NYSE: ESS
Essex Property Trust
Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $15.2B |
| FY2017, ended Dec 31, 2017 | $15.9B |
| FY2018, ended Dec 31, 2018 | $16.1B |
| FY2019, ended Dec 31, 2019 | $19.9B |
| FY2020, ended Dec 31, 2020 | $15.4B |
| FY2021, ended Dec 31, 2021 | $23.0B |
| FY2022, ended Dec 31, 2022 | $13.7B |
| FY2023, ended Dec 31, 2023 | $15.9B |
| FY2024, ended Dec 31, 2024 | $18.4B |
| FY2025, ended Dec 31, 2025 | $16.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.93B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.29B |
| FY2017, ended Dec 31, 2017 | $1.36B |
| FY2018, ended Dec 31, 2018 | $1.40B |
| FY2019, ended Dec 31, 2019 | $1.46B |
| FY2020, ended Dec 31, 2020 | $1.50B |
| FY2021, ended Dec 31, 2021 | $1.44B |
| FY2022, ended Dec 31, 2022 | $1.61B |
| FY2023, ended Dec 31, 2023 | $1.67B |
| FY2024, ended Dec 31, 2024 | $1.77B |
| FY2025, ended Dec 31, 2025 | $1.89B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.93B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $415M | — |
| FY2017, ended Dec 31, 2017 | $433M | $632M |
| FY2018, ended Dec 31, 2018 | $390M | $644M |
| FY2019, ended Dec 31, 2019 | $439M | $761M |
| FY2020, ended Dec 31, 2020 | $569M | $694M |
| FY2021, ended Dec 31, 2021 | $489M | $855M |
| FY2022, ended Dec 31, 2022 | $408M | $948M |
| FY2023, ended Dec 31, 2023 | $406M | $972M |
| FY2024, ended Dec 31, 2024 | $742M | $1.07B |
| FY2025, ended Dec 31, 2025 | $670M | $1.01B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $414M | $1.03B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$58.3M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $64.9M |
| FY2017, ended Dec 31, 2017 | $44.6M |
| FY2018, ended Dec 31, 2018 | $134M |
| FY2019, ended Dec 31, 2019 | $70.1M |
| FY2020, ended Dec 31, 2020 | $73.6M |
| FY2021, ended Dec 31, 2021 | $48.4M |
| FY2022, ended Dec 31, 2022 | $33.3M |
| FY2023, ended Dec 31, 2023 | $392M |
| FY2024, ended Dec 31, 2024 | $66.8M |
| FY2025, ended Dec 31, 2025 | $76.2M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $58.3M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$6.39B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.19B |
| FY2017, ended Dec 31, 2017 | $2.01B |
| FY2018, ended Dec 31, 2018 | $1.81B |
| FY2019, ended Dec 31, 2019 | $991M |
| FY2020, ended Dec 31, 2020 | $644M |
| FY2021, ended Dec 31, 2021 | $639M |
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | — |
| FY2024, ended Dec 31, 2024 | — |
| FY2025, ended Dec 31, 2025 | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $6.39B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 2.0% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.64.3M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 65.5M |
| FY2017, ended Dec 31, 2017 | 66.0M |
| FY2018, ended Dec 31, 2018 | 65.7M |
| FY2019, ended Dec 31, 2019 | 66.2M |
| FY2020, ended Dec 31, 2020 | 65.0M |
| FY2021, ended Dec 31, 2021 | 65.3M |
| FY2022, ended Dec 31, 2022 | 64.5M |
| FY2023, ended Dec 31, 2023 | 64.2M |
| FY2024, ended Dec 31, 2024 | 64.3M |
| FY2025, ended Dec 31, 2025 | 64.5M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 64.3M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $51.3M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.04M | $9.81M | −$384K |
| FY2017, ended Dec 31, 2017 | $0 | $9.29M | $89.1M |
| FY2018, ended Dec 31, 2018 | $51.2M | $7.13M | −$919K |
| FY2019, ended Dec 31, 2019 | $57.0M | $7.01M | $72.5M |
| FY2020, ended Dec 31, 2020 | $269M | $8.16M | −$296K |
| FY2021, ended Dec 31, 2021 | $9.17M | $7.31M | −$455K |
| FY2022, ended Dec 31, 2022 | $190M | $7.21M | −$314K |
| FY2023, ended Dec 31, 2023 | $95.7M | $8.03M | −$347K |
| FY2024, ended Dec 31, 2024 | $0 | $7.16M | −$296K |
| FY2025, ended Dec 31, 2025 | $0 | $9.64M | −$391K |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $61.9M | $11.0M | −$349K |
Revenue (TTM)
$1.93B
+4.7% YoY
Net income (TTM)
$414M
−48.3% YoY
Cash
$58.3M
−0.6% YoY
Total debt
$6.39B
−0.6% YoY
Valuation
At current price- Market Cap
- $17.0B
- P/E
- 41.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 8.8×
- Price / Book
- 3.2×
- EV / EBITDA
- 18.8×
Growth
Trailing 12 months- Revenue (TTM)
- $1.93B
- Revenue Growth YoY
- 4.7%
- Revenue CAGR 3Y
- 5.5%
- Revenue CAGR 5Y
- 4.8%
- EPS Growth YoY
- −48.3%
- Net Income Growth YoY
- −48.3%
Profitability
Trailing 12 months- Gross Margin
- 70.1%
- Operating Margin
- 32.5%
- Net Margin
- 21.5%
- FCF Margin
- 53.6%
- Return on Equity
- 7.6%
Earnings
Trailing 12 months- Net Income
- $414M
- EPS (diluted)
- $6.43
- EBITDA
- $1.24B
- Operating Income
- $627M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $58.3M
- Total Debt
- $6.39B
- Net Debt
- $6.33B
- Total Assets
- $12.9B
- Total Liabilities
- $7.39B
- Shareholders' Equity
- $5.32B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.12B
- Capital Expenditure
- $85.2M
- Free Cash Flow
- $1.03B
Dividends and risk
Last 12 months- Dividend Yield
- 3.9%
- Dividend / Share
- $10.34
- Beta (5Y)
- 0.70
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $1.93B.
Watch
Operating margin narrowed 20.2 pts in a year, to 32.5%.
Watch
Net debt is 5.1× EBITDA ($6.33B), a heavy load.
Strength
Turns 53.6% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K55Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 20, 2026 · Read the filing on EDGAR
- Property revenue rose 6.4% to $1.88 billion, helped by acquisitions and higher rents; revenue from properties owned in both years rose 3.3%.
- Net income fell 9.7% to $669.7 million, because 2024 included larger one-off gains from buying out joint venture partners and legal settlements.
- Core funds from operations, which strip out one-off items, rose 2.2% to $15.94 per share.
- New risk language covers AI leasing agents, reduced on-site staffing that some residents have resisted, and AI replacing workers in Essex's rental markets.
Business momentum
Mixed
“Net income available to common stockholders $ 669,666 $ 741,522 $ 405,825”
Outlook
Neutral
“In each of these regions, projected 2026 growth in new residential supply of apartment homes and single family homes is expected to be less than 1% of the total housing stock.”
Financial stress
Low
“The Company is not at material risk of failing to meet the covenants in its credit agreements and is able to timely service its debt and other obligations.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Revenue grew at properties owned in both years
“2025 Same-Property Revenues increased by $52.6 million or 3.3%.”
Core funds from operations per share increased
“Core FFO per share-diluted $ 15.94 $ 15.60 $ 15.03”
Main $1.5 billion credit line is fully undrawn
“As of December 31, 2025, there was no amount outstanding on the $1.5 billion unsecured line of credit.”
Concerns
Operating costs grew faster than revenue at existing properties
“2025 Same-Property operating expenses, excluding real estate taxes, increased by $16.4 million or 5.5% to $316.5 million in 2025 compared to $300.1 million in 2024”
Interest costs rose as borrowing increased
“Interest expense increased by $22.9 million or 9.7% to $258.4 million in 2025 compared to $235.5 million in 2024”
Profit still relies heavily on gains from selling properties
“Gain on sale of real estate and land increased to $299.5 million in 2025 compared to $175.6 million in 2024.”
New risks since the previous report
Residents may resist fewer on-site staff and AI leasing agents
“There has been resistance to such change from our residents, and if we experience difficulty in retaining residents, this could materially adversely affect the Company’s results of operations.”
AI replacing workers could weaken local rental demand
“an increase in the use of new technologies and artificial intelligence to replace workers”
Immigration policy could raise labor costs and delay construction
“labor shortages related to changing immigration policies, concerns regarding deportation or otherwise”
Activist investors or unwanted takeover bids could distract management
“we may receive unsolicited acquisition proposals or become the target of activist investors seeking to force a sale or merger”
Changes to California's Prop 13 could raise property taxes
“Various initiatives to repeal or amend Prop 13”
Biggest risks named
- Heavy concentration in California and Seattle, including earthquake and wildfire exposure
- Rent control, eviction limits and tenant laws restricting rents
- RealPage antitrust class actions and scrutiny of rent-setting software
- Recession, slowing job growth and AI job losses reducing rental demand
- Refinancing and capital market conditions raising borrowing costs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 55 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 20, 2026 | 55 | Mixed | None | |
| 10-K | Feb 21, 2025 | 64 | Improving | None | |
| 10-K | Feb 23, 2024 | 59 | Improving | 1 medium1 minor | |
| 10-K | Feb 23, 2023 | 58 | Mixed | None | |
| 10-K | Feb 25, 2022 | 57 | Weakening | None | |
| 10-K | Feb 19, 2021 | 51 | Mixed | None | |
| 10-K | Feb 20, 2020 | 59 | Mixed | None | |
| 10-K | Feb 21, 2019 | 63 | Stable | None | |
| 10-K | Feb 22, 2018 | 68 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Jul 30, 2026. View filings on SEC EDGAR