Essex Property Trust vs UDR
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The short version
- Essex Property Trust is the larger business, with $1.9B of revenue in fiscal 2025 against $1.7B for UDR.
- Essex Property Trust grew revenue faster (6.4%, against 2.4%).
- Essex Property Trust kept more of each dollar of sales as operating profit (47.7% operating margin, against 32.3%).
- Investors pay more for each dollar of Essex Property Trust’s earnings: a P/E of 43.3x against 24.4x for UDR.
| Latest fiscal year | ESS · FY25 | UDR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.9B | $11.8B |
| Revenue | $1.9B | $1.7B |
| Free cash flow | — | — |
| Net income | $703M | $378M |
| Growth | ||
| Revenue growth | 6.4% | 2.4% |
| 5-year growth | 4.8% | 6.7% |
| Share count change | 0.2% | 0.3% |
| Profitability | ||
| Gross margin | 69.9% | — |
| Operating margin | 47.7% | 32.3% |
| Net margin | 37.2% | 22.1% |
| FCF margin | — | — |
| Return on capital | — | 6.0% |
| Return on equity | 12.7% | 11.2% |
| Balance sheet | ||
| Net debt | — | $5.8B |
| Net debt / EBITDA | — | 4.7x |
| Dividends and buybacks | $654M | $686M |
| Valuation & quality | ||
| P/E | 43.3x | 24.4x |
| Piotroski F-score | — | — |
Revenue
FY16
ESS $1.3B
UDR $960M
FY17
ESS $1.4B
UDR $996M
FY18
ESS $1.4B
UDR $1.0B
FY19
ESS $1.5B
UDR $1.2B
FY20
ESS $1.5B
UDR $1.2B
FY21
ESS $1.4B
UDR $1.3B
FY22
ESS $1.6B
UDR $1.5B
FY23
ESS $1.7B
UDR $1.6B
FY24
ESS $1.8B
UDR $1.7B
FY25
ESS $1.9B
UDR $1.7B
ESS
UDR
Operating margin
FY16
ESS 32.5%
UDR 41.8%
FY17
ESS 34.7%
UDR 22.9%
FY18
ESS 36.6%
UDR 33.9%
FY19
ESS 33.0%
UDR 19.2%
FY20
ESS 32.9%
UDR 20.1%
FY21
ESS 36.8%
UDR 20.8%
FY22
ESS 37.0%
UDR 16.5%
FY23
ESS 35.0%
UDR 39.0%
FY24
ESS 39.6%
UDR 17.0%
FY25
ESS 47.7%
UDR 32.3%
ESS
UDR
Free cash flow
FY16
ESS —
UDR —
FY17
ESS —
UDR —
FY18
ESS —
UDR —
FY19
ESS —
UDR —
FY20
ESS —
UDR —
FY21
ESS —
UDR —
FY22
ESS —
UDR —
FY23
ESS —
UDR —
FY24
ESS —
UDR —
FY25
ESS —
UDR —
ESS
UDR
Return on capital
FY16
ESS —
UDR 6.0%
FY17
ESS —
UDR 3.5%
FY18
ESS —
UDR 5.5%
FY19
ESS —
UDR 3.0%
FY20
ESS —
UDR 2.9%
FY21
ESS —
UDR 3.1%
FY22
ESS —
UDR 2.7%
FY23
ESS —
UDR 6.5%
FY24
ESS —
UDR 3.0%
FY25
ESS —
UDR 6.0%
ESS
UDR
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.