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ESSEssex Property Trust, Inc.
$272.18$17.5B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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ESS logo

Essex Property Trust, Inc.

ESS
NYSE · Residential REITs
$272.18
At close - Nov 6, 4:00 PM EST - USD
Market Cap$17.49B
P/E50.0x
52W High$303.35
Volume547.87K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Stable NOI Base Overshadowed by Volatile AFFO Coverage

Essex Property Trust's NOI margins have held in a tight 68% to 71% band across most quarters, and revenue grew from $442.4M in 2024Q2 to $492.7M in 2026Q3, which suggests rent growth is underpinning a durable property base.

GrowthStable
ProfitabilityStable
ValuationExpensive
TechnicalsMixed
Explore valuation models
MARKET ACTION

ESS price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

+130% Peers

P/E is 130% above peer median

03

Market leadership

RS 62 · Avg

Average momentum (RS Rating: 62)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Jan 27
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue grew steadily from $442.4M in 2024Q2 to $492.7M in 2026Q3 with NOI margins clustering between 68% and 71%, though FFO and AFFO volatility (AFFO falling to $17.6M in 2026Q2 while NOI held near $348.0M) suggests non-operating items materially distort earnings quality.

Analyst Consensus+10.5% target
Hold(47 analysts)
18 Buy25 Hold4 Sell

The Bull Case

Upside Catalysts

Revenue Growth Potential

Essex Property Trust is projected to experience positive same-store revenue growth in 2026, with manageable expense growth leading to a projected 2.1% growth in Net Operating Income (NOI). The company's projected revenue growth outpaces that of many competitors.

Strategic Market Position

The company's focus on high-quality properties in key West Coast markets positions it well to capitalize on demand drivers. This includes potential upside from AI-related job growth in Northern California and recovery demand in Southern California following recent wildfires.

Operational Performance

Recent Q1 2026 results showed a year-over-year increase in same-property revenue (2.9%) and NOI (4.1%), demonstrating resilience and effective portfolio management. Same-property NOI increased 4.1% in Q1 2026, with Northern California revenues up 3.9% year-over-year.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
ESS+9.98%
S&P 500 (^GSPC)+7.63%
1-Year Return
ESS+10.25%
S&P 500 (^GSPC)+9.69%
3-Year Return
ESS+42.44%
S&P 500 (^GSPC)+69.21%
5-Year Return
ESS-5.41%
S&P 500 (^GSPC)+57.17%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
50.0x
Forward P/EExpansion
48.9x
EV/EBITDA80th %ile
20.6x
FCF YieldCash Flow
5.6%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
50.0x
33.8x
100th· High
EV/EBITDA
20.6x
19.3x
80th· High
Price/FCF
17.8x
19.0x
20th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$248.20-8.8%
Base (Fair)$334.75+23.0%
Bull$422.89+55.4%
$248.20 Bear$334.75 Base$422.89 Bull
Current Market Price: $272.18
Trades at a 18.7% discount to Base DCF ($334.75)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$1.9B+7.1% YoY
Net income FY25
$672M-9.3% YoY
Free cash flow FY25
$934M+0.2% YoY
Operating margin FY25
43.9%+4.3 pts YoY
ROIC (FY25)5%
Avg ROIC 5Y4%
ROE (TTM)6.3%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 27, 2026
$1.52+3.4%
vs $1.47
$493M+0.3%
vs $491M
Q3 2026
Jul 29, 2026
$0.97-33.6%
vs $1.46
$487M+0.3%
vs $485M
Q2 2026
Apr 28, 2026
$1.65+16.2%
vs $1.42
$482M+0.5%
vs $480M
Q1 2026
Feb 4, 2026
$1.25-13.8%
vs $1.45
$477M+0.7%
vs $474M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Business Wire·Oct 27, 2026
Essex Announces Third Quarter 2026 Results and Raises Full-Year 2026 Guidance

SAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its third quarter 2026 earnings results and related business activities. Net Income, Funds from Operations (“FFO”), and Core FFO per diluted share for the three and nine-month periods ended September 30, 2026 are detailed below.   Three Months Ended September 30,   Nine Months Ended September 30,     % %   2026 2025 Change 2026 2025 Change Per Diluted Share             Net Income $1.52 $2.

Zacks Investment Research·Oct 26, 2026
Essex Property Stock Pre-Q3 Earnings: Smart Buy or Risky Move?

ESS heads into Q3 earnings with rental demand and limited housing supply supporting growth, while West Coast leasing trends and rent increases remain key drivers.

Business Wire·Oct 22, 2026
EVIO and ElringKlinger Launch Prototype Build for EVIO 810 Energy Storage System

DORVAL, Québec--(BUSINESS WIRE)--EVIO and ElringKlinger have launched prototype build of the full-scale battery pack for the EVIO 810 Energy Storage System (ESS), marking a key milestone in the development of the aircraft's strong-hybrid propulsion system. The prototypes will support initial pack-level testing and validation as the program progresses through its next phase of development. The milestone follows multi-physics pack engineering, detailed cell characterization and progress in physic.

Seeking Alpha·Oct 20, 2026
What To Watch This REIT Earnings Season

Rate Shock: REITs enter earnings season on their back foot amid a renewed surge in long-term rates, facing a materially different cost-of-capital and financing environment than just three months ago. The rate surge is again stressing highly leveraged borrowers, particularly across private markets. Public REITs are better positioned, but remain exposed through refinancing, tenant credit, and equity valuations. Higher rates have brought an important silver lining: years of expensive capital are finally curbing construction, with shrinking pipelines beginning to support occupancy, rents, and landlord pricing power.

Filtered for Essex Property Trust, Inc.More Headlines
04

Compare before deciding

Benchmark ESS against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Essex Property Trust, Inc. (ESS)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
ESS logoESSEssex Property Trust, Inc.Current
$272.18$17.49B50.007.11%17.99%6.28%3.73%
VMRK logoVMRKVivmark Residential
$65.51$50.69B-257.714.06%-4.19%-0.85%4.11%
UDR logoUDRUDR, Inc.
$36.58$11.89B16.982.42%40.75%19.52%4.69%
CPT logoCPTCamden Property Trust
$99.44$10B9.241.92%71.53%26.22%4.27%
MAA logoMAAMid-America Apartment Communities, Inc.
$118.93$13.84B35.570.83%17.43%6.86%5.09%
IRT logoIRTIndependence Realty Trust, Inc.
$15.00$3.54B57.362.76%9.19%1.75%4.38%

Compare ESS vs Peers

Essex Property Trust, Inc. (ESS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VMRK

Most directly comparable listed peer for ESS.

Scale Benchmark

vs PLD

Larger-name benchmark to compare ESS against a more recognizable public peer.

Peer Set

Compare Top 5

vs VMRK, UDR, CPT, MAA

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

ESS SEC Filings & Documents

Essex Property Trust, Inc. (ESS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Oct 27, 2026·SEC

Material company update

Jul 29, 2026·SEC

Material company update

May 29, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 21, 2025·SEC

FY 2024

Feb 23, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Oct 28, 2026·SEC

FY 2026

Jul 30, 2026·SEC

FY 2026

Apr 29, 2026·SEC

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ESS Frequently Asked Questions

Essex Property Trust, Inc. (ESS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Essex Property Trust, Inc.'s revenue?

Essex Property Trust, Inc. (ESS) reported $1.95B in revenue over the trailing twelve months. Revenue was $1.90B in fiscal year 2025. That is 3649% more than the $50.7M of fiscal year 1996.

How fast is Essex Property Trust, Inc. growing?

Essex Property Trust, Inc. (ESS) grew revenue by 3.8% over the trailing twelve months, compared with the twelve months before.

Is ESS profitable?

Yes. Essex Property Trust, Inc. (ESS) earned $350.1M in net income over the trailing twelve months (a 18.0% net margin).

Dividend & Returns
Does ESS pay dividends?

Yes. Essex Property Trust, Inc. (ESS) pays a dividend that yields 3.73% at the current price, a moderate yield.

What is ESS's return on equity?

Essex Property Trust, Inc. (ESS) had a return on equity (ROE) of 6.3% over the trailing twelve months. That is below the market's typical 10-15%.

Industry Metrics
What is Essex Property Trust, Inc.'s FFO?

Essex Property Trust, Inc. (ESS) generated Funds From Operations (FFO) of $964.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is ESS a good dividend stock?

Essex Property Trust, Inc. (ESS) offers a 3.73% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in ESS back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →