Essex Property Trust vs Independence Realty Trust
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The short version
- Essex Property Trust is the larger business, with $1.9B of revenue in fiscal 2025 against $658M for Independence Realty Trust, about 2.9 times as much.
- Essex Property Trust grew revenue faster (6.4%, against 2.8%).
- Investors pay more for each dollar of Independence Realty Trust’s earnings: a P/E of 83.1x against 43.3x for Essex Property Trust.
| Latest fiscal year | ESS · FY25 | IRT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.9B | $3.5B |
| Revenue | $1.9B | $658M |
| Free cash flow | — | — |
| Net income | $703M | $56.6M |
| Growth | ||
| Revenue growth | 6.4% | 2.8% |
| 5-year growth | 4.8% | 25.4% |
| Share count change | 0.2% | 4.1% |
| Profitability | ||
| Gross margin | 69.9% | — |
| Operating margin | 47.7% | — |
| Net margin | 37.2% | 8.6% |
| FCF margin | — | — |
| Return on capital | — | 2.3% |
| Return on equity | 12.7% | 1.6% |
| Balance sheet | ||
| Net debt | — | $2.3B |
| Net debt / EBITDA | — | 6.0x |
| Dividends and buybacks | $654M | $184M |
| Valuation & quality | ||
| P/E | 43.3x | 83.1x |
| Piotroski F-score | — | — |
Revenue
FY16
ESS $1.3B
IRT $153M
FY17
ESS $1.4B
IRT $161M
FY18
ESS $1.4B
IRT $191M
FY19
ESS $1.5B
IRT $203M
FY20
ESS $1.5B
IRT $212M
FY21
ESS $1.4B
IRT $250M
FY22
ESS $1.6B
IRT $629M
FY23
ESS $1.7B
IRT $661M
FY24
ESS $1.8B
IRT $640M
FY25
ESS $1.9B
IRT $658M
ESS
IRT
Operating margin
FY16
ESS 32.5%
IRT 25.9%
FY17
ESS 34.7%
IRT 28.2%
FY18
ESS 36.6%
IRT 27.1%
FY19
ESS 33.0%
IRT —
FY20
ESS 32.9%
IRT —
FY21
ESS 36.8%
IRT —
FY22
ESS 37.0%
IRT —
FY23
ESS 35.0%
IRT —
FY24
ESS 39.6%
IRT —
FY25
ESS 47.7%
IRT —
ESS
IRT
Free cash flow
FY16
ESS —
IRT −$18.2M
FY17
ESS —
IRT $40.0M
FY18
ESS —
IRT $67.9M
FY19
ESS —
IRT $74.8M
FY20
ESS —
IRT $74.9M
FY21
ESS —
IRT $52.1M
FY22
ESS —
IRT —
FY23
ESS —
IRT —
FY24
ESS —
IRT —
FY25
ESS —
IRT —
ESS
IRT
Return on capital
FY16
ESS —
IRT 2.4%
FY17
ESS —
IRT 3.4%
FY18
ESS —
IRT 3.4%
FY19
ESS —
IRT 5.3%
FY20
ESS —
IRT 3.2%
FY21
ESS —
IRT 2.0%
FY22
ESS —
IRT 3.2%
FY23
ESS —
IRT 0.9%
FY24
ESS —
IRT 1.9%
FY25
ESS —
IRT 2.3%
ESS
IRT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.