AvalonBay Communities, Inc. (AVB) Stock Analysis
Real Estate · REIT - Residential · NYSE
AvalonBay Communities, Inc. (AVB) posted $3.03B in revenue for fiscal 2025 (up 4.4% year over year), at a 34.7% net margin, and has compounded revenue about 5.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on AvalonBay Communities, Inc.
AvalonBay Communities, Inc. has grown revenue from $2.05B to $3.03B over the last 10 fiscal years, compounding about 5.7% a year. The most recent year was up 4.4%, so growth has cooled from its longer-run pace.
Net margin sits at 34.7%, down 2.5 points year over year. It carries about $9.33B of total debt.
At today's valuation the market is pricing in roughly 6.9% annual free-cash-flow growth — versus the 4.9% it actually delivered over the last five years, broadly in line with what it has delivered. The one thing worth a second look in the filings is heavy debt load.
Synthesised from AvalonBay Communities, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
AvalonBay Communities, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B | $2.16B | $2.28B | $2.32B | $2.30B | $2.29B | $2.59B | $2.76B | $2.91B | $3.03B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $1.03B | $876.92M | $974.52M | $786.10M | $827.71M | $1.00B | $1.14B | $928.83M | $1.08B | $1.05B |
| Net margin | 50.6% | 40.6% | 42.7% | 33.8% | 36.0% | 43.8% | 43.9% | 33.7% | 37.2% | 34.7% |
Source: AvalonBay Communities, Inc. SEC filings (10-K). 19 years of history available in the interactive view.
AvalonBay Communities, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $9328.6M is 5.6× last year's operating cash flow — it would take years of cash flow to clear.
- Net margin shrinkingNet margin fell from 43.9% to 34.7% over ~3 years — profitability is compressing.
What growth is priced into AVB stock?
At today's market cap of $26.50B, AvalonBay Communities, Inc. is priced for free-cash-flow growth of about 6.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.41B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 4.9%/yr over the last five fiscal years and revenue 5.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of AvalonBay Communities, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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AvalonBay Communities, Inc. financial history by metric
Compare AvalonBay Communities, Inc. with peers
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc., a member of S&P 500, is an equity REIT. The firm develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in Boston, Massachusetts, the New York/New Jersey Metro area, the Mid-Atlantic, Seattle, Washington, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of June 30, 2026, the Company owned or held a direct or indirect ownership interest in 322 apartment communities containing 99,072 apartment homes in 11 states and the District of Columbia, of which 27 communities were under development and one community was under redevelopment. AvalonBay Communities, Inc. was incorporated in 1978 in Maryland and is based in Arlington, Virginia.
AvalonBay Communities, Inc. — frequently asked questions
What is AvalonBay Communities, Inc.'s revenue?
AvalonBay Communities, Inc. (AVB) reported revenue of $3.03B for fiscal year 2025, up 4.4% from the prior year, according to its SEC filings.
Is AvalonBay Communities, Inc. profitable?
Yes. AVB earned net income of $1.05B in fiscal 2025, a net margin of 34.7%.
What is AVB's P/E ratio?
AvalonBay Communities, Inc. trades at a price-to-earnings ratio of about 25.5 based on the latest data in our nightly-refreshed cache.
How fast is AvalonBay Communities, Inc. growing?
AVB's revenue grew at roughly 5.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does AvalonBay Communities, Inc. have?
As of fiscal year 2025, AVB carried roughly $9.33B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is AvalonBay Communities, Inc.'s market cap?
AvalonBay Communities, Inc. (AVB) has a market capitalization of about $26.50B, based on the latest data in our nightly-refreshed cache.
When does AvalonBay Communities, Inc.'s fiscal year end?
AVB's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into AVB stock?
At today's market cap of $26.50B, AvalonBay Communities, Inc. is priced for free-cash-flow growth of about 6.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.41B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 4.9%/yr over the last five fiscal years and revenue 5.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from AvalonBay Communities, Inc.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.