ES
Essex Property Trust Inc
ESS—
Essex Property Trust Inc AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 15.3% TTM vs industry median 4.6% - 3.3x advantage from West Coast apartment concentration and operational efficiency[Return on Equity]
- FCF of 918.9M TTM (49% of revenue) with minimal capex (-139.7M) funds 10.16/share dividend at 1.19x debt/equity[Free Cash Flow]
- P/E of 42.3x vs industry median 30.5x - 39% premium despite similar growth profile signals full valuation[Price to Earnings Ratio]
Watch Triggers
- Operating Margin: Falls below 28% — Would signal pricing power erosion or cost inflation outpacing rent growth
- Interest Expense: Exceeds 300M annually — Refinancing 6.7B debt at higher rates compresses dividend coverage
- Free Cash Flow: Drops below 800M TTM — Threatens 654M annual dividend sustainability without asset sales
Bull Case
Superior capital efficiency: ROIC 7.0% vs median 1.6% (4.3x) with 45.5% net margin generates 846.5M net income on 1.86B revenue
ROICNet MarginNet Income
Defensive cash generation: 918.9M FCF covers 654M dividend (1.4x) with 6.6B net debt manageable at 3.7x EBITDA
Free Cash FlowDividends Paid Per ShareNet Debt
Bear Case
Valuation stretched: P/E 42.3x and P/S 8.9x both exceed industry medians (30.5x, 4.4x) by 39% and 103% respectively
P/E RatioP/S Ratio
Interest rate sensitivity: 253.9M interest expense (14% of revenue) on 6.7B debt with 245M current portion due
Interest ExpenseTotal DebtCurrent Debt
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
West Coast supply constraints and tech employment recovery should drive 3-5% NOI growth through 2028
1-3ymed
- California NIMBY regulations limit new supply
- Tech sector hiring stabilization in core markets
- Operating margin 31% enables pricing power
Operating margin 31.1% TTM vs median 17.8%Net margin 45.5% TTM vs median 15.4%Revenue 1.86B with 68% gross margin
Valuation Context
Caveats
Public Strategies Rankings
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ESS Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$16.64B | — | ||
$23.29B | — | ||
42 | — | ||
$1.86B | +6.9% | — | |
$6.10 | -3.3% | — | |
31.1% | -17.7% | — | |
45.5% | +13.9% | — | |
$918.88M | +1.0% | — | |
0.15 | +5.3% | — | |
Beta 5Y (Monthly) | unknown | — |
ESS Dividend History
104 dividends
2026
$2.570001/02/26$2.5700
2025
$10.160009/30/25$2.5700
06/30/25$2.5700
03/31/25$2.5700
01/02/25$2.4500
2024
$7.350009/30/24$2.4500
06/28/24$2.4500
03/27/24$2.4500
2023
$9.240012/29/23$2.3100
09/28/23$2.3100
06/29/23$2.3100
03/30/23$2.3100
2022
$8.800012/30/22$2.2000
09/29/22$2.2000
06/29/22$2.2000
03/30/22$2.2000
2021
$8.360012/31/21$2.0900
09/29/21$2.0900
06/29/21$2.0900
03/30/21$2.0900
2020
$8.310012/31/20$2.0775
09/29/20$2.0775
06/29/20$2.0775
03/30/20$2.0775
2019
$7.800012/31/19$1.9500
09/27/19$1.9500
06/27/19$1.9500
03/28/19$1.9500
2018
$7.440012/31/18$1.8600
09/27/18$1.8600
06/28/18$1.8600
03/28/18$1.8600
2017
$7.000012/28/17$1.7500
09/28/17$1.7500
06/28/17$1.7500
03/29/17$1.7500
2016
$6.400012/28/16$1.6000
09/28/16$1.6000
06/28/16$1.6000
03/29/16$1.6000
2015
$5.760012/30/15$1.4400
09/28/15$1.4400
06/26/15$1.4400
03/27/15$1.4400
2014
$5.110012/30/14$1.3000
09/26/14$1.3000
06/26/14$1.3000
03/12/14$1.2100
2013
$4.840012/30/13$1.2100
09/26/13$1.2100
06/26/13$1.2100
03/26/13$1.2100
2012
$4.400012/28/12$1.1000
09/26/12$1.1000
06/27/12$1.1000
03/28/12$1.1000
2011
$4.160012/29/11$1.0400
09/28/11$1.0400
06/28/11$1.0400
03/29/11$1.0400
2010
$4.130012/30/10$1.0325
09/28/10$1.0325
06/28/10$1.0325
03/29/10$1.0325
2009
$4.120012/30/09$1.0300
09/28/09$1.0300
06/26/09$1.0300
03/27/09$1.0300
2008
$4.080012/30/08$1.0200
09/26/08$1.0200
06/26/08$1.0200
03/27/08$1.0200
2007
$3.720012/26/07$0.9300
09/26/07$0.9300
06/27/07$0.9300
03/28/07$0.9300
2006
$3.360012/27/06$0.8400
09/27/06$0.8400
06/28/06$0.8400
03/29/06$0.8400
2005
$3.240012/28/05$0.8100
09/28/05$0.8100
06/28/05$0.8100
03/29/05$0.8100
2004
$3.160012/29/04$0.7900
09/28/04$0.7900
06/28/04$0.7900
03/29/04$0.7900
2003
$3.120012/29/03$0.7800
09/26/03$0.7800
06/26/03$0.7800
03/27/03$0.7800
2002
$3.080012/04/02$0.7700
09/26/02$0.7700
06/26/02$0.7700
03/26/02$0.7700
2001
$2.800012/27/01$0.7000
09/26/01$0.7000
06/27/01$0.7000
03/28/01$0.7000
2000
$2.380012/27/00$0.6100
09/27/00$0.6100
06/28/00$0.6100
03/29/00$0.5500
ESS Stock Splits
No stock splits
ESS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
07/30/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/21/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
07/31/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/23/24 | 12/31/23 | 10-K | |
10/27/23 | 09/30/23 | 10-Q | |
07/28/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
10/27/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/19/21 | 12/31/20 | 10-K | |
10/30/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/25/19 | 09/30/19 | 10-Q | |
07/25/19 | 06/30/19 | 10-Q | |
04/26/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
02/22/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
07/31/17 | 06/30/17 | 10-Q | |
05/01/17 | 03/31/17 | 10-Q | |
02/24/17 | 12/31/16 | 10-K | |
10/31/16 | 09/30/16 | 10-Q | |
08/01/16 | 06/30/16 | 10-Q | |
05/03/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/04/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/11/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/06/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/12/14 | 03/31/14 | 10-Q | |
02/26/14 | 12/31/13 | 10-K | |
11/04/13 | 09/30/13 | 10-Q | |
08/05/13 | 06/30/13 | 10-Q | |
05/06/13 | 03/31/13 | 10-Q | |
02/25/13 | 12/31/12 | 10-K | |
11/05/12 | 09/30/12 | 10-Q | |
08/06/12 | 06/30/12 | 10-Q | |
05/07/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/07/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/09/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/09/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/06/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/05/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/31/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
11/03/08 | 09/30/08 | 10-Q | |
08/06/08 | 06/30/08 | 10-Q | |
05/08/08 | 03/31/08 | 10-Q | |
02/29/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/07/07 | 06/30/07 | 10-Q | |
05/08/07 | 03/31/07 | 10-Q | |
03/01/07 | 12/31/06 | 10-K | |
11/08/06 | 09/30/06 | 10-Q | |
08/07/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/31/06 | 10-Q | |
03/14/06 | 12/31/05 | 10-K | |
11/08/05 | 09/30/05 | 10-Q | |
08/05/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/31/05 | 10-Q | |
03/31/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/17/04 | 03/31/04 | 10-Q | |
03/15/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/31/03 | 10-Q | |
03/31/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/31/02 | 10-Q | |
03/29/02 | 12/31/01 | 10-K | |
11/09/01 | 09/30/01 | 10-Q | |
08/13/01 | 06/30/01 | 10-Q | |
05/14/01 | 03/31/01 | 10-Q | |
03/30/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/31/00 | 10-Q |