AvalonBay Communities

Real Estate Multi-Family Residential REITs Arlington, Virginia Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.0B
                    3y CAGR +5.4%
                    
                    P33
                    
                    +4.4%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +34.7%
                    
                    P77
                    
                    -2.3%
                    
                    Total assets
                    FY2025
                
$22.2B
                    ROA +4.8%
                    
                    P77
                    
                    +5.7%
                    
                    Operating cash flow
                    FY2025
                
$1.7B
                    FCF margin +46.3%
                    
                    P80
                    
                    +3.9%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

19 accounts · 3 years

Total assets $22.2B

Total liabilities $10.4B

Shareholders equity $11.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	0.8%	0.5%	1.9%
Prepaid Expenses	2.8%	2.6%	1.8%
Operating Lease Assets	0.5%	0.6%	0.5%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accrued Liabilities	1.8%	1.7%	1.5%
Current Portion of Long Term Debt	3.3%	0.0%	0.0%
Operating Lease Liabilities	0.7%	0.7%	0.6%
Total Current Liabilities	46.7%	43.1%	43.0%
Long Term Debt	42.0%	38.5%	38.6%
Operating Lease Liabilities Noncurrent	0.7%	0.7%	0.6%
Total Liabilities	46.7%	43.1%	43.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	50.5%	53.9%	54.6%
Retained Earnings	1.7%	2.8%	2.3%
Accumulated Other Comprehensive Income	0.1%	0.2%	0.1%
Noncontrolling Interest	1.0%	—	—
Total Stockholders Equity	52.3%	56.9%	57.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $3.0B

Operating income $2.0B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	13.7%	13.9%	13.4%
Expenses Cost of Revenue	10.8%	10.7%	10.3%
Expenses Selling,General and Administrative	0.4%	0.4%	0.4%
Expenses Share Based Compensation	0.1%	0.1%	0.1%
Expenses Operating Expenses	10.8%	10.7%	10.3%
Other Income Expense Operating Income	9.1%	9.1%	8.7%
Other Income Expense Interest Expense	1.2%	1.1%	1.0%
Other Income Expense Other Income/expense	-0.0%	-0.1%	-0.2%
Other Income Expense Income Before Tax	4.8%	5.2%	4.5%
Income Tax Income Tax Expense	-0.0%	0.0%	0.0%
net Income net Income	4.8%	5.2%	4.5%
net Income Comprehensive Income	4.7%	5.2%	4.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.6%	0.7%	0.7%
Earnings Per Share Weighted Average Shares Diluted	0.6%	0.7%	0.7%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $1.7B

Investing cash flow $-1.4B

Financing cash flow $-192.7M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	4.8%	5.2%	4.5%
Operating Activities Depreciation and Amortization	4.1%	4.0%	4.0%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%
Operating Activities Deferred Income Taxes	-0.0%	0.0%	0.0%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	0.3%	0.0%
Operating Activities net Cash From Operating Activities	7.5%	7.7%	7.5%
Investing Activities Capital Expenditures	1.2%	0.9%	0.9%
Investing Activities Other Investing Activities	-0.0%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-6.3%	-4.7%	-4.5%
Financing Activities Repayment of Debt	3.7%	1.4%	3.6%
Financing Activities Repurchase of Common Stock	2.2%	0.0%	0.0%
Financing Activities Proceeds From Stock Issuance	0.4%	0.1%	2.4%
Financing Activities Tax Withholding On Stock Based Compensation	0.1%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.0%
Financing Activities net Cash From Financing Activities	-0.9%	-4.2%	-4.0%
Cash Reconciliation Effect of Exchange Rate On Cash	1.6%	1.3%	2.6%
Cash Reconciliation net Change In Cash	0.4%	-1.3%	-1.0%
Cash Reconciliation Cash At Beginning of Period	1.6%	1.3%	2.6%
Cash Reconciliation Cash At End of Period	1.6%	1.3%	2.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+21.3%	+22.9%	+23.0%
Operating margin	+66.5%	+65.6%	+64.7%
Net margin	+34.7%	+37.1%	+33.6%
FCF margin	+46.3%	+48.5%	+49.9%
Growth
Revenue CAGR (3y)	+5.4%	+8.3%	+6.3%
Returns
ROE	+9.1%	+9.1%	+7.9%
ROA	+4.8%	+5.2%	+4.5%
ROIC	+9.4%	+9.6%	+9.1%
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	0.89x	0.76x	0.75x
Interest coverage	7.80x	8.43x	8.69x
Efficiency
Asset turnover	0.14x	0.14x	0.13x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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AvalonBay Communities

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