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 September 13, 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 ($15.81B vs $13.77B 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 (4.89% vs 4.32%).
Metrics side by side
Valuation
| Metric | INVH | MAA |
|---|---|---|
| P/E ratio | 24.42 | 34.61 |
| Forward P/E | 26.46 | 32.10 |
| P/S ratio | 5.54 | 6.21 |
| P/B ratio | 1.75 | 2.53 |
| EV / EBITDA | 14.93 | 15.69 |
| FCF yield | 5.44% | 4.13% |
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 | 4.67% | 5.17% |
Dividends
| Metric | INVH | MAA |
|---|---|---|
| Dividend yield | 4.32% | 4.89% |
| Payout ratio | 109.17% | 178.51% |
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) | -4.29% | -4.49% |
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 4.32% and MAA yields 4.89% 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 -4.29% and MAA delivered -4.49% 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 September 13, 2026.