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Essex Property Trust

ESS NYSE Multi-Family Residential REITs Financials FY2016–FY2025

Essex Property Trust's revenue rose 6.4% to $1.9 billion in fiscal 2025. Its operating margin was 47.6%, up from 39.6% a year earlier. It paid out $654 million in dividends and buybacks. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$278.35

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$1.9B
6.4% vs prior year
Operating margin Operating income as a share of revenue.
47.7%
8.0 pts
Net income Profit after all expenses, interest and tax.
$703M
13.4%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$17.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.3x
On $6.43 EPS (TTM)

About these figures. Essex's filings tag its mortgage debt, unsecured debt and credit lines separately with no total, and the long-term debt figure they tag to 2021 is the mortgage debt alone, so debt and the ratios built on it are left blank. Essex's filings don't tag its spending on developing and improving its properties as one line, so capital spending and free cash flow are left blank.

What Essex Property Trust does

No business description yet.

Legal name
ESSEX PROPERTY TRUST, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000920522-26-000003
0000920522

Revenue and margins

Essex Property Trust had $1.9B of revenue in fiscal 2025, up 6.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Essex Property Trust returned $654M to shareholders in fiscal 2025. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Essex Property Trust yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 64.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 43.3x · peers 30.5x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Essex Property Trust can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $58.6M$42.7M$400M$66.8M$76.2M
Interest coverage 2.6x2.9x2.7x3.0x3.5x
Total assets $13.0B$12.4B$12.4B$12.9B$13.2B
Total liabilities $6.8B$6.5B$6.7B$7.2B$7.4B
Shareholders' equity $6.0B$5.7B$5.4B$5.5B$5.5B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.2M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 27, 2026 Mary KasarisDirector Sold 600 $279.45 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −4.4%−2.0%−2.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Essex Property Trust ESS $17.9B 6.4% 47.7% — — 43.3x —
UDR UDR $11.8B 2.4% 32.3% — 6.0% 24.4x — Compare →
Mid-America Apartment Communities MAA $14.0B 0.8% — — 5.7% 36.3x — Compare →
Camden Property Trust CPT $10.4B 1.9% — 24.5% 6.3% 33.8x — Compare →
Vivmark Residential VMRK $24.2B 3.8% — — 7.6% 27.3x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.3B $1.4B $1.4B $1.5B $1.5B $1.4B $1.6B $1.7B $1.8B $1.9B
Gross profit — — — — — — $1.1B $1.2B $1.2B $1.3B
Operating income $421M $473M $512M $481M $491M $530M $595M $584M $703M $899M
Interest expense $220M $223M $221M $217M $221M $203M $205M $213M $236M $258M
Net income $415M $433M $390M $464M $599M $516M $433M $431M $811M $703M
Diluted EPS $6.27 $6.57 $5.90 $6.66 $8.69 $7.51 $6.27 $6.32 $11.54 $10.40
Diluted shares 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $717M $770M $827M $919M $803M $905M $976M $980M $1.1B $1.1B
Depreciation and amortization $442M $469M $480M $484M $526M $520M $539M $548M $580M $608M
Stock-based compensation $9.8M $9.3M $7.1M $7.0M $8.2M $7.3M $7.2M $8.0M $7.2M $9.6M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $1.0M $0.0M $51.2M $57.0M $269M $9.2M $190M $95.7M $0.0M $0.0M
Dividends paid $411M $451M $484M $508M $536M $543M $566M $587M $621M $654M
Dividends and buybacks $412M $451M $535M $565M $805M $552M $756M $683M $620M $654M
Balance sheet
Cash and short-term investments $170M $61.1M $151M $81.1M $84.0M $58.6M $42.7M $400M $66.8M $76.2M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $12.2B $12.5B $12.4B $12.7B $12.9B $13.0B $12.4B $12.4B $12.9B $13.2B
Total liabilities $5.9B $6.1B $6.0B $6.3B $6.7B $6.8B $6.5B $6.7B $7.2B $7.4B
Shareholders' equity $6.2B $6.3B $6.3B $6.2B $6.0B $6.0B $5.7B $5.4B $5.5B $5.5B
Margins
Gross margin — — — — — — 70.2% 70.1% 70.0% 69.9%
Operating margin 32.5% 34.7% 36.6% 33.0% 32.9% 36.8% 37.0% 35.0% 39.6% 47.7%
EBITDA margin 66.7% 69.1% 70.9% 66.1% 68.0% 72.9% 70.6% 67.9% 72.3% 79.8%
Net margin 32.1% 31.8% 27.9% 31.8% 40.1% 35.8% 27.0% 25.8% 45.7% 37.2%
Returns
Return on equity 6.7% 7.0% 6.2% 7.4% 9.8% 8.6% 7.4% 7.7% 14.8% 12.7%
Return on assets 3.4% 3.5% 3.1% 3.7% 4.7% 4.0% 3.4% 3.5% 6.4% 5.4%
Growth
Revenue growth 8.3% 5.4% 2.7% 4.3% 2.4% −3.7% 11.5% 3.9% 6.3% 6.4%
Net income growth 78.8% 4.4% −9.9% 19.0% 29.0% −14.0% −16.0% −0.5% 88.4% −13.4%
EPS growth 79.7% 4.8% −10.2% 12.9% 30.5% −13.6% −16.5% 0.8% 82.6% −9.9%
Share count change 0.8% 0.5% 0.3% −0.2% −0.6% −0.7% 0.0% −1.3% 0.0% 0.2%
Financial health
Interest coverage 1.9x 2.1x 2.3x 2.2x 2.2x 2.6x 2.9x 2.7x 3.0x 3.5x
Capital allocation
Stock comp / revenue 0.8% 0.7% 0.5% 0.5% 0.6% 0.5% 0.5% 0.5% 0.4% 0.5%
Quality scores
Accruals ratio −2.5% −2.7% −3.5% −3.6% −1.6% −3.0% −4.3% −4.4% −2.0% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0000920522). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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