Zacks Investment Research·6 days ago
Is Holding Essex Property Trust Still Smart Move for Your Portfolio?ESS benefits from strong West Coast rental demand, high occupancy and a solid balance sheet, though Seattle weakness and debt remain risks.
Essex Property Trust, Inc.(ESS)Earnings, Financials & Key Ratios
ESS•NYSE•REIT / Real Estate
$298.32
28.7× P/E·Price updated Jul 7, 2026
AboutEssex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.Show more
- Revenue$1.9B+7.1%
- FFO$1.28B-3.2%
- FFO/Share19.86-3.5%
- FFO Payout51.1%+8.9%
- FFO per Share19.86-3.5%
- NOI Margin68.82%+1.1%
- FFO Margin67.35%-9.6%
- ROE11.71%-10.2%
- ROA5.16%-12.1%
ESS Price & Volume
Essex Property Trust, Inc. (ESS) stock price & volume — 10-year historical chart
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West Coast Multifamily Resilience Faces Margin Headwinds
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Regulatory Rent Control Exposure
Key Thesis Takeaways
- Essex Property Trust maintains a dominant footprint in high-barrier West Coast markets, yet faces significant pressure from regulatory rent control and slowing revenue growth of 1.5% as of 2026Q1.
- While the company demonstrates operational discipline with a 70.9% NOI margin, the compression of ROE to 1.9% suggests diminishing returns on its $13.1 billion asset base.
- Investors should monitor the volatility in FFO per share, which declined to $4.05 in 2026Q1, as the firm navigates a challenging macroeconomic environment for residential REITs.
Verdict Logic
while the portfolio remains high-quality, the compression of ROE to 1.9% and the significant decline in FFO per share to $4.05 warrant a cautious approach until growth stabilizes.
ESS Growth Metrics
Essex Property Trust, Inc. (ESS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years4.75%
5 Years4.91%
3 Years5.76%
TTM3.84%
Profit CAGR
10 Years11.22%
5 Years3.4%
3 Years18.09%
TTM-14.34%
EPS CAGR
10 Years11.55%
5 Years3.7%
3 Years18.41%
TTM-14.91%
Return on Capital
10 Years4.6%
5 Years5.27%
3 Years5.73%
Last Year6.55%
ESS Recent Earnings
Essex Property Trust, Inc. (ESS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 28, 2026Metric
Actual
Est
EPS
$1.65+16.2%
$1.42
Rev
$482M+0.5%
$480M
Q1 2026
Feb 4, 2026Metric
Actual
Est
EPS
$3.98+172.6%
$1.46
Rev
$477M+0.7%
$474M
Q4 2025
Oct 29, 2025Metric
Actual
Est
EPS
$3.97+0.3%
$3.96
Rev
$473M-0.3%
$475M
Q3 2025
Jul 29, 2025Metric
Actual
Est
EPS
$4.03+1.0%
$3.99
Rev
$470M-0.6%
$473M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $1.65vs $1.42+16.2% | $482Mvs $480M+0.5% |
| Q1 2026 | Feb 4, 2026 | $3.98vs $1.46+172.6% | $477Mvs $474M+0.7% |
| Q4 2025 | Oct 29, 2025 | $3.97vs $3.96+0.3% | $473Mvs $475M-0.3% |
| Q3 2025 | Jul 29, 2025 | $4.03vs $3.99+1.0% | $470Mvs $473M-0.6% |
Based on last 12 quarters of dataView full earnings history →
Latest ESS News
Recent stock market news and headlines for Essex Property Trust, Inc. (ESS)
Business Wire·Jun 29, 2026
ESS Added to Russell Microcap® IndexWILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Added to Russell Microcap® Index.
Business Wire·Jun 26, 2026
Essex Property Trust Publishes 2025 Sustainability and Impact ReportSAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) published its 2025 Sustainability and Impact Report today. The report highlights the Company's measurable progress towards its sustainability objectives, details actions taken to reduce environmental impacts across its operations, and reinforces its commitment to creating long-term value for stakeholders. “I'm pleased with the continued progress of our sustainability priorities and strengthening the positive impact we hav.
Benzinga·Jun 26, 2026
This Essex Property Trust Analyst Turns Bullish; Here Are Top 4 Upgrades For FridayTop Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.
Business Wire·Jun 23, 2026
ESS to Accelerate Sodium-Ion Battery Energy Storage System Development Following Surging Customer InterestWILSONVILLE, Ore.--(BUSINESS WIRE)--ESS to Accelerate Sodium-Ion Battery Energy Storage System Development Following Surging Customer Interest.
Peers Comparison
Key metrics vs top competitors for Essex Property Trust, Inc. (ESS)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $298.32 | $19.23B | 28.66 | 7.11% | 35.38% | 11.71% | 3.4% | |
| $70.15 | $26.28B | 24.11 | 4.06% | 30.56% | 8.4% | — | |
| $195.39 | $27.72B | 26.44 | 4.29% | 37.27% | 9.54% | — | |
| $41.24 | $13.44B | 36.50 | 2.42% | 28.6% | 12.37% | — | |
| $117.58 | $12.31B | 33.21 | 1.92% | 32.81% | 8.71% | — | |
| $141.71 | $16.49B | 37.49 | 0.83% | 18.19% | 6.81% | — |
Compare ESS vs Peers
Essex Property Trust, Inc. (ESS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ESS SEC Filings & Documents
Essex Property Trust, Inc. (ESS) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 28, 2026·SEC
Material company update
Feb 4, 2026·SEC
Material company update
Dec 12, 2025·SEC
10-K Annual Reports
410-Q Quarterly Reports
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ESS Frequently Asked Questions
Essex Property Trust, Inc. (ESS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Essex Property Trust, Inc.'s revenue?
Essex Property Trust, Inc. (ESS) reported $1.91B in revenue for fiscal year 2025. This represents a 3663% increase from $50.7M in 1996.
How fast is Essex Property Trust, Inc. growing?
Essex Property Trust, Inc. (ESS) grew revenue by 7.1% over the past year. This is steady growth.
Is ESS profitable?
Yes, Essex Property Trust, Inc. (ESS) is profitable, generating $575.6M in net income for fiscal year 2025 (35.4% net margin).
Dividend & Returns
Does ESS pay dividends?
Yes, Essex Property Trust, Inc. (ESS) pays a dividend with a yield of 3.40%. This makes it attractive for income-focused investors.
What is ESS's return on equity?
Essex Property Trust, Inc. (ESS) has a return on equity (ROE) of 11.7%. This is reasonable for most industries.
Industry Metrics
What is Essex Property Trust, Inc.'s FFO?
Essex Property Trust, Inc. (ESS) generated Funds From Operations (FFO) of $1.19B in the trailing twelve months. FFO is the primary profitability metric for REITs.
Is ESS a good dividend stock?
Essex Property Trust, Inc. (ESS) offers a 3.40% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.