Mid-America Apartment Communities, Inc. (MAA)
Juste valeurFondamental
56
Prix
$117.74
Capitalisation boursière
$13.99B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Mid-America Apartment Communities owns and operates apartment communities — it is a landlord, not a developer that sells what it builds. As of the end of 2025 it held an ownership interest in roughly 105,000 apartment units across 16 U.S. states and Washington, D.C., concentrated in the Sun Belt, the fast-growing southeastern and southwestern states where population and job growth have outpaced the rest of the country for years. It is organized as a real estate investment trust, which means it must distribute most of its taxable income to shareholders as dividends.
Comment l'entreprise gagne de l'argent
Revenue is monthly rent collected from residents across the owned communities, plus smaller fees for services like parking or pet deposits. Because leases typically run about a year, rent growth shows up gradually as leases turn over and are re-signed at prevailing market rates, rather than all at once; occupancy and the pace of rent increases on renewals and new leases are the two levers that move revenue most.
Avantage concurrentiel
Économies d'échelle · ÉtroitOwning roughly 105,000 units clustered in Sun Belt metro areas lets the company spread property management, maintenance and technology costs over a larger base than smaller local landlords, and gives it easier access to capital markets. It is not a durable advantage in the way a patent or network effect would be — any well-capitalized competitor can build or buy apartments in the same markets — but scale does give an ongoing cost edge in day-to-day operations.
Ce qui stimule la demande
Modérément cycliquePeople need housing regardless of the economic cycle, which makes apartment demand steadier than most businesses, but rent growth and occupancy still move with local job markets and, importantly, with how much new apartment supply competing developers deliver in the same submarkets at the same time. A wave of new construction can hold down rents even while the broader economy is healthy.
Principaux risques
- New supply in Sun Belt markets — The company notes that elevated levels of new apartment construction in several Sun Belt markets in recent years have increased competition and pressured pricing power for landlords, including itself.
- Competition from other housing types — Residents can choose competing apartment communities, single-family rental homes, manufactured housing or condominiums, and rival landlords can offer concessions or lower rents to win tenants away.
- Rent regulation and local law — Changes in rent control, building codes or environmental rules in the states and cities where the company operates could raise operating costs or limit its ability to raise rents.
Les arguments en faveur
Buyers point to population and job growth in the Sun Belt outpacing the rest of the country for years, to new apartment deliveries slowing after a construction wave, and to the company's scale advantage in operating costs as reasons occupancy and rent growth should improve from here.
Les arguments contre
Sellers worry that Sun Belt markets attracted so much new apartment construction that supply could keep outrunning demand for longer than expected, and that a REIT structure paying out most of its income leaves less cushion to absorb a period of soft rent growth without relying more on debt.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users
Camden is the closest match to MAA: a large apartment REIT concentrated in the same Sunbelt metros — Dallas, Austin, Houston, Atlanta and Charlotte — renting to the same middle-market residents and bidding for the same communities.
Independence Realty owns roughly 38,000 apartments in non-gateway Sunbelt cities such as Atlanta, Dallas, Nashville and Raleigh, competing with MAA for the same renters in the same suburban submarkets.
UDR runs a mixed coastal and Sunbelt portfolio and overlaps with MAA directly in Dallas, Austin, Tampa, Orlando and Nashville, where the two lease to the same tenants.
Greystar, privately held, is the largest apartment owner-operator and manager in the United States and competes with MAA for the same Sunbelt residents and for the same development and acquisition deals.
Historically a coastal landlord, Equity Residential has pushed into Atlanta, Dallas/Fort Worth and Denver, putting it head to head with MAA for residents and for apartment portfolios in those metros.
AvalonBay is expanding its coastal portfolio into Sunbelt markets such as Charlotte, Raleigh, Dallas and Austin, where it builds and leases the same kind of apartment communities MAA owns.
Bilan & Liquidités
Chiffre d'affaires
$2.21B
12 derniers mois (au 31/03/2026)
Résultat net
$390M
12 derniers mois (au 31/03/2026)
Flux de trésorerie libre
-
Capitaux propres totaux
$5.66B
Passif total
$6.14B
Ratio de liquidité général
0.10
Couverture des intérêts
-
Dette/EBITDA
9.16
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$144.66
Prix actuel
$117.74
Marge de sécurité
+18.6%
Fourchette de juste valeur
$137.43 - $151.90
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
35.68
ROE
7.9%
Ratio P/B
2.47
P/FCF
-
Marge brute
-
ROIC
-
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
-
WACC
5.2%
ROIC − WACC
-
Critères d'analyse fondamentale
Réussi (10)
- EPS shows upward trend
- EPS CAGR 14.64%
- P/B Ratio 2.47
- Debt/Equity ratio
- Return on Tangible Assets
- Low reliance on intangibles
- Revenue Growth 5Y 5.7%
- Earnings Surprise avg 3.3%
- Earnings Quality (OCF/NI) 2.65
- Share Dilution 0.6%
Échoué (9)
- Price CAGR 1.86%
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 7.2%
- Analyst Consensus 39% Buy
- PEG Ratio 2.98
- Net Margin Trend 17.6% vs 25.7%
- Piotroski F-Score 4/9
Indisponible (9)
- ROIC NaN%
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Le nombre d'actions est stable
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. H. Eric Bolton Jr. | Executive Chairman | 68 |
| Mr. Adrian Bradley Hill C.F.A. | CEO, President & Director | 49 |
| Mr. A. Clay Holder | Executive VP & Chief Financial Officer | 48 |
| Mr. Robert J. DelPriore Esq., J.D. | Executive VP, Chief Administrative Officer & General Counsel | 56 |
| Mr. Timothy P. Argo CPA | Executive VP and Chief Strategy & Analysis Officer | 48 |
| Ms. Amber Fairbanks | Executive Vice President of Property Management | 44 |
| Mr. James Bart French | Executive Vice President of Investments | 55 |
| Mr. David Herring | Senior VP, Principal Accounting Officer & Chief Accounting Officer | 51 |
| Mr. Joseph P. Fracchia CPA | Executive VP and Chief Technology & Innovation Officer | 51 |
| Ms. Jennifer Patrick | Investor Relations Contact | - |
Risque d'audit
5
Risque du conseil
6
Risque de rémunération
1
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-06
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-30
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-09
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for MAA, sourced from Markets Gazette.