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Essential Properties Realty Trust, Inc.

EPRT Real Estate Reit Retail

Essential Properties Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $561.2 million, up 24.8% from fiscal 2024.

Revenue
+16.4%
EPS
−15.2%
Free cash flow
+12.9%
Total debt
+12.7%

Quarter to September 2026, against a year earlier

27.92 0.42 −1.48%
Market cap
$6.3B
P/E
22.8×
Fwd P/E
21.0×
Dividend yield
4.46%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Essential Properties Realty Trust, Inc. (EPRT) valuation and DCF model

What the price implies · reverse DCF

At $27.92 the price implies FFO a share growing −0.1% a year for ten years.

FFO a share grew 4.5% a year over the last five years. The price asks for 4.7 points a year less than its five-year rate. The industry’s median company is priced for 1.5%.

In December 2020 the price assumed 6.5% a year; Essential Properties Realty Trust, Inc. went on to grow FFO a share 4.5% a year to FY2025.

FFO a share is worked out from Essential Properties Realty Trust, Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $0.51 a share for Q3 2026.

Price implies
−0.1%
Last 5 years, reported
4.5%
Industry median implies
1.5%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−0.1% a year for ten years
$27.92
today’s price
Its base case
4.5% a year for five years, then 2.7%
$37.35
33.8% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Essential Properties Realty Trust, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing −0.1% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Essential Properties Realty Trust, Inc.’s own cost of capital: risk-free 4.3% + beta 0.82 × equity premium 4.5% = 8.0% cost of equity; weighted, 8.0%.

Use 8.0%
Base case value per share $37.35 ten years discounted, and what follows
Current price $27.92 market price per share
Above today’s price 33.8% upside at the base case’s assumptions

How we got there$16.86 10 years of FFO+$20.49 terminal value=$37.35 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Retail).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 22.77× 23.32× 35.20× 35% below 24.06× 5% below
P/B 1.33× 1.36× 1.31× 2% above 1.77× 25% below
EV/EBITDA 15.76× 16.46× 18.29× 14% below 15.96× 1% below
EV/Sales 14.16× 15.31× 15.68× 10% below 10.99× 29% above
P/FFO 12.96× 14.69× 16.97× 24% below — —
P/E P/B EV/EBITDA EV/Sales P/FFO
24.20×34.34×44.47×54.61×10Y avg 35.20×2017201820192020202120222023202420252026

EPRT trades at 22.77× P/E, against a 10-year average of 35.20× (range 20.80×–56.83×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $43.15 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.