INVH vs MAA: Invitation Homes 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.
- Invitation Homes is the larger company, worth $16.0B, close to Mid-America Apartment Communities's $13.9B.
- On earnings, Invitation Homes is the cheaper stock (28.3x vs 35.2x).
- Mid-America Apartment Communities's price assumes faster free cash flow growth: about 5% a year, against -0% for Invitation Homes (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 | INVH | MAA |
|---|---|---|
| Market cap | $16.0B | $13.9B |
| Share price | $26.79 | $116.86 |
| Revenue (last fiscal year) | $2.7B | $2.2B |
| Free cash flow (last fiscal year) | $1.2B | $718M |
| Revenue growth, last year | — | +0.8% |
| Revenue growth per year, last 5 fiscal years | +8.1% | +5.6% |
| Operating margin | -70.4% | — |
| Net margin | 45.0% | 17.6% |
| Return on equity | 7.3% | 7.0% |
| P/E (trailing) | 28.3x | 35.2x |
| Price / free cash flow | 16.6x | 19.3x |
| EV / EBITDA | 15.1x | 15.5x |
| FCF growth the price implies | -0.12% | 4.5% |
| Dividend yield | 4.4% | 5.2% |
| Debt / equity | 1.03x | 1.13x |
| Fundamental grade | C | D |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 8 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Invitation Homes
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.0B | $830M | 11.0% |
| 2022 | $2.2B | $901M | 14.2% |
| 2023 | $2.4B | $1.1B | 14.7% |
| 2024 | $2.6B | $1.1B | 11.2% |
| 2025 | $2.7B | $1.2B | 14.2% |
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
Invitation Homes
No segment breakdown reported.
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 INVH in InvestinglyQuestions
Which is bigger, Invitation Homes or Mid-America Apartment Communities?
Invitation Homes (INVH), at $16.0B against $13.9B.
Is INVH or MAA cheaper?
By trailing P/E, Invitation Homes (28.3x) is cheaper than Mid-America Apartment Communities (35.2x). A lower multiple can also mean the market expects less growth.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.