Essex Property Trust (ESS) stock
Real Estate · Multi-Family Residential REITs
Essex Property Trust (ESS) is a Multi-Family Residential REITs company in the Real Estate sector, headquartered in San Mateo, California. As of October 23, 2026, ESS closed at $278.35, a market capitalization of $19.19 billion, the 412th largest company in the S&P 500. Over the last twelve months it generated $1.98 billion in revenue (+3% year over year) and $990.80 million in free cash flow. The stock trades at 43.3x trailing earnings and 44.5x forward earnings.
- 1-year total return: +9.7% (dividends reinvested)
- 5-year return: -0.0% a year
- 52-week range: $238.46 – $303.35
- Gross margin 68.8%, operating margin 34.0%
- Dividend yield: 3.72%, 30 straight years of increases
- FI Handbook report card: C across 10 metrics
- 17th largest of 30 Real Estate stocks in the S&P 500
ESS price chart
1Y price change: +5.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| ESS | +2.8% | +10.6% | +9.7% | +14.1% | -0.0% | +6.5% | +13.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1994.
ESS key statistics
- Market cap
- $19.2B
- #412 in S&P 500
- P/E (TTM)
- 43.3x
- Forward P/E
- 44.5x
- EPS (TTM)
- $6.43
- Revenue (TTM)
- $2.0B
- +3%
- Free cash flow
- $990.8M
- Gross margin
- 68.8%
- Operating margin
- 34.0%
- Return on equity
- 7.7%
- Dividend yield
- 3.72%
- 52-week range
- $238.46 – $303.35
- Beta
- 0.71
- Price / sales
- 9.7x
- EV / EBITDA
- 20.1x
- Debt / equity
- 1.22x
- Employees
- 1,686
ESS report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth3.1%D
- Gross margin68.8%A
- Operating margin34.0%A
- FCF margin50.0%A
- Return on equity7.7%D
- Net debt / EBITDA5.4xF
- Forward P/E44.5xF
- PEG ratio7.0xF
- Shareholder yield3.7%B
- Share count change / yr-0.4%C
Essex Property Trust financials
Revenue went from $1.3B in fiscal 2016 to $9.4M in fiscal 2025, shrinking 42.2% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $9.2M | $9.5M | $9.6M | $9.1M | $11.1M | $11.1M | $10.3M | $9.4M |
| Gross profit | — | — | — | — | — | — | $1.1B | $1.2B | $1.2B | $1.3B |
| Operating income | $420.8M | $472.9M | $512.0M | $481.1M | $491.4M | $530.0M | $595.2M | $584.3M | $703.1M | $899.3M |
| Net income | $415.0M | $433.1M | $390.2M | $464.4M | $599.3M | $515.7M | $433.0M | $430.7M | $811.3M | $702.8M |
| EPS (diluted) | $6.27 | $6.57 | $5.90 | $6.66 | $8.69 | $7.51 | $6.27 | $6.32 | $11.54 | $10.40 |
| Buybacks | $1.0M | $0 | $51.2M | $57.0M | $269.3M | $9.2M | $189.7M | $95.7M | $0 | $0 |
| Diluted shares | 65.6M | 65.9M | 66.1M | 65.9M | 65.6M | 65.1M | 65.1M | 64.3M | 64.3M | 64.4M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into ESS?
A reverse DCF asks what growth the current price requires. With an enterprise value of $25.9B and $990.8M of trailing free cash flow, Essex Property Trust needs to grow free cash flow about 17.3% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 26.8x vs. median 40.5x (10th–90th percentile 28.3x–113.3x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
ESS dividend
- Dividend yield
- 3.72%
- Annual dividend
- $10.36
- Years of increases
- 30
- 5-yr dividend growth
- 4.1%
- per year
- Payout ratio
- 161%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
ESS analyst price targets
25 analysts' average 12-month target is $297.11 (+7% vs. $278.35). Targets range from $239.00 to $330.00. 38% rate it a buy.
ESS earnings
Next report: October 27, 2026. Last quarter's revenue was $489.0M (+4% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $1.47 | $0.94 | -36.0% |
| Apr 28, 2026 | $1.43 | $1.65 | +15.6% |
| Feb 4, 2026 | $1.47 | $1.25 | -14.9% |
| Oct 29, 2025 | $1.67 | $1.59 | -4.7% |
| Jul 29, 2025 | $1.41 | $1.48 | +5.1% |
| Apr 29, 2025 | $1.41 | $1.44 | +2.6% |
| Feb 4, 2025 | $1.36 | $0.65 | -52.5% |
| Oct 29, 2024 | $1.35 | $1.34 | -0.4% |
Stocks like ESS
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 VMRK Vivmark Residential | -0.85% | +4% | $48.8B | 24.1x | Compare |
 MAA Mid-America Apartment Communiti | -1.15% | -6% | $14.2B | 35.0x | Compare |
 UDR UDR | -0.94% | +3% | $13.2B | 22.7x | Compare |
 CPT Camden Property Trust | -0.72% | +1% | $11.8B | 33.7x | Compare |
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
ESS news
- Essex Property Trust's Q3 2026 Earnings: What to Expect · Oct 22, 2026
- Essex Property’s 3.8% Dividend Yield Meets a Demanding Valuation · Oct 14, 2026
- Essex Announces Release and Conference Call Dates for Its Third Quarter 2026 Earnings · Oct 6, 2026
- Is Essex Property Trust Stock Underperforming the Dow? · Sep 23, 2026
- Essex Property Trust to Present at The Bank of America Global Real Estate Conference 2026 · Sep 11, 2026
ESS stock FAQ
What is ESS's market cap?
Essex Property Trust's market capitalization is $19.19 billion as of October 23, 2026, ranking 412th in the S&P 500.
What is ESS's P/E ratio?
ESS trades at a trailing price-to-earnings ratio of 43.3x and a forward P/E of 44.5x. Its median P/E over the period we track is 40.5x.
Does ESS pay a dividend?
Yes. Essex Property Trust pays $10.36 per share a year, a 3.72% yield. It has raised its dividend 30 years in a row. Dividends grew 4.1% a year over the last five years.
How much has ESS stock returned?
Including reinvested dividends, ESS returned +9.7% over one year, -0.0% a year over five years, +6.5% a year over ten years through October 23, 2026.
Is ESS stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Essex Property Trust must grow free cash flow about 17% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the ESS price target?
25 analysts cover ESS with an average 12-month price target of $297.11, +7% from the current price. 38% of them rate it a buy.
When does ESS report earnings?
Essex Property Trust is expected to report earnings on October 27, 2026.
How many employees does Essex Property Trust have?
Essex Property Trust has about 1,686 full-time employees, or $1.2 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology