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Essex Property Trust, Inc.

ESS Real Estate Reit Residential

Essex Property Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 6.36% from fiscal 2024.

Revenue
+4.10%
EPS
−37.0%
Free cash flow
−5.14%
Total debt
−0.84%

Quarter to September 2026, against a year earlier

270.55 0.97 −0.36%
Market cap
$18.1B
P/E
49.3×
Fwd P/E
46.4×
Dividend yield
3.82%
F-score
5/9
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
Segments Valuation Filings

Revenue by products and services Fiscal 2016

  • Rental Income
  • Other Property Income
  • Management and other fees from affiliates

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 0.17
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 0.73%

Capital & Financial Ratios $m

Size
Market Cap 18,050.00
Revenue ttm 1,946.12
Net income ttm 368.62
Free cash flow ttm 713.24
Net debt Q 6,525.52
Valuation
P/E 49.34 (above 35: high)
Forward P/E 46.40 (above 35: high)
Price / sales 8.94
Forward P/S Powerpack
Price / FCF 24.39
Price / book 3.19
Financial health
Current ratio Q 0.54
Debt / equity Q 1.21
Interest coverage Q 2.42
Growth
Revenue growth Q +4.10% (above 0%: growing)
Operating income growth Q −25.49% (below 0%: shrinking)
EPS, this year −46.45% (below 0%: weak)
EPS, next year A +13.73%
Revenue, next year A +3.53%
EPS, past 5 yrs +3.66%
EPS, next 5 yrs A −13.49% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.3×, against a ten-year median of 15.3×; over the ten years it ranged from 11.7× in 2026 to 20.2× in 2021.
P/E against its own 10 years 85.11%
10-year low 10-year high
P/S against its own 10 years 12.65%
10-year low 10-year high
P/B against its own 10 years 77.78%
10-year low 10-year high
EV/Sales against its own 10 years 7.77%
10-year low 10-year high
EV/FCF against its own 10 years 28.31%
10-year low 10-year high

Dividends raised 2 years running

Yield
3.82%
Annual rate
10.34
Payout ratio
188.6%
Growth, 2018–26
+4.20%/yr
  1. 7.44 ’18
  2. 7.80 ’19 +5
  3. 8.31 ’20 +7
  4. 8.36 ’21 +1
  5. 8.80 ’22 +5
  6. 11.55 ’23 +31
  7. 7.35 ’24 −36
  8. 10.16 ’25 +38
  9. 10.34 ’26 +2
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 400 76 86 80
Receivables — — — —
Inventory — — — —
Other — — — —
575 283 227 174
2023 2024 2025 Q'26
Payables 176 213 221 326
ST’ Debt — — — —
Other — — — —
176 213 221 326

Compound Annual Growth %

10y 5y 3y
Sales 4.68% 4.76% 5.51%
Cash Flow 5.68% 5.99% 3.27%
Earnings 11.43% 3.32% 17.93%
Book Value (1.04%) (1.58%) (1.07%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.01 Actual 4.00

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.00 3.98 Miss by 0.02
Q1 FY26 3.96 4.06 Beat by 0.10
Q2 FY26 4.03 4.08 Beat by 0.05
Q3 FY26 4.01 4.00 Miss by 0.01
Q4 FY26 4.05 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.65 0.97 1.61 — —
’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
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 485 489 493 — —
’25 465 470 473 480 1,887
’24 427 442 451 454 1,774
’23 412 416 419 422 1,669
’22 382 400 410 415 1,607
’21 355 351 363 372 1,441
’20 392 370 371 362 1,496
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 287 254 333 — —
’25 282 216 343 234 1,074
’24 315 219 316 218 1,068
’23 277 211 288 204 980
’22 315 194 299 167 976
’21 195 233 272 205 905
’20 267 159 227 150 803
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 242 183 281 — —
’25 14 151 296 8 469
’24 (80) 36 56 152 165
’23 330 131 234 138 834
’22 265 121 203 235 824
’21 392 158 177 90 817
’20 (253) 323 207 156 434
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 3.7% a year for ten years. It grew 4.0% a year over the last ten.

Implied
3.7%
10 years, reported
4.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,294 1,364 1,400 1,460 1,496 1,441 1,607 1,669 1,774 1,887 1,946 +4.3% 1,954 2,022 2,097 +3.6%
Gross margin, % 69.94 70.27 70.26 70.51 68.25 66.58 68.39 68.17 68.00 67.78 67.84 (2.2) pt
EBT 438 458 414 464 599 516 433 431 811 703 369 +5.4%
EBT margin, % 33.88 33.58 29.54 31.81 40.07 35.80 26.95 25.80 45.72 37.24 18.94 +3.4 pt
Net income 438 458 414 464 599 516 433 431 811 703 369 +5.4%
Per share, $
Per share, $ Revenue 19.76 20.72 21.20 22.18 22.85 22.15 24.69 25.98 27.63 29.32 30.27 +4.5%
Earnings 6.28 6.58 5.91 6.67 8.69 7.51 6.27 6.32 11.55 10.40 5.48 +5.8%
Cash flow 10.95 11.69 12.52 13.96 12.27 13.92 14.99 15.25 16.63 16.69 17.25 +4.8%
Capex (4.59) (5.39) (0.08) (6.70) (5.64) (1.36) (2.33) (2.28) (14.06) (9.41) (6.15) +8.3%
Free cash flow 6.36 6.30 12.44 7.26 6.63 12.55 12.66 12.97 2.57 7.28 11.09 +1.5%
Book value 96.11 97.17 96.82 97.26 94.47 94.95 90.58 87.06 89.06 88.67 84.92 (0.9%)
Shares, m 65 66 66 66 65 65 65 64 64 64 64 (0.2%)
Valuation, ×
Valuation, × P/E 36.56 36.43 41.49 45.11 27.42 46.90 33.65 39.60 24.71 25.14 49.34 35.7
P/S 11.60 11.59 11.57 13.57 10.39 15.91 8.56 9.62 10.33 8.93 8.94 11.2
P/B 2.39 2.47 2.53 3.09 2.51 3.71 2.33 2.87 3.20 2.95 3.19 2.8
EV/Sales 15.77 15.71 15.46 17.49 14.51 20.23 12.24 13.09 14.01 12.48 12.29 15.1
EV/FCF 49.00 51.65 26.36 53.40 50.02 35.69 23.86 26.23 150.38 50.25 33.54 51.7
Cash, $m
Cash, $m Operating cash flow 717 770 827 919 803 905 976 980 1,068 1,074 1,109 +4.6%
Capex (300) (355) (5) (441) (369) (89) (152) (147) (903) (606) (396) +8.1%
Free cash flow 416 415 821 478 434 817 824 834 165 469 713 +1.3%
Balance, $m
Balance, $m Working capital 73 35 96 57 126 219 (20) 399 70 6 (151) (24.5%)
Net debt 5,393 5,628 5,455 5,728 6,167 6,229 5,916 5,805 6,526 6,715 6,526 +2.5%
Shareholders’ equity 6,292 6,397 6,394 6,404 6,183 6,177 5,895 5,594 5,720 5,709 5,459 (1.1%)
Returns, %
Returns, % ROA 3.39 3.50 3.14 3.50 4.44 3.77 3.22 3.28 5.86 5.13 2.67 +1.7 pt
ROIC 2.25 2.32 2.70 2.48 2.49 2.67 3.15 3.20 3.59 4.52 2.99 +2.3 pt
ROE 6.55 6.83 6.10 6.87 9.04 7.91 6.76 7.06 13.11 11.72 6.17 +5.2 pt
People
People Employees 1,799 1,835 1,826 1,822 1,799 1,757 1,772 1,750 1,715 1,689 — (0.7%)
Revenue/emp, $m 0.72 0.74 0.77 0.80 0.83 0.82 0.91 0.95 1.03 1.12 — +5.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Essex Property Trust is a self-managed real estate investment trust, or REIT, that owns and operates apartment communities. It provides rental homes to residents, primarily in West Coast metropolitan areas. It also acquires, develops and redevelops communities, and manages properties in which it invests alongside partners.

As of December 31, 2025, Essex owned or had interests in 259 operating apartment communities with 63,077 apartment homes. That count excludes certain investments, commercial buildings and its development pipeline. The company invests primarily in Southern California, Northern California and the Seattle metropolitan area.

Where the money comes from and where it goes Fiscal 2016

Fiscal 2016: revenue by products and services, and margins
Rental Income 1,202 92.89%
Other Property Income 84 6.47%
Management and other fees from affiliates 8 0.64%
Gross margin 69.94%
Operating margin 32.52%
Pre-tax margin 33.88%

Revenue by segment since 2016

Essex Property Trust, Inc. vs peers in Reit Residential (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ESS Essex Property Trust, Inc. $18.1B 49.3× 46.4× +4.10% (above 0%: growing) −36.97% (below 0%: shrinking) −5.14% (below 0%: shrinking) 66.94% 31.82%
INVH Invitation Home $15.9B 24.0× 30.4× +6.26% (above 0%: growing) +22.91% (above 0%: growing) +239.04% (above 0%: growing) 54.14% 21.76% Compare
SUI Sun Communities, Inc. $14.6B — (loss-making) — (loss-making) +12.56% (above 0%: growing) +1,411.29% (above 0%: growing) +42.90% (above 0%: growing) 63.45% 28.16% Compare
MAA Mid-America Apartment Communities, Inc. $14.5B 36.5× 32.1× +1.04% (above 0%: growing) −11.86% (below 0%: shrinking) +81.71% (above 0%: growing) 57.07% 24.91% Compare
CPT Camden Property Trust $14.0B 34.2× 66.4× −0.90% (below 0%: shrinking) −75.68% (below 0%: shrinking) −1,195.62% (below 0%: shrinking) 64.13% 12.20% Compare
ELS Equity Lifestyle Properties, Inc. $12.7B 31.0× 28.8× +4.22% (above 0%: growing) −10.00% (below 0%: shrinking) +33.46% (above 0%: growing) 52.10% 33.35% Compare
UDR United Dominion Realty Trust, Inc. $12.5B 16.9× 30.1× −0.88% (below 0%: shrinking) +500.08% (above 0%: growing) −180.36% (below 0%: shrinking) 62.20% 63.12% Compare
AMH American Homes 4 Rent $11.9B 27.0× 32.4× +4.10% (above 0%: growing) −14.81% (below 0%: shrinking) −25.98% (below 0%: shrinking) 0.00% 0.00% Compare
JAN Janus Living, Inc. $9.5B — (loss-making) — +78.32% (above 0%: growing) n/m +592.48% (above 0%: growing) 27.91% (4.66%) Compare
Median of peers $13.4B 29.0× 31.3× +4.16% −10.00% +38.18% 55.60% 23.34%

All 20 Reit Residential stocks →

From the latest earnings call

Updated

  • CEO Angela Kleiman said Northern California drove an increase in Essex’s full-year outlook, with third-quarter blended rent growth of 7.3% following a leasing season that extended through September.
  • Barbara Pak said the timing of property projects would drive a roughly 5% year-over-year expense increase in the fourth quarter, while property-tax growth could rise in 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 100.85%
Held by the ten largest 60.87%
Holder Shares Stake Change
Vanguard 10.40m 16.18% +19.11k
BlackRock 7.43m 11.56% +174.65k
State Street 5.21m 8.11% −13.70k
COHEN & STEERS, INC. 4.91m 7.65% +71.55k
T. Rowe Price 3.36m 5.22% +8.49k
Principal Financial 2.09m 3.26% +424.87k
Geode Capital Management 1.95m 3.04% +28.75k
Norges Bank 1.61m 2.50% +1.61m
Invesco 1.13m 1.75% +186.03k
Resolution Capital Ltd 1.03m 1.60% +354.66k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Ownership

Directors and executive officers, together 3.47%
The Vanguard Group, Inc. 15.80%
Cohen & Steers, Inc. 10.30%
BlackRock, Inc. 10.00%
State Street Corporation One Congress Street, Suite 8.00%
T. Rowe Price Associates, Inc. 5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Essex Property Trust, Inc. (ESS) Latest News

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · multifamilydive.com
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · Associated Press
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

27 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · Barchart

14 Oct

Impact 3 · · Insider Monkey

9 Oct

Impact 3 · · 24/7 Wall St.

23 Sep

Impact 3 · · Barchart

22 Sep

Impact 3 · · Insider Monkey

9 Aug

Impact 4 ·
Impact 3 ·

7 Aug

Impact 3 · · The Motley Fool transcript

3 Aug

Impact 3 · · multifamilydive.com

31 Jul

Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·
Impact 4 ·
Impact 3 · · Moby transcript

29 Jul

Impact 4 ·

27 Jun

Impact 3 ·

26 Jun

Impact 4 ·

5 May

Impact 4 · · Simply Wall St.

30 Apr

Impact 4 · · GuruFocus.com

ESS metrics, ten years each

stockrow.com/ESS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com