AvalonBay Communities, Inc.

AVBNYSEReal Estate● Active

$189.72

+$0.53(+0.28%)

Market Cap$26.9B

P/E Ratio—

52W High$209.86

52W Low$160.1

Avg Volume1.0M

Open$188.77

Beta0.79

Free Cash Flow Financials Revenue

AvalonBay Communities, Inc. (AVB) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

AVB · free cash flow · updated Jun 8, 2026

Core FCF metrics

AVB · FCF · TTM · margin & CAGR

Free cash flow was $1.41B for FY2025 (fiscal year ending 2025-12-31), up 0.3% year-over-year The FCF margin was 46.5%. Five-year CAGR stands at +5.5%.

FY2025 Free Cash Flow$1.41B▲ +0.3% YoY

Trailing 12M (TTM)$1.50Btrailing 4 quarters sum

FCF Margin46.5%$1.41B ÷ revenue

3-Year CAGR+4.3%FY2022 → FY2025

5-Year CAGR+5.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

AVB · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.68B(265M)$1.41B▲ +0.3%46.5%

FY2024$1.61B(198M)$1.41B▲ +3.5%48.4%

FY2023$1.56B(197M)$1.36B▲ +9.3%49.2%

FY2022$1.42B(175M)$1.25B▲ +18.8%48.1%

FY2021$1.20B(153M)$1.05B▼ 3.0%45.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

AVB · P/FCF · FCF yield · FCF per share

AvalonBay Communities, Inc. (AVB) trades at a FCF yield of 5.58% and a price-to-free-cash-flow ratio of 17.8x. FCF per share stands at $10.67, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.58%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$10.67

TTM FCF ÷ Shares Outstanding

Price / FCF

x17.8

Share Price ÷ FCF per Share

EV / FCF (TTM)

x24.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

AVB · cash flow statement · operating / investing / financing

For FY2025, AvalonBay Communities, Inc. generated $1.68B in operating cash flow and spent 265M in capital expenditures, yielding $1.41B in free cash flow.

Operating Activities

+$1.68B

Cash from core business operations

2025-12-31

Investing Activities

−$1.40B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$192.7M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.68B) − |CapEx| (265M) = FCF ($1.41B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

AVB vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

AvalonBay Communities, Inc.YOU

AVB

$1.41B+0.3%46.5%

28%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

AvalonBay Communities, Inc. (AVB) reported free cash flow of $1.41B for FY2025 (fiscal year ending 2025-12-31), up 0.3% year-over-year. The FCF margin was 46.5%.

Based on available data, AvalonBay Communities, Inc. has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $1.41B in FY2025. The 5-year CAGR stands at +5.5%.

AvalonBay Communities, Inc.'s FCF yield is 5.58% and price-to-FCF ratio is 17.8x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

AVB free cash flow · 8 questions

AvalonBay Communities, Inc. free cash flow was $1.41B for FY2025, up 0.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.50B.

AVB free cash flowAVB FCFAVB FCF 2025AVB free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · AvalonBay Communities, Inc. · AvalonBay Communities, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026