Essex Property Trust, Inc.ESS
NYSE•Real Estate•REIT - Residential
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust. The firm acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 259 apartment communities comprising over 63,000 apartment homes with an additional property in active development. Essex Property Trust, Inc. was incorporated in 1971 in Maryland and is based in San Mateo, United States.
Essex Property Trust, Inc. (ESS) reported trailing twelve months revenue of $1.91B as of March 2026, a 5.3% increase year-over-year. Quarterly revenue reached $484.76M, reflecting continued top-line momentum.
Essex Property Trust, Inc. generated $602.20M in TTM net income, with quarterly EBITDA of $310.09M. The operating margin contracted from 55.3% to 32.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (32.0%) and net margin (23.1%) indicates moderate non-operating costs. Net margin has narrowed from 45.8% a year ago, reflecting increased costs or interest expense.
ESS trades at a P/E of 26.0x (in line with broad market averages) and a P/S of 8.2x. The price-to-book ratio of 2.9x reflects a moderate premium to book value.
The company generated $267.38M in free cash flow over the trailing twelve months, a 5.4% increase year-over-year, indicating cash generation ability. The balance sheet shows $13.10B in total assets with $6.84B in long-term debt against $5.44B in stockholders equity for a debt-to-equity ratio of 1.3. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~43.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~13.0% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~11.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 7.8% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.6x on average — earnings are well-supported by cash generation.
D/E ratio is 1.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation