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Essex Property Trust, Inc. ESS

Real Estate — Reit Residential
S&P 500 Member Dividend Aristocrat Cash Flow Champion (5y)
Indexes indicate stock being part of an index ,
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
0.17
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — 1 — — — —
Insider Ownership
0.80%

Capital & Financial Ratios

Market Cap
18,000.00
Revenue
1,926.73
Net Income
437.61
Free Cash Flow
728.45
Net Debt
6,632.16
Current Ratio
0.60
Debt/Equity
1.22
P/E ratio
42.12
P/S ratio
9.03
P/B ratio
3.17
Past 5Y EPS Growth
11.62%
This Y EPS Growth
(45.95%)
Next Y EPS Growth
12.15%
Next 5Y EPS Growth
(13.12%)
in millions of $

Dividends

Payout Ratio
1.10
Annual Dividend Rate
9.24
Annual Dividend Yield
4.15%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 10.34
—
—
—
—
2025 10.16
—
—
—
—
2024 7.35
—
—
—
2023 11.55
—
—
—
—
—
2022 8.80
—
—
—
—
2021 8.36
—
—
—
—
2020 8.31
—
—
—
—
2019 7.80
—
—
—
—
2018 7.44
—
—
—
—
2017 7.00
—
—
—
—
2016 6.40
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 400.33 75.85 85.59 66.34
Receivables — — — —
Inventory — — — —
Other — — — —
574.96 282.55 227.18 162.68
2023 2024 2025 Q'26
Payables 176.40 212.75 221.35 270.44
ST’ Debt — — — —
Other — — — —
176.40 212.75 221.35 270.44
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 484.76 489.05 — —
—
’25 464.58 469.83 473.30 479.63
1,887.35
’24 426.93 442.36 450.70 454.47
1,774.45
’23 412.42 416.04 419.18 421.75
1,669.40
’22 381.91 399.98 409.75 415.18
1,606.81
’21 355.13 350.98 362.86 371.60
1,440.56
’20 392.37 370.50 370.81 362.07
1,495.75
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 287.17 254.06 — —
—
’25 281.50 216.13 342.59 234.20
1,074.42
’24 314.86 218.93 316.20 218.32
1,068.31
’23 276.92 211.41 288.06 203.67
980.06
’22 315.14 194.40 299.19 166.91
975.65
’21 195.27 232.81 271.81 205.38
905.26
’20 266.93 159.18 227.33 149.67
803.11
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 242.32 182.74 — —
—
’25 14.47 151.00 295.85 7.54
468.86
’24 (79.61) 36.30 56.46 152.16
165.31
’23 330.17 131.42 233.56 138.39
833.53
’22 265.28 120.93 202.93 235.00
824.14
’21 391.81 157.55 176.97 90.26
816.58
’20 (252.50) 323.47 207.22 155.81
434.01
in millions of $

EPS

Mar Jun Sep Dec Year
’26 1.65 0.97 — —
—
’25 3.16 3.44 2.56 1.25
10.40
’24 4.25 1.45 1.84 4.00
11.54
’23 2.38 1.55 1.36 1.02
6.32
’22 1.12 0.87 1.43 2.86
6.27
’21 2.59 1.00 1.82 2.10
7.51
’20 4.76 1.29 1.13 1.47
8.69

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

2.5
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 205.24 195.03 223.06 243.25 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 363.36 252.85 317.73 316.29 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,772 1,750 1,715 1,689 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.91 0.95 1.03 1.12 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,606.81 1,669.40 1,774.45 1,887.35 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 68.39% 68.17% 68.00% 67.78% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 432.99 430.71 811.31 702.77 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26.95% 25.80% 45.72% 37.24% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 432.99 430.71 811.31 702.77 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 546.03 555.35 588.02 614.70 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 24.69 25.98 27.63 29.32 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 6.27 6.32 11.55 10.40 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 14.99 15.25 16.63 16.69 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.33) (2.28) (14.06) (9.41) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12.66 12.97 2.57 7.28 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 90.58 87.06 89.06 88.67 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 65.08 64.25 64.23 64.38 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 33.65 39.60 24.71 25.14 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.56 9.62 10.33 8.93 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.33 2.87 3.20 2.95 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12.43 13.10 14.01 12.48 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 24.23 26.23 150.38 50.25 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 975.65 980.06 1,068.31 1,074.42 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (151.51) (146.53) (902.99) (605.56) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 824.14 833.53 165.31 468.86 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (19.73) 398.55 69.81 5.83 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,261.18 6,205.74 6,601.62 6,800.27 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,218.50 5,805.40 6,525.77 6,714.68 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5,895.12 5,593.98 5,720.39 5,708.63 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.22% 3.28% 5.86% 5.13% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.07% 3.20% 3.59% 4.52% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.76% 7.06% 13.11% 11.72% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Essex Property Trust (ESS), the West Coast multifamily REIT darling, faces growing skepticism despite its reputation as a housing shortage safe haven. Revenue has grown steadily at a 5% CAGR to $1.77 billion in 2024, driven by premium markets like California and Seattle, but gross margins have slipped to 68%, signaling rising costs amid supply surges and potential rent controls. While 2024 delivered an 89% net income surge to $811 million and doubled ROE to 13.1%, this “profitability spike” masks a brutal free cash flow collapse—down 80% to $165 million—due to explosive capex spending, with EPS projected to halve to $5.81 by 2026.

The balance sheet adds pressure: debt up 10% to $6.6 billion, equity down 9%, inflating PB to 3.2x and EV/FCF to an unsustainable 150x, especially as interest costs bite post-rate hikes. Valuation looks stretched at 24.7x PE (43x forward), trading 13% below consensus targets yet lagging broader markets amid REIT sensitivity.

Insider selling hit $7.6 million in March 2025 with no buys, hinting at peaks ahead of decelerating earnings, multifamily oversupply, and lingering rate risks. While bulls eye housing tailwinds, this contrarian dissection uncovers complacency—potentially 15-20% downside—urging a trim or wait for deeper dips. Dive into the full analysis for the numbers that challenge the hype.

Read full commentary →

Essex Property Trust, Inc. (ESS) Latest News

News by impact score

Fine-tune

9 Aug

4 , 9:09 AM
Essex Property Trust raised its guidance, raising questions on whether the stock remains undervalued. Guidance increase signals stronger earnings outlook that can materially lift stock trajectory and sentiment.

3 , 1:09 AM
Essex Property Trust launches new share buybacks while lowering guidance, raising questions over shifts in its real estate investment strategy and future performance outlook. Lowered guidance pressures near-term earnings views but buybacks may cushion share price and signal capital return focus.

7 Aug

3 transcript www.fool.com, 8:17 PM
Essex Property Trust (ESS) released its Q2 2026 earnings call transcript covering financial performance and future outlook. Quarterly earnings calls provide financial updates that can moderately influence stock performance and market sentiment.

3 Aug

3 www.multifamilydive.com, 11:46 AM
Essex Property Trust beat Q2 expectations driven by performance of its West Coast portfolio. Quarterly earnings beat from core portfolio provides moderate positive signal for near-term results.

31 Jul

3 transcript www.marketbeat.com, 4:03 AM
Essex Property Trust Q2 earnings call highlighted financial results, operational metrics and forward guidance for the REIT. Q2 earnings details and guidance supply fresh performance data that moderately shapes near-term investor sentiment and valuation.

30 Jul

4 , 11:01 PM
Essex Property Trust beat FFO expectations in its Q2 2026 earnings call and raised guidance. Strong FFO beat and raised guidance point to improved financial results and a positive shift in company outlook.

4 , 12:22 PM
Essex Property Trust Q2 FFO beat estimates on higher property NOI and raised its 2026 outlook. Q2 FFO beat plus raised 2026 guidance point to stronger operations and improved outlook for Essex Property Trust.

3 transcript app.moby.co, 8:30 AM
Essex Property Trust reported Q2 2026 earnings results and operational metrics during its earnings call. Quarterly earnings updates deliver financial metrics and guidance that moderately shift near-term investor views.

29 Jul

4 , 4:15 PM
Essex Property Trust reported second quarter 2026 results and raised full-year 2026 guidance. Raising full-year guidance signals stronger performance outlook likely to lift investor sentiment and valuation.

27 Jun

3 , 11:16 PM
Raymond James upgrades Essex Property Trust (ESS) citing strong Bay Area growth. Analyst upgrade on Bay Area growth prospects may lift ESS investor sentiment and near-term share price.

26 Jun

4 , 8:37 AM
Raymond James upgraded Essex Property Trust citing AI-driven rent boom in the Bay Area. Analyst upgrade signals major positive shift in rent growth and investor sentiment for core Bay Area assets.

5 May

4 Simply Wall St., 3:13 AM
Essex Property Trust (ESS) beat earnings expectations, announced share buybacks, and raised full-year guidance, potentially strengthening the investment case amid prior concerns. Earnings beat, buybacks, and raised guidance indicate strong financial performance and management confidence, likely boosting stock price and investor sentiment significantly.

30 Apr

4 GuruFocus.com, 3:16 AM
Essex Property Trust Inc (ESS) reported strong Q1 2026 performance in earnings call highlights, with robust financial results amid market challenges. Strong quarterly earnings performance directly influences financial outlook, investor sentiment, and stock trajectory.

4 www.marketbeat.com, 2:06 AM
Essex Property Trust, Inc. (ESS) released Q1 earnings call highlights detailing financial performance, operational updates, and forward guidance for the multifamily REIT. Q1 earnings call highlights disclose core financial metrics, occupancy rates, and guidance that significantly shape investor expectations and stock valuation.

29 Apr

4 Zacks, 10:28 AM
Essex Property Trust, Inc. (ESS) reported Q1 FFO beating estimates, fueled by strong same-property NOI growth. Q1 FFO beat on robust same-property NOI highlights strong operational momentum, likely boosting investor sentiment and stock performance.

4 app.moby.co, 8:30 AM
Essex Property Trust, Inc. (ESS) released Q1 2026 earnings call summary detailing financial results, operational updates, and management outlook. Quarterly earnings call summaries disclose key financial metrics, guidance, and strategy shifts that significantly sway investor sentiment and stock trajectory.

3 Zacks, 10:35 AM
EQR's Q1 FFO beat estimates due to strong coastal demand. Coastal demand strength signals positive sector momentum benefiting Essex Property Trust's West Coast apartment portfolio.

28 Apr

4 Zacks, 5:45 PM
Essex Property Trust (ESS) reported first-quarter funds from operations (FFO) and revenue above analyst estimates. Exceeding Q1 FFO and revenue estimates strengthens financial performance and boosts investor confidence in ESS's trajectory.

4 transcript www.fool.com, 4:04 PM
Essex Property Trust (ESS) released the full transcript of its Q3 2025 earnings call, detailing quarterly financial performance, operational updates, and forward-looking guidance. Earnings call transcripts reveal quarterly results, strategic updates, and guidance that significantly shape investor expectations and stock performance.

4 transcript www.fool.com, 1:27 PM
Essex Property Trust (ESS) Q2 2025 earnings call transcript covers management's discussion of quarterly financial results, operational performance, market conditions, and forward guidance. Quarterly earnings transcripts detail financial outcomes and strategic outlook, likely causing significant shifts in investor sentiment and stock trajectory.

3 Zacks, 6:00 PM
Essex Property Trust (ESS) Q1 earnings missed analyst estimates on FFO per share and revenue, while key metrics like same-store NOI growth and occupancy rates showed mixed results amid higher expenses and market pressures. Q1 earnings beats or misses moderately affect financial performance and investor sentiment but are routine quarterly updates without transformative changes.

3 Business Wire, 4:15 PM
Essex Property Trust, Inc. (ESS) announced first quarter 2026 results, reporting key financial metrics including revenue, net income, funds from operations, and portfolio occupancy rates. Quarterly results disclosure impacts financial performance and investor sentiment but represents routine reporting without transformative changes.

27 Apr

3 Simply Wall St., 6:06 AM
Essex Property Trust (ESS) narrative shifts with tight targets and spring leasing risks threatening performance amid seasonal pressures. Tight targets and spring leasing risks moderately threaten ESS's financial performance and investor sentiment.

21 Apr

4 transcript www.fool.com, 12:32 PM
Essex Property Trust, Inc. (ESS) Q4 2025 earnings call transcript covers quarterly financial results, operational updates, and forward guidance from executives. Q4 earnings call transcripts disclose key financial metrics, occupancy rates, rental growth, and future projections that significantly shape investor expectations and stock trajectory for REITs like ESS.

13 Apr

3 www.barchart.com, 1:04 AM
Essex Property Trust (ESS) nears earnings release, spotlighting analyst forecasts, occupancy trends, rental growth, FFO expectations, and West Coast multifamily market dynamics. Earnings previews moderately shape investor expectations and short-term stock movements around financial reporting.

10 Mar

3 Simply Wall St., 12:35 AM
Essex Property Trust (ESS) extends its dividend streak, with standout yield and valuation drawing investor attention. Dividend streak extension bolsters investor sentiment and highlights attractive yield without major operational shifts.

20 Feb

3 Zacks, 12:49 PM
Essex Property Trust, Inc. (ESS) announced another annual dividend increase, rewarding investors amid strong operational performance in its apartment portfolio. Dividend hike signals robust cash flows and shareholder focus, moderately boosting investor sentiment and valuation.

19 Feb

4 Business Wire, 4:15 PM
Essex Property Trust, Inc. (ESS) announced its 32nd consecutive annual dividend increase. The 32nd consecutive dividend increase demonstrates sustained financial strength, likely boosting investor sentiment and stock performance.

12 Feb

3 Zacks, 11:40 AM
Essex Property Trust, Inc. (ESS) is being compared to SAFE in terms of value stock potential. The analysis focuses on financial metrics, market conditions, and future growth prospects for both companies. Key factors include dividend yields, price-to-earnings ratios, and overall market sentiment, which may influence investor decisions. The article aims to determine which stock presents a better investment opportunity at this time. The comparison of value stocks indicates a moderately noticeable influence on investor sentiment and market performance.

11 Feb

4 www.multifamilydive.com, 11:08 AM
Essex Property Trust, Inc. reported a positive Q4, driven by strong performance in Northern California and reduced concessions. The company experienced increased rental rates and occupancy levels, contributing to improved financial results. Management highlighted the effectiveness of their strategies in navigating market challenges and optimizing property performance. Overall, the results reflect a robust demand for housing in the region, positioning Essex favorably for future growth. Strong performance in Northern California and reduced concessions indicate significant positive trends that could enhance future financial results.
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