ESS Real Estate

Essex Property Trust, Inc.

$264.90-0.25%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Real Estate
Industry: REIT - Residential
Country: United States
Market cap: 18.3B USD
Enterprise value: 23.6B USD
Full-time employees: 1,686

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.25 vs a peer median of 1.20) and more debt relative to equity (1.20× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.25 vs peers 1.20) and more debt vs equity (1.20× vs peers 0.80×)
About average: profitability

Ranks #488 of 632 real estate companies (bottom 23%)

See how it ranks against its peers

Worth knowing

Cash flow well above reported profit. Free cash flow is 2.1× reported profit.
Free cash flow is 2.1× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

38/ 100

Oct 5 38 → Nov 4 38

Valuation

Is the price right?

36/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 35 → 36

Share price -3.6%+3
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.6%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.57Sector median: 0.0535 · MAD: 0.0484

EBITDA yield5.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.02Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield5.4%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score -0.24Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield31.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

34/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-49.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.96Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth5.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.19Sector median: 0.0378 · MAD: 0.0744

Revenue growth4.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.19Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

59/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 9.3 points to 32.5%

Why

Helped by:

▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin32.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.25Sector median: 0.2683 · MAD: 0.2257

Return on assets3.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.95Sector median: 0.0211 · MAD: 0.0134

Return on invested capital4.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.43Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin70.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity8.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.71

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.10Sector median: 0.7490 · MAD: 0.3270

Current ratio0.25×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -1.31Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.20×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.02Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Essex Property Trust

Is Essex Property Trust getting weaker?: Its latest SEC filing (Jul 30, 2026) got weaker in some ways: operating margin fell 9.3 points to 32.5%. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Essex Property Trust valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 36/100 against 762 real estate peers. Earnings yield 2.6% vs a peer median of 5.3% (weaker than 67% of peers).Earnings yield 2.6% vs peers 5.3% (weaker than 67% of peers).
Is Essex Property Trust growing?: More slowly than most of its peers. Growth scores 34/100 against 762 real estate peers. Earnings per share growth -49.7% vs a peer median of 11.2% (weaker than 88% of peers).Earnings per share growth -49.7% vs peers 11.2% (weaker than 88% of peers).
How profitable is Essex Property Trust?: About as profitable as its peers. Profitability scores 59/100 against 762 real estate peers. Return on assets 3.4% vs a peer median of 2.1% (stronger than 75% of peers).Return on assets 3.4% vs peers 2.1% (stronger than 75% of peers).
How risky is Essex Property Trust?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.25× vs a peer median of 1.20× (weaker than 91% of peers).Current ratio 0.25× vs peers 1.20× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 9.3 points to 32.5%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.9B USD	1.9B USD	+1.0%
Net income (12 months)	602.2M USD	437.6M USD	−27.3%
Operating margin	41.8%	32.5%	−9.3 pts
Debt	6.8B USD	6.4B USD	−6.6%
Cash	38.0M USD	58.3M USD	+53.5%
Shares outstanding	64.3M	64.3M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Residential companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	70.2%	70.1%	70.0%	69.9%	▼ 0.1 pts
Operating margin	36.8%	37.0%	35.0%	39.6%	47.6%	▲ 8.0 pts
Net margin	35.8%	26.9%	25.8%	45.7%	37.2%	▼ 8.5 pts
Return on assets (ROA)	4.0%	3.5%	3.5%	6.3%	5.3%	▼ 0.9 pts
Return on equity (ROE)	8.6%	7.6%	7.9%	14.7%	12.7%	▼ 2.0 pts
Debt to equity	0.11×	—	—	—	—	—
Interest coverage	2.61×	2.91×	2.74×	2.99×	3.48×	▲ 17%

ESS price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.25 vs a peer median of 1.20) and more debt relative to equity (1.20× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.25 vs peers 1.20) and more debt vs equity (1.20× vs peers 0.80×)

About average: profitability

Ranks #488 of 632 real estate companies (bottom 23%)

See how it ranks against its peers

Questions investors ask about Essex Property Trust

Is Essex Property Trust getting weaker?

Its latest SEC filing (Jul 30, 2026) got weaker in some ways: operating margin fell 9.3 points to 32.5%. Its overall score is unchanged at 38/100 since Oct 28, 2026.

How is Essex Property Trust valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 36/100 against 762 real estate peers. Earnings yield 2.6% vs a peer median of 5.3% (weaker than 67% of peers).Earnings yield 2.6% vs peers 5.3% (weaker than 67% of peers).

Is Essex Property Trust growing?

More slowly than most of its peers. Growth scores 34/100 against 762 real estate peers. Earnings per share growth -49.7% vs a peer median of 11.2% (weaker than 88% of peers).Earnings per share growth -49.7% vs peers 11.2% (weaker than 88% of peers).

How profitable is Essex Property Trust?

About as profitable as its peers. Profitability scores 59/100 against 762 real estate peers. Return on assets 3.4% vs a peer median of 2.1% (stronger than 75% of peers).Return on assets 3.4% vs peers 2.1% (stronger than 75% of peers).

How risky is Essex Property Trust?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.25× vs a peer median of 1.20× (weaker than 91% of peers).Current ratio 0.25× vs peers 1.20× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.9B USD

1.9B USD

+1.0%

Net income (12 months)

602.2M USD

437.6M USD

−27.3%

Operating margin

41.8%

32.5%

−9.3 pts

Debt

6.8B USD

6.4B USD

−6.6%

Cash

38.0M USD

58.3M USD

+53.5%

Shares outstanding

64.3M

64.3M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

70.2%

70.1%

70.0%

69.9%

▼ 0.1 pts

Operating margin

36.8%

37.0%

35.0%

39.6%

47.6%

▲ 8.0 pts

Net margin

35.8%

26.9%

25.8%

45.7%

37.2%

▼ 8.5 pts

Return on assets (ROA)

4.0%

3.5%

6.3%

5.3%

▼ 0.9 pts

Return on equity (ROE)

8.6%

7.6%

7.9%

14.7%

12.7%

▼ 2.0 pts

Debt to equity

0.11×

—

Interest coverage

2.61×

2.91×

2.74×

2.99×

3.48×

▲ 17%