Essex Property Trust vs Mid-America Apartment Communities
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The short version
- Mid-America Apartment Communities is the larger business, with $2.2B of revenue in fiscal 2025 against $1.9B for Essex Property Trust.
- Essex Property Trust grew revenue faster (6.4%, against 0.8%).
- Investors pay more for each dollar of Essex Property Trustβs earnings: a P/E of 43.3x against 36.3x for Mid-America Apartment Communities.
| Latest fiscal year | ESS Β· FY25 | MAA Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.9B | $14.0B |
| Revenue | $1.9B | $2.2B |
| Free cash flow | β | β |
| Net income | $703M | $447M |
| Growth | ||
| Revenue growth | 6.4% | 0.8% |
| 5-year growth | 4.8% | 5.7% |
| Share count change | 0.2% | 0.3% |
| Profitability | ||
| Gross margin | 69.9% | β |
| Operating margin | 47.7% | β |
| Net margin | 37.2% | 20.2% |
| FCF margin | β | β |
| Return on capital | β | 5.7% |
| Return on equity | 12.7% | 7.7% |
| Balance sheet | ||
| Net debt | β | $5.3B |
| Net debt / EBITDA | β | 4.2x |
| Dividends and buybacks | $654M | $736M |
| Valuation & quality | ||
| P/E | 43.3x | 36.3x |
| Piotroski F-score | β | β |
Revenue
FY16
ESS $1.3B
MAA β
FY17
ESS $1.4B
MAA $1.5B
FY18
ESS $1.4B
MAA $1.6B
FY19
ESS $1.5B
MAA $1.6B
FY20
ESS $1.5B
MAA $1.7B
FY21
ESS $1.4B
MAA $1.8B
FY22
ESS $1.6B
MAA $2.0B
FY23
ESS $1.7B
MAA $2.1B
FY24
ESS $1.8B
MAA $2.2B
FY25
ESS $1.9B
MAA $2.2B
ESS
MAA
Operating margin
FY16
ESS 32.5%
MAA β
FY17
ESS 34.7%
MAA β
FY18
ESS 36.6%
MAA β
FY19
ESS 33.0%
MAA β
FY20
ESS 32.9%
MAA β
FY21
ESS 36.8%
MAA β
FY22
ESS 37.0%
MAA β
FY23
ESS 35.0%
MAA β
FY24
ESS 39.6%
MAA β
FY25
ESS 47.7%
MAA β
ESS
MAA
Free cash flow
FY16
ESS β
MAA β
FY17
ESS β
MAA β
FY18
ESS β
MAA β
FY19
ESS β
MAA β
FY20
ESS β
MAA β
FY21
ESS β
MAA β
FY22
ESS β
MAA β
FY23
ESS β
MAA β
FY24
ESS β
MAA β
FY25
ESS β
MAA β
ESS
MAA
Return on capital
FY16
ESS β
MAA β
FY17
ESS β
MAA β
FY18
ESS β
MAA β
FY19
ESS β
MAA 5.0%
FY20
ESS β
MAA 4.0%
FY21
ESS β
MAA 6.6%
FY22
ESS β
MAA 7.6%
FY23
ESS β
MAA 6.7%
FY24
ESS β
MAA 6.5%
FY25
ESS β
MAA 5.7%
ESS
MAA
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.