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Essex Property Trust

ESS Clue Score48
United States Fiscal year ends December CIK 0000920522
$271.57 +1.11% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $271.57 −16.77% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.29Operating income0.42Net income0.41EPS, diluted6.27Fiscal year 2017Revenue1.36 +5.4%Operating income0.47Net income0.43 +4.4%EPS, diluted6.57 +4.8%Fiscal year 2018Revenue0.01 −99.3%Operating income0.51Net income0.39 −9.9%EPS, diluted5.90 −10.2%Fiscal year 2019Revenue0.01 +3.7%Operating income0.48Net income0.46 +19.0%EPS, diluted6.66 +12.9%Fiscal year 2020Revenue0.01 +0.7%Operating income0.49Net income0.60 +29.0%EPS, diluted8.69 +30.5%Fiscal year 2021Revenue0.01 −4.8%Operating income0.53Net income0.52 −14.0%EPS, diluted7.51 −13.6%Fiscal year 2022Revenue0.01 +21.9%Operating income0.60Net income0.43 −16.0%EPS, diluted6.27 −16.5%Fiscal year 2023Revenue0.01 −0.1%Operating income0.58Net income0.43 −0.5%EPS, diluted6.32 +0.8%Fiscal year 2024Revenue0.01 −7.8%Operating income0.70Net income0.81 +88.4%EPS, diluted11.54 +82.6%Fiscal year 2025Revenue0.01 −8.6%Operating income0.90Net income0.70 −13.4%EPS, diluted10.40 −9.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.29 1.36 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Growth +5.4% −99.3% +3.7% +0.7% −4.8% +21.9% −0.1% −7.8% −8.6%
Operating income 0.42 0.47 0.51 0.48 0.49 0.53 0.60 0.58 0.70 0.90
Net income 0.41 0.43 0.39 0.46 0.60 0.52 0.43 0.43 0.81 0.70
Growth +4.4% −9.9% +19.0% +29.0% −14.0% −16.0% −0.5% +88.4% −13.4%
EPS, diluted 6.27 6.57 5.90 6.66 8.69 7.51 6.27 6.32 11.54 10.40
Growth +4.8% −10.2% +12.9% +30.5% −13.6% −16.5% +0.8% +82.6% −9.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Operating margin32.5%Net margin32.1%Fiscal year 2017Operating margin34.7%Net margin31.8%Fiscal year 2018Operating margin5,575.4%Net margin4,248.6%Fiscal year 2019Operating margin5,050.0%Net margin4,875.1%Fiscal year 2020Operating margin5,120.2%Net margin6,244.3%Fiscal year 2021Operating margin5,799.9%Net margin5,643.4%Fiscal year 2022Gross margin10,130.2%Operating margin5,343.6%Net margin3,887.1%Fiscal year 2023Gross margin10,515.7%Operating margin5,249.7%Net margin3,869.4%Fiscal year 2024Gross margin12,105.7%Operating margin6,849.4%Net margin7,903.6%Fiscal year 2025Gross margin14,060.1%Operating margin9,586.6%Net margin7,491.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a n/a n/a n/a 10,130.2% 10,515.7% 12,105.7% 14,060.1%
Operating margin 32.5% 34.7% 5,575.4% 5,050.0% 5,120.2% 5,799.9% 5,343.6% 5,249.7% 6,849.4% 9,586.6%
Net margin 32.1% 31.8% 4,248.6% 4,875.1% 6,244.3% 5,643.4% 3,887.1% 3,869.4% 7,903.6% 7,491.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow0.72Buybacks−0.00Fiscal year 2017Operating cash flow0.77Buybacks0.00Fiscal year 2018Operating cash flow0.83Buybacks−0.05Fiscal year 2019Operating cash flow0.92Buybacks−0.06Fiscal year 2020Operating cash flow0.80Buybacks−0.27Fiscal year 2021Operating cash flow0.91Buybacks−0.01Fiscal year 2022Operating cash flow0.98Buybacks−0.19Fiscal year 2023Operating cash flow0.98Buybacks−0.10Fiscal year 2024Operating cash flow1.07Buybacks0.00Fiscal year 2025Operating cash flow1.07Buybacks0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.72 0.77 0.83 0.92 0.80 0.91 0.98 0.98 1.07 1.07
Buybacks −0.00 0.00 −0.05 −0.06 −0.27 −0.01 −0.19 −0.10 0.00 0.00

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.06Total debt2.19Net cash (debt)−2.13Shareholders’ equity6.19Debt to equity0.35Fiscal year 2017Cash0.04Total debt2.01Net cash (debt)−1.96Shareholders’ equity6.28Debt to equity0.32Fiscal year 2018Cash0.13Total debt1.81Net cash (debt)−1.67Shareholders’ equity6.27Debt to equity0.29Fiscal year 2019Cash0.07Total debt0.99Net cash (debt)−0.92Shareholders’ equity6.22Debt to equity0.16Fiscal year 2020Cash0.07Total debt0.64Net cash (debt)−0.57Shareholders’ equity6.00Debt to equity0.11Fiscal year 2021Cash0.05Total debt0.64Net cash (debt)−0.59Shareholders’ equity5.99Debt to equity0.11Fiscal year 2022Cash0.03Shareholders’ equity5.72Fiscal year 2023Cash0.39Shareholders’ equity5.42Fiscal year 2024Cash0.07Shareholders’ equity5.54Fiscal year 2025Cash0.08Shareholders’ equity5.54
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.06 0.04 0.13 0.07 0.07 0.05 0.03 0.39 0.07 0.08
Total debt 2.19 2.01 1.81 0.99 0.64 0.64 n/a n/a n/a n/a
Net cash (debt) −2.13 −1.96 −1.67 −0.92 −0.57 −0.59 n/a n/a n/a n/a
Shareholders’ equity 6.19 6.28 6.27 6.22 6.00 5.99 5.72 5.42 5.54 5.54
Debt to equity 0.35 0.32 0.29 0.16 0.11 0.11 n/a n/a n/a n/a

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1.29 1.36 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Growth +5.4% −99.3% +3.7% +0.7% −4.8% +21.9% −0.1% −7.8% −8.6%
n/a n/a n/a n/a n/a n/a 1.13 1.17 1.24 1.32
Growth +3.7% +6.2% +6.1%
0.04 0.04 0.05 0.05 0.07 0.05 0.06 0.06 0.10 0.07
0.42 0.47 0.51 0.48 0.49 0.53 0.60 0.58 0.70 0.90
Growth +12.4% +8.3% −6.0% +2.1% +7.8% +12.3% −1.8% +20.3% +27.9%
0.41 0.43 0.39 0.46 0.60 0.52 0.43 0.43 0.81 0.70
Growth +4.4% −9.9% +19.0% +29.0% −14.0% −16.0% −0.5% +88.4% −13.4%
Per share
6.28 6.58 5.91 6.67 8.69 7.51 6.27 6.32 11.55 10.40
6.27 6.57 5.90 6.66 8.69 7.51 6.27 6.32 11.54 10.40
Growth +4.8% −10.2% +12.9% +30.5% −13.6% −16.5% +0.8% +82.6% −9.9%
65.5 65.8 66.0 65.8 65.5 65.1 65.1 64.3 64.2 64.4
65.6 65.9 66.1 65.9 65.6 65.1 65.1 64.3 64.3 64.4
Growth +0.5% +0.3% −0.2% −0.6% −0.7% +0.0% −1.3% −0.0% +0.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 0.5% a year over five years, and earnings per share grew 3.7% a year.
  • The diluted share count fell 1.8% in five years, so buybacks did some of the work per share.
  • Operating margin is up 4,466.3 points on five years ago, at 9,586.6%.
  • Profitable in every one of the 10 years on file.