ELS vs MAA: Equity Lifestyle Properties 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 Equity Lifestyle Properties's $11.8B.
- Equity Lifestyle Properties grew revenue faster over the last year (+2.7% vs +0.8%).
- On earnings, Equity Lifestyle Properties is the cheaper stock (29.4x vs 35.2x).
- Equity Lifestyle Properties's price assumes faster free cash flow growth: about 12% a year, against 5% for Mid-America Apartment Communities (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 | ELS | MAA |
|---|---|---|
| Market cap | $11.8B | $13.9B |
| Share price | $59.01 | $116.86 |
| Revenue (last fiscal year) | $1.5B | $2.2B |
| Free cash flow (last fiscal year) | $334M | $718M |
| Revenue growth, last year | +2.7% | +0.8% |
| Revenue growth per year, last 5 fiscal years | +3.9% | +5.6% |
| Operating margin | 25.6% | — |
| Net margin | 25.0% | 17.6% |
| Return on equity | 21.9% | 7.0% |
| P/E (trailing) | 29.4x | 35.2x |
| Price / free cash flow | 35.3x | 19.3x |
| EV / EBITDA | 20.8x | 15.5x |
| FCF growth the price implies | 12.4% | 4.5% |
| Dividend yield | 3.6% | 5.2% |
| Debt / equity | 2.23x | 1.13x |
| Fundamental grade | C | D |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equity Lifestyle Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $305M | 20.7% |
| 2022 | $1.4B | $227M | 20.4% |
| 2023 | $1.5B | $231M | 21.5% |
| 2024 | $1.5B | $355M | 24.9% |
| 2025 | $1.5B | $334M | 25.6% |
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
Equity Lifestyle Properties
No segment breakdown reported.
Mid-America Apartment Communities · by segments, 2025
Questions
Which is bigger, Equity Lifestyle Properties or Mid-America Apartment Communities?
Mid-America Apartment Communities (MAA), at $13.9B against $11.8B.
Is ELS or MAA cheaper?
By trailing P/E, Equity Lifestyle Properties (29.4x) is cheaper than Mid-America Apartment Communities (35.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, ELS or MAA?
Equity Lifestyle Properties: revenue grew +2.7% 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.