MAA
Mid-America Apartment Communities, Inc.
MAA's fundamentals are weak: its operating margin fell 8 points to 18%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
MAA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
MAA's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like MAA.
MAA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 28x | $92.02 | -21% |
| Fair | 35x | $115 | -1.1% |
| Current | 35x | $117 | — |
| Forward | 38x | $117 | — |
| Expensive | 54x | $177 | +52% |
Historical ranges are pointers, not guarantees.
MAA's PE is 35x, but its earnings don't support one, so it isn't a reliable read right now.
MAA Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect MAA's earnings and profitability to decline, with its revenue holding steady.
MAA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.07 | -7% |
| Q3 2026 | $3.30 | -30% |
| Q2 2026 | $3.42 | -30% |
| Q1 2026 | $3.30 | -31% |
| Q4 2025 | $3.78 | -16% |
| Q3 2025 | $4.73 | +6.8% |
| Q2 2025 | $4.87 | +11% |
| Q1 2025 | $4.81 | +0.8% |
| Q4 2024 | $4.49 | -4.7% |
MAA's earnings per share have fallen from their peak: $3.30 over the past year, against $5.69 in early 2023. Its recent earnings include one-off gains.
MAA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $560.1M | +1% |
| Q2 2026 | $555.1M | +1% |
| Q1 2026 | $553.7M | +0.8% |
| Q4 2025 | $555.6M | +1% |
| Q3 2025 | $554.4M | +0.6% |
| Q2 2025 | $549.9M | +0.6% |
| Q1 2025 | $549.3M | +1% |
| Q4 2024 | $549.8M | +1.4% |
MAA's revenue has grown year over year every quarter since late 2020: $560M last quarter, up 1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | -3 points |
| Q2 2026 | 23% | +2.3 points |
| Q1 2026 | 24% | -10 points |
| Q4 2025 | 10% | -21 points |
| Q3 2025 | 19% | -2.8 points |
| Q2 2025 | 20% | +0.9 points |
| Q1 2025 | 34% | +6.6 points |
| Q4 2024 | 31% | +0.8 points |
MAA's operating margin was 16% last quarter, down 3 points from the same quarter a year ago.
MAA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $148.7M | -13% |
| Q2 2026 | $223.9M | -15% |
| Q1 2026 | $91.3M | -26% |
| Q4 2025 | $158.6M | +3.9% |
| Q3 2025 | $170.8M | -21% |
| Q2 2025 | $264.5M | +1.9% |
| Q1 2025 | $124M | -16% |
| Q4 2024 | $152.6M | -17% |
MAA's free cash flow was $623M over the past year, down 13% from the year before. Free cash flow isn't a meaningful measure for real estate companies like MAA.
MAA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -63.1K shares |
| 1 year | -1% | -1.2M shares |
| 3 years | -0.7% | -759K shares |
| 5 years | +0.6% | +723K shares |
| Available history | +1.6% | +1.8M shares |
MAA has 116M diluted shares, down 1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $50M |
| Q2 2026 | $50M |
| Q1 2026 | $72.8M |
MAA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.5x | High |
| Q2 2026 | 5.3x | High |
| Q1 2026 | 5.4x | High |
| Q4 2025 | 4.9x | High |
| Q3 2025 | 4.4x | High |
| Q2 2025 | 4.2x | High |
| Q1 2025 | 4.2x | High |
| Q4 2024 | 4.4x | High |
MAA's net debt is about 5.5 years of its operating earnings (EBITDA), up from 4.3 years a year ago. Net leverage isn't a meaningful measure for real estate companies like MAA.
MAA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.2 | Neutral |
| Stochastic | 15.7 | Oversold |
MAA's weekly RSI is 37 (neutral) and its Stochastic is 16 (oversold).
MAA PE vs Real Estate Sector
| Metric | MAA | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 24x | 48% above |
| PE % | 53 | 23 | 30 pts above |
MAA is trading at 35x earnings, a 48% premium to the Real Estate sector's median of 24x, though its earnings don't support one.
MAA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $117.5 | 0.8% below |
| 20 week MA | $125.9 | 7.4% below |
| 50 week MA | $129.4 | 9.9% below |
| 100 week MA | $139.4 | 16% below |
| 200 week MA | $141.6 | 18% below |
MAA is in a downtrend: it's below all five of its weekly moving averages, and 18% below its 200-week average.
MAA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $130.0 | $124.6 | -4.2% |
| 2021 | $124.6 | $221.1 | +77% |
| 2022 | $221.1 | $156.4 | -29% |
| 2023 | $156.4 | $134.5 | -14% |
| 2024 | $134.5 | $153.8 | +14% |
| 2025 | $153.8 | $137.8 | -10% |
| 2026 YTD | $137.8 | $116.6 | -15% |
MAA has finished lower in four of the last six years. It's down 15% so far in 2026.