ELS vs ESS: Equity Lifestyle Properties 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 1.6 times Equity Lifestyle Properties.
- Essex Property Trust grew revenue faster over the last year (+4.3% vs +2.7%).
- Essex Property Trust keeps more of each dollar of revenue as operating profit (6746.6% vs 25.6%).
- On earnings, Equity Lifestyle Properties is the cheaper stock (29.4x vs 30.7x).
- Equity Lifestyle Properties's price assumes faster free cash flow growth: about 12% a year, against 5% for Essex Property Trust (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 | ELS | ESS |
|---|---|---|
| Market cap | $11.8B | $18.8B |
| Share price | $59.01 | $271.57 |
| Revenue (last fiscal year) | $1.5B | $9M |
| Free cash flow (last fiscal year) | $334M | $934M |
| Revenue growth, last year | +2.7% | +4.3% |
| Revenue growth per year, last 5 fiscal years | +3.9% | +0.7% |
| Operating margin | 25.6% | 6746.6% |
| Net margin | 25.0% | 4452.3% |
| Return on equity | 21.9% | 7.8% |
| P/E (trailing) | 29.4x | 30.7x |
| Price / free cash flow | 35.3x | 17.5x |
| EV / EBITDA | 20.8x | 16.5x |
| FCF growth the price implies | 12.4% | 5.1% |
| Dividend yield | 3.6% | 3.8% |
| Debt / equity | 2.23x | 1.39x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 3 |
| Insider purchases, last 12 months | 0 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equity Lifestyle Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $305M | 20.7% |
| 2022 | $1.4B | $227M | 20.4% |
| 2023 | $1.5B | $231M | 21.5% |
| 2024 | $1.5B | $355M | 24.9% |
| 2025 | $1.5B | $334M | 25.6% |
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
Equity Lifestyle Properties
No segment breakdown reported.
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 ELS in InvestinglyQuestions
Which is bigger, Equity Lifestyle Properties or Essex Property Trust?
Essex Property Trust (ESS), at $18.8B against $11.8B.
Is ELS or ESS cheaper?
By trailing P/E, Equity Lifestyle Properties (29.4x) is cheaper than Essex Property Trust (30.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, ELS or ESS?
Essex Property Trust: revenue grew +4.3% over the last year, against +2.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.