-12: $156.99 per share

- 2023-01: $166.72 per share

- 2023-02: $160.10 per share

- 2023-03: $151.04 per share

- 2023-04: $153.80 per share

- 2023-05: $147.06 per share

- 2023-06: $151.86 per share

- 2023-07: $149.66 per share

- 2023-08: $145.23 per share

- 2023-09: $128.65 per share

- 2023-10: $118.15 per share

- 2023-11: $124.48 per share

- 2023-12: $134.46 per share

- 2024-01: $126.38 per share

- 2024-02: $125.68 per share

- 2024-03: $131.58 per share

- 2024-04: $130.00 per share

- 2024-05: $133.71 per share

- 2024-06: $142.61 per share

- 2024-07: $139.77 per share

- 2024-08: $162.37 per share

- 2024-09: $158.90 per share

- 2024-10: $151.34 per share

- 2024-11: $164.16 per share

- 2024-12: $154.57 per share

- 2025-01: $152.58 per share

- 2025-02: $168.12 per share

- 2025-03: $167.58 per share

- 2025-04: $159.65 per share

- 2025-05: $156.65 per share

- 2025-06: $148.01 per share

- 2025-07: $142.43 per share

- 2025-08: $145.82 per share

- 2025-09: $139.73 per share

- 2025-10: $128.23 per share

- 2025-11: $135.89 per share

- 2025-12: $138.91 per share

- 2026-01: $134.30 per share

- 2026-02: $133.86 per share

- 2026-03: $122.12 per share

- 2026-04: $129.18 per share

- 2026-05: $129.07 per share

- 2026-06: $138.94 per share

- 2026-07: $132.34 per share

- 2026-08: $128.85 per share

- 2026-09: $117.74 per share

- 2026-10: $116.27 per share

## Annual estimated value (USD per share)

- FY2016: low $53.36 per share, central $60.70 per share, high $70.47 per share

- FY2017: low $53.42 per share, central $60.79 per share, high $70.59 per share

- FY2018: low $47.29 per share, central $53.81 per share, high $62.49 per share

- FY2019: low $49.25 per share, central $56.04 per share, high $65.07 per share

- FY2020: low $50.04 per share, central $56.94 per share, high $66.12 per share

- FY2021: low $53.09 per share, central $60.39 per share, high $70.10 per share

- FY2022: low $76.99 per share, central $87.60 per share, high $101.73 per share

- FY2023: low $81.14 per share, central $92.33 per share, high $107.22 per share

- FY2024: low $74.21 per share, central $84.44 per share, high $98.06 per share

- FY2025: low $75.12 per share, central $85.40 per share, high $99.09 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:46.957Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-20251231.htm); period 2025-12-31, filed 2026-02-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.