Essex Property Trust, Inc. (ESS) Key Metrics
ESS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $18.57B
- Enterprise value
- $24.17B
- P/E (TTM)
- 41.9 10-yr median 36.7
- Forward P/E
- 43.9
- PEG ratio
- 7.39
- Price / sales
- 9.4 10-yr median 11.0
- Price / book
- 3.3 10-yr median 2.7
- EV / EBITDA
- 18.4 10-yr median 15.9
- Dividend yield
- 3.58% $10.36 a year
- Beta
- 0.71
ESS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsESS valuation Price multiples at each fiscal year-end price.
ESS returns How much profit the business earns on the capital it uses.
ESS per-share figures Results divided by the shares outstanding at year-end.
ESS financial health Debt, liquidity and how easily interest is covered.
ESS efficiency & capital use Working capital cycle and where the cash goes.
ESS valuation history
ESS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ESS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ESS cash returned to shareholders
ESS price vs earnings per share
ESS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $16.87B | $18.34B | $15.93B | $13.80B | $22.93B | $15.57B | $19.84B | $16.20B | $15.91B | $15.25B |
| Enterprise value | $23.59B | $24.86B | $21.72B | $19.68B | $29.30B | $21.82B | $25.51B | $22.02B | $21.40B | $20.54B |
| P/E ratio | 25.1 | 24.7 | 39.3 | 33.8 | 46.9 | 27.4 | 45.2 | 41.5 | 36.7 | 36.7 |
| Price / sales | 8.9 | 10.3 | 9.5 | 8.6 | 15.9 | 10.4 | 13.6 | 11.6 | 11.7 | 11.8 |
| Price / book | 3.0 | 3.3 | 2.9 | 2.4 | 3.7 | 2.5 | 3.2 | 2.5 | 2.5 | 2.4 |
| Price / free cash flow | 18.1 | 19.7 | 19.0 | 17.0 | 29.2 | 21.8 | 24.3 | 21.8 | 22.9 | 23.4 |
| Price / operating cash flow | 15.7 | 17.2 | 16.3 | 14.1 | 25.3 | 19.4 | 21.6 | 19.6 | 20.8 | 21.4 |
| EV / sales | 12.4 | 14.0 | 13.0 | 12.2 | 20.3 | 14.6 | 17.5 | 15.7 | 15.7 | 15.9 |
| EV / EBITDA | 15.1 | 15.3 | 18.2 | 16.4 | 19.5 | 13.6 | 18.1 | 16.4 | 15.5 | 15.5 |
| EV / free cash flow | 25.3 | 26.7 | 25.9 | 24.2 | 37.4 | 30.6 | 31.2 | 29.6 | 30.8 | 31.5 |
| Earnings yield | 4.0% | 4.0% | 2.5% | 3.0% | 2.1% | 3.7% | 2.2% | 2.4% | 2.7% | 2.7% |
| Free cash flow yield | 5.5% | 5.1% | 5.3% | 5.9% | 3.4% | 4.6% | 4.1% | 4.6% | 4.4% | 4.3% |
| Dividend yield | 3.9% | 3.4% | 3.7% | 4.1% | 2.4% | 3.4% | 2.7% | 3.0% | 2.8% | 2.7% |
| Shareholder yield (dividends + buybacks) | 3.9% | 3.4% | 4.3% | 5.5% | 2.4% | 5.2% | 3.0% | 3.3% | 2.8% | 3.2% |
| Share price at fiscal year-end | $261.68 | $285.44 | $247.94 | $211.92 | $352.23 | $237.42 | $300.86 | $245.21 | $241.37 | $232.50 |
| Per share | ||||||||||
| Revenue per share | $29.49 | $27.62 | $25.98 | $24.68 | $22.13 | $22.81 | $22.14 | $21.19 | $20.70 | $19.73 |
| Earnings per share | $10.43 | $11.54 | $6.32 | $6.27 | $7.51 | $8.68 | $6.66 | $5.90 | $6.57 | $6.33 |
| Operating cash flow per share | $16.67 | $16.63 | $15.25 | $14.99 | $13.91 | $12.25 | $13.94 | $12.51 | $11.63 | $10.86 |
| Free cash flow per share | $14.49 | $14.50 | $13.07 | $12.48 | $12.05 | $10.88 | $12.40 | $11.27 | $10.55 | $9.95 |
| Cash per share | $2.85 | $2.13 | $7.46 | $2.24 | $3.85 | $3.54 | $3.25 | $5.46 | $3.81 | $4.72 |
| Book value per share | $85.97 | $86.18 | $84.40 | $87.81 | $95.43 | $94.80 | $94.34 | $97.29 | $97.67 | $96.62 |
| Tangible book value per share | $85.85 | $86.06 | $84.30 | $87.70 | $95.29 | $94.73 | $94.32 | $97.29 | $97.66 | $96.60 |
| Dividends per share | $10.15 | $9.66 | $9.14 | $8.69 | $8.34 | $8.18 | $8.01 | $7.33 | $6.84 | $6.27 |
| Capex per share | $2.18 | $2.12 | $2.18 | $2.51 | $1.86 | $1.37 | $1.54 | $1.24 | $1.08 | $0.92 |
| Debt per share | $107.10 | $103.56 | $97.60 | $92.58 | $101.84 | $98.93 | $89.26 | $93.53 | $87.12 | $85.37 |
| Shares outstanding | 64.5M | 64.3M | 64.3M | 65.1M | 65.1M | 65.6M | 65.9M | 66.1M | 65.9M | 65.6M |
| Change in shares outstanding | +0.3% | −0.0% | −1.3% | +0.0% | −0.7% | −0.6% | −0.2% | +0.3% | +0.5% | +0.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.1% | 13.5% | 7.3% | 6.8% | 7.9% | 9.1% | 6.9% | 6.1% | 6.8% | 6.5% |
| Return on invested capital (ROIC) | 6.9% | 6.0% | 5.1% | 4.9% | 4.1% | 4.0% | 4.0% | 3.0% | 2.0% | 3.6% |
| Return on assets (ROA) | 5.2% | 5.9% | 3.3% | 3.2% | 3.8% | 4.4% | 3.5% | 3.1% | 3.5% | 3.4% |
| Return on tangible assets | 5.1% | 5.7% | 3.3% | 3.3% | 3.8% | 4.4% | 3.5% | 3.2% | 3.5% | 3.4% |
| Free cash flow margin | 49.1% | 52.5% | 50.3% | 50.6% | 54.4% | 47.7% | 56.0% | 53.2% | 51.0% | 50.4% |
| Income quality (OCF / net income) | 1.60 | 1.44 | 2.41 | 2.39 | 1.85 | 1.41 | 2.09 | 2.12 | 1.77 | 1.72 |
| Financial health | ||||||||||
| Total debt | $6.90B | $6.65B | $6.27B | $6.03B | $6.63B | $6.49B | $5.89B | $6.18B | $5.74B | $5.60B |
| Cash & short-term investments | $183.7M | $136.6M | $479.5M | $146.0M | $250.5M | $231.8M | $214.3M | $360.9M | $251.1M | $309.5M |
| Net debt | $6.72B | $6.52B | $5.79B | $5.88B | $6.38B | $6.25B | $5.67B | $5.82B | $5.49B | $5.29B |
| Debt / equity | 1.25 | 1.20 | 1.16 | 1.05 | 1.07 | 1.04 | 0.95 | 0.96 | 0.89 | 0.88 |
| Debt / assets | 0.52 | 0.51 | 0.51 | 0.49 | 0.51 | 0.50 | 0.46 | 0.50 | 0.46 | 0.46 |
| Net debt / EBITDA | 4.30 | 4.01 | 4.86 | 4.92 | 4.24 | 3.88 | 4.03 | 4.32 | 3.98 | 4.00 |
| Current ratio | 2.30 | 0.66 | 1.88 | 0.66 | 1.73 | 2.65 | 0.91 | 1.50 | 0.84 | 1.22 |
| Quick ratio | 0.71 | 0.56 | 1.89 | 0.69 | 1.73 | 2.34 | 0.91 | 1.55 | 0.88 | 0.97 |
| Interest coverage | 3.2 | 3.0 | 2.7 | 2.7 | 2.6 | 2.2 | 2.2 | 2.3 | 2.1 | 1.9 |
| Working capital | $128.3M | −$178.1M | $310.0M | −$131.4M | $250.2M | $302.2M | −$37.7M | $157.3M | −$75.2M | $91.6M |
| Invested capital | $12.26B | $12.05B | $11.21B | $11.60B | $12.59B | $12.47B | $11.89B | $12.25B | $11.93B | $11.63B |
| Tangible asset value | $5.73B | $5.74B | $5.62B | $5.91B | $6.20B | $6.21B | $6.44B | $6.43B | $6.44B | $6.34B |
| Net current asset value | −$7.19B | −$6.82B | −$6.07B | −$6.19B | −$6.20B | −$6.24B | −$5.90B | −$5.48B | −$5.66B | −$5.38B |
| Graham number | $142.06 | $149.59 | $109.52 | $111.32 | $126.95 | $136.04 | $118.91 | $113.68 | $120.17 | $117.28 |
| Graham net-net per share | −$109.43 | −$106.74 | −$95.36 | −$95.73 | −$96.49 | −$96.30 | −$90.23 | −$83.95 | −$87.12 | −$83.69 |
| Capital allocation | ||||||||||
| Dividends paid | $654.1M | $620.5M | $587.0M | $565.9M | $542.9M | $536.1M | $528.5M | $484.2M | $450.6M | $411.1M |
| Share buybacks (net) | $8.1M | $296,000 | $96.0M | $190.0M | $9.6M | $269.6M | $57.0M | $52.2M | $316,000 | $75.2M |
| Dividend payout ratio | 97.3% | 83.7% | 144.6% | 138.6% | 111.1% | 94.2% | 120.3% | 124.1% | 104.1% | 99.1% |
| Dividends + buybacks / free cash flow | 70.9% | 66.6% | 81.3% | 93.0% | 70.5% | 113.0% | 71.6% | 72.0% | 64.9% | 74.5% |
| Capex / revenue | 7.4% | 7.7% | 8.4% | 10.2% | 8.4% | 6.0% | 7.0% | 5.8% | 5.2% | 4.6% |
| Capex / operating cash flow | 13.1% | 12.8% | 14.3% | 16.7% | 13.4% | 11.2% | 11.1% | 9.9% | 9.3% | 8.4% |
| Capex / depreciation | 0.23 | 0.24 | 0.26 | 0.30 | 0.23 | 0.17 | 0.21 | 0.17 | 0.15 | 0.14 |
| Stock-based compensation / revenue | 0.5% | 0.4% | 0.5% | 0.4% | 0.5% | 0.5% | 0.5% | 0.5% | 0.7% | 0.8% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 3.6% | 5.6% | 3.8% | 3.5% | 3.6% | 4.4% | 3.7% | 3.8% | 3.0% | 3.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 33.4 | 39.2 | 30.4 | 50.4 | 67.9 | 40.2 | 25.8 | 22.5 | 19.0 | 8.5 |
| Days of inventory on hand | 64.6 | 15.6 | -4.7 | -3.4 | 45.5 | 49.1 | -17.3 | -33.2 | 88.4 | 138.9 |
| Days payables outstanding | 133.6 | 125.3 | 117.3 | 126.9 | 262.1 | 268.1 | 275.0 | 253.0 | 274.8 | 290.7 |
| Cash conversion cycle (days) | -35.6 | -70.5 | -91.6 | -79.9 | -148.7 | -178.8 | -266.5 | -263.7 | -167.5 | -143.3 |
| Receivables turnover | 10.91 | 9.31 | 12.02 | 7.24 | 5.37 | 9.08 | 14.16 | 16.20 | 19.22 | 42.95 |
| Payables turnover | 2.73 | 2.91 | 3.11 | 2.88 | 1.39 | 1.36 | 1.33 | 1.44 | 1.33 | 1.26 |
| Inventory turnover | 5.65 | 23.43 | — | — | 8.02 | 7.43 | — | — | — | 2.63 |
| Asset turnover | 0.15 | 0.14 | 0.13 | 0.13 | 0.11 | 0.12 | 0.12 | 0.11 | 0.11 | 0.11 |
| Average receivables | $174.1M | $190.7M | $138.8M | $222.0M | $268.1M | $164.7M | $103.1M | $86.4M | $70.9M | $30.1M |
| Average payables | $216.9M | $194.6M | $170.9M | $173.1M | $166.8M | $155.4M | $142.6M | $127.3M | $132.9M | $134.8M |
| Average inventory | $104.9M | $24.2M | −$6.8M | −$4.7M | $29.0M | $28.5M | −$9.0M | −$16.7M | $42.7M | $64.4M |
| Intangibles / total assets | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from ESS's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ESS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Essex Property traded at 25.1 times earnings, against a 10-year median of 36.7. Based on the latest twelve months, the trailing P/E is 41.9 and the forward P/E is 43.9. Essex Property earned a return on equity of 12.1% and a return on invested capital of 6.9% in fiscal 2025. It ended the year with $6.9 billion of debt and $183.7 million in cash and short-term investments, net debt of $6.7 billion. It returned $662.2 million to shareholders: $654.1 million in dividends and $8.1 million in share buybacks, 71% of free cash flow.
See the ESS income statement, the ESS chart for price history, or the ESS stock overview for the latest quote and news.
ESS key metrics FAQ
What is Essex Property's P/E ratio?
Essex Property's trailing P/E ratio is 41.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 43.9. At the end of fiscal 2025 it was 25.1, compared with a 10-year median of 36.7.
What is Essex Property's EV/EBITDA?
Essex Property's enterprise value was 15.1 times EBITDA at the end of fiscal 2025 (enterprise value $23.6 billion, EBITDA $1.6 billion); the current EV/EBITDA is 18.4.
What is Essex Property's return on equity?
Essex Property's return on equity (ROE) was 12.1% in fiscal 2025: net income of $672.5 million on average shareholders' equity of $5.5 billion.
What is Essex Property's ROIC?
Essex Property's return on invested capital was 6.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Essex Property have?
Essex Property had total debt of $6.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.25 and $6.7 billion of net debt (4.30 times EBITDA).
What is Essex Property's dividend yield?
Essex Property's forward dividend yield is 3.58%. Essex Property paid $654.1 million in dividends in fiscal 2025 ($10.15 per share), a payout ratio of 97.3%.
Does Essex Property buy back its shares?
Yes. Essex Property spent $8.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.3% over the year, to 64.5M..
What is Essex Property's free cash flow yield?
Essex Property generated $934.1 million of free cash flow in fiscal 2025, a free cash flow yield of 5.5% on its market value at year-end ($16.9 billion).
What is Essex Property's current ratio?
Essex Property's current ratio was 2.30 at the end of fiscal 2025: current assets were 2.30 times current liabilities.