Essex Property Trust, Inc. (ESS) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Residential
EV/EBITDA
↓
16.66
↓-17% vs avg
5yr avg: 20.08
30Y Low10.0·High32.8
P/FCF
↓
16.00
↓-20% vs avg
5yr avg: 20.11
30Y Low15.7·High43.7
P/B Ratio
↓
3.00
+0% vs avg
5yr avg: 3.00
30Y Low0.9·High3.7
ROE
↑
11.7%
↓+26% vs avg
5yr avg: 9.3%
30Y Low3%·High13%
Debt/EBITDA
↓
4.79
↓-11% vs avg
5yr avg: 5.38
30Y Low4.0·High11.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ESS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Essex Property Trust, Inc. trades at 25.6x earnings, 25% below its 5-year average of 34.0x, sitting at the 33rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 6%. On a free-cash-flow basis, the stock trades at 16.0x P/FCF, 20% below the 5-year average of 20.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.2B | $16.9B | $18.3B | $15.9B | $13.8B | $22.9B | $15.6B | $19.8B | $16.2B | $15.9B | $15.2B |
| Enterprise Value | $24.0B | $23.7B | $24.9B | $21.8B | $19.8B | $29.2B | $21.8B | $25.7B | $21.7B | $21.6B | $20.7B |
| P/E Ratio → | 25.62 | 25.14 | 24.73 | 39.23 | 33.80 | 46.90 | 27.35 | 45.17 | 41.56 | 36.74 | 37.08 |
| P/S Ratio | 9.05 | 8.88 | 10.34 | 9.54 | 8.59 | 15.91 | 10.41 | 13.59 | 11.57 | 11.66 | 11.78 |
| P/B Ratio | 3.00 | 2.94 | 3.19 | 2.83 | 2.33 | 3.69 | 2.50 | 3.08 | 2.52 | 2.47 | 2.41 |
| P/FCF | 16.00 | 15.70 | 19.68 | 18.97 | 16.98 | 29.24 | 21.83 | 24.27 | 21.76 | 22.88 | 23.37 |
| P/OCF | 16.00 | 15.70 | 17.17 | 16.26 | 14.14 | 25.33 | 19.38 | 21.59 | 19.61 | 20.76 | 21.40 |
P/E links to full P/E history page with 30-year chart
ESS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Essex Property Trust, Inc.'s enterprise value stands at 16.7x EBITDA, 17% below its 5-year average of 20.1x. This is roughly in line with the Real Estate sector median of 16.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.46 | 14.05 | 13.06 | 12.32 | 20.29 | 14.59 | 17.57 | 15.48 | 15.80 | 16.03 |
| EV / EBITDA | 16.66 | 16.43 | 19.42 | 19.25 | 17.44 | 27.84 | 21.45 | 26.59 | 21.85 | 22.88 | 24.06 |
| EV / EBIT | 28.79 | 24.80 | 23.81 | 33.89 | 30.13 | 29.72 | 20.11 | 27.75 | 25.01 | 23.68 | 23.52 |
| EV / FCF | — | 22.04 | 26.75 | 25.97 | 24.36 | 37.29 | 30.60 | 31.39 | 29.10 | 31.00 | 31.80 |
ESS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Essex Property Trust, Inc. earns an operating margin of 43.9%, significantly above the Real Estate sector average of 26.0%. Operating margins have expanded from 35.0% to 43.9% over the past 3 years, signaling improving operational efficiency. ROE of 11.7% is modest. ROIC of 5.0% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.8% | 68.8% | 68.1% | 68.1% | 69.0% | 83.9% | 85.9% | 87.0% | 86.9% | 87.1% | 86.9% |
| Operating Margin | 43.9% | 43.9% | 39.6% | 35.0% | 37.0% | 36.8% | 32.9% | 32.9% | 36.6% | 34.7% | 32.5% |
| Net Profit Margin | 35.4% | 35.4% | 41.8% | 24.3% | 25.4% | 33.9% | 38.0% | 30.1% | 27.9% | 31.8% | 32.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 13.0% | 7.0% | 6.7% | 7.9% | 9.0% | 6.8% | 6.1% | 6.8% | 6.5% |
| ROA | 5.2% | 5.2% | 5.9% | 3.3% | 3.2% | 3.8% | 4.4% | 3.5% | 3.1% | 3.5% | 3.4% |
| ROIC | 5.0% | 5.0% | 4.4% | 3.7% | 3.7% | 3.2% | 3.0% | 3.0% | 3.2% | 3.0% | 2.7% |
| ROCE | 6.6% | 6.6% | 5.8% | 4.9% | 4.9% | 4.3% | 3.9% | 3.9% | 4.3% | 4.0% | 3.6% |
ESS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Essex Property Trust, Inc. carries a Debt/EBITDA ratio of 4.8x, which is highly leveraged (39% below the sector average of 7.9x). Net debt stands at $6.8B ($6.9B total debt minus $86M cash). Interest coverage of 3.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 1.16 | 1.11 | 1.02 | 1.02 | 1.02 | 0.91 | 0.87 | 0.88 | 0.88 |
| Debt / EBITDA | 4.79 | 4.79 | 5.19 | 5.54 | 5.31 | 6.05 | 6.22 | 6.10 | 5.65 | 6.04 | 6.45 |
| Net Debt / Equity | — | 1.19 | 1.15 | 1.04 | 1.01 | 1.02 | 1.01 | 0.90 | 0.85 | 0.88 | 0.87 |
| Net Debt / EBITDA | 4.73 | 4.73 | 5.13 | 5.19 | 5.28 | 6.01 | 6.15 | 6.03 | 5.52 | 5.99 | 6.38 |
| Debt / FCF | — | 6.35 | 7.07 | 7.00 | 7.38 | 8.05 | 8.77 | 7.11 | 7.35 | 8.12 | 8.43 |
| Interest Coverage | 3.71 | 3.71 | 4.44 | 3.02 | 2.93 | 4.84 | 4.92 | 4.25 | 3.93 | 4.08 | 4.02 |
ESS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Essex Property Trust, Inc.'s current ratio of 2.30x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.88x to 2.30x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.30 | 2.30 | 0.66 | 1.88 | 0.66 | 0.85 | 1.36 | 0.91 | 1.37 | 0.73 | 1.11 |
| Quick Ratio | 2.30 | 2.30 | 0.66 | 1.88 | 0.66 | 0.85 | 1.20 | 0.91 | 1.37 | 0.73 | 0.86 |
| Cash Ratio | 1.86 | 1.86 | 0.26 | 1.36 | 0.37 | 0.35 | 0.62 | 0.54 | 1.09 | 0.49 | 0.50 |
| Asset Turnover | — | 0.14 | 0.14 | 0.14 | 0.13 | 0.11 | 0.12 | 0.11 | 0.11 | 0.11 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | 3.65 | — | — | — | 1.66 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ESS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Essex Property Trust, Inc. returns 3.9% to shareholders annually — split between a 3.8% dividend yield and 0.0% buyback yield. The payout ratio of 97.3% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 3.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 3.9% | 3.4% | 3.7% | 4.1% | 2.4% | 3.4% | 2.6% | 3.0% | 2.8% | 2.7% |
| Payout Ratio | 97.3% | 97.3% | 83.7% | 144.6% | 138.6% | 111.1% | 94.2% | 115.6% | 124.1% | 104.1% | 99.1% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 4.0% | 4.0% | 2.5% | 3.0% | 2.1% | 3.7% | 2.2% | 2.4% | 2.7% | 2.7% |
| FCF Yield | 6.2% | 6.4% | 5.1% | 5.3% | 5.9% | 3.4% | 4.6% | 4.1% | 4.6% | 4.4% | 4.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.6% | 1.4% | 0.0% | 1.7% | 0.3% | 0.3% | 0.0% | 0.5% |
| Total Shareholder Yield | 3.9% | 3.9% | 3.4% | 4.3% | 5.5% | 2.4% | 5.2% | 2.8% | 3.3% | 2.8% | 3.2% |
| Shares Outstanding | — | $64M | $64M | $64M | $65M | $65M | $66M | $66M | $66M | $66M | $66M |
Peer Comparison
Compare ESS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ESSYou | $17B | 25.6 | 16.7 | 16.0 | 68.8% | 43.9% | 11.7% | 5.0% | 4.8 |
 EQR | $25B | 22.8 | 15.7 | 19.2 | 46.3% | 36.3% | 9.7% | 4.2% | 4.1 |
 AVB | $26B | 25.1 | 19.1 | 18.2 | 67.0% | 30.1% | 8.9% | 3.3% | 5.1 |
 UDR | $12B | 32.7 | 18.1 | 19.6 | 25.6% | 18.8% | 8.8% | 2.3% | 6.2 |
 CPT | $11B | 29.6 | 16.5 | 28.4 | 61.4% | 18.4% | 8.4% | 2.6% | 4.3 |
 MAA | $15B | 34.4 | 16.5 | 21.1 | 31.8% | 28.0% | 7.5% | 4.2% | 4.4 |
 IRT | $4B | 68.8 | 16.8 | 26.5 | -14.9% | 18.4% | 1.6% | 1.6% | 6.3 |
 ELME | $192M | -1.2 | — | 3.1 | — | — | -23.3% | -15.3% | — |
 NHI | $4B | 24.2 | 16.8 | 16.1 | 36.7% | 51.5% | 9.7% | 5.6% | 4.2 |
 CBRE | $42B | 37.0 | 24.2 | 35.0 | 15.0% | 3.2% | 12.3% | 6.2% | 4.8 |
 JLL | $15B | 19.4 | 12.3 | 15.1 | 99.0% | 4.5% | 10.9% | 8.9% | 2.4 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonESS — Frequently Asked Questions
Quick answers to the most common questions about buying ESS stock.
What is Essex Property Trust, Inc.'s P/E ratio?
Essex Property Trust, Inc.'s current P/E ratio is 25.6x. The historical average is 39.8x. This places it at the 33th percentile of its historical range.
What is Essex Property Trust, Inc.'s EV/EBITDA?
Essex Property Trust, Inc.'s current EV/EBITDA is 16.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.3x.
What is Essex Property Trust, Inc.'s ROE?
Essex Property Trust, Inc.'s return on equity (ROE) is 11.7%. The historical average is 7.3%.
Is ESS stock overvalued?
Based on historical data, Essex Property Trust, Inc. is trading at a P/E of 25.6x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Essex Property Trust, Inc.'s dividend yield?
Essex Property Trust, Inc.'s current dividend yield is 3.80% with a payout ratio of 97.3%.
What are Essex Property Trust, Inc.'s profit margins?
Essex Property Trust, Inc. has 68.8% gross margin and 43.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Essex Property Trust, Inc. have?
Essex Property Trust, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.