Essex Property Trust, Inc

Real Estate Investment Trusts

ESSStrained9 of 11 basics passed

$271.57

+1.11%

Market cap $17.4B

$271.57

+1.11%

Market cap $17.4B

Essex Property Trust owns a portfolio of 258 apartment communities with over 62,000 units. The company focuses on owning large, high-quality properties on the West Coast in the urban and suburban submarkets of Southern California, Northern California, and Seattle.

It is a $17.4B real estate company. Revenue grew 4.7% over the last year, and it keeps 21¢ of every dollar of sales as profit. It trades at 42.2× earnings — in the most expensive third of its own history.

Website: essexapartmenthomes.com
Location: San Mateo, CA
Employees: 1 689
Sector: Real Estate
Founded: 1971

Share price · 3 years

$217.25 → $271.57+25.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.93B
Profit: keeps 21¢ of every $1 sold; $414M
Free cash flow: cash left after running the business; $1.12B
P/E: years of profit in the price; 42.2
EPS: earnings per share, TTM; $6.43
Dividend: of the share price, paid yearly; 3.80%
Shares: shares outstanding; 64.4M
Volatility: beta vs the market — under 1 swings less; 0.71

Revenue, last 10 years

52-week range

Low $239.61$271.57High $298.33

Today's price is 54% of the way from the year's low to its high.

P/E vs its history5y

42.2×median 30.5×

Higher than 84% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

42.2×

14%

P/S

8.9×

78%

EV/EBITDA

26.8×

89%

P/B

3.2×

42%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Real Estate

Size$17.4Btop 33%
Revenue growth+6%top 60%
Net margin21%top 53%
Return on equity8%top 56%
P/E42.2×top 82%
Dividend yield3.80%top 70%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Health and Moat lag behind.

Valuation44

P/E vs own history84th pct · 0/25
FCF yield6.4% · 20/25
P/S9.1x · 12/25
EV/EBITDA19.4x · 12/25

Growth30

Revenue CAGR5.0% · 12/25
Net income CAGR8.2% · 12/25
EPS CAGR ~5Y3.7% · 6/25
Fwd implied growth-6.4% · 0/25

Profitability67

ROIC12.3% · 12/25
ROE7.5% · 5/25
Net margin21.5% · 25/25
Operating margin32.5% · 25/25

Health13

Altman Z0.14 · 3/25
Current ratio0.68 · 0/25
Interest coverage4.5x · 10/25
Net cash / debtn/a · 0/25

Quality60

Piotroski F5/9 · 15/25
Beneish M-2.81 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 7.6% · 20/25

Moat38

ROIC >12% years1/9 yrs · 0/25
Median gross margin31.8% · 13/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 24.3% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$742M net income
2024Acquisition
It acquired ownership interests in a joint venture owning 4 properties for $505 million
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$1.29B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2014Acquisition
The company acquired BRE Properties for $4.3 billion
Jun 13, 1994IPO
The company became a public company via an initial public offering
1971Founded
The company was founded in 1971 by billionaire George M

Achievements

Verifiable track record, straight from the reported numbers.

#16 largest of 46 Real Estate companies by market cap

$10 000 invested in 2021 would be worth ~$8 370 today — price return only

$1.9B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

1 689 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (70.6%)
Strongly profitable — 21.5% net margin
Strong cash conversion — FCF is 58.0% of revenue

Watch-outs

Altman Z-Score 0.14 — elevated financial-distress risk

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.7% YoY
Profitable — makes more than it spends$414M TTM
Profit growing — earnings are higher than last year+18.4% YoY
Generates cash — cash left after running and investing$1.12B TTM
Debt under control — could handle its obligationscurrent ratio 0.68
Established company — not a micro-cap — lower blow-up risk$17.4B market cap
Not printing shares — share count not ballooning — you keep your slice-1.8% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.1 — distress
Pays a dividend — returns cash to shareholdersyield 3.80%
Valuation not extreme — price not wildly above earningsP/E 42.2

Peer comparisonEssex Property Trust, Inc vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ESS this company	$17.4B	42.2	+4.7%	21.5%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: ESS vs WELL · ESS vs PLD · ESS vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 11Hold 15Sell 2Strong sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.93B · net income $414M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.93B

YoY 4.7%

Net income (TTM)

$414M

Margin 21.5%

Gross margin

70.6%

Operating margin

32.5%

P/E ratio

42.2

Dividend yield

3.80%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.5	1.6	1.6	1.7	1.8	1.9
Gross profit	0.4	—	0.5	0.5	0.5	0.6
Operating income (EBIT)	0.5	—	0.6	0.6	0.7	0.9
Net income	0.6	0.5	0.4	0.4	0.7	0.7
EPS (diluted)	8.68	7.51	6.27	6.32	11.54	10.40

Cash flowFree cash flow $1.12B · operating cash flow $1.12B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.12B

Margin 58.0%

Operating cash flow (TTM)

$1.12B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.8	0.9	1.0	1.0	1.1	1.1
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.8	0.9	1.0	1.0	1.1	1.1
FCF margin	53.7%	58.3%	60.7%	58.7%	60.2%	56.9%

Balance sheetAssets $13.2B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $13.2B of assets is financed

57%

43%

Liabilities $7.42B — borrowed moneyEquity $5.54B — owners' stake

Altman Z-Score

0.14

Distress zone

Interest coverage

4.5x

EBIT ÷ interest expense

ROE

7.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.0	0.0	0.4	0.1	0.1
Total assets	12.9	13.0	12.4	12.4	12.9	13.2
Total liabilities	6.7	—	6.5	6.7	7.2	7.4
Total debt	—	6.4	—	—	—	—
Equity	6.0	6.2	5.7	5.4	5.5	5.5
Net debt	—	6.3	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ESS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $271.57 · market cap $17.4B.