Overview
ESSEX PROPERTY TRUST, INC.
Latest 10-K: FY2025, filed Feb 20, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $1.89B
- 6.4%YoYup from FY2024
- TotalRevenue
- Gross profit
- $1.32B
- 6.1%YoYup from FY2024
- GrossProfit
- Operating income
- $0.90B
- 27.9%YoYup from FY2024
- OperatingIncome
- Net income
- $0.67B
- 9.7%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $10.40
- 9.9%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 64.4M
- 0.2%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- ESSEX PROPERTY TRUST, INC. reported revenue of $1.89B for fiscal 2025, up 6.4% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 2 of the last 5 fiscal years.
Profitability
- Operating margin was 47.6% and net margin was 35.5%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $10.40, down 9.9% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $1.89B6.4%up Benchmark median 6.4% | $1.77B6.3%up Benchmark median 4.5% | $1.67B3.9%up Benchmark median 4.8% | $1.61B11.5%up Benchmark median 10.3% | $1.44B3.7%down Benchmark median 13.8% | 7.0% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $1.32B6.1%up Benchmark median 6.8% | $1.24B6.2%up Benchmark median 5.5% | $1.17B3.7%up Benchmark median 5.2% | $1.13B Benchmark median 8.3% | — | — Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $899.32M27.9%up Benchmark median 7.3% | $703.10M20.3%up Benchmark median 7.4% | $584.34M1.8%down Benchmark median 4.9% | $595.23M12.3%up Benchmark median 7.5% | $530.00M7.8%up Benchmark median 23.5% | 14.1% Benchmark median 7.2% |
| Net Income | $669.67M§9.7%down Benchmark median 4.8% | $741.52M§82.7%up Benchmark median 5.7% | $405.82M§0.6%down Benchmark median 1.9% | $408.31M§16.4%down Benchmark median 1.3% | $488.55M§14.1%down Benchmark median 33.9% | 8.2% Benchmark median 4.1% |
| EPS (Diluted) | $10.409.9%down Benchmark median 6.2% | $11.5482.6%up Benchmark median 7.9% | $6.320.8%up Benchmark median 1.9% | $6.2716.5%down Benchmark median 1.5% | $7.5113.6%down Benchmark median 34.8% | 8.5% Benchmark median 5.6% |
§ Net income available to common stockholders; the company files no net-income line.
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $13.16B1.8%up Benchmark median 5.6% | $12.93B4.6%up Benchmark median 3.4% | $12.36B0.1%down Benchmark median 4.1% | $12.37B4.8%down Benchmark median 2.2% | $13.00B0.5%up Benchmark median 6.7% | 0.3% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $7.42B3.4%up Benchmark median 6.4% | $7.18B6.5%up Benchmark median 1.9% | $6.74B4.4%up Benchmark median 2.9% | $6.45B5.0%down Benchmark median 2.0% | $6.79B1.0%up Benchmark median 5.2% | 2.3% Benchmark median 4.4% |
| Stockholders' Equity | $5.71B0.2%down Benchmark median 6.8% | $5.72B2.3%up Benchmark median 5.4% | $5.59B5.1%down Benchmark median 7.3% | $5.90B4.6%down Benchmark median 2.5% | $6.18B0.1%down Benchmark median 9.0% | -2.0% Benchmark median 6.1% |
| Cash & Equivalents | $76.24M14.1%up Benchmark median 5.2% | $66.80M82.9%down Benchmark median 1.9% | $391.75M1076.6%up Benchmark median 6.7% | $33.30M31.2%down Benchmark median -8.6% | $48.42M34.2%down Benchmark median -2.9% | 12.0% Benchmark median 2.0% |
| Total Debt | — | — | — | — | $638.96M†0.7%down Benchmark median -0.1% | — Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.07B0.6%up Benchmark median 6.3% | $1.07B9.0%up Benchmark median 4.8% | $0.98B0.5%up Benchmark median 9.9% | $0.98B7.8%up Benchmark median -0.7% | $0.91B12.7%up Benchmark median 10.7% | 4.4% Benchmark median 7.0% |
| Capital Expenditures | — | — | — | — | — | — Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | — | — | — | — | — | — Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.0%
Wall Street
on net earnings
FY2024 4.0%
— Not reported
Value investor
on free cash flow
FY2024 — Not reported
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 25.2×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Book yield
Net assets behind a dollar of market value
33.9%
Wall Street
on book equity
FY2024 31.2%
33.9%
Value investor
on tangible book
FY2024 31.2%
Gap Same: Both views read the same
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 3.0×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
11.7%
Wall Street
ROE: net income ÷ equity
FY2024 13.1%
6.9%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 5.5%
Gap −4.8 pts: Value-investor figure 4.8 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
79.8%
Wall Street
EBITDA margin
FY2024 72.3%
— Not reported
Value investor
Free-cash-flow margin
FY2024 — Not reported
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Interest cover
How many times earnings pay the year's interest
5.8×
Wall Street
EBITDA ÷ interest
FY2024 5.4×
3.5×
Value investor
EBIT ÷ interest
FY2024 3.0×
Gap −2.3×: Value-investor figure 2.3 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on ESS yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on ESS and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/ESS
Valuein. (2026, October 30). ESSEX PROPERTY TRUST, INC. (ESS) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/ESS
@misc{valuein_ess_2026,
author = {{Valuein}},
title = {ESSEX PROPERTY TRUST, INC. (ESS) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/ESS}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 20, 2026 · accession 0000920522-26-000003
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