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Side-by-side financial comparison of Mid-America Apartment Communities (MAA) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Mid-America Apartment Communities is the larger business by last-quarter revenue ($553.7M vs $340.0M, roughly 1.6× Walker & Dunlop, Inc.). On growth, Mid-America Apartment Communities posted the faster year-over-year revenue change (438.7% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 0.7%).
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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
MAA vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $553.7M | $340.0M |
| Net Profit | — | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | — | -17.2% |
| Net Margin | — | -12.9% |
| Revenue YoY | 438.7% | -0.4% |
| Net Profit YoY | — | -131.0% |
| EPS (diluted) | $4.34 | $-0.41 |
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.
| Q1 26 | $553.7M | — | ||
| Q4 25 | $555.6M | $340.0M | ||
| Q3 25 | $554.4M | $337.7M | ||
| Q2 25 | $549.9M | $319.2M | ||
| Q1 25 | $549.3M | $237.4M | ||
| Q4 24 | $549.8M | $341.5M | ||
| Q3 24 | $551.1M | $292.3M | ||
| Q2 24 | $546.4M | $270.7M |
| Q1 26 | — | — | ||
| Q4 25 | $57.6M | $-13.9M | ||
| Q3 25 | $99.5M | $33.5M | ||
| Q2 25 | $108.1M | $34.0M | ||
| Q1 25 | $181.7M | $2.8M | ||
| Q4 24 | $166.6M | $44.8M | ||
| Q3 24 | $115.2M | $28.8M | ||
| Q2 24 | $102.0M | $22.7M |
| Q1 26 | — | — | ||
| Q4 25 | 10.4% | -17.2% | ||
| Q3 25 | 18.7% | 13.6% | ||
| Q2 25 | 20.2% | 14.5% | ||
| Q1 25 | 34.0% | 2.2% | ||
| Q4 24 | 31.3% | 15.3% | ||
| Q3 24 | 21.5% | 12.8% | ||
| Q2 24 | 19.3% | 10.4% |
| Q1 26 | — | — | ||
| Q4 25 | 10.4% | -12.9% | ||
| Q3 25 | 18.0% | 9.9% | ||
| Q2 25 | 19.7% | 10.6% | ||
| Q1 25 | 33.1% | 1.2% | ||
| Q4 24 | 30.3% | 13.1% | ||
| Q3 24 | 20.9% | 9.9% | ||
| Q2 24 | 18.7% | 8.4% |
| Q1 26 | $4.34 | — | ||
| Q4 25 | $0.48 | $-0.41 | ||
| Q3 25 | $0.84 | $0.98 | ||
| Q2 25 | $0.92 | $0.99 | ||
| Q1 25 | $1.54 | $0.08 | ||
| Q4 24 | $1.43 | $1.32 | ||
| Q3 24 | $0.98 | $0.85 | ||
| Q2 24 | $0.86 | $0.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.7B |
| Total Assets | — | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $60.3M | $299.3M | ||
| Q3 25 | $32.2M | $274.8M | ||
| Q2 25 | $54.5M | $233.7M | ||
| Q1 25 | $55.8M | $181.0M | ||
| Q4 24 | $43.0M | $279.3M | ||
| Q3 24 | $50.2M | $179.8M | ||
| Q2 24 | $62.8M | $208.1M |
| Q1 26 | — | — | ||
| Q4 25 | $5.7B | $1.7B | ||
| Q3 25 | $5.8B | $1.8B | ||
| Q2 25 | $5.9B | $1.8B | ||
| Q1 25 | $5.9B | $1.7B | ||
| Q4 24 | $5.9B | $1.7B | ||
| Q3 24 | $5.9B | $1.7B | ||
| Q2 24 | $6.0B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $12.0B | $5.1B | ||
| Q3 25 | $11.9B | $5.8B | ||
| Q2 25 | $11.8B | $4.7B | ||
| Q1 25 | $11.8B | $4.5B | ||
| Q4 24 | $11.8B | $4.4B | ||
| Q3 24 | $11.8B | $4.6B | ||
| Q2 24 | $11.6B | $4.2B |
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 | — | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $261.7M | $-664.3M | ||
| Q3 25 | $266.4M | $-948.1M | ||
| Q2 25 | $353.4M | $-238.5M | ||
| Q1 25 | $196.6M | $-281.1M | ||
| Q4 24 | $239.1M | $129.4M | ||
| Q3 24 | $309.5M | $-202.0M | ||
| Q2 24 | $349.4M | $-237.8M |
| Q1 26 | — | — | ||
| Q4 25 | $158.6M | $-680.1M | ||
| Q3 25 | $170.8M | $-950.4M | ||
| Q2 25 | $264.5M | $-241.0M | ||
| Q1 25 | $124.0M | $-284.7M | ||
| Q4 24 | $152.6M | $116.4M | ||
| Q3 24 | $215.5M | $-204.0M | ||
| Q2 24 | $259.7M | $-241.7M |
| Q1 26 | — | — | ||
| Q4 25 | 28.5% | -200.0% | ||
| Q3 25 | 30.8% | -281.5% | ||
| Q2 25 | 48.1% | -75.5% | ||
| Q1 25 | 22.6% | -120.0% | ||
| Q4 24 | 27.8% | 34.1% | ||
| Q3 24 | 39.1% | -69.8% | ||
| Q2 24 | 47.5% | -89.3% |
| Q1 26 | — | — | ||
| Q4 25 | 18.6% | 4.6% | ||
| Q3 25 | 17.2% | 0.7% | ||
| Q2 25 | 16.2% | 0.8% | ||
| Q1 25 | 13.2% | 1.5% | ||
| Q4 24 | 15.7% | 3.8% | ||
| Q3 24 | 17.1% | 0.7% | ||
| Q2 24 | 16.4% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.55× | — | ||
| Q3 25 | 2.68× | -28.34× | ||
| Q2 25 | 3.27× | -7.02× | ||
| Q1 25 | 1.08× | -102.07× | ||
| Q4 24 | 1.43× | 2.89× | ||
| Q3 24 | 2.69× | -7.01× | ||
| Q2 24 | 3.43× | -10.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MAA
| Same Store Communities | $517.0M | 93% |
| Non-Same Store Communities | $22.1M | 4% |
| Lease-up/Development Communities | $7.7M | 1% |
| Commercial Property/Land | $7.0M | 1% |
WD
Segment breakdown not available.
