Invitation Homes Inc. (INVH) vs Mid-America Apartment Communities, Inc. (MAA)
A side-by-side comparison of Invitation Homes Inc. and Mid-America Apartment Communities, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of August 12, 2026. Differences are shown without an overall score or investment verdict.
Total return — INVH vs MAA
growth of $100 · dividends reinvested · last 10yINVH vs MAA: by the numbers
- •INVH is the larger company ($17.69B vs $15.40B market cap).
- •INVH converts more revenue to profit (23.14% vs 18.17% net margin).
- •INVH grew revenue faster over the past five years (8.60% vs 5.36% CAGR).
- •MAA pays the higher dividend yield (4.63% vs 3.99%).
Metrics side by side
Valuation
| Metric | INVH | MAA |
|---|---|---|
| P/E ratio | 27.33 | 38.52 |
| Forward P/E | 36.61 | 38.17 |
| P/S ratio | 6.18 | 6.90 |
| P/B ratio | 1.95 | 2.82 |
| EV / EBITDA | 16.06 | 16.92 |
| FCF yield | 6.13% | 3.72% |
For REITs like Invitation Homes Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Mid-America Apartment Communities, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | INVH | MAA |
|---|---|---|
| Gross margin | 3.69% | 31.83% |
| Operating margin | 30.16% | 26.88% |
| Net margin | 23.14% | 18.17% |
| ROE | 7.30% | 7.42% |
| ROIC | 4.91% | 5.27% |
Dividends
| Metric | INVH | MAA |
|---|---|---|
| Dividend yield | 3.99% | 4.63% |
| Payout ratio | 123.96% | 161.08% |
Invitation Homes Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Mid-America Apartment Communities, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | INVH | MAA |
|---|---|---|
| Revenue CAGR (5Y) | 8.60% | 5.36% |
| EPS CAGR (5Y) | 22.36% | 11.49% |
| FCF CAGR (5Y) | 12.11% | 3.97% |
| Total return CAGR (5Y) | -2.21% | -3.11% |
Frequently asked
- Which has grown faster, INVH or MAA?
- Over the past five years, INVH grew revenue faster — INVH at a 8.60% CAGR versus MAA at 5.36%.
- Does INVH or MAA pay a bigger dividend?
- INVH yields 3.99% and MAA yields 4.63% based on trailing dividends and the latest price.
- Is INVH or MAA more profitable?
- INVH runs the higher net margin — INVH at 23.14% versus MAA at 18.17%.
- How have INVH and MAA total returns compared?
- Over the past 5 years, INVH delivered -2.21% and MAA delivered 6.39% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Invitation Homes & Mid-America Apartment Communities appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified August 12, 2026.