Detailed financial statements for Vivmark Residential (VMRK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Vivmark Residential is a real estate investment trust (REIT) and S&P 500 company formed through the August 2026 merger of equals between Equity Residential and AvalonBay Communities. The company focuses on the ownership, development, and management of high-quality apartment communities in premier U.S. markets, including major coastal cities and high-growth metro areas. Vivmark's portfolio consists of over 184,000 apartment homes with a substantial development pipeline.
Analysis Summary
Vivmark Residential reported revenue of $3.10B in the most recent fiscal year, growing at a 5-year CAGR of 3.8%. Net income reached $1.12B, with a 4.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 46.0%, operating margin 28.1%, net margin 27.9%. Free cash flow grew at 3.2% CAGR over 5 years.
At the current price of $60.09, VMRK trades at a P/E of 26.22 and an ROE of 8.08%. Market capitalisation stands at $22.5B, placing it among large-cap names.
Balance sheet quality for VMRK: current ratio of 0.0, net debt of $8.73B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.29B represents 115% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.43B | $2.47B | $2.58B | $2.70B | $2.57B | $2.46B | $2.74B | $2.87B | $2.98B | $3.10B |
| Cost of Revenue | $806.2M | $826.3M | $879.6M | $908.3M | $916.4M | $948.8M | $982.6M | $1.05B | $1.09B | $1.66B |
| Gross Profit | $1.62B | $1.65B | $1.70B | $1.79B | $1.66B | $1.52B | $1.75B | $1.83B | $1.89B | $1.44B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $57.8M | $52.2M | $53.8M | $52.8M | $48.3M | $56.5M | $58.7M | $60.7M | $61.7M | $51.5M |
| Operating Expenses | $763.5M | $640.6M | $583.4M | $436.2M | $337.3M | -$160.6M | $58.7M | $60.7M | $61.7M | $309.8M |
| Operating Income | $856.1M | $1.00B | $1.11B | $1.36B | $1.32B | $1.68B | $1.69B | $1.77B | $1.82B | $1.13B |
| EBITDA | $1.55B | $1.58B | $1.64B | $1.74B | $1.61B | $1.46B | $1.71B | $1.78B | $1.84B | $2.34B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $285.7M | $237.4M |
| Pre-tax Income | $4.48B | $628.9M | $686.1M | $1.01B | $963.4M | $1.40B | $807.9M | $869.6M | $1.07B | $1.16B |
| Income Tax | $1.6M | $478,000 | $878,000 | -$2.3M | $852,000 | $915,000 | $900,000 | $1.1M | $1.3M | $6.6M |
| Net Income | $4.29B | $603.5M | $657.5M | $970.4M | $913.6M | $1.33B | $776.9M | $835.4M | $1.04B | $1.12B |
| EPS | $11.76 | $1.64 | $1.79 | $2.61 | $2.36 | $3.56 | $2.06 | $2.20 | $2.73 | $2.97 |
| EPS (Diluted) | $11.24 | $1.58 | $1.71 | $2.50 | $2.27 | $3.54 | $2.05 | $2.13 | $2.72 | $2.91 |
| Shares Outstanding (Diluted) | $382.0M | $382.7M | $383.7M | $386.3M | $385.9M | $388.1M | $389.4M | $390.9M | $390.7M | $388.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $782.4M | $789.0M | $779.8M | $785.0M |
| Gross Profit | $495.9M | -$14.2M | $478.0M | $481.9M |
| Operating Income | $226.5M | $222.9M | $213.7M | $218.9M |
| EBITDA | $632.1M | $731.9M | $422.6M | $481.4M |
| Net Income | $289.1M | $382.1M | $90.1M | $114.1M |
| EPS | $0.76 | $1.01 | $0.24 | $0.30 |
| EPS (Diluted) | $0.74 | $1.00 | $0.24 | $0.30 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $77.2M | $50.6M | $47.4M | $45.8M | $42.6M | $123.8M | $53.9M | $50.7M | $62.3M | $55.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $14.6M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $219.1M | $100.8M | $116.3M | $117.0M | $99.7M | $360.2M | $137.2M | $140.0M | $160.2M | $55.9M |
| Property, Plant & Equipment | $19.91B | $19.89B | $19.72B | $512.8M | $499.3M | $474.7M | $463.0M | $457.3M | $455.4M | $454.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $161.5M | $170.7M | $166.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $20.70B | $20.57B | $20.39B | $21.17B | $20.29B | $21.17B | $20.22B | $20.03B | $20.83B | $20.75B |
| Accounts Payable | $147.5M | $114.8M | $102.5M | $94.3M | $107.4M | $107.0M | $96.0M | $87.4M | $99.3M | 0 |
| Short-term Debt | $20.0M | $299.8M | $499.2M | $1.02B | $414.8M | $315.0M | $130.0M | $409.1M | $543.7M | $1.19B |
| Total Current Liabilities | $420.7M | $665.4M | $870.9M | $1.40B | $820.4M | $725.1M | $536.9M | $821.5M | $980.7M | $1.19B |
| Long-term Debt | $8.97B | $8.66B | $8.32B | $8.02B | $7.63B | $8.03B | $7.30B | $6.98B | $7.58B | $7.29B |
| Total Liabilities | $9.80B | $9.73B | $9.62B | $10.16B | $9.18B | $9.48B | $8.52B | $8.46B | $9.25B | $9.34B |
| Retained Earnings | $1.54B | $1.40B | $1.26B | $1.39B | $1.40B | $1.83B | $1.66B | $1.44B | $1.41B | $1.19B |
| Total Equity | $10.23B | $10.24B | $10.17B | $10.32B | $10.53B | $10.95B | $11.17B | $11.09B | $11.04B | $11.04B |
| Total Debt | $8.99B | $8.96B | $8.82B | $9.37B | $8.37B | $8.65B | $7.73B | $7.70B | $8.43B | $8.78B |
| Net Debt | $8.91B | $8.91B | $8.77B | $9.32B | $8.33B | $8.53B | $7.68B | $7.65B | $8.36B | $8.73B |
| Working Capital | -$201.6M | -$564.6M | -$754.6M | -$1.28B | -$720.6M | -$364.8M | -$399.7M | -$681.5M | -$820.5M | -$1.13B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $93.1M | $55.9M | $34.7M | $36.4M |
| Total Assets | $21.07B | $20.75B | $20.52B | $20.28B |
| Total Liabilities | $9.60B | $9.34B | $9.50B | $9.39B |
| Total Equity | $11.08B | $11.04B | $10.67B | $10.51B |
| Total Debt | $8.74B | $8.78B | $8.64B | $8.57B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $4.48B | $628.4M | $685.2M | $1.01B | $962.5M | $1.40B | $807.0M | $868.5M | $1.07B | $1.15B |
| Depreciation & Amortization | $709.1M | $747.6M | $790.1M | $842.8M | $832.4M | $851.4M | $894.3M | $901.5M | $966.7M | $1.02B |
| Stock-based Compensation | $30.5M | $25.0M | $27.1M | $24.4M | $23.2M | $27.8M | $29.5M | $31.8M | $31.3M | $32.2M |
| Change in Working Capital | -$40.6M | -$12.9M | $25.6M | $29.5M | -$74.0M | $29.7M | -$4.7M | $2.2M | $39.1M | $46.3M |
| Operating Cash Flow | $1.21B | $1.27B | $1.36B | $1.46B | $1.27B | $1.26B | $1.45B | $1.53B | $1.57B | $1.65B |
| Capital Expenditure | -$229.4M | -$230.4M | -$199.3M | -$190.3M | -$166.2M | -$168.6M | -$232.2M | -$333.5M | -$318.7M | -$359.1M |
| Acquisitions | -$5.3M | -$6.0M | -$6.6M | -$9.6M | -$5.8M | -$79.8M | -$159.7M | -$47.9M | -$109.7M | -$254.1M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$49.1M | -$38.5M | -$280.7M |
| Dividends Paid | -$4.77B | -$742.5M | -$786.0M | -$834.2M | -$887.0M | -$903.6M | -$934.1M | -$993.2M | -$1.02B | -$1.05B |
| Free Cash Flow | $984.8M | $1.04B | $1.16B | $1.27B | $1.10B | $1.09B | $1.22B | $1.20B | $1.25B | $1.29B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $476.7M | $387.0M | $400.5M | $301.9M |
| Capital Expenditure | -$102.4M | -$104.6M | -$65.9M | -$117.5M |
| Free Cash Flow | $374.3M | $282.4M | $334.6M | $184.4M |
| Dividends Paid | -$263.5M | -$264.0M | -$262.3M | -$263.6M |
| Stock-based Compensation | $5.4M | $5.2M | $9.6M | $9.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.9% | +4.3% | +4.8% | -4.8% | -4.2% | +11.0% | +5.1% | +3.7% | +4.1% | |
| Net Income Growth (YoY) | -85.9% | +9.0% | +47.6% | -5.8% | +45.9% | -41.7% | +7.5% | +24.0% | +8.1% | |
| EPS Growth (YoY) | -86.1% | +9.1% | +45.8% | -9.6% | +50.8% | -42.1% | +6.8% | +24.1% | +8.8% | |
| Shares Change (YoY) | +0.2% | +0.3% | +0.7% | -0.1% | +0.6% | +0.4% | +0.4% | -0.0% | -0.5% | |
| FCF Growth (YoY) | +5.1% | +11.7% | +9.5% | -13.2% | -0.7% | +12.0% | -1.9% | +4.6% | +2.8% | |
| Gross Margin | 66.8% | 66.6% | 65.9% | 66.4% | 64.4% | 61.5% | 64.1% | 63.6% | 63.3% | 46.3% |
| Operating Margin | 35.3% | 40.6% | 43.2% | 50.2% | 51.2% | 68.0% | 61.9% | 61.5% | 61.2% | 36.3% |
| EBITDA Margin | 64.1% | 64.1% | 63.5% | 64.4% | 62.5% | 59.2% | 62.4% | 61.9% | 61.7% | 75.4% |
| Net Margin | 176.9% | 24.4% | 25.5% | 35.9% | 35.5% | 54.1% | 28.4% | 29.1% | 34.8% | 36.1% |
| FCF Margin | 40.6% | 41.9% | 44.9% | 46.9% | 42.7% | 44.3% | 44.7% | 41.7% | 42.1% | 41.6% |
| Effective Tax Rate | 0.0% | 0.1% | 0.1% | -0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.58 | $2.71 | $3.02 | $3.28 | $2.85 | $2.81 | $3.14 | $3.07 | $3.21 | $3.32 |
| Dividends Per Share | $12.50 | $1.94 | $2.05 | $2.16 | $2.30 | $2.33 | $2.40 | $2.54 | $2.61 | $2.69 |
| Shares Outstanding (Basic) | $365.0M | $367.0M | $368.1M | $370.5M | $371.8M | $373.8M | $376.2M | $378.8M | $378.8M | $379.1M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 8.08% |
| Return on Invested Capital | 4.45% |
| Return on Assets | 4.32% |
| Gross Margin | 45.96% |
| Operating Margin | 28.12% |
| Net Margin | 27.91% |
Financial Health
| Debt / Equity | 0.81 |
| Current Ratio | 0.12 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 5.47 | 38.88 | 36.88 | 31.00 | 25.12 | 25.42 | 28.64 | 27.80 | 26.29 | 21.23 |
| P/B | 2.30 | 2.28 | 2.39 | 2.91 | 2.09 | 3.09 | 1.99 | 2.09 | 2.46 | 2.16 |
| P/S | 9.68 | 9.47 | 9.43 | 11.10 | 8.57 | 13.73 | 8.12 | 8.06 | 9.12 | 7.71 |
| Gross Margin | 66.8% | 66.6% | 65.9% | 66.4% | 64.4% | 61.5% | 64.1% | 63.6% | 63.3% | 46.3% |
| Operating Margin | 35.3% | 40.6% | 43.2% | 50.2% | 51.2% | 68.0% | 61.9% | 61.5% | 61.2% | 36.3% |
| Net Margin | 176.9% | 24.4% | 25.5% | 35.9% | 35.5% | 54.1% | 28.4% | 29.1% | 34.8% | 36.1% |
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Explore sector: Real Estate · REIT - Residential
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