Mid-America Apartment Communities (MAA)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $13.9B, Mid-America Apartment Communities's free cash flow of $718M (fiscal 2025) would need to grow about 5% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 13 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Mid-America Apartment Communities's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from MAA's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Mid-America Apartment Communities's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2.0B | $2.1B | $2.2B | $2.2B |
| Net income | $534M | $637M | $553M | $528M | $447M |
| Free cash flow | $615M | $762M | $796M | $776M | $718M |
| EPS (diluted) | $4.61 | $5.48 | $4.71 | $4.49 | $3.78 |
| Operating margin | — | — | — | — | — |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own MAA
From each investor's latest 13F filing (what a 13F shows). 5 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Andreas Halvorsen Viking Global Investors |
Added | $701M | 2.0% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $524M | 0.18% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $63M | 0.15% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $37M | 0.29% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $277,880 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Mid-America Apartment Communities's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Dec 12, 2025 | Adrian Hill |
758 | $131.83 | $99,927 |
| Oct 31, 2025 | H Eric Bolton Jr |
578 | $129.36 | $74,770 |
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In the full deep dive
Questions
What growth does Mid-America Apartment Communities's stock price imply?
At a market value of $13.9B, Mid-America Apartment Communities would need its free cash flow to grow about 5% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 13 years its free cash flow grew 12% a year.
Are Mid-America Apartment Communities insiders buying the stock?
2 open-market insider purchases of MAA in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Mid-America Apartment Communities?
5 of the superinvestors Investingly tracks hold MAA in their latest 13F, including Andreas Halvorsen, Cliff Asness, Joel Greenblatt.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.