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Essex Property Trust (ESS) stock

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NYSE: ESS NYSE Multi-Family Residential REITs Next results ~February 3, 2027

B+ Fundamentals grade

Essex Property Trust is a US-listed company in the multi-family residential REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$250

Valuation models combined (2)

Base case. Range ~$190–$280. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Essex Property Trust valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Essex Property Trust files

10-Q filed October 28: Essex Property Trust

Model value +1.4%

Essex Property Trust reported revenue of $1.95bn for the twelve months to September 2026, up 4.5% on a year earlier. That growth rate is little changed from a quarter earlier, suggesting momentum has steadied rather than accelerated. Alongside this, the fundamentals grade has improved from C+ to B+, pointing to a stronger underlying picture. Our model value has edged up too, moving from $244 to $248 a share. Against a current share price of $261, the stock still trades above our estimate of fair value. Given this gap, the rating remains Hold, reflecting a company on firmer footing but one whose shares already seem to price in much of that improvement.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Essex Property Trust stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.93bn, up 4.7% on a year earlier, slower than 5.3% a quarter earlier. Our valuation models combined value is $245 a share, against a share price of $272.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Essex Property Trust's trailing-twelve-month revenue grew 4.5% year on year, with a free-cash-flow margin of 25.4%. Where it stands out: stock pay as % of revenue of 0.7% ranks 1 of 7 multi-family residential reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 8.4% while net income fell 59.0%: a 67pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 29.5% of revenue is left as operating profit, against a median of 20.3% for multi-family residential reits companies we cover.
  • Strong cash generation. 25.4% of revenue turned into free cash flow.

Things to watch

  • Margins narrowing. Operating margin is down 27.0 points on a year ago.
  • High debt. Long-term debt exceeds cash by $6.6bn, more than 1.5 times annual revenue.
  • High earnings multiple. The shares trade at 49 times the last 12 months' earnings, so expectations are demanding.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$1.59 against an average estimate of $1.47: beat by 7.5%
Revenue
$493m, up 4.1% on a year earlier
Share reaction
-5.0% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
net Income per diluted share $5.62 to $5.74 (Full-Year 2026); total FFO per diluted share $15.42 to $15.54 (Full-Year 2026)
Next report
October 27, 2026; average EPS estimate $1.51

Essex Property Trust's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week-3.5%
  • 1 month-1.2%
  • This year+5.5%
  • 1 year+9.7%
  • 5 years-4.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9B
Operating margin
29.5%
Net margin
17.8%
EPS (TTM, diluted)
$5.40

Growth

Revenue growth
+4.5%
Change in growth rate
−0.2 pts
Share count change
+0.0%

Earnings

Last results
October 27, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Agreement
  4. Announcement
  5. Announcement
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Essex Property Trust valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Essex Property Trust as an equity reit, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$280 ~$230–$340 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$5.3 ~$130–$260 Left out: out of range vs price (0.02x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$190 ~$160–$230 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$250 ~$190–$280 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Essex Property Trust with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

76 /100

Strong moat

How hard Essex Property Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 3.8% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 34.3%; its worst year was 29.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 24.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 1.3% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.50 −4% $2.0bn +4%
Next $6.25 +14% $2.0bn +3%

Next year's EPS estimate has moved +2.2% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −6.7% on 90 days ago. In the last 30 days, 0 analysts raised Essex Property Trust's forecast and 2 cut it.

Consensus EPS forecast Essex Property Trust, last 90 days
$5.00 $5.50 $6.00 $6.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.90 Current fiscal year, 60 days ago: $5.64 Current fiscal year, 30 days ago: $5.50 Current fiscal year, 7 days ago: $5.50 Current fiscal year, Now: $5.50 $5.50 Next fiscal year, 90 days ago: $6.12 Next fiscal year, 60 days ago: $6.18 Next fiscal year, 30 days ago: $6.32 Next fiscal year, 7 days ago: $6.25 Next fiscal year, Now: $6.25 $6.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.90$6.12
60 days ago $5.64$6.18
30 days ago $5.50$6.32
7 days ago $5.50$6.25
Now $5.50$6.25

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.47 $1.59 +7.5%
Jun 2026 $1.47 $0.94 −36.0%
Mar 2026 $1.43 $1.65 +15.6%
Dec 2025 $1.47 $1.25 −14.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Net Income per diluted share Full-Year 2026 $5.62 to $5.74 GAAP Raised
    “Net Income $5.47 - $5.69 $5.62 - $5.74 $5.68 +$0.10” source
  • Total FFO per diluted share Full-Year 2026 $15.42 to $15.54 Non-GAAP Narrowed
    “Total FFO $15.37 - $15.59 $15.42 - $15.54 $15.48 Unchanged” source
  • Core FFO per diluted share Full-Year 2026 $16.10 to $16.22 Non-GAAP Raised
    “Core FFO $16.03 - $16.25 $16.10 - $16.22 $16.16 +$0.02” source
  • Q4 2026 Core FFO per diluted share Q4 2026 $3.95 to $4.07 Non-GAAP New
    “Q4 2026 Core FFO N/A $3.95 - $4.07 $4.01 N/A” source
  • Same-Property Portfolio Revenue Growth Full-Year 2026 2.8% growth to 3% growth Raised
    “Revenue 2.5% to 3.1% 2.8% to 3.0% 2.9% +0.10%” source
  • Same-Property Portfolio Operating Expenses Growth Full-Year 2026 2.6% growth to 2.9% growth Maintained
    “Operating Expenses 2.5% to 3.0% 2.6% to 2.9% 2.8% Unchanged” source
Show 3 more items
  • Same-Property Portfolio Net Operating Income Growth Full-Year 2026 2.8% growth to 3.2% growth Raised
    “Net Operating Income 2.3% to 3.3% 2.8% to 3.2% 3.0% +0.20%” source
  • Same-Property Revenue Guidance Midpoint (GAAP basis) · Same-Property Portfolio Full-Year 2026 about 2.9% growth GAAP Maintained vs about 2.9
    “On a GAAP basis, the midpoints of the Company's same-property revenue and NOI guidance are 2.9% and 3.0%, respectively” source
  • Same-Property NOI Guidance Midpoint (GAAP basis) · Same-Property Portfolio Full-Year 2026 about 3% growth GAAP Raised vs about 2.9
    “On a GAAP basis, the midpoints of the Company's same-property revenue and NOI guidance are 2.9% and 3.0%, respectively” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

26 analysts, Oct 2026
Buy1038%
Hold1454%
Sell28%

Monthly trend

  1. Oct 2026641426
  2. Sep 2026641426
  3. Aug 2026651326
  4. Jul 2026551426

Counts of recommendations published by analysts covering Essex Property Trust, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.3%
of tradable shares
Days to cover
4.37
at average volume
Short interest, 1 month
+7%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.7%
of shares
Employees
1,686
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +9.7%

$242.17 on October 31, 2025 to $265.56

ThenNowEffect
Revenue (last 12 months) $1.8bn $1.9bn +4.7%
Net margin 43.5% 21.5% −50.6%
P/E multiple 19.5x 41.3x +112.3%
Share count 64m 64m −0.1%

Biggest factor: p/e multiple.

Last 3 years +36.7%

$194.32 on November 3, 2023 to $265.56

ThenNowEffect
Revenue (last 12 months) $1.7bn $1.9bn +16.5%
Net margin 32.1% 21.5% −33.1%
P/E multiple 23.6x 41.3x +74.8%
Share count 65m 64m +0.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ESS+52%−38%+22%+18%−5%+6%
Industry peers (median)+62%−33%+0%+20%−8%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ESS83%17%58%58%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ESS−8%−41%−18%−11%−19%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from October 21, 2019 to March 23, 2020. Getting back needed a 81% gain, reached on July 8, 2021, 472 days after the low.

Price behaviour

52-week range
$232.76 – $295.51
From 52-week high
−10.1%
vs 50-day average
−2.6%
vs 200-day average
0.0%
Volatility (1 year)
20%
Beta vs S&P 500
0.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±2.7%
After a week
6 up, 5 down
typical move ±3.5%
After a month
9 up, 2 down
typical move ±4.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −5.0% +0.9% — —
July 29, 2026 −4.3% +0.1% −2.2% −4.7%
April 28, 2026 +3.1% −0.5% +3.8% +7.6%
February 4, 2026 +1.6% −1.7% +5.6% +3.0%
October 29, 2025 −2.5% −1.1% +1.6% +2.9%
July 29, 2025 −5.2% −0.4% −9.1% −5.5%
April 29, 2025 +0.6% +0.7% +3.1% +1.6%
February 4, 2025 +4.0% +1.1% +2.5% +6.0%
October 29, 2024 −1.9% −0.1% −2.9% +4.4%
July 30, 2024 −2.7% +1.1% −2.0% +3.5%
April 30, 2024 −1.0% −1.9% +3.9% +3.1%
February 6, 2024 −0.6% +1.1% −2.1% +5.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Essex Property Trust in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Essex Property Trust
$1.6B $1.7B $1.8B $1.9B $2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.7B Revenue (TTM), FY24 Q1: $1.7B Revenue (TTM), FY24 Q2: $1.7B Revenue (TTM), FY24 Q3: $1.7B Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.8B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $1.9B Revenue (TTM), FY26 Q3: $1.9B $1.9B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.7B
FY24 Q1 $1.7B
FY24 Q2 $1.7B
FY24 Q3 $1.7B
FY24 Q4 $1.8B
FY25 Q1 $1.8B
FY25 Q2 $1.8B
FY25 Q3 $1.9B
FY25 Q4 $1.9B
FY26 Q1 $1.9B
FY26 Q2 $1.9B
FY26 Q3 $1.9B
Revenue growth, TTM YoY Essex Property Trust
2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 3.9% Revenue growth, TTM YoY, FY24 Q1: 2.8% Revenue growth, TTM YoY, FY24 Q2: 3.4% Revenue growth, TTM YoY, FY24 Q3: 4.7% Revenue growth, TTM YoY, FY24 Q4: 6.3% Revenue growth, TTM YoY, FY25 Q1: 7.6% Revenue growth, TTM YoY, FY25 Q2: 7.6% Revenue growth, TTM YoY, FY25 Q3: 6.9% Revenue growth, TTM YoY, FY25 Q4: 6.4% Revenue growth, TTM YoY, FY26 Q1: 5.3% Revenue growth, TTM YoY, FY26 Q2: 4.7% Revenue growth, TTM YoY, FY26 Q3: 4.5% 4.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 3.9%
FY24 Q1 2.8%
FY24 Q2 3.4%
FY24 Q3 4.7%
FY24 Q4 6.3%
FY25 Q1 7.6%
FY25 Q2 7.6%
FY25 Q3 6.9%
FY25 Q4 6.4%
FY26 Q1 5.3%
FY26 Q2 4.7%
FY26 Q3 4.5%
Operating margin (TTM) Essex Property Trust
20% 30% 40% 50% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 35.0% Operating margin (TTM), FY24 Q1: 31.4% Operating margin (TTM), FY24 Q2: 31.1% Operating margin (TTM), FY24 Q3: 30.4% Operating margin (TTM), FY24 Q4: 39.6% Operating margin (TTM), FY25 Q1: 45.7% Operating margin (TTM), FY25 Q2: 52.7% Operating margin (TTM), FY25 Q3: 56.5% Operating margin (TTM), FY25 Q4: 47.6% Operating margin (TTM), FY26 Q1: 41.8% Operating margin (TTM), FY26 Q2: 32.5% Operating margin (TTM), FY26 Q3: 29.5% 29.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 35.0%
FY24 Q1 31.4%
FY24 Q2 31.1%
FY24 Q3 30.4%
FY24 Q4 39.6%
FY25 Q1 45.7%
FY25 Q2 52.7%
FY25 Q3 56.5%
FY25 Q4 47.6%
FY26 Q1 41.8%
FY26 Q2 32.5%
FY26 Q3 29.5%
FCF margin (TTM) Essex Property Trust
22% 24% 26% 28% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 25.9% FCF margin (TTM), FY24 Q1: 27.7% FCF margin (TTM), FY24 Q2: 27.2% FCF margin (TTM), FY24 Q3: 27.8% FCF margin (TTM), FY24 Q4: 27.5% FCF margin (TTM), FY25 Q1: 24.5% FCF margin (TTM), FY25 Q2: 23.6% FCF margin (TTM), FY25 Q3: 24.5% FCF margin (TTM), FY25 Q4: 24.7% FCF margin (TTM), FY26 Q1: 24.6% FCF margin (TTM), FY26 Q2: 26.2% FCF margin (TTM), FY26 Q3: 25.4% 25.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 25.9%
FY24 Q1 27.7%
FY24 Q2 27.2%
FY24 Q3 27.8%
FY24 Q4 27.5%
FY25 Q1 24.5%
FY25 Q2 23.6%
FY25 Q3 24.5%
FY25 Q4 24.7%
FY26 Q1 24.6%
FY26 Q2 26.2%
FY26 Q3 25.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 409 410 467 535 611 971 1,194 1,294 1,364 1,400 1,460 1,496 1,441 1,607 1,669 1,774 1,887 1,946
Gross profit — — — — — — — — — — — — — 1,128 1,171 1,243 1,319 1,364
EBITDA 229 239 285 336 381 562 785 862 942 992 965 1,017 1,050 1,135 1,133 1,283 1,507 1,188
Operating income 112 111 135 167 189 202 331 421 473 512 481 491 530 595 584 703 899 573
Net income 37 36 47 125 156 122 232 415 433 390 439 569 489 408 406 742 670 347
Diluted EPS $2.91 $1.14 $1.24 $3.41 $4.04 $2.06 $3.49 $6.27 $6.57 $5.90 $6.66 $8.69 $7.51 $6.27 $6.32 $11.54 $10.40 $5.40
Growth (year on year)
Revenue +0.1% +0.3% +13.9% +14.5% +14.1% +59.0% +23.0% +8.3% +5.4% +2.7% +4.3% +2.4% −3.7% +11.5% +3.9% +6.3% +6.4% +4.5%
EBITDA −8.9% +4.3% +19.2% +18.1% +13.4% +47.5% +39.6% +9.9% +9.2% +5.3% −2.7% +5.4% +3.3% +8.0% −0.2% +13.3% +17.4% −28.2%
Operating income −19.0% −1.0% +21.7% +24.1% +13.0% +6.8% +64.3% +27.1% +12.4% +8.3% −6.0% +2.1% +7.8% +12.3% −1.8% +20.3% +27.9% −45.5%
Net income −40.3% −3.2% +31.0% +166.2% +24.7% −21.8% +90.0% +78.8% +4.4% −9.9% +12.6% +29.5% −14.1% −16.4% −0.6% +82.7% −9.7% −59.0%
Diluted EPS +39.2% −60.8% +8.8% +175.0% +18.5% −49.0% +69.4% +79.7% +4.8% −10.2% +12.9% +30.5% −13.6% −16.5% +0.8% +82.6% −9.9% −59.0%
Margins
Gross margin — — — — — — — — — — — — — 70.2% 70.1% 70.0% 69.9% 70.1%
EBITDA margin 56.0% 58.2% 60.9% 62.8% 62.4% 57.9% 65.7% 66.7% 69.1% 70.8% 66.1% 68.0% 72.9% 70.6% 67.9% 72.3% 79.8% 61.1%
Operating margin 27.3% 27.0% 28.8% 31.2% 30.9% 20.8% 27.7% 32.5% 34.7% 36.6% 32.9% 32.9% 36.8% 37.0% 35.0% 39.6% 47.6% 29.5%
Net margin 9.1% 8.8% 10.1% 23.4% 25.6% 12.6% 19.4% 32.1% 31.8% 27.9% 30.1% 38.0% 33.9% 25.4% 24.3% 41.8% 35.5% 17.8%
Free-cash-flow margin 41.7% 41.2% 42.8% 41.3% 42.2% 42.4% 43.4% 55.4% 56.4% 59.0% 62.9% 53.7% 62.8% 60.7% 58.7% 60.2% 56.9% 57.0%
Cash flow
Cash from operations 174 176 217 267 305 493 618 717 770 827 919 803 905 976 980 1,068 1,074 1,109
Capital spending 3 6 16 47 47 81 99 0 0 0 0 0 0 0 0 0 0 0
Free cash flow 170 169 200 221 258 412 519 717 770 827 919 803 905 976 980 1,068 1,074 1,109
Stock-based pay 3 3 3 4 5 9 6 10 9 7 7 8 7 7 8 7 10 13
Free cash flow after stock pay 167 166 197 217 253 403 513 707 760 819 912 795 898 968 972 1,061 1,065 1,096
Balance sheet
Cash 21 14 13 19 18 26 30 65 45 134 70 74 48 33 392 67 76 72
Total debt 1,604 1,833 2,211 2,678 2,814 4,838 5,304 5,438 5,510 5,606 5,754 6,252 5,946 5,906 6,206 6,464 6,800 6,639
Net debt (negative = net cash) 1,583 1,819 2,198 2,659 2,796 4,812 5,274 5,373 5,466 5,471 5,684 6,178 5,898 5,873 5,814 6,397 6,724 6,567
Diluted shares 30m 30m 33m 35m 37m 57m 65m 66m 66m 66m 66m 66m 65m 65m 64m 64m 64m 64m
Returned to shareholders
Dividends 117 124 139 156 181 261 367 411 451 484 508 536 543 566 587 620 654 664
Buybacks 20 0 0 — — 0 0 1 0 51 57 269 9 190 96 0 0 62
Total returned 137 124 139 156 181 261 367 412 451 535 565 805 552 756 683 620 654 726

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$61.9M
Dividends (TTM)
$664M
Returned to shareholders
147%
of free cash flow
Buybacks, last 3 fiscal years
$95.7M
Diluted share count
+0.0%
year over year
Total shareholder yield
4.3%
dividends 3.9% + buybacks 0.4% of market value
Dividend payout ratio
191%
of net income paid out

Competitors: side by side with peers

Closest by revenue in multi-family residential reits
Last 12 months unless stated ESS UDR MAA UMH CSR NXRT Median
Revenue, last 12 months $1.9bn $1.7bn $2.2bn $279m $257m $253m $257m
Revenue growth, last 12 months 4.5% 1.5% 1.0% 8.5% −6.0% −0.5% 1.2%
Revenue growth, 3-year average 5.4% 2.5% 1.4% 9.4% −1.0% −2.9% 2.6%
Revenue growth, latest quarter 4.1% 0.0% 1.0% 10.8% −16.6% 2.3% 1.1%
Gross margin 70.1% — — 91.2% 96.6% — 80.6%
Operating margin 29.5% 40.8% 26.6% — 56.1% 11.1% 23.4%
Operating margin, 3-year average 38.8% 26.7% 24.4% — 30.3% 27.2% 25.7%
Net margin 17.8% 30.4% 17.4% 1.6% 35.4% −13.2% 1.6%
Cash from operations / revenue 57.0% 51.7% 45.0% 29.9% 30.2% 32.9% 30.2%
Free-cash-flow margin 25.4% 37.5% 28.0% −13.2% 89.2% −4.9% −4.5%
Free-cash-flow margin, 3-year average 25.9% 36.3% 32.4% −7.2% 26.5% −5.4% 8.9%
Stock pay / revenue 0.7% 1.6% 0.8% 1.7% 1.6% 4.0% 1.7%
Change in share count 0.0% −0.8% −0.5% 2.0% −7.9% −1.5% −0.3%

Median of all 9 companies we cover in multi-family residential reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

9 multi-family residential reits companies
Measure Company Peer median Rank
Revenue growth Growth 4.5% 1.2% 3 of 9
Change in growth rate Growth -0.2pp -0.1pp 6 of 9
Operating margin Profitability 29.5% 20.3% 3 of 7
Net margin Profitability 17.8% 1.6% 3 of 9
Stock pay as % of revenue Cash generation 0.7% 1.6% 1 of 7
Long-term debt as % of assets Balance sheet 51.8% 86.4% 2 of 6
Change in share count Balance sheet 0.0% -0.0% 6 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$19B
Institutions reporting
629
Shares held vs prior quarter
▲ 4.6%
Positions opened / closed
68 / 46

Top buyers and sellers, Q2 2026: 338 institutions bought and 231 sold ; the biggest buyer was UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (+754K shares) and the biggest seller Rush Island Management, LP (−369K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.2B 7.4M 11.4% ▲ 2.4%
Vanguard Portfolio Management LLC $1.6B 5.5M 8.4% 0.0%
State Street Corp $1.5B 5.2M 8.1% ▼ 0.3%
Cohen & Steers, Inc. $1.4B 4.9M 7.5% ▲ 1.5%
Vanguard Capital Management LLC $1.2B 4.2M 6.4% ▲ 0.1%
Price T Rowe Associates Inc $979M 3.4M 5.2% ▲ 0.3%
Principal Financial Group Inc $610M 2.1M 3.2% ▲ 25.5%
Geode Capital Management, LLC $568M 2.0M 3.0% ▲ 1.5%
Norges Bank $469M 1.6M 2.5% —
Invesco Ltd. $328M 1.1M 1.7% ▲ 19.8%
Resolution Capital Ltd $300M 1.0M 1.6% ▲ 52.7%
Dimensional Fund Advisors LP $292M 1.0M 1.5% ▲ 0.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Essex Property Trust's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $167,670 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $167,670 net selling
Insider Date Trade Shares Price Value
Kasaris Mary Director May 27, 2026 Sell 600 $279.45 $167,670

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Essex Property Trust shares.

  • Rick Larsen(D-WA 2):Sale (full), $1,001 - $15,000, traded January 7, 2026, filed January 14, 2026
  • Daniel S. Goldman(D-NY 10):Sale (full), $15,001 - $50,000, traded July 12, 2023, filed August 13, 2023
  • Rick Larsen(D-WA 2):Purchase, $1,001 - $15,000, traded July 7, 2022, filed June 24, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 29, 2026
  • April 28, 2026
  • February 4, 2026
  • October 29, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Essex Property Trust was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Essex Property Trust in brief

What does Essex Property Trust do?
Essex Property Trust is a US-listed company in the multi-family residential REITs industry. Its financial year ends in December.
What is Essex Property Trust's stock ticker?
Essex Property Trust trades under the ticker ESS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Essex Property Trust's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Essex Property Trust reported revenue of $1.9B, 4.5% higher than a year earlier, according to its SEC filings.
What is Essex Property Trust's free cash flow?
Essex Property Trust's free-cash-flow margin is 25.4% of revenue over the trailing twelve months.
Who are Essex Property Trust's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Essex Property Trust buying back stock, and does it pay a dividend?
Essex Property Trust spent $61.9M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.0% over the year.
What is Essex Property Trust's market cap?
On November 2, 2026, Essex Property Trust's market capitalisation was about $17.1B, with a price-to-earnings ratio of 49.2 and net debt of $6.6B. Market figures come from third-party market data and may be delayed.
Does Essex Property Trust pay a dividend?
Yes: Essex Property Trust paid $664M in dividends over the trailing twelve months, a dividend yield of 3.89% and a payout ratio of 191.3%.
Who are Essex Property Trust's competitors?
In our Multi-Family Residential REITs peer group, the companies closest to Essex Property Trust are UDR, Inc., Mid-America Apartment Communities, UMH Properties, Inc., Centerspace and Nexpoint Residential Trust, Inc. The side-by-side comparison below sets their revenue, margins and growth against Essex Property Trust's.
Are insiders buying or selling Essex Property Trust stock?
Over the last 12 months, Essex Property Trust's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Essex Property Trust's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Essex Property Trust announces its own schedule.