Essex Property Trust (ESS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Essex Property Trust

NYSE•Real Estate•REIT - Residential

$264.18-1.04(<0.01%)Market closed

Market Cap

$17.07B

P/E

46.3x

P/S

8.8x

P/B

3.2x

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 258 apartment communities comprising over 62,000 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.

How this company scores

AverageMetricSide Score: 57/100

Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (9/25).

Profitability15/25

Growth10/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality23/25

Strengths

Strong marginsCash-backed earningsConsistent free cash flowConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 46.3x5y range 18.7x – 54.6x

Currently above its 20-quarter median.

P/S · 8.8x5y range 8.0x – 16.0x

Currently near its 20-quarter median.

P/B · 3.2x5y range 2.3x – 3.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 47.9% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Price & Volume

Market Cap $17.07B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.95B
Q. Revenue: $492.69M
TTM EBITDA: $1.19B
TTM Op. Income: $573.46M
Q. Op. Income: $156.76M
TTM Net Income: $368.62M
Q. Net Income: $103.73M
EPS: $1.53
Shares Out.: $64.29M

$1.95B in TTM revenue grew 4.5% YoY, reaching $492.69M last quarter. TTM EBITDA of $1.19B and TTM operating income of $573.46M show growth is flowing through to the bottom line. TTM net income of $368.62M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 69.2%
EBITDA Margin: 62.8%
Op. Margin: 31.8%
Net Margin: 21.1%

Op. margin of 31.8% is down 12.6% YoY — costs are rising relative to revenue. Net margin at 21.1% and gross margin of 69.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 28% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 46.3x
P/S Ratio: 8.8x
P/B Ratio: 3.2x

At 46.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 8.8x and P/B of 3.2x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 8 quarters, P/E has risen for 4 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $12.82B
Cash: $72.06M
Long-Term Debt: $6.64B
Book Value: $5.30B
D/E Ratio: 1.3
Debt/EBITDA: 21.5

With $12.82B in assets and $6.64B in long-term debt, D/E is 1.3and book value is $5.30B — moderate leverage. Over the past year, debt/equity is up 10% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $333.37M
TTM Free Cash Flow: $982.19M
FCF Margin: 50.5%
FCF / Net Income: 2.7

TTM FCF of $982.19M on $333.37M in operating cash flow. The FCF / Net Income ratio of 2.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 7% — a weakening trend.