Mid-America Apartment Communities, Inc. (MAA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+54.6%

$183.46

vs $118.65 price

Levered DCF

$125.10

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.3

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	36.65×	34.43×	28.55×	28.6×	49.66×	57.59×	43.95×	50.63×
P/B	2.86×	3.03×	2.56×	3.01×	4.39×	2.46×	2.56×	1.83×
P/S	7.36×	8.24×	7.29×	8.96×	14.8×	8.62×	9.48×	7.17×
EV / EBITDA	16.37×	17.71×	15.7×	16.73×	24.54×	20.11×	19.1×	17.59×
Gross margin	31.8%	32.6%	34.8%	34.0%	29.1%	28.3%	29.0%	28.0%
Operating margin	28.0%	30.0%	32.1%	31.1%	26.1%	25.5%	26.4%	25.5%
Net margin	20.2%	24.1%	25.7%	31.6%	30.0%	15.2%	21.6%	14.2%
Current ratio	0.16×	0.08×	0.05×	0.11×	0.22×	0.05×	0.13×	0.05×
Debt / equity	0.95×	0.84×	0.75×	0.74×	0.75×	0.78×	0.73×	0.74×
Interest coverage	3.34×	3.9×	4.62×	4.06×	2.96×	2.55×	2.4×	2.31×
Dividend yield	4.4%	3.8%	4.2%	3.0%	1.8%	3.2%	2.8%	3.8%
Payout ratio	159.5%	130.9%	118.6%	85.2%	88.8%	181.1%	124.8%	190.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	8.8%	9.0%	10.6%	8.9%	4.3%	5.8%	3.6%
Return on invested capital	5.6%	5.8%	6.3%	5.9%	4.2%	4.0%	4.0%	3.6%
Return on assets	3.7%	4.5%	4.8%	5.7%	4.7%	2.3%	3.2%	2.0%
Free cash flow yield	4.4%	4.3%	5.1%	4.2%	1.5%	4.1%	3.8%	4.3%
Earnings yield	2.8%	2.9%	3.5%	3.5%	2.0%	1.8%	2.3%	2.0%
Enterprise value	$21.6B	$23B	$20.2B	$22.5B	$30.8B	$19B	$20B	$15.8B
Net debt / EBITDA	4.05×	3.82×	3.52×	3.27×	3.56×	4.8×	4.24×	5.01×
Cash conversion cycle (days)	0	-31	-25	-28	0	0	0	0