# Essex Property Trust, Inc (ESS) — Stock CV

Essex Property Trust, Inc 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.

> 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.

## Identity

- **Ticker**: ESS
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: SAN MATEO, CA
- **Employees**: 1 689
- **Website**: https://www.essexapartmenthomes.com
- **Market cap**: $17.4B
- **Last price**: $271.57
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.93B
- **Net income**: $414M
- **Free cash flow**: $1.12B
- **P/E**: 42.2
- **Revenue growth (YoY)**: 4.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 44 |
| Growth | 30 |
| Profitability | 67 |
| Health | 13 |
| Quality | 60 |
| Moat | 38 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +4.7% YoY
- [x] Profitable — $414M TTM
- [x] Profit growing — +18.4% YoY
- [x] Generates cash — $1.12B TTM
- [ ] Debt under control — current ratio 0.68
- [x] Established company — $17.4B market cap
- [x] Not printing shares — -1.8% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 3.80%
- [x] Valuation not extreme — P/E 42.2

## Experience (career milestones)

- **FY2024** — Best year on record: $742M net income
- **2024** — It acquired ownership interests in a joint venture owning 4 properties for $505 million
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.29B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — The company acquired BRE Properties for $4.3 billion
- **Jun 13, 1994** — The company became a public company via an initial public offering
- **1971** — The company was founded in 1971 by billionaire George M

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.55B | $489M | $905M |
| FY2022 | $1.61B | $408M | $976M |
| FY2023 | $1.67B | $406M | $980M |
| FY2024 | $1.77B | $742M | $1.07B |
| FY2025 | $1.89B | $670M | $1.07B |

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Source: https://stockcv.com/ESS — derived from company filings; may be delayed or incomplete. Information, not investment advice.