Essex Property Trust, Inc.

ESS

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

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 259 apartment communities comprising over 63,000 apartment homes with an additional property in active development. Essex Property Trust, Inc. was incorporated in 1971 in Maryland, USA.

Valuation

Market Cap$19.6B

Current Price$278.26as of Jun 23, 2026

P/E Ratio29.29

P/B Ratio3.54

EV / EBITDA16.82

EV / Sales13.98

Profitability

Operating Margin31.9%

Net Profit Margin35.5%

EBITDA Margin83.1%

Returns

ROE12.1%

ROCE4.7%

ROIC %-

ROA5.1%

Solvency

Current Ratio0.77

Debt / Equity1.24

Debt / Assets0.52

CFO / Net Profit1.60

Price History▼ 2.64% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$1.9B▲ 6.4%

EBITDA$1.6B▼ 3.6%

Net Profit$670M▼ 9.7%

Cash from Ops (CFO)$1.1B▲ 0.6%

Free Cash Flow (FCF)$934M▲ 0.2%

Revenue CAGR 3Y5.5%

Revenue CAGR 5Y-

Net Profit CAGR 3Y17.9%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$1.9B	$1.6B	$670M	$934M	12.1%	6.4%	-9.7%
2024	$1.8B	$1.6B	$742M	$932M	13.4%	6.3%	82.7%
2023	$1.7B	$1.2B	$406M	$840M	7.5%	3.9%	-0.6%
2022	$1.6B	$1.2B	$408M	$812M	7.1%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	1,606.81	1,669.40	1,774.45	1,887.34
Operating Revenue	-	1,606.81	1,669.40	1,774.45	1,887.34
Cost Of Revenue	-	507.97	531.35	566.82	608.04
Gross Profit	-	1,098.84	1,138.04	1,207.64	1,279.31
Operating Expense	-	585.66	611.91	679.12	677.39
Selling General And Administration	-	56.58	63.47	98.90	71.95
Total Expenses	-	1,093.63	1,143.96	1,245.94	1,285.43
Operating Income	-	513.18	525.43	528.51	601.91
Total Operating Income As Reported	-	595.23	584.34	703.10	899.32
EBITDA	-	1,196.14	1,192.05	1,627.06	1,568.72
Normalized EBITDA	-	1,052.50	1,120.13	1,189.68	1,229.46
EBIT	-	656.82	643.61	1,046.84	961.18
Interest Income	98.74	-	46.26	80.95	20
Interest Expense	-	223.84	212.90	235.53	258.40
Net Interest Income	-	-223.84	-166.65	-154.58	-238.40
Other Income Expense	-	143.64	71.92	437.37	339.26
Interest Income Non Operating	98.74	-	46.26	80.95	20
Interest Expense Non Operating	-	223.84	212.90	235.53	258.40
Net Non Operating Interest Income Expense	-	-223.84	-166.65	-154.58	-238.40
Pretax Income	-	432.98	430.71	811.31	702.77
Tax Provision	15.67	-10.24	-	-	-
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	30.16	15.10	91.85	71.24
Net Income Continuous Operations	-	432.98	430.71	811.31	702.77
Net Income From Continuing And Discontinued Operation	-	408.32	405.82	741.52	669.67
Net Income From Continuing Operation Net Minority Interest	-	408.32	405.82	741.52	669.67
Net Income	-	408.32	405.82	741.52	669.67
Net Income Common Stockholders	-	408.32	405.82	741.52	669.67
Net Income Including Noncontrolling Interests	-	432.98	430.71	811.31	702.77
Normalized Income	-	294.84	349.01	396	401.65
Diluted NI Availto Com Stockholders	-	408.32	405.82	741.52	669.67
Basic Average Shares	-	65.08	64.25	64.23	64.38
Diluted Average Shares	-	65.10	64.25	64.25	64.40
Reconciled Depreciation	-	539.32	548.44	580.22	607.54
Reconciled Cost Of Revenue	-	507.97	531.35	566.82	608.04
Total Unusual Items	-	143.64	71.92	437.37	339.26
Total Unusual Items Excluding Goodwill	-	143.64	71.92	437.37	339.26
Minority Interests	-	-24.67	-24.88	-69.78	-33.11
Special Income Charges	-	92.28	58.21	175.51	-0.79
Other Special Charges	19.01	0	0.43	-	0.76
Write Off	0	0	-	-	-
Restructuring And Mergern Acquisition	-	2.13	0.60	0.07	0.02
Gain On Sale Of Security	-	51.36	13.71	261.86	340.05
Depreciation Amortization Depletion Income Statement	-	539.32	548.44	580.22	607.54
Depreciation And Amortization In Income Statement	-	539.32	548.44	580.22	607.54
General And Administrative Expense	-	56.58	63.47	98.90	71.95
Other Gand A	-	56.58	63.47	98.90	71.95
Gain On Sale Of Ppe	142.99	94.42	59.24	175.58	-
Earnings From Equity Interest	113.98	43.45	10.56	-	-
Average Dilution Earnings	-	0	0	0	0
Other Taxes	-	-10.24	0.70	-0.93	-2.10

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Essex Property Trust, Inc.this co.	ESS	$19.6B	29.29	3.54	12.1%	16.82
SBA Communications Corporation	SBAC	$22.0B	20.92	-4.54	-21.7%	18.45
Weyerhaeuser Company	WY	$17.8B	54.97	1.89	3.4%	22.02
Invitation Homes Inc.	INVH	$17.5B	29.84	1.84	6.2%	15.24
Host Hotels & Resorts, Inc.	HST	$17.0B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Essex Property Trust, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Sectors & Industries

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$1.9B

$1.6B

$670M

$934M

12.1%

6.4%

-9.7%

2024

$1.8B

$1.6B

$742M

$932M

13.4%

6.3%

82.7%

2023

$1.7B

$1.2B

$406M

$840M

7.5%

3.9%

-0.6%

2022

$1.6B

$1.2B

$408M

$812M

7.1%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

1,606.81

1,669.40

1,774.45

1,887.34

Operating Revenue

1,606.81

1,669.40

1,774.45

1,887.34

Cost Of Revenue

507.97

531.35

566.82

608.04

Gross Profit

1,098.84

1,138.04

1,207.64

1,279.31

Operating Expense

585.66

611.91

679.12

677.39

Selling General And Administration

56.58

63.47

98.90

71.95

Total Expenses

1,093.63

1,143.96

1,245.94

1,285.43

Operating Income

513.18

525.43

528.51

601.91

Total Operating Income As Reported

595.23

584.34

703.10

899.32

EBITDA

1,196.14

1,192.05

1,627.06

1,568.72

Normalized EBITDA

1,052.50

1,120.13

1,189.68

1,229.46

EBIT

656.82

643.61

1,046.84

961.18

Interest Income

98.74

46.26

80.95

Interest Expense

223.84

212.90

235.53

258.40

Net Interest Income

-223.84

-166.65

-154.58

-238.40

Other Income Expense

143.64

71.92

437.37

339.26

Interest Income Non Operating

98.74

46.26

80.95

Interest Expense Non Operating

223.84

212.90

235.53

258.40

Net Non Operating Interest Income Expense

-223.84

-166.65

-154.58

-238.40

Pretax Income

432.98

430.71

811.31

702.77

Tax Provision

15.67

-10.24

Tax Rate For Calcs

Tax Effect Of Unusual Items

30.16

15.10

91.85

71.24

Net Income Continuous Operations

432.98

430.71

811.31

702.77

Net Income From Continuing And Discontinued Operation

408.32

405.82

741.52

669.67

Net Income From Continuing Operation Net Minority Interest

408.32

405.82

741.52

669.67

Net Income

408.32

405.82

741.52

669.67

Net Income Common Stockholders

408.32

405.82

741.52

669.67

Net Income Including Noncontrolling Interests

432.98

430.71

811.31

702.77

Normalized Income

294.84

349.01

396

401.65

Diluted NI Availto Com Stockholders

408.32

405.82

741.52

669.67

Basic Average Shares

65.08

64.25

64.23

64.38

Diluted Average Shares

65.10

64.25

64.40

Reconciled Depreciation

539.32

548.44

580.22

607.54

Reconciled Cost Of Revenue

507.97

531.35

566.82

608.04

Total Unusual Items

143.64

71.92

437.37

339.26

Total Unusual Items Excluding Goodwill

143.64

71.92

437.37

339.26

Minority Interests

-24.67

-24.88

-69.78

-33.11

Special Income Charges

92.28

58.21

175.51

-0.79

Other Special Charges

19.01

0.43

0.76

Write Off

Restructuring And Mergern Acquisition

2.13

0.60

0.07

0.02

Gain On Sale Of Security

51.36

13.71

261.86

340.05

Depreciation Amortization Depletion Income Statement

539.32

548.44

580.22

607.54

Depreciation And Amortization In Income Statement

539.32

548.44

580.22

607.54

General And Administrative Expense

56.58

63.47

98.90

71.95

Other Gand A

56.58

63.47

98.90

71.95

Gain On Sale Of Ppe

142.99

94.42

59.24

175.58

Earnings From Equity Interest

113.98

43.45

10.56

Average Dilution Earnings

Other Taxes

-10.24

0.70

-0.93

-2.10

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Essex Property Trust, Inc.this co.

ESS

$19.6B

29.29

3.54

12.1%

16.82

SBA Communications Corporation

SBAC

$22.0B

20.92

-4.54

-21.7%

18.45

Weyerhaeuser Company

$17.8B

54.97

1.89

3.4%

22.02

Invitation Homes Inc.

INVH

$17.5B

29.84

1.84

6.2%

15.24

Host Hotels & Resorts, Inc.

HST

$17.0B

Essex Property Trust, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Essex Property Trust, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on