AvalonBay Communities, Inc. (AVB) Stock

AvalonBay Communities, Inc. (AVB) is a Real Estate stock trading at $189.43 (as of 2026-07-09), with a market capitalization of $26.35B and a trailing P/E of 21.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the Expansion Markets).

Understand AvalonBay Communities, Inc.: how it makes money

AvalonBay Communities develops, redevelops, acquires, and manages apartment communities, and it makes money primarily through residential rental revenue from its apartment homes.

For AvalonBay, the profit engine is the ability to generate Same Store Residential revenue from its existing apartment communities, which directly links operating results to the rental performance of those homes.

Business quality (Solid): Inputs include a clear operating KPI set (same store residential and rental revenue), but they do not provide a complete, mutually exclusive segment breakdown that sums to total revenue.

Valuation: At 23× earnings, AVB trades 31% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Large, established operating base: The company owned or held interests in 291 apartment communities with 86,025 apartment homes across 11 states and the District of Columbia.
Ongoing growth and repositioning: As of December 31, 2020, 18 communities were under development and one community was under redevelopment, supporting a pipeline for expanding or improving the portfolio.

Bear case

Dependence on existing-community rental performance: The key operating measures provided focus on Same Store Residential revenue and Same Store Residential rental revenue, which implies results are sensitive to rental conditions for existing homes.
Execution risk around development and redevelopment: With communities under development and one under redevelopment, timing and delivery of these projects can affect future performance.

Valuation — source: SEC EDGAR (first-party)
Price	$189.43
Market Cap	$26.35B
P/E Ratio	21.7
EV / EBITDA	12.0
Price / Book	2.25
Price / Sales	8.66
DCF Value (model)	$334.73
DCF Upside vs Price	76.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$3.04B
Net Margin	34.7%
Revenue Growth (YoY)	4.4%
EPS Growth (YoY)	-2.8%

Valuation vs Sector & Industry
Stock P/E	21.7
Sector P/E (Real Estate)	30.0
Industry P/E (Trading)	33.7
vs Sector	-27.5%
vs Industry	-35.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($4.13B)
Institutional Holders Tracked	10
Congressional Trades (recent)	9

Company
Sector	Real Estate
Industry	Trading
CEO	Benjamin W. Schall
Employees	2,928
Country	US
IPO Date	1994-03-11

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-07-09.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.