Reading the tape
NYSE: ESS
Essex Property Trust, Inc.
Real Estate · REIT - Residential
Market Cap
$16.94B
52w High
$294.09
52w Low
$238.46
P/E
29.51
Volume
215.27K
Outstanding Shares
64.26M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
1Y Price: -6.43%Revenue (TTM): 3.84%FCF (TTM): 7.51%P/FCF: 18th pct
What changed
The stock fell 6.43% over the last year. Revenue grew 3.84% over the trailing twelve months. Operating margin moved from 45.06% to 38.38%. Free cash flow grew 7.51% over the trailing twelve months.
What the market seems to be pricing
The stock has moved lower with no clear directional signal from operating metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 38.38%. A decisive move in revenue — currently up 3.84% — would be the clearest signal to resolve the ambiguity.
Company profile
Essex 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.
CEOAngela L. Kleiman
SectorReal Estate
IndustryREIT - Residential
Employees1,712
IPO dateJun 7, 1994
Valuation
Forward P/E—
EV/EBITDA15.16
Enterprise value$23.69B
Price / Book3.06
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth1.46%
Gross margin69.44%▲1.12%vs FY2024
Operating margin38.38%▲10.75%vs FY2024
ROE12.14%▼9.38%vs FY2024
Analyst consensus
RatingHold
Target price$283.20▲7.46%
16
Buy
26
Hold
4
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Aug 4, 2026
Q3 FY26 · EPS est $1.46 · Revenue est $485.68M
View
Dividends
$10.30/shareQuarterlyDividend Aristocrat · 31yrSafeESS pays a dividend with a 3.91% dividend yield, 31 consecutive years of growth, growing at 3.99% annually, covered 1.6× by free cash flow.
Dividend Yield
3.91%
Annual Div / Share
$10.30
5yr CAGR
+3.99%
Doubles every ~17.7yr
FCF Coverage
1.6×
Safe
Dividend Growth Rate
3yr CAGR
+3.17%
5yr CAGR
+3.99%
10yr CAGR
+4.63%
Dividend Safety
8/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$10.30+3.8%
2025$9.92+5.8%
2023$9.38+5.3%
2022$8.91+5.2%
2021$8.47+1.8%
2020$8.32+5.0%
2019$7.93+5.3%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$39/yr
$3/mo
In 5 yrs
$48/yr+22%
$4/mo
In 10 yrs
$58/yr+48%
$5/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$39/yr $3/mo | $48/yr+22% $4/mo | $58/yr+48% $5/mo |
Yield-on-cost grows from 3.91% → 5.78% over 10yr
Analysis
Dividend Strengths
Dividend Aristocrat
ESS has raised its dividend for 31 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 1.6× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Risks to Watch
No strong risk signal stands out from the latest period pair.