MID AMERICA APARTMENT COMMUNITIES INC.
MAAIdata completeness 88%14 fiscal years on fileData notes: no data for concept 'totalDebt'
MID AMERICA APARTMENT COMMUNITIES INC. earns about 12% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $47.22 and $161.03 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $1.78B1 | $2.02B2 | $2.15B3 | $2.19B3 | $2.21B3 |
| Net income | $533.8M4 | $637.4M5 | $552.8M6 | $527.5M6 | $446.9M6 |
| Operating cash flow | $895M7 | $1.06B8 | $1.14B9 | $1.1B9 | $1.08B9 |
| Capital expenditure | $279.6M10 | $296.2M11 | $341.2M12 | $322.4M12 | $360.2M12 |
| Free cash flow (derived) | $615.3M7 | $762.3M8 | $796M9 | $775.9M9 | $717.9M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $54.3M13 | $38.7M14 | $41.3M15 | $43M15 | $60.3M15 |
| Diluted shares | 115.0M | 115.6M | 116.6M | 116.8M | 117.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $483.39 of net worth that earned you $38.15 and generated $61.28 of cash last year.
It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $47.22 and $161.03 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth8.0%
- fcfBase$775.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth8.0%
- fcfBase$775.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$533.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $95.15 |
| Base | 8.0% | $134.12 |
| Bull | 13.0% | $164.58 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 8.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000950170-24-013275 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-016287 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-041208 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-013275 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-016287 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-041208 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-013275 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-016287 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-041208 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-013275 (PaymentsForCapitalImprovements)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-016287 (PaymentsForCapitalImprovements)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-041208 (PaymentsForCapitalImprovements)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-013275 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-016287 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-041208 (CashAndCashEquivalentsAtCarryingValue)