American Homes 4 Rent vs Essex Property Trust
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KIRAβs take AI analyst
I put American Homes 4 Rent and Essex Property Trust side by side, using each oneβs latest annual report. Here is what stands out:
- 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 42.8x against 25.5x for American Homes 4 Rent.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
American Homes 4 Rent
AMH
2/5
Revenue growth5-year growth
Essex Property Trust
ESS
3/5
Net marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | AMH FY25 | ESS FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.6B | $17.7B |
| 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 | 25.5x | 42.8x |
| Piotroski F-score | β | β |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.