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Arphra AIPlain-English read on Mid-America Apartment Communities, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +29.12% | +34.05% | +34.79% | +32.55% | +31.83% | +32.88% | +34.03% | +32.76% | +33.60% |
| Operating margin | +26.14% | +31.13% | +32.06% | +29.97% | +28.04% | +29.30% | +30.24% | +30.70% | +30.72% |
| EBITDA margin | +70.55% | +66.63% | +59.85% | +59.32% | +59.69% | +59.50% | +58.36% | +61.31% | +58.15% |
| EBIT margin | +40.49% | +39.69% | +33.52% | +32.56% | +31.50% | +33.03% | +33.02% | +32.11% | +31.60% |
| Pre-tax margin | +31.67% | +32.03% | +26.57% | +24.87% | +20.83% | +24.51% | +23.50% | +24.79% | +24.42% |
| Net margin | +30.02% | +31.56% | +25.73% | +24.08% | +20.23% | +23.35% | +22.97% | +22.65% | +23.60% |
| Cost structure | |||||||||
| Cost of revenue / sales | +70.88% | +65.95% | +65.21% | +67.45% | +68.17% | +67.56% | +67.70% | +67.77% | +68.04% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +2.97% | +2.91% | +2.73% | +2.58% | +2.48% | +2.63% | +2.61% | +2.55% | +2.67% |
| Effective tax rate | +2.42% | -0.96% | +0.83% | +0.96% | +1.00% | +0.92% | +0.98% | +0.92% | +0.90% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +8.63% | +10.26% | +8.78% | +8.58% | +7.65% | +8.18% | +8.47% | +8.34% | +8.40% |
| Return on assets (ROA) | +4.73% | +5.67% | +4.81% | +4.47% | +3.73% | +4.41% | +4.37% | +4.18% | +4.37% |
| Return on capital (ROC) | +4.34% | +5.90% | +6.34% | +5.89% | +5.51% | +5.65% | +6.11% | +6.12% | +6.04% |
| Return on invested capital (ROIC) | +4.99% | +5.98% | +5.09% | +4.73% | +3.97% | +4.50% | +4.64% | +4.51% | +4.64% |
| Asset turnover | +15.76% | +17.97% | +18.71% | +18.55% | +18.45% | +18.88% | +19.04% | +18.45% | +18.54% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +30.02% | +31.56% | +25.73% | +24.08% | +20.23% | +23.35% | +22.97% | +22.65% | +23.60% |
| Asset turnover (× revenue / assets) | +15.76% | +17.97% | +18.71% | +18.55% | +18.45% | +18.88% | +19.04% | +18.45% | +18.54% |
| Equity multiplier (× assets / equity) | +182.49% | +181.00% | +182.32% | +192.14% | +205.07% | +185.44% | +193.60% | +199.71% | +191.94% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.16 | 0.18 | 0.19 | 0.19 | 0.18 | 0.19 | 0.19 | 0.18 | 0.19 |
| Fixed-asset turnover | — | — | — | — | — | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | — | — | — | — | — | — | — | — | — |
| Payables turnover | — | 13.06 | 14.83 | 11.84 | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | — | — | — | — | — | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | 27.94 | 24.61 | 30.83 | — | — | — | — | — |
| Cash conversion cycle | 0.00 | -27.94 | -24.61 | -30.83 | 0.00 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.68 | 1.66 | 2.06 | 2.08 | 2.41 | 2.17 | 2.16 | 2.28 | 2.19 |
| FCF / Net income | 0.72 | 1.20 | 1.44 | 1.47 | 1.61 | 1.49 | 1.49 | 1.55 | 1.45 |
| FCF margin | +21.58% | +37.74% | +37.05% | +35.41% | +32.50% | +34.87% | +34.28% | +35.00% | +34.33% |
| OCF margin | +50.33% | +52.40% | +52.93% | +50.13% | +48.81% | +50.72% | +49.72% | +51.54% | +51.62% |
| CapEx / Revenue | +28.75% | +14.66% | +15.88% | +14.71% | +16.31% | +15.32% | +15.49% | +15.52% | +15.38% |
| CapEx / D&A | 0.96 | 0.54 | 0.60 | 0.55 | 0.58 | — | — | — | — |
| Stock-based comp / Revenue | +0.94% | +0.93% | +0.73% | +0.72% | +0.76% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.61 | 5.48 | 4.71 | 4.49 | 3.78 | 3.41 | 3.41 | 3.71 | 4.28 |
| EPS · basic | 4.62 | 5.49 | 4.71 | 4.49 | 3.79 | 3.41 | 3.36 | 3.68 | 4.24 |
| Book value / share | 53.76 | 53.73 | 54.00 | 52.64 | 49.86 | 54.86 | 53.87 | 55.51 | 60.64 |
| Tangible BV / share | 53.75 | 53.73 | 53.99 | 52.64 | 49.86 | 54.86 | 53.87 | 55.51 | 60.64 |
| Sales / share | 15.46 | 17.48 | 18.42 | 18.76 | 18.86 | 19.21 | 19.86 | 20.45 | 21.57 |
| Operating CF / share | 7.78 | 9.16 | 9.75 | 9.41 | 9.21 | 9.74 | 9.87 | 10.54 | 11.14 |
| Free cash flow / share | 3.34 | 6.60 | 6.82 | 6.64 | 6.13 | 6.70 | 6.81 | 7.16 | 7.41 |
| Dividends / share | 4.09 | 4.67 | 5.59 | 5.88 | 6.05 | 6.10 | 6.36 | 6.35 | 6.91 |
| Payout ratio | +88.12% | +84.65% | +117.89% | +130.21% | +158.65% | +135.94% | +139.40% | +137.18% | +135.69% |
| Retention ratio | +11.88% | +15.35% | -17.89% | -30.21% | -58.65% | -35.94% | -39.40% | -37.18% | -35.69% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +13.60% | +6.37% | +1.98% | +0.83% | +1.32% | +2.95% | +4.25% | +4.93% | +4.46% |
| Gross profit · YoY | — | +32.83% | +8.69% | -4.58% | -1.43% | +4.67% | +6.54% | +0.38% | +7.61% | +6.34% |
| Profit | ||||||||||
| Operating income · YoY | — | +35.28% | +9.54% | -4.67% | -5.68% | +5.86% | +6.27% | +5.85% | +4.98% | +6.59% |
| EBITDA · YoY | — | +7.28% | -4.44% | +1.08% | +1.45% | +1.00% | +0.98% | +9.52% | -0.49% | +1.96% |
| Net income · YoY | — | +19.42% | -13.28% | -4.57% | -15.28% | +16.95% | +1.28% | +2.78% | +9.33% | +1.36% |
| Operating | ||||||||||
| EBIT · YoY | — | +11.35% | -10.19% | -0.93% | -2.44% | +6.21% | +2.94% | +1.38% | +3.25% | +1.27% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +18.87% | -14.05% | -4.67% | -15.81% | -9.86% | +0.01% | +9.02% | +15.21% | -0.92% |
| EPS · basic · YoY | — | +18.83% | -14.21% | -4.67% | -15.59% | -10.01% | -1.41% | +9.42% | +15.24% | -1.07% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $4.52B | $4.44B | $4.57B | $5.01B | $5.41B | $5.22B | $5.15B | $5.53B | $5.74B |
| Net debt | $4.46B | $4.4B | $4.53B | $4.96B | $5.35B | $5.17B | $5.1B | $5.48B | $5.68B |
| Net debt / EBITDA | 3.56 | 3.27 | 3.52 | 3.82 | 4.05 | 3.88 | 3.79 | 3.72 | 3.88 |
| Debt / equity | 0.73 | 0.72 | 0.73 | 0.81 | 0.93 | 0.82 | 0.82 | 0.85 | 0.81 |
| Debt / assets | +40.02% | +39.53% | +39.77% | +42.39% | +45.14% | +44.01% | +42.54% | +42.50% | +42.19% |
| Equity / assets | +54.80% | +55.25% | +54.85% | +52.04% | +48.76% | +53.93% | +51.65% | +50.07% | +52.10% |
| Coverage | |||||||||
| EBITDA / interest expense | 8.00 | 8.70 | 8.62 | 7.71 | 7.12 | 7.74 | 7.41 | 7.93 | 7.45 |
| Operating income / interest | 2.96 | 4.06 | 4.62 | 3.90 | 3.34 | 3.81 | 3.84 | 3.97 | 3.94 |
| Interest expense | $156.88M | $154.75M | $149.23M | $168.54M | $185.26M | $172.08M | $181.56M | $185.65M | $196.78M |
| Liquidity | |||||||||
| Current ratio | 0.22 | 0.11 | 0.05 | 0.08 | 0.16 | — | — | — | — |
| Quick ratio | 0.09 | 0.07 | 0.04 | 0.05 | 0.15 | — | — | — | — |
| Cash ratio | 0.09 | 0.07 | 0.04 | 0.05 | 0.08 | — | — | — | — |
| Working capital | -$453.8M | -$496.94M | -$1.01B | -$792.21M | -$609.99M | — | — | — | — |
| Working capital / revenue | -25.52% | -24.60% | -46.83% | -36.16% | -27.61% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).