Camden Property Trust 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 $1.6B for Camden Property Trust.
- Essex Property Trust grew revenue faster (6.4%, against 1.9%).
- Investors pay more for each dollar of Essex Property Trust’s earnings: a P/E of 43.3x against 33.8x for Camden Property Trust.
| Latest fiscal year | CPT · FY25 | ESS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.4B | $17.9B |
| Revenue | $1.6B | $1.9B |
| Free cash flow | $386M | — |
| Net income | $385M | $703M |
| Growth | ||
| Revenue growth | 1.9% | 6.4% |
| 5-year growth | 8.6% | 4.8% |
| Share count change | −0.1% | 0.2% |
| Profitability | ||
| Gross margin | 64.0% | 69.9% |
| Operating margin | — | 47.7% |
| Net margin | 24.4% | 37.2% |
| FCF margin | 24.5% | — |
| Return on capital | 6.3% | — |
| Return on equity | 8.5% | 12.7% |
| Balance sheet | ||
| Net debt | $3.9B | — |
| Net debt / EBITDA | 3.4x | — |
| Dividends and buybacks | $732M | $654M |
| Valuation & quality | ||
| P/E | 33.8x | 43.3x |
| Piotroski F-score | — | — |
Revenue
FY16
CPT $876M
ESS $1.3B
FY17
CPT $901M
ESS $1.4B
FY18
CPT $955M
ESS $1.4B
FY19
CPT $1.0B
ESS $1.5B
FY20
CPT $1.0B
ESS $1.5B
FY21
CPT $1.1B
ESS $1.4B
FY22
CPT $1.4B
ESS $1.6B
FY23
CPT $1.5B
ESS $1.7B
FY24
CPT $1.5B
ESS $1.8B
FY25
CPT $1.6B
ESS $1.9B
CPT
ESS
Operating margin
FY16
CPT —
ESS 32.5%
FY17
CPT —
ESS 34.7%
FY18
CPT —
ESS 36.6%
FY19
CPT —
ESS 33.0%
FY20
CPT —
ESS 32.9%
FY21
CPT —
ESS 36.8%
FY22
CPT —
ESS 37.0%
FY23
CPT —
ESS 35.0%
FY24
CPT —
ESS 39.6%
FY25
CPT —
ESS 47.7%
CPT
ESS
Free cash flow
FY16
CPT $100M
ESS —
FY17
CPT $136M
ESS —
FY18
CPT $145M
ESS —
FY19
CPT $148M
ESS —
FY20
CPT $92.1M
ESS —
FY21
CPT $149M
ESS —
FY22
CPT $295M
ESS —
FY23
CPT $384M
ESS —
FY24
CPT $381M
ESS —
FY25
CPT $386M
ESS —
CPT
ESS
Return on capital
FY16
CPT —
ESS —
FY17
CPT —
ESS —
FY18
CPT —
ESS —
FY19
CPT —
ESS —
FY20
CPT —
ESS —
FY21
CPT —
ESS —
FY22
CPT —
ESS —
FY23
CPT 6.2%
ESS —
FY24
CPT 3.5%
ESS —
FY25
CPT 6.3%
ESS —
CPT
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.