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Side-by-side financial comparison of American Homes 4 Rent (AMH) and Mid-America Apartment Communities (MAA). Click either name above to swap in a different company.
Mid-America Apartment Communities is the larger business by last-quarter revenue ($555.6M vs $455.0M, roughly 1.2× American Homes 4 Rent). American Homes 4 Rent runs the higher net margin — 31.7% vs 10.4%, a 21.3% gap on every dollar of revenue. On growth, American Homes 4 Rent posted the faster year-over-year revenue change (4.2% vs 1.0%). American Homes 4 Rent produced more free cash flow last quarter ($823.7M vs $158.6M). Over the past eight quarters, American Homes 4 Rent's revenue compounded faster (3.6% CAGR vs 1.1%).
American Homes 4 RentAMHEarnings & Financial Report
American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta, Dallas-Fort Worth, and Charlotte, North Carolina.
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
AMH vs MAA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $455.0M | $555.6M |
| Net Profit | $144.3M | $57.6M |
| Gross Margin | — | — |
| Operating Margin | — | 10.4% |
| Net Margin | 31.7% | 10.4% |
| Revenue YoY | 4.2% | 1.0% |
| Net Profit YoY | 0.3% | -65.5% |
| EPS (diluted) | $0.33 | $0.48 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $455.0M | $555.6M | ||
| Q3 25 | $478.5M | $554.4M | ||
| Q2 25 | $457.5M | $549.9M | ||
| Q1 25 | $459.3M | $549.3M | ||
| Q4 24 | $436.6M | $549.8M | ||
| Q3 24 | $445.1M | $551.1M | ||
| Q2 24 | $423.5M | $546.4M | ||
| Q1 24 | $423.6M | $543.6M |
| Q4 25 | $144.3M | $57.6M | ||
| Q3 25 | $116.8M | $99.5M | ||
| Q2 25 | $123.6M | $108.1M | ||
| Q1 25 | $128.7M | $181.7M | ||
| Q4 24 | $143.9M | $166.6M | ||
| Q3 24 | $87.6M | $115.2M | ||
| Q2 24 | $108.5M | $102.0M | ||
| Q1 24 | $128.1M | $143.7M |
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 20.2% | ||
| Q1 25 | — | 34.0% | ||
| Q4 24 | — | 31.3% | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | — | 19.3% | ||
| Q1 24 | — | 27.4% |
| Q4 25 | 31.7% | 10.4% | ||
| Q3 25 | 24.4% | 18.0% | ||
| Q2 25 | 27.0% | 19.7% | ||
| Q1 25 | 28.0% | 33.1% | ||
| Q4 24 | 33.0% | 30.3% | ||
| Q3 24 | 19.7% | 20.9% | ||
| Q2 24 | 25.6% | 18.7% | ||
| Q1 24 | 30.2% | 26.4% |
| Q4 25 | $0.33 | $0.48 | ||
| Q3 25 | $0.27 | $0.84 | ||
| Q2 25 | $0.28 | $0.92 | ||
| Q1 25 | $0.30 | $1.54 | ||
| Q4 24 | $0.33 | $1.43 | ||
| Q3 24 | $0.20 | $0.98 | ||
| Q2 24 | $0.25 | $0.86 | ||
| Q1 24 | $0.30 | $1.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $108.5M | $60.3M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $7.0B | $5.7B |
| Total Assets | $13.2B | $12.0B |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.5M | $60.3M | ||
| Q3 25 | $45.6M | $32.2M | ||
| Q2 25 | $323.3M | $54.5M | ||
| Q1 25 | $69.7M | $55.8M | ||
| Q4 24 | $199.4M | $43.0M | ||
| Q3 24 | $162.5M | $50.2M | ||
| Q2 24 | $718.4M | $62.8M | ||
| Q1 24 | $124.8M | $54.6M |
| Q4 25 | $5.1B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $4.9B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $5.0B | — | ||
| Q1 24 | $4.5B | — |
| Q4 25 | $7.0B | $5.7B | ||
| Q3 25 | $7.2B | $5.8B | ||
| Q2 25 | $7.2B | $5.9B | ||
| Q1 25 | $7.2B | $5.9B | ||
| Q4 24 | $7.2B | $5.9B | ||
| Q3 24 | $7.0B | $5.9B | ||
| Q2 24 | $7.0B | $6.0B | ||
| Q1 24 | $7.0B | $6.1B |
| Q4 25 | $13.2B | $12.0B | ||
| Q3 25 | $13.3B | $11.9B | ||
| Q2 25 | $13.6B | $11.8B | ||
| Q1 25 | $13.3B | $11.8B | ||
| Q4 24 | $13.4B | $11.8B | ||
| Q3 24 | $12.8B | $11.8B | ||
| Q2 24 | $13.3B | $11.6B | ||
| Q1 24 | $12.8B | $11.5B |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.68× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 0.64× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $864.3M | $261.7M |
| Free Cash FlowOCF − Capex | $823.7M | $158.6M |
| FCF MarginFCF / Revenue | 181.0% | 28.5% |
| Capex IntensityCapex / Revenue | 8.9% | 18.6% |
| Cash ConversionOCF / Net Profit | 5.99× | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | $717.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $864.3M | $261.7M | ||
| Q3 25 | $223.3M | $266.4M | ||
| Q2 25 | $271.9M | $353.4M | ||
| Q1 25 | $223.4M | $196.6M | ||
| Q4 24 | $811.5M | $239.1M | ||
| Q3 24 | $233.6M | $309.5M | ||
| Q2 24 | $274.0M | $349.4M | ||
| Q1 24 | $201.8M | $200.3M |
| Q4 25 | $823.7M | $158.6M | ||
| Q3 25 | $214.5M | $170.8M | ||
| Q2 25 | $257.7M | $264.5M | ||
| Q1 25 | $215.9M | $124.0M | ||
| Q4 24 | $777.5M | $152.6M | ||
| Q3 24 | $225.3M | $215.5M | ||
| Q2 24 | $263.3M | $259.7M | ||
| Q1 24 | $191.0M | $148.2M |
| Q4 25 | 181.0% | 28.5% | ||
| Q3 25 | 44.8% | 30.8% | ||
| Q2 25 | 56.3% | 48.1% | ||
| Q1 25 | 47.0% | 22.6% | ||
| Q4 24 | 178.1% | 27.8% | ||
| Q3 24 | 50.6% | 39.1% | ||
| Q2 24 | 62.2% | 47.5% | ||
| Q1 24 | 45.1% | 27.3% |
| Q4 25 | 8.9% | 18.6% | ||
| Q3 25 | 1.8% | 17.2% | ||
| Q2 25 | 3.1% | 16.2% | ||
| Q1 25 | 1.6% | 13.2% | ||
| Q4 24 | 7.8% | 15.7% | ||
| Q3 24 | 1.9% | 17.1% | ||
| Q2 24 | 2.5% | 16.4% | ||
| Q1 24 | 2.6% | 9.6% |
| Q4 25 | 5.99× | 4.55× | ||
| Q3 25 | 1.91× | 2.68× | ||
| Q2 25 | 2.20× | 3.27× | ||
| Q1 25 | 1.74× | 1.08× | ||
| Q4 24 | 5.64× | 1.43× | ||
| Q3 24 | 2.67× | 2.69× | ||
| Q2 24 | 2.52× | 3.43× | ||
| Q1 24 | 1.58× | 1.39× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMH
Segment breakdown not available.
MAA
| Same Store | $515.5M | 93% |
| Non Same Store And Other | $36.8M | 7% |
