Is Essex Property Trust (ESS) overvalued or fairly valued?

MarketChacha shows Essex Property Trust's valuation in context — a trailing P/E of about 32.5, a forward P/E of about 44.9, a price-to-book of about 3.4 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Essex Property Trust's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.61×) from reported figures — education, not a rating.

What is Essex Property Trust's revenue?

Essex Property Trust reported revenue of $9.4M for FY2025, with net profit of $702.8M, per official filings.

What is the share price of Essex Property Trust (ESS)?

Essex Property Trust last traded at $280.15 (+0.5% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

Essex Property Trust

ESS · NYSE · Real Estate · United States

Snapshot

TickerESS

ExchangeNYSE

SectorReal Estate

IndustryREIT - Residential

CountryUnited States

Employees1,686

HeadquartersSan Mateo, United States

Websitewww.essexapartmenthomes.com

Filings tracked14

About Essex Property Trust

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.

Who owns it

Insiders0.7%
Institutions99.3%
Public & other0.0%

960 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.11.56%
Vanguard Portfolio Management LLC8.54%
State Street Corporation8.11%
Cohen & Steers Inc.7.65%
Vanguard Capital Management LLC6.54%
Price (T.Rowe) Associates Inc5.22%
Principal Financial Group, Inc.3.26%
Geode Capital Management, LLC3.04%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Profit has grown much faster than revenue while recent results carried sizeable one-off items — some of the profit growth may not repeat.

Cash conversion1.61×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Operating margin trend5249.7% → 9586.6%

Margin has expanded by about 4336.9 points — the business is getting more profitable.

Growth qualityrev -8% · PAT 28%

Profit has grown much faster than revenue while recent results carried sizeable one-off items — some of the profit growth may not repeat.

One-off items3 of last 3 yrs

Recent reported profit includes sizeable one-off / non-operating items — the underlying operating trend may differ from the headline.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $493.7M · EPS 1.49

Est. earnings growth +19.3%

Next fiscal year

Rev $2.0B · EPS 6.24

Est. earnings growth +13.5%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$9.4M

ROE

12.7%

Revenue CAGR (2y)

-8.2%

Profit CAGR (2y)

+27.7%

EPS (FY2025)

10.40

Net profit (FY2025)

$702.8M

Ask MarketChacha about ESS

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	ROE
FY2025	$9.4M	$702.8M*	10.40	12.7%
FY2024	$10.3M	$811.3M*	11.54	14.7%
FY2023	$11.1M	$430.7M*	6.32	7.9%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Quarterly

Period	Revenue	Net profit	EPS
2026Q2	$2.3M	$66.9M*	0.97
2026Q1	$2.3M	$112.2M*	1.65
2025Q3	$2.4M	$172.7M*	2.56
2025Q2	$2.2M	$231.5M*	3.44
2025Q1	$2.5M	$212.8M*	3.16
2024Q3	$2.6M	$125.5M*	1.84
2024Q2	$2.6M	$99.0M*	1.45
2024Q1	$2.7M	$285.1M*	4.25
2023Q3	$2.8M	$93.0M*	1.36
2023Q2	$2.8M	$105.8M*	1.55
2023Q1	$2.8M	$161.6M*	2.38

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC7/30/2026
8-K — Results of operations, Exhibits
SEC7/29/2026material
8-K — Reg FD disclosure
SEC5/29/2026material
8-K — Shareholder vote results
SEC5/14/2026material
10-Q filing
SEC4/29/2026
8-K — Results of operations, Exhibits
SEC4/28/2026material
10-K filing
SEC2/20/2026
8-K — Results of operations, Exhibits
SEC2/4/2026material

2025

8-K — Material agreement, Material financial obligation, Exhibits
SEC12/12/2025material
8-K — Other events, Exhibits
SEC12/4/2025material
10-Q filing
SEC10/30/2025
8-K — Results of operations, Exhibits
SEC10/29/2025material
10-Q filing
SEC7/30/2025
8-K — Results of operations, Exhibits
SEC7/29/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.