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Held by 733 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $488.1M buybacks = $488.1M returned on $1.41B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-08-05 · 62d old
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.04B 100.0% | $2.91B 100.0% | $2.77B 100.0% | $2.59B 100.0% | $2.29B 100.0% | $2.30B 100.0% | $2.32B 100.0% | $2.28B 100.0% | $2.16B 100.0% | $2.05B 100.0% |
| Selling, General & Admin | $86.7M 2.9% | $77.7M 2.7% | $76.5M 2.8% | $74.1M 2.9% | $69.6M 3.0% | $60.3M 2.6% | $58.0M 2.5% | $60.4M 2.6% | $53.7M 2.5% | $45.8M 2.2% |
| Total Operating Expenses | $2.39B 78.7% | $2.25B 77.1% | $2.13B 77.0% | $2.06B 79.3% | $1.93B 84.0% | $1.83B 79.4% | $1.70B 73.0% | $1.70B 74.4% | $1.59B 73.9% | $1.46B 71.4% |
| Operating Income | $2.02B 66.5% | $1.91B 65.6% | $1.79B 64.7% | $1.70B 65.6% | $1.46B 63.5% | $1.47B 64.0% | $1.55B 66.8% | $1.49B 65.0% | $1.40B 64.8% | $1.31B 64.2% |
| Interest Expense | $259.2M 8.5% | $226.6M 7.8% | $206.0M 7.4% | $230.1M 8.9% | $220.4M 9.6% | $214.2M 9.3% | $203.6M 8.8% | $221.0M 9.7% | $199.7M 9.2% | $187.5M 9.2% |
| Other Income (Expense), net | -$10.8M -0.4% | -$18.3M -0.6% | -$33.5M -1.2% | -$16.6M -0.6% | -$3.2M -0.1% | -$12.4M -0.5% | -$5.0M -0.2% | — | — | — |
| Pretax Income | $1.06B 34.7% | $1.08B 37.2% | $938.6M 33.9% | $1.15B 44.4% | $1.01B 44.0% | $824.5M 35.8% | $799.1M 34.4% | $974.0M 42.6% | $876.8M 40.6% | $1.03B 50.6% |
| Income Tax Expense | -$1.1M -0.0% | $445K 0.0% | $10.2M 0.4% | $14.6M 0.6% | $5.7M 0.2% | -$3.2M -0.1% | $13.0M 0.6% | -$160K -0.0% | $141K 0.0% | $305K 0.0% |
| Net Income | $1.06B 34.7% | $1.08B 37.1% | $928.8M 33.6% | $1.14B 43.8% | $1.00B 43.8% | $827.7M 36.0% | $786.1M 33.8% | $974.5M 42.7% | $876.9M 40.6% | $1.03B 50.6% |
| Per Share | ||||||||||
| EPS (Basic) | $7.40 | $7.61 | $6.56 | $8.13 | $7.19 | $5.89 | $5.64 | $7.05 | $6.36 | $7.53 |
| EPS (Diluted) | $7.40 | $7.60 | $6.56 | $8.12 | $7.19 | $5.89 | $5.63 | $7.05 | $6.35 | $7.52 |
| Weighted Avg Shares (Basic) | 141.7M | 142.0M | 141.3M | 139.6M | 139.4M | 140.1M | 139.1M | 137.8M | 137.5M | 136.9M |
| Weighted Avg Shares (Diluted) | 142.8M | 142.5M | 141.6M | 140.0M | 139.7M | 140.4M | 139.6M | 138.3M | 138.1M | 137.5M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-08-05
Where each multiple sits in its own 14-yr range · 61th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 9% against ROIC 5% — 4% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 2.6 | 2.5 | 2.6 | 3.0 | 2.9 | 2.8 | 2.7 | 2.9 |
| Operating Income | 65.0 | 66.8 | 64.0 | 63.5 | 65.6 | 64.7 | 65.6 | 66.5 |
| Income Tax | -0.0 | 0.6 | -0.1 | 0.2 | 0.6 | 0.4 | 0.0 | -0.0 |
| Net Income | 42.7 | 33.8 | 36.0 | 43.8 | 43.8 | 33.6 | 37.1 | 34.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AVB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest is easily covered by operating profit. Effective rate ~2.8% on $9.33B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 32 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $161.5B | 161.3× | — | 14.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,546 |
| PLD | $121.7B | 36.0× | — | 13.8× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,671 |
| EQIX | $101.0B | 74.4× | 25.8× | 11.0× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | -0.1× | 1,313 |
| AMT | $75.6B | 30.1× | 18.7× | 7.1× | 5.1% | — | 24.7% | 72.0% | 6.4% | 6.0× | 1,679 |
| DLR | $66.7B | 50.2× | — | 10.9× | 10.0% | — | 21.4% | 5.7% | 5.7% | — | — |
| SPG | $65.2B | 14.2× | — | 10.2× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,317 |
| PSA | $52.6B | 31.3× | — | 10.9× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,087 |
| O | $50.9B | 46.0× | — | 8.8× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,430 |
| VTR | $41.7B | 150.7× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 923 |
| IRM | $33.4B | 229.2× | 22.7× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.4× | 1,127 |
| CCI | $28.8B | 66.9× | 21.8× | 6.7× | -4.4% | 97.3% | 10.4% | -27.2% | 1.7% | 10.5× | 909 |
| EXR | $28.1B | 29.0× | 13.1× | 8.3× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | -0.1× | 769 |
| AVB | $27.1B | 25.6× | 12.3× | 8.9× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.1× | 733 |
| VICI | $24.8B | 8.6× | — | 6.2× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 914 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | -0.1× | 609 |
| SBAC | $17.2B | 16.5× | 20.2× | 6.1× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.6× | 656 |
| HST | $15.4B | 20.4× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 718 |
| KIM | $14.8B | — | 15.9× | 6.9× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.4× | 673 |
| LAMR | $14.6B | 24.9× | — | 6.5× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 741 |
| OHI | $13.7B | 23.4× | 21.7× | 11.6× | 13.2% | — | 49.6% | 11.4% | 6.3% | 5.1× | 736 |
| SUI | $13.6B | 10.3× | 111.9× | 5.9× | 2.0% | — | 61.3% | 20.3% | 20.3% | -4.9× | 513 |
| MAA | $13.5B | 30.8× | — | 6.1× | 0.8% | — | 20.2% | 7.9% | 7.9% | — | 738 |
| WY | $13.3B | 41.1× | 14.9× | 1.9× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.1× | 881 |
| REG | $13.1B | — | 11.7× | 8.4× | 6.9% | — | 34.0% | 7.6% | 4.5% | 3.1× | — |
| DOC | $13.0B | 188.4× | — | 4.6× | 4.5% | — | 2.5% | 1.0% | 0.4% | — | 731 |
Peers = companies sharing AVB's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 64.2% | 50.6% |
| FY2017 | not reported | 64.8% | 40.6% |
| FY2018 | not reported | 65.0% | 42.7% |
| FY2019 | not reported | 66.8% | 33.8% |
| FY2020 | not reported | 64.0% | 36.0% |
| FY2021 | not reported | 63.5% | 43.8% |
| FY2022 | not reported | 65.6% | 43.8% |
| FY2023 | not reported | 64.7% | 33.6% |
| FY2024 | not reported | 65.6% | 37.1% |
| FY2025 | not reported | 66.5% | 34.7% |
Leverage and buybacks account for 4 points of the 9% return on equity in FY2025. The business earns 5% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.26x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Leverage is not measurable this way for a reit.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $189.57, free cash flow must compound 11.19%/yr for 10 years. It has done 31.72%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 311.8% | 11.2% |
| FY2021 | −4.6% | 11.2% |
| FY2022 | 19.0% | 11.2% |
| FY2023 | 9.5% | 11.2% |
| FY2024 | 2.4% | 11.2% |
| FY2025 | −0.4% | 11.2% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.06B | $1.06B |
| Share-based comp | $26M | $1.08B |
| Other non-cash & working capital | $588M | $1.67B |
| Operating cash flow | $1.67B | $1.67B |
| Capex | −$262M | $1.41B |
| Free cash flow | $1.41B | $1.41B |
| FCF after SBC | $1.38B | $1.38B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -1.0% | not reported | not reported |
| FY2021 | -0.3% | not reported | not reported |
| FY2022 | 13.0% | not reported | not reported |
| FY2023 | 6.7% | not reported | not reported |
| FY2024 | 5.3% | not reported | not reported |
| FY2025 | 4.4% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.8 percent |
| FY2020 | -2.0 percent |
| FY2021 | -1.0 percent |
| FY2022 | -1.4 percent |
| FY2023 | -3.0 percent |
| FY2024 | -2.5 percent |
| FY2025 | -2.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.