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Mid-America Apartment Communities, Inc. (MAA)

適正価値
Real EstateREIT - ResidentialUnited States

ファンダメンタル

56

株価

$117.74

時価総額

$13.99B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

競争優位性(moat)

規模の経済 · 狭い

Owning 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.

需要を左右する要因

中程度の景気循環性

People 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.

主なリスク

  • 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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

Camden Property TrustCPT

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 Trust, Inc.IRT

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, Inc.UDR

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 Real Estate Partners, LLCNot tracked

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.

Equity ResidentialEQR

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 Communities, Inc.AVB

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.

貸借対照表と流動性

売上高

$2.21B

直近12か月(2026/3/31まで)

純利益

$390M

直近12か月(2026/3/31まで)

フリーキャッシュフロー

-

自己資本合計

$5.66B

負債合計

$6.14B

流動比率

0.10

利払い倍率

-

負債/EBITDA

9.16

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

REIT適正価値

適正価値

$144.66

現在株価

$117.74

安全マージン

+18.6%

適正価値レンジ

$137.43 - $151.90

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$141.44
ディスカウンテッド・キャッシュフロー(DCF):この種の企業には適用されません
利益倍率(P/E):この種の企業には適用されません
グレアムの成長公式:この種の企業には適用されません
収益力価値(EPV):この種の企業には適用されません
正当化されたP/B:この種の企業には適用されません
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):$147.08
中間サイクル利益:この種の企業には適用されません
売上高倍率:この種の企業には適用されません
アナリスト・コンセンサス:保有 (12B / 15H / 4S)
直近の決算サプライズ:+37.29%

バリュエーション指標

P/E レシオ

35.68

ROE

7.9%

P/B レシオ

2.47

P/FCF

-

粗利益率

-

ROIC

-

収益性レーダー

価値創造(経済的モート)

ROIC

-

WACC

5.2%

ROIC − WACC

-

ファンダメンタル分析基準

合格(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%

不合格(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

データなし(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

Piotroski F-スコア

4/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

2.65

高品質:利益はキャッシュに裏付けられている

株式希薄化

0.6%

株式数は安定している

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. H. Eric Bolton Jr.Executive Chairman68
Mr. Adrian Bradley Hill C.F.A.CEO, President & Director49
Mr. A. Clay HolderExecutive VP & Chief Financial Officer48
Mr. Robert J. DelPriore Esq., J.D.Executive VP, Chief Administrative Officer & General Counsel56
Mr. Timothy P. Argo CPAExecutive VP and Chief Strategy & Analysis Officer48
Ms. Amber FairbanksExecutive Vice President of Property Management44
Mr. James Bart FrenchExecutive Vice President of Investments55
Mr. David HerringSenior VP, Principal Accounting Officer & Chief Accounting Officer51
Mr. Joseph P. Fracchia CPAExecutive VP and Chief Technology & Innovation Officer51
Ms. Jennifer PatrickInvestor Relations Contact-

監査リスク

5

取締役会リスク

6

報酬リスク

1

株主権利リスク

1

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-06

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-30

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-09

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for MAA, sourced from Markets Gazette.

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