AMH vs MAA: American Homes 4 Rent and Mid-America Apartment Communities compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Mid-America Apartment Communities is the larger company, worth $13.9B, close to American Homes 4 Rent's $12.8B.
- American Homes 4 Rent grew revenue faster over the last year (+5.4% vs +0.8%).
- On earnings, American Homes 4 Rent is the cheaper stock (25.3x vs 35.2x).
- Mid-America Apartment Communities's price assumes faster free cash flow growth: about 5% a year, against 2% for American Homes 4 Rent (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AMH | MAA |
|---|---|---|
| Market cap | $12.8B | $13.9B |
| Share price | $30.85 | $116.86 |
| Revenue (last fiscal year) | — | $2.2B |
| Free cash flow (last fiscal year) | $824M | $718M |
| Revenue growth, last year | +5.4% | +0.8% |
| Revenue growth per year, last 5 fiscal years | — | +5.6% |
| Operating margin | — | — |
| Net margin | — | 17.6% |
| Return on equity | 6.8% | 7.0% |
| P/E (trailing) | 25.3x | 35.2x |
| Price / free cash flow | 17.1x | 19.3x |
| EV / EBITDA | 13.4x | 15.5x |
| FCF growth the price implies | 1.7% | 4.5% |
| Dividend yield | 3.9% | 5.2% |
| Debt / equity | 0.83x | 1.13x |
| Fundamental grade | C | D |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 10 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
American Homes 4 Rent
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | $548M | — |
| 2022 | — | $567M | — |
| 2023 | — | $699M | — |
| 2024 | — | $777M | — |
| 2025 | — | $824M | — |
Mid-America Apartment Communities
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.8B | $615M | — |
| 2022 | $2.0B | $762M | — |
| 2023 | $2.1B | $796M | — |
| 2024 | $2.2B | $776M | — |
| 2025 | $2.2B | $718M | — |
Where the revenue comes from
American Homes 4 Rent · by products, 2018
Rents from single-family properties$909M85%
Tenant charge-backs$147M14%
Fees from single-family properties$11M1%
Other$6M1%
Mid-America Apartment Communities · by segments, 2025
Same Store$2.1B94%
Non-Same Store and Other$132M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AMH in InvestinglyQuestions
Which is bigger, American Homes 4 Rent or Mid-America Apartment Communities?
Mid-America Apartment Communities (MAA), at $13.9B against $12.8B.
Is AMH or MAA cheaper?
By trailing P/E, American Homes 4 Rent (25.3x) is cheaper than Mid-America Apartment Communities (35.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, AMH or MAA?
American Homes 4 Rent: revenue grew +5.4% over the last year, against +0.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.