Essex Property Trust, Inc. (ESS)

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust. The firm acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 258 apartment communities comprising over 62,000 apartment homes with an additional property in active development. Essex Property Trust, Inc. was incorporated in 1971 in Maryland and is based in San Mateo, United States.

Symbol: ESS
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Residential
Market cap: $17.27B
52 week range: 238.46 - 303.35

Valuation

Share price: $268.65 (close of 2026-10-02)
P/E (TTM): 41.85x
Price to book: 3.15x
Price to free cash flow: 15.44x
Enterprise value: $23.96B
Book value per share: $85.35

Price performance

Period	Change
1 day	-0.32%
5 days	-1.09%
1 month	-3.12%
3 months	-9.95%
6 months	+8.62%
Year to date	+2.66%
1 year	+1.81%
3 years	+28.63%
5 years	-17.62%
10 years	+20.63%
All time	+1286.22%

Members of Congress who disclosed ESS trades

Alan Armstrong · Rick Larsen

Super investors holding ESS

Ken Griffin (Citadel) · Christopher Davis (Davis Selected Advisers)

Profitability and growth

Return on equity: 12.31%
Return on invested capital: 7.20%
Return on assets: 5.34%
Gross margin: 14060.10%
Net margin: 7491.45%
EBITDA margin: 16062.87%
Revenue growth: -8.61%
Net income growth: -13.38%
Free cash flow growth: 0.57%

Cash flow and balance sheet

Free cash flow yield (TTM): 6.48%
Net debt to EBITDA: 5.09x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $9.38M
Gross profit: $1.32B
EBITDA: $1.51B
Net income: $702.77M
Earnings per share: $10.40
Shares outstanding: 64.38M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$9.38M	$1.32B	$702.77M	$10.40
2024-12-31	$10.27M	$1.24B	$811.31M	$11.55
2023-12-31	$11.13M	$1.17B	$430.71M	$6.32
2022-12-31	$11.14M	$1.13B	$432.99M	$6.27
2021-12-31	$9.14M	-	$515.69M	$7.51
2020-12-31	$9.60M	-	$599.33M	$8.69
2019-12-31	$9.53M	-	$464.45M	$6.67
2018-12-31	$9.18M	-	$390.15M	$5.91
2017-12-31	$1.36B	$514.33M	$433.06M	$6.58
2016-12-31	$1.29B	$461.55M	$414.98M	$6.28

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	14060.10%	7491.45%	12.31%	7.20%
2024-12-31	12105.69%	7903.61%	14.18%	5.71%
2023-12-31	10515.73%	3869.45%	7.70%	5.10%
2022-12-31	10130.23%	3887.11%	7.34%	5.01%
2021-12-31	-	5643.37%	8.35%	7.76%
2020-12-31	-	6244.34%	9.69%	7.21%
2019-12-31	-	4875.07%	7.25%	6.51%
2018-12-31	-	4248.64%	6.10%	6.36%
2017-12-31	37.71%	31.75%	6.77%	5.67%
2016-12-31	35.67%	32.07%	6.60%	5.06%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$76.24M	-
2024-12-31	$66.80M	$137.94M
2023-12-31	$400.33M	-
2022-12-31	$42.68M	$52.07M
2021-12-31	$58.64M	$638.96M
2020-12-31	$84.04M	$643.55M
2019-12-31	$81.09M	$990.67M
2018-12-31	$151.40M	$1.81B
2017-12-31	$61.13M	$2.01B
2016-12-31	$170.30M	$2.19B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$1.07B	$9.64M
2024-12-31	$1.07B	$7.16M
2023-12-31	$980.06M	$8.03M
2022-12-31	$975.65M	$7.21M
2021-12-31	$905.26M	$7.31M
2020-12-31	$803.11M	$8.16M
2019-12-31	$919.08M	$7.01M
2018-12-31	$826.55M	$7.13M
2017-12-31	$769.61M	$9.29M
2016-12-31	$716.79M	$9.81M