American Homes 4 Rent vs Essex Property Trust
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The short version
- Essex Property Trust is the larger business, with $1.9B of revenue in fiscal 2025 against $1.9B for American Homes 4 Rent.
- American Homes 4 Rent grew revenue faster (7.0%, against 6.4%).
- Investors pay more for each dollar of Essex Property Trustβs earnings: a P/E of 43.3x against 25.3x for American Homes 4 Rent.
| Latest fiscal year | AMH Β· FY25 | ESS Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.5B | $17.9B |
| Revenue | $1.9B | $1.9B |
| Free cash flow | $824M | β |
| Net income | $513M | $703M |
| Growth | ||
| Revenue growth | 7.0% | 6.4% |
| 5-year growth | 9.6% | 4.8% |
| Share count change | 0.8% | 0.2% |
| Profitability | ||
| Gross margin | β | 69.9% |
| Operating margin | β | 47.7% |
| Net margin | 27.8% | 37.2% |
| FCF margin | 44.5% | β |
| Return on capital | β | β |
| Return on equity | 7.2% | 12.7% |
| Balance sheet | ||
| Net debt | $5.0B | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $446M | $654M |
| Valuation & quality | ||
| P/E | 25.3x | 43.3x |
| Piotroski F-score | β | β |
Revenue
FY16
AMH $879M
ESS $1.3B
FY17
AMH $960M
ESS $1.4B
FY18
AMH $1.1B
ESS $1.4B
FY19
AMH $1.1B
ESS $1.5B
FY20
AMH $1.2B
ESS $1.5B
FY21
AMH $1.3B
ESS $1.4B
FY22
AMH $1.5B
ESS $1.6B
FY23
AMH $1.6B
ESS $1.7B
FY24
AMH $1.7B
ESS $1.8B
FY25
AMH $1.9B
ESS $1.9B
AMH
ESS
Operating margin
FY16
AMH β
ESS 32.5%
FY17
AMH β
ESS 34.7%
FY18
AMH β
ESS 36.6%
FY19
AMH β
ESS 33.0%
FY20
AMH β
ESS 32.9%
FY21
AMH β
ESS 36.8%
FY22
AMH β
ESS 37.0%
FY23
AMH β
ESS 35.0%
FY24
AMH β
ESS 39.6%
FY25
AMH β
ESS 47.7%
AMH
ESS
Free cash flow
FY16
AMH $239M
ESS β
FY17
AMH $338M
ESS β
FY18
AMH $359M
ESS β
FY19
AMH $436M
ESS β
FY20
AMH $457M
ESS β
FY21
AMH $548M
ESS β
FY22
AMH $568M
ESS β
FY23
AMH $699M
ESS β
FY24
AMH $777M
ESS β
FY25
AMH $824M
ESS β
AMH
ESS
Return on capital
FY16
AMH β
ESS β
FY17
AMH β
ESS β
FY18
AMH β
ESS β
FY19
AMH β
ESS β
FY20
AMH β
ESS β
FY21
AMH β
ESS β
FY22
AMH β
ESS β
FY23
AMH β
ESS β
FY24
AMH β
ESS β
FY25
AMH β
ESS β
AMH
ESS
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.