AMH vs ESS: American Homes 4 Rent and Essex Property Trust compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Essex Property Trust is the larger company, worth $18.8B, about 1.5 times American Homes 4 Rent.
- American Homes 4 Rent grew revenue faster over the last year (+5.4% vs +4.3%).
- On earnings, American Homes 4 Rent is the cheaper stock (25.3x vs 30.7x).
- Essex Property Trust's price assumes faster free cash flow growth: about 5% a year, against 2% for American Homes 4 Rent (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AMH | ESS |
|---|---|---|
| Market cap | $12.8B | $18.8B |
| Share price | $30.85 | $271.57 |
| Revenue (last fiscal year) | — | $9M |
| Free cash flow (last fiscal year) | $824M | $934M |
| Revenue growth, last year | +5.4% | +4.3% |
| Revenue growth per year, last 5 fiscal years | — | +0.7% |
| Operating margin | — | 6746.6% |
| Net margin | — | 4452.3% |
| Return on equity | 6.8% | 7.8% |
| P/E (trailing) | 25.3x | 30.7x |
| Price / free cash flow | 17.1x | 17.5x |
| EV / EBITDA | 13.4x | 16.5x |
| FCF growth the price implies | 1.7% | 5.1% |
| Dividend yield | 3.9% | 3.8% |
| Debt / equity | 0.83x | 1.39x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 3 |
| Insider purchases, last 12 months | 10 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
American Homes 4 Rent
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | $548M | — |
| 2022 | — | $567M | — |
| 2023 | — | $699M | — |
| 2024 | — | $777M | — |
| 2025 | — | $824M | — |
Essex Property Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9M | $784M | 5799.9% |
| 2022 | $11M | $812M | 5343.6% |
| 2023 | $11M | $840M | 5249.7% |
| 2024 | $10M | $932M | 6849.4% |
| 2025 | $9M | $934M | 9586.6% |
Where the revenue comes from
American Homes 4 Rent · by products, 2018
Rents from single-family properties$909M85%
Tenant charge-backs$147M14%
Fees from single-family properties$11M1%
Other$6M1%
Essex Property Trust · by products, 2018
Rental and other property$1.4B99%
Management and other fees from affiliates$9M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AMH in InvestinglyQuestions
Which is bigger, American Homes 4 Rent or Essex Property Trust?
Essex Property Trust (ESS), at $18.8B against $12.8B.
Is AMH or ESS cheaper?
By trailing P/E, American Homes 4 Rent (25.3x) is cheaper than Essex Property Trust (30.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, AMH or ESS?
American Homes 4 Rent: revenue grew +5.4% over the last year, against +4.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.