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MID-AMERICA APARTMENT COMM (MAA) Stock Fundamental Analysis

NYSE:MAA - New York Stock Exchange, Inc. - US59522J1034 - REIT - Currency: USD

154.36  -2.72 (-1.73%)

Fundamental Rating

4

MAA gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 20 industry peers in the Residential REITs industry. While MAA has a great profitability rating, there are quite some concerns on its financial health. MAA is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year MAA was profitable.
In the past year MAA had a positive cash flow from operations.
MAA had positive earnings in 4 of the past 5 years.
MAA had a positive operating cash flow in 4 of the past 5 years.
MAA Yearly Net Income VS EBIT VS OCF VS FCFMAA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M 400M 600M 800M 1B

1.2 Ratios

MAA's Return On Assets of 4.40% is fine compared to the rest of the industry. MAA outperforms 80.00% of its industry peers.
Looking at the Return On Equity, with a value of 8.67%, MAA is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 4.81%, MAA belongs to the top of the industry, outperforming 95.00% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for MAA is in line with the industry average of 2.75%.
The 3 year average ROIC (4.38%) for MAA is below the current ROIC(4.81%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 4.4%
ROE 8.67%
ROIC 4.81%
ROA(3y)5.04%
ROA(5y)4.09%
ROE(3y)9.44%
ROE(5y)7.67%
ROIC(3y)4.38%
ROIC(5y)3.89%
MAA Yearly ROA, ROE, ROICMAA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8 10

1.3 Margins

MAA has a better Profit Margin (23.70%) than 80.00% of its industry peers.
MAA's Profit Margin has improved in the last couple of years.
MAA has a Operating Margin of 30.74%. This is amongst the best in the industry. MAA outperforms 90.00% of its industry peers.
In the last couple of years the Operating Margin of MAA has grown nicely.
MAA's Gross Margin of 59.75% is fine compared to the rest of the industry. MAA outperforms 70.00% of its industry peers.
In the last couple of years the Gross Margin of MAA has remained more or less at the same level.
Industry RankSector Rank
OM 30.74%
PM (TTM) 23.7%
GM 59.75%
OM growth 3Y7.97%
OM growth 5Y4.48%
PM growth 3Y19.55%
PM growth 5Y12.9%
GM growth 3Y1.33%
GM growth 5Y0.66%
MAA Yearly Profit, Operating, Gross MarginsMAA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60

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3

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MAA is destroying value.
MAA has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
MAA Yearly Shares OutstandingMAA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M
MAA Yearly Total Debt VS Total AssetsMAA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B 10B

2.2 Solvency

An Altman-Z score of 1.99 indicates that MAA is not a great score, but indicates only limited risk for bankruptcy at the moment.
MAA's Altman-Z score of 1.99 is amongst the best of the industry. MAA outperforms 90.00% of its industry peers.
The Debt to FCF ratio of MAA is 46.11, which is on the high side as it means it would take MAA, 46.11 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 46.11, MAA is in line with its industry, outperforming 60.00% of the companies in the same industry.
A Debt/Equity ratio of 0.82 indicates that MAA is somewhat dependend on debt financing.
With a decent Debt to Equity ratio value of 0.82, MAA is doing good in the industry, outperforming 65.00% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.82
Debt/FCF 46.11
Altman-Z 1.99
ROIC/WACC0.62
WACC7.76%
MAA Yearly LT Debt VS Equity VS FCFMAA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2B 4B 6B

2.3 Liquidity

MAA has a Current Ratio of 0.10. This is a bad value and indicates that MAA is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 0.10, MAA is doing worse than 75.00% of the companies in the same industry.
A Quick Ratio of 0.04 indicates that MAA may have some problems paying its short term obligations.
With a Quick ratio value of 0.04, MAA is not doing good in the industry: 85.00% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.1
Quick Ratio 0.04
MAA Yearly Current Assets VS Current LiabilitesMAA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

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3

3. Growth

3.1 Past

MAA shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -3.18%.
The Earnings Per Share has been growing by 8.27% on average over the past years. This is quite good.
EPS 1Y (TTM)-3.18%
EPS 3Y9.96%
EPS 5Y8.27%
EPS Q2Q%3.65%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%1.4%

3.2 Future

MAA is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 24.45% yearly.
MAA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.12% yearly.
EPS Next Y-10.46%
EPS Next 2Y-3.25%
EPS Next 3Y-0.15%
EPS Next 5Y24.45%
Revenue Next Year1.63%
Revenue Next 2Y2.76%
Revenue Next 3Y3.63%
Revenue Next 5Y5.12%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
MAA Yearly Revenue VS EstimatesMAA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 500M 1B 1.5B 2B 2.5B
MAA Yearly EPS VS EstimatesMAA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2 4 6 8 10

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3

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 33.85, the valuation of MAA can be described as expensive.
Based on the Price/Earnings ratio, MAA is valued a bit cheaper than the industry average as 75.00% of the companies are valued more expensively.
The average S&P500 Price/Earnings ratio is at 28.29. MAA is around the same levels.
With a Price/Forward Earnings ratio of 37.80, MAA can be considered very expensive at the moment.
Based on the Price/Forward Earnings ratio, MAA is valued cheaply inside the industry as 90.00% of the companies are valued more expensively.
MAA's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 21.32.
Industry RankSector Rank
PE 33.85
Fwd PE 37.8
MAA Price Earnings VS Forward Price EarningsMAA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150 200

4.2 Price Multiples

MAA's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. MAA is cheaper than 80.00% of the companies in the same industry.
MAA's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 170.64
EV/EBITDA 18.19
MAA Per share dataMAA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40 50

4.3 Compensation for Growth

MAA has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)4.09
EPS Next 2Y-3.25%
EPS Next 3Y-0.15%

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5

5. Dividend

5.1 Amount

MAA has a Yearly Dividend Yield of 3.86%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 4.58, MAA has a dividend in line with its industry peers.
MAA's Dividend Yield is rather good when compared to the S&P500 average which is at 2.51.
Industry RankSector Rank
Dividend Yield 3.86%

5.2 History

The dividend of MAA is nicely growing with an annual growth rate of 8.70%!
MAA has been paying a dividend for at least 10 years, so it has a reliable track record.
MAA has decreased its dividend recently.
Dividend Growth(5Y)8.7%
Div Incr Years1
Div Non Decr Years1
MAA Yearly Dividends per shareMAA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6

5.3 Sustainability

131.83% of the earnings are spent on dividend by MAA. This is not a sustainable payout ratio.
MAA's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP131.83%
EPS Next 2Y-3.25%
EPS Next 3Y-0.15%
MAA Yearly Income VS Free CF VS DividendMAA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M 400M 600M
MAA Dividend Payout.MAA Dividend Payout, showing the Payout Ratio.MAA Dividend Payout.PayoutRetained Earnings

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MID-AMERICA APARTMENT COMM

NYSE:MAA (4/21/2025, 1:07:47 PM)

154.36

-2.72 (-1.73%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryResidential REITs
Earnings (Last)02-05 2025-02-05/amc
Earnings (Next)04-30 2025-04-30/amc
Inst Owners97.36%
Inst Owner Change0.64%
Ins Owners0.6%
Ins Owner Change1.6%
Market Cap18.04B
Analysts74.19
Price Target172.38 (11.67%)
Short Float %3.54%
Short Ratio5.15
Dividend
Industry RankSector Rank
Dividend Yield 3.86%
Yearly Dividend5.64
Dividend Growth(5Y)8.7%
DP131.83%
Div Incr Years1
Div Non Decr Years1
Ex-Date04-15 2025-04-15 (1.515)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-5.79%
Min EPS beat(2)-7.55%
Max EPS beat(2)-4.03%
EPS beat(4)2
Avg EPS beat(4)8.06%
Min EPS beat(4)-7.55%
Max EPS beat(4)26.18%
EPS beat(8)5
Avg EPS beat(8)9.08%
EPS beat(12)8
Avg EPS beat(12)23.76%
EPS beat(16)11
Avg EPS beat(16)19.77%
Revenue beat(2)0
Avg Revenue beat(2)-0.69%
Min Revenue beat(2)-0.8%
Max Revenue beat(2)-0.58%
Revenue beat(4)0
Avg Revenue beat(4)-0.73%
Min Revenue beat(4)-1.09%
Max Revenue beat(4)-0.46%
Revenue beat(8)0
Avg Revenue beat(8)-0.82%
Revenue beat(12)2
Avg Revenue beat(12)-0.49%
Revenue beat(16)4
Avg Revenue beat(16)-0.38%
PT rev (1m)2.09%
PT rev (3m)3.02%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.63%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.07%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.19%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.98%
Valuation
Industry RankSector Rank
PE 33.85
Fwd PE 37.8
P/S 8.26
P/FCF 170.64
P/OCF 16.05
P/B 3.02
P/tB 3.02
EV/EBITDA 18.19
EPS(TTM)4.56
EY2.95%
EPS(NY)4.08
Fwd EY2.65%
FCF(TTM)0.9
FCFY0.59%
OCF(TTM)9.62
OCFY6.23%
SpS18.68
BVpS51.08
TBVpS51.08
PEG (NY)N/A
PEG (5Y)4.09
Profitability
Industry RankSector Rank
ROA 4.4%
ROE 8.67%
ROCE 6.37%
ROIC 4.81%
ROICexc 4.83%
ROICexgc 4.89%
OM 30.74%
PM (TTM) 23.7%
GM 59.75%
FCFM 4.84%
ROA(3y)5.04%
ROA(5y)4.09%
ROE(3y)9.44%
ROE(5y)7.67%
ROIC(3y)4.38%
ROIC(5y)3.89%
ROICexc(3y)4.39%
ROICexc(5y)3.9%
ROICexgc(3y)4.45%
ROICexgc(5y)3.95%
ROCE(3y)5.54%
ROCE(5y)4.92%
ROICexcg growth 3Y16.8%
ROICexcg growth 5Y11.48%
ROICexc growth 3Y16.67%
ROICexc growth 5Y11.39%
OM growth 3Y7.97%
OM growth 5Y4.48%
PM growth 3Y19.55%
PM growth 5Y12.9%
GM growth 3Y1.33%
GM growth 5Y0.66%
F-Score4
Asset Turnover0.19
Health
Industry RankSector Rank
Debt/Equity 0.82
Debt/FCF 46.11
Debt/EBITDA 3.91
Cap/Depr 176.67%
Cap/Sales 46.64%
Interest Coverage 3.76
Cash Conversion 90.1%
Profit Quality 20.44%
Current Ratio 0.1
Quick Ratio 0.04
Altman-Z 1.99
F-Score4
WACC7.76%
ROIC/WACC0.62
Cap/Depr(3y)125.02%
Cap/Depr(5y)110.33%
Cap/Sales(3y)34.49%
Cap/Sales(5y)31.44%
Profit Quality(3y)60.77%
Profit Quality(5y)84.91%
High Growth Momentum
Growth
EPS 1Y (TTM)-3.18%
EPS 3Y9.96%
EPS 5Y8.27%
EPS Q2Q%3.65%
EPS Next Y-10.46%
EPS Next 2Y-3.25%
EPS Next 3Y-0.15%
EPS Next 5Y24.45%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%1.4%
Revenue Next Year1.63%
Revenue Next 2Y2.76%
Revenue Next 3Y3.63%
Revenue Next 5Y5.12%
EBIT growth 1Y-2.57%
EBIT growth 3Y17.24%
EBIT growth 5Y11.23%
EBIT Next Year82.1%
EBIT Next 3Y24.21%
EBIT Next 5Y16.83%
FCF growth 1Y-65.33%
FCF growth 3Y3.26%
FCF growth 5Y1.35%
OCF growth 1Y9.77%
OCF growth 3Y11.34%
OCF growth 5Y9.14%