Real Estate · Multi-Family Residential REITs · US stock · price as of 16 Oct 2026
Key indicators
Price
$269.43
52-week range
$231.64 – $300.48
Market cap
$17.3B
P/E (trailing)
39.6×
EV / EBITDA
19.1×
Free-cash-flow yield
6.5%
Dividend yield
3.8%
Revenue (last 12 months)
$1.9B
Revenue growth (3y a year)
5.5%
Operating margin
32.5%
Return on invested capital
4.2%
Net debt / EBITDA
5.1×
Fair value
Fair value is not shown for this company.
X-Ray Score
40/ 100 · Medium confidence · ahead of 14% of sector peers
Valuation23
Growth60
Profitability47
Financial health30
Dividends41
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Essex Property Trust is a real estate investment trust that owns, operates and develops apartment communities on the West Coast of the United States, concentrated in Southern California, the San Francisco Bay Area and the Seattle area. Its tenants are renters in major coastal metropolitan areas, typically close to large employers. The trust leases homes to residents and manages its apartment communities as a long-term owner.
Income comes from monthly rents and related fees paid by residents. Revenue is $1.9 billion over the last twelve months, growing 5.5% a year across the last three years. The operating margin is 32.5%, and the business earns a profit of 4% on the capital invested in it. Essex carries net debt of 5.1 times EBITDA, and the dividend yield is 3.8%.
StocksXray gives Essex Property Trust, Inc. an X-Ray Score of 40 out of 100 (medium confidence), ahead of 14% of the S&P 500 stocks in its sector. Its strongest lens is growth (60) and its weakest is valuation (23).
XStocksXray
Essex Property Trust, Inc. (ESS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$294.81
$183.49
$223.81
$264.90
$251.70
$269.43
Market cap
$19.2B
$11.9B
$14.4B
$17.0B
$16.2B
$17.3B
P/E
39.3×
29.3×
35.4×
23.0×
24.2×
39.6×
EV / revenue
13.9×
7.5×
8.5×
9.7×
8.6×
12.4×
EV / EBITDA
19.0×
10.7×
12.5×
13.4×
10.8×
19.2×
Price / free cash flow
21.2×
12.2×
14.7×
15.9×
15.1×
15.5×
Free-cash-flow yield
4.7%
8.2%
6.8%
6.3%
6.6%
6.5%
Price / book
3.2×
2.1×
2.7×
3.1×
2.9×
3.3×
Dividend yield
2.84%
4.80%
4.13%
3.70%
4.08%
3.84%
Fundamentals checklist ● 3 Good · ● 4 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.3%Good
Risk models
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)18.4%Good
Revenue growth (3y)5.5%Average
Growth consistency100%Good
Balance sheet
Net debt / EBITDA5.1×Average
Interest cover2.4×Bad
Valuation
EBIT / EV yield2.6%Bad
Profitability
Return on invested capital4.2%Bad
Operating margin32.5%Average
Gross profitability10.5%Average
XStocksXray
Essex Property Trust, Inc. (ESS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
1,441
1,607
1,669
1,774
1,887
1,927
Gross profit
–
1,128
1,171
1,243
1,319
1,350
Operating income
530
595
584
703
899
627
Net income
516
433
431
811
703
438
Diluted EPS ($)
7.51
6.27
6.32
11.54
10.40
6.80
Free cash flow
905
976
980
1,068
1,074
1,118
Gross margin
–
70.2%
70.1%
70.0%
69.9%
70.1%
Operating margin
36.8%
37.0%
35.0%
39.6%
47.6%
32.5%
Net margin
35.8%
26.9%
25.8%
45.7%
37.2%
22.7%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
12,998
12,373
12,361
12,927
13,159
12,898
Cash
48
33
392
67
76
58
Total debt
639
–
–
–
–
6,387
Equity
5,994
5,716
5,423
5,537
5,541
5,323
Dividend per share ($)
8.36
8.80
9.24
9.80
10.28
10.32
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.