Essex Property Trust

ESS

REIT - Residential · Real Estate

Price

$289.00

+1.29 (+0.45%)

Market Cap

$18.57B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Mixed

Dividends

Mixed

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Winston Score History

The full picture

Essex Property Trust owns and operates apartment buildings. The company rents these apartments to everyday residents who want to live on the West Coast of the United States. Essex is one of the largest apartment landlords in California and the Pacific Northwest, with a portfolio focused almost entirely on high-cost coastal markets like Los Angeles, San Francisco, and Seattle.

Essex makes money by collecting monthly rent from its tenants across roughly 62,000 apartment homes. As a real estate investment trust, it is required to pay out most of its taxable income as dividends to shareholders. Its moat comes from owning well-located properties in markets where strict zoning laws and high land costs make it very hard for competitors to build new supply. The main risk the company faces is that high housing costs in California are pushing some residents to move to cheaper states, which could slow rent growth and increase vacancy over time.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-71.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$771M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Essex Property Trust is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−1.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 65.1M (2021) → 64.5M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

68.4%

Premium pricing power — 68.4% gross margin

Profit after running costs

Operating Margin

22.0%

Excellent — 22.0% operating margin

Return on the money invested

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+3.3%

Slow sales growth (+3.3% YoY)

Profit growth

EPS YoY

-48.4%

Earnings shrinking (-48.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

268%

Turns 268% of profit into real cash

Spare cash per sale

FCF Margin

52.0%

Converts sales into free cash efficiently (52.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.26

Elevated debt (1.26)

Covers its interest

Interest Cover

2.15x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

44.9x

Pricey — P/E 44.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+2.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.64%

Moderate income — 3.64% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+2.8%

Dividend flat

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