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ESS logoEssex Property Trust, Inc.(ESS)Earnings, Financials & Key Ratios

ESS•NYSE•REIT / Real Estate
$266.69
$17.2B mkt cap·25.6× P/E·Price updated May 6, 2026
SectorReal EstateIndustryResidential REITsSub-IndustryDiversified apartment REITs
AboutEssex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.Show more
  • Revenue$1.9B+7.1%
  • FFO$1.28B-3.2%
  • FFO/Share19.86-3.5%
  • FFO Payout51.1%+8.9%
  • FFO per Share19.86-3.5%
  • NOI Margin68.82%+1.1%
  • FFO Margin67.35%-9.6%
  • ROE11.71%-10.2%
  • ROA5.16%-12.1%
  • Debt/Assets52.46%+1.9%
  • Net Debt/EBITDA4.73-7.9%
  • Book Value/Share89.00-0.6%
Analysis→Technical→

ESS Key Insights

Essex Property Trust, Inc. (ESS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 51.1%
  • ✓11 consecutive years of dividend growth
  • ✓High NOI margin of 68.8%
  • ✓Healthy dividend yield of 3.8%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ESS Price & Volume

Essex Property Trust, Inc. (ESS) stock price & volume — 10-year historical chart

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ESS Growth Metrics

Essex Property Trust, Inc. (ESS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years4.75%
5 Years4.91%
3 Years5.76%
TTM3.84%

Profit CAGR

10 Years11.22%
5 Years3.4%
3 Years18.09%
TTM-14.34%

EPS CAGR

10 Years11.55%
5 Years3.7%
3 Years18.41%
TTM-14.91%

Return on Capital

10 Years4.6%
5 Years5.27%
3 Years5.73%
Last Year6.55%

ESS Recent Earnings

Essex Property Trust, Inc. (ESS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 28, 2026
EPS
$1.65
Est $1.43
+15.4%
Revenue
$482M
Est $480M
+0.5%
Q1 2026
Feb 4, 2026
EPS
$3.98
Est $1.46
+172.6%
Revenue
$477M
Est $474M
+0.7%
Q4 2025
Oct 29, 2025
EPS
$3.97
Est $3.96
+0.3%
Revenue
$473M
Est $475M
-0.3%
Q3 2025
Jul 29, 2025
EPS
$4.03
Est $3.99
+1.0%
Revenue
$470M
Est $473M
-0.6%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$1.65vs $1.43+15.4%
$482Mvs $480M+0.5%
Q1 2026Feb 4, 2026
$3.98vs $1.46+172.6%
$477Mvs $474M+0.7%
Q4 2025Oct 29, 2025
$3.97vs $3.96+0.3%
$473Mvs $475M-0.3%
Q3 2025Jul 29, 2025
$4.03vs $3.99+1.0%
$470Mvs $473M-0.6%
Based on last 12 quarters of dataView full earnings history →

ESS Peer Comparison

Essex Property Trust, Inc. (ESS) competitors in Diversified apartment REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EQR logoEQREquity ResidentialDirect Competitor24.82B66.2522.774.06%30.56%8.4%5.2%0.77
AVB logoAVBAvalonBay Communities, Inc.Direct Competitor25.77B185.2525.074.29%34.64%8.76%5.49%0.79
UDR logoUDRUDR, Inc.Direct Competitor12.04B36.9432.692.42%28.6%12.37%5.1%1.49
CPT logoCPTCamden Property TrustDirect Competitor10.97B104.7429.591.92%32.81%8.71%3.52%0.88
MAA logoMAAMid-America Apartment Communities, Inc.Direct Competitor15.14B130.1634.430.83%18.19%6.81%4.74%0.93
IRT logoIRTIndependence Realty Trust, Inc.Product Competitor3.89B16.5068.752.76%7.27%1.35%3.77%0.64
ELME logoELMEElme CommunitiesProduct Competitor191.93M2.16-1.23-100%-18.93%32.43%2.18
NHI logoNHINational Health Investors, Inc.Product Competitor3.54B73.0924.2012.93%36.81%9.77%6.22%0.76

Compare ESS vs Peers

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

Closest Rival

vs EQR

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 EQR, AVB, UDR, CPT

ESS Income Statement

Essex Property Trust, Inc. (ESS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue1.36B1.4B1.46B1.5B1.44B1.61B1.67B1.77B1.9B1.91B
Revenue Growth %5.4%2.65%4.29%2.44%-3.69%11.54%3.89%6.29%7.11%3.84%
Property Operating Expenses176.47M183.63M189.24M211.58M232.25M497.74M532.05M566.82M592.61M582.91M
Net Operating Income (NOI)
1.19B▲ 0%
1.22B▲ 2.4%
1.27B▲ 4.5%
1.28B▲ 1.0%
1.21B▼ 5.9%
1.11B▼ 8.2%
1.14B▲ 2.5%
1.21B▲ 6.2%
1.31B▲ 8.3%
1.32B▲ 0%
NOI Margin %87.06%86.88%87.04%85.85%83.88%69.02%68.13%68.06%68.82%69.44%
Operating Expenses714.49M704.44M789.81M792.72M678.32M513.85M553M504.54M473.92M592.47M
G&A Expenses41.38M53.45M54.26M65.39M51.84M56.58M63.47M98.9M68.65M85.77M
EBITDA941.83M991.87M964.86M1.02B1.05B1.13B1.13B1.28B1.44B1.34B
EBITDA Margin %69.05%70.85%66.08%67.99%72.89%70.61%67.86%72.32%75.85%70.42%
Depreciation & Amortization468.88M479.88M483.75M525.5M520.07M539.32M548.44M580.22M607.54M611.15M
D&A / Revenue %34.38%34.28%33.13%35.13%36.1%33.56%32.85%32.7%31.97%32.04%
Operating Income
472.94M▲ 0%
511.99M▲ 8.3%
481.11M▼ 6.0%
491.44M▲ 2.1%
530M▲ 7.8%
595.23M▲ 12.3%
584.34M▼ 1.8%
703.1M▲ 20.3%
834.03M▲ 18.6%
732.14M▲ 0%
Operating Margin %34.68%36.57%32.95%32.86%36.79%37.04%35%39.62%43.88%38.38%
Interest Expense222.89M220.49M217.34M220.63M203.13M223.84M212.91M235.53M257.25M4M
Interest Coverage4.08x3.93x4.25x4.92x4.84x2.93x3.02x4.44x3.71x-
Non-Operating Income-437.07M-354.87M-443.49M-593.44M-453.69M-61.59M-59.27M-343.74M-121.18M-101.42M
Pretax Income
687.12M▲ 0%
646.37M▼ 5.9%
707.26M▲ 9.4%
864.25M▲ 22.2%
515.69M▼ 40.3%
432.99M▼ 16.0%
430.71M▼ 0.5%
811.31M▲ 88.4%
697.96M▼ 14.0%
597.39M▲ 0%
Pretax Margin %50.38%46.17%48.44%57.78%35.8%26.95%25.8%45.72%36.72%31.32%
Income Tax001.46M1.53M0000257K257K
Effective Tax Rate %0%0%0.21%0.18%0%0%0%0%0.04%0.04%
Net Income
433.06M▲ 0%
390.15M▼ 9.9%
439.29M▲ 12.6%
568.87M▲ 29.5%
488.55M▼ 14.1%
408.31M▼ 16.4%
405.82M▼ 0.6%
741.52M▲ 82.7%
672.49M▼ 9.3%
575.56M▲ 0%
Net Margin %31.75%27.87%30.08%38.03%33.91%25.41%24.31%41.79%35.38%30.17%
Net Income Growth %4.36%-9.91%12.59%29.5%-14.12%-16.42%-0.61%82.72%-9.31%-14.34%
Funds From Operations (FFO)
901.94M▲ 0%
870.04M▼ 3.5%
923.04M▲ 6.1%
1.09B▲ 18.6%
1.01B▼ 7.8%
947.63M▼ 6.0%
954.26M▲ 0.7%
1.32B▲ 38.5%
1.28B▼ 3.2%
1.19B▲ 0%
FFO Margin %66.13%62.14%63.21%73.17%70.02%58.98%57.16%74.49%67.35%62.21%
FFO Growth %5.29%-3.54%6.09%18.56%-7.84%-6.05%0.7%38.51%-3.16%7.64%
FFO per Share13.6913.1714.0016.6915.5014.5614.8520.5719.8618.41
FFO Payout Ratio %49.96%55.65%55.01%48.99%53.82%59.72%61.51%46.94%51.1%41.85%
EPS (Diluted)
6.57▲ 0%
5.90▼ 10.2%
6.66▲ 12.9%
8.68▲ 30.3%
7.51▼ 13.5%
6.27▼ 16.5%
6.32▲ 0.8%
11.54▲ 82.6%
10.41▼ 9.8%
8.93▲ 0%
EPS Growth %4.78%-10.2%12.88%30.33%-13.48%-16.51%0.8%82.59%-9.79%-14.91%
EPS (Basic)6.585.916.678.697.516.276.3211.5510.41-
Diluted Shares Outstanding65.9M66.09M65.94M65.56M65.09M65.1M64.25M64.25M64.46M64.46M

ESS Balance Sheet

Essex Property Trust, Inc. (ESS) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets12.5B12.38B12.71B12.94B13B12.37B12.36B12.93B13.16B13.1B
Asset Growth %2.28%-0.9%2.6%1.82%0.48%-4.81%-0.09%4.58%1.79%10.45%
Real Estate & Other Assets10.99B10.65B10.94B11.36B11.15B10.91B10.57B11.58B12.24B90.49M
PP&E (Net)0074.74M72.14M68.97M67.24M63.76M51.56M50.83M49.96M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets352.06M432.83M359.65M484.85M591.5M258.47M662.75M352.35M227.18M249.39M
Cash & Equivalents44.62M134.47M70.09M73.63M48.42M33.3M391.75M66.8M85.59M47.41M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets-22.65M-22.51M-29.93M-36.93M-54.75M9.39M8.59M9.05M-98.07M0
Intangible Assets00008.9M7.4M6.1M7.7M7.5M0
Total Liabilities6.06B5.95B6.26B6.72B6.79B6.45B6.74B7.18B7.42B7.47B
Total Debt5.69B5.61B5.89B6.33B6.36B6.03B6.27B6.65B6.9B6.86B
Net Debt5.64B5.47B5.82B6.25B6.31B5.99B5.88B6.59B6.82B6.81B
Long-Term Debt5.51B5.61B5.75B6.25B5.95B5.91B6.21B6.46B6.3B6.26B
Short-Term Borrowings179M055M0341.26M52.07M0137.94M549.4M549.14M
Capital Lease Obligations0076.74M74.04M70.67M68.7M65.09M52.47M51.49M207.69M
Total Current Liabilities479.69M314.96M397.31M356.03M694.36M389.86M352.75M530.48M98.84M549.14M
Accounts Payable127.5M127.09M158.02M152.85M180.75M165.46M176.4M212.75M221.15M0
Deferred Revenue0000000000
Other Liabilities69.86M33.38M36.56M39.14M75.51M85.97M111.66M129.49M969.44M611.32M
Total Equity
6.44B▲ 0%
6.43B▼ 0.1%
6.44B▲ 0.2%
6.22B▼ 3.5%
6.21B▼ 0.1%
5.92B▼ 4.7%
5.63B▼ 5.0%
5.75B▲ 2.2%
5.74B▼ 0.2%
5.63B▲ 0%
Equity Growth %1.56%-0.1%0.18%-3.5%-0.07%-4.65%-5%2.22%-0.25%2.74%
Shareholders Equity6.28B6.27B6.22B6B5.99B5.72B5.42B5.54B5.54B5.44B
Minority Interest158.63M162.25M220.49M215.02M217.57M205.89M203.44M214.19M195.52M191.56M
Common Stock7K7K7K6K7K6K6K6K6K6K
Additional Paid-in Capital7.13B7.09B7.12B6.88B6.92B6.75B6.66B6.67B6.68B6.64B
Retained Earnings-833.73M-812.8M-887.62M-861.19M-916.83M-1.08B-1.27B-1.16B-1.15B-1.21B
Preferred Stock0000000000
Return on Assets (ROA)3.5%3.14%3.5%4.44%3.77%3.22%3.28%5.86%5.16%4.38%
Return on Equity (ROE)6.78%6.07%6.83%8.99%7.86%6.73%7.03%13.04%11.71%9.99%
Debt / Assets45.53%45.27%46.32%48.9%48.92%48.71%50.73%51.47%52.46%52.36%
Debt / Equity0.88x0.87x0.91x1.02x1.02x1.02x1.11x1.16x1.20x1.20x
Net Debt / EBITDA5.99x5.52x6.03x6.15x6.01x5.28x5.19x5.13x4.73x4.73x
Book Value per Share97.6797.2997.6894.8095.4390.9787.5689.5189.0087.29

ESS Cash Flow Statement

Essex Property Trust, Inc. (ESS) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations766.15M826.55M919.08M803.11M905.26M975.65M980.06M1.07B1.07B1.07B
Operating CF Growth %7.53%7.88%11.19%-12.62%12.72%7.78%0.45%9%0.57%16.35%
Operating CF / Revenue %56.17%59.04%62.94%53.69%62.84%60.72%58.71%60.2%56.53%56.33%
Net Income458.04M413.6M464.45M599.33M515.69M432.99M430.71M811.31M669.67M575.56M
Depreciation & Amortization468.88M479.88M483.75M525.5M520.07M539.32M548.44M580.22M614.7M613.7M
Stock-Based Compensation9.29M7.13M7.01M8.16M7.31M7.21M8.03M7.16M10.2M10.89M
Other Non-Cash Items-5.95M-8.02M-323K-16.43M-1.63M8.83M-5.46M-385.67M-215.88M-183.26M
Working Capital Changes-24.13M-173K37.51M-13.36M33.32M-2.46M-1.65M55.29M-4.27M41.73M
Cash from Investing-477.24M-59.89M-527.69M-416.9M-397.4M145.96M-145.14M-973.05M-552.48M-390.32M
Acquisitions (Net)-293.36M-162.44M-402.28M-114.02M-306.27M-163.19M-37.41M-34.07M0-29.15M
Purchase of Investments-67.89M-37.95M-46.46M-83.38M-23.8M-18.11M-20.78M-1M0-14.5M
Sale of Investments35.48M31.52M147.53M113.47M16.58M71.22M64.32M27.35M010.3M
Other Investing-80.48M190.66M-124.79M-242.88M37.29M419.23M-10.9M-828.93M-552.48M-239.24M
Cash from Financing-310.84M-676.39M-461.69M-383.26M-533.26M-1.14B-477.27M-419.74M-512.2M-536.82M
Dividends Paid-450.63M-484.18M-507.75M-536.1M-542.86M-565.92M-586.98M-620.47M-654.07M-496.58M
Common Dividends-450.63M-484.18M-507.75M-536.1M-542.86M-565.92M-586.98M-620.47M-654.07M-496.58M
Debt Issuance (Net)1000K-1000K1000K1000K1000K-1000K1000K1000K1000K0
Share Repurchases0-52.15M-56.99M-269.61M-9.63M-190.04M-96M-296K-8.11M-58.05M
Other Financing49.28M-29.48M-43.16M-53.78M-9.05M-25.97M-37.79M-88.69M-51.7M-40.65M
Net Change in Cash
-20.3M▲ 0%
90.27M▲ 544.7%
-70.3M▼ 177.9%
2.95M▲ 104.2%
-25.4M▼ 962.0%
-15.96M▲ 37.2%
357.65M▲ 2341.4%
-324.49M▼ 190.7%
9.74M▲ 103.0%
-22.28M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning64.92M61.13M151.4M81.09M84.04M58.64M42.68M400.33M75.85M0
Cash at End44.62M151.4M81.09M84.04M58.64M42.68M400.33M75.85M85.59M0
Free Cash Flow
695.16M▲ 0%
744.87M▲ 7.2%
817.39M▲ 9.7%
713.02M▼ 12.8%
784.06M▲ 10.0%
812.46M▲ 3.6%
839.69M▲ 3.4%
931.91M▲ 11.0%
1.07B▲ 15.3%
962.35M▲ 0%
FCF Growth %6.54%7.15%9.74%-12.77%9.96%3.62%3.35%10.98%15.29%7.28%
FCF / Revenue %50.97%53.2%55.98%47.67%54.43%50.56%50.3%52.52%56.53%50.45%

ESS Key Ratios

Essex Property Trust, Inc. (ESS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share13.6913.171416.6915.514.5614.8520.5719.8618.41
FFO Payout Ratio49.96%55.65%55.01%48.99%53.82%59.72%61.51%46.94%51.1%41.85%
NOI Margin87.06%86.88%87.04%85.85%83.88%69.02%68.13%68.06%68.82%69.44%
Net Debt / EBITDA5.99x5.52x6.03x6.15x6.01x5.28x5.19x5.13x4.73x4.73x
Debt / Assets45.53%45.27%46.32%48.9%48.92%48.71%50.73%51.47%52.46%52.36%
Interest Coverage4.08x3.93x4.25x4.92x4.84x2.93x3.02x4.44x3.71x-
Book Value / Share97.6797.2997.6894.895.4390.9787.5689.518987.29
Revenue Growth5.4%2.65%4.29%2.44%-3.69%11.54%3.89%6.29%7.11%3.84%

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

Apr 28, 2026·SEC

Material company update

Feb 4, 2026·SEC

Material company update

Dec 12, 2025·SEC

10-K Annual Reports

4
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

Apr 29, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 30, 2025·SEC

ESS Frequently Asked Questions

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

Growth & Financials

Essex Property Trust, Inc. (ESS) reported $1.91B in revenue for fiscal year 2025. This represents a 3663% increase from $50.7M in 1996.

Essex Property Trust, Inc. (ESS) grew revenue by 7.1% over the past year. This is steady growth.

Yes, Essex Property Trust, Inc. (ESS) is profitable, generating $575.6M in net income for fiscal year 2025 (35.4% net margin).

Dividend & Returns

Yes, Essex Property Trust, Inc. (ESS) pays a dividend with a yield of 3.80%. This makes it attractive for income-focused investors.

Essex Property Trust, Inc. (ESS) has a return on equity (ROE) of 11.7%. This is reasonable for most industries.

Industry Metrics

Essex Property Trust, Inc. (ESS) generated Funds From Operations (FFO) of $1.19B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Essex Property Trust, Inc. (ESS) offers a 3.80% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More ESS

Essex Property Trust, Inc. (ESS) financial analysis — history, returns, DCA and operating performance tools

Full ESS Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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