ESS vs INVH: Essex Property Trust and Invitation Homes 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, close to Invitation Homes's $16.0B.
- Essex Property Trust keeps more of each dollar of revenue as operating profit (6746.6% vs -70.4%).
- On earnings, Invitation Homes is the cheaper stock (28.3x vs 30.7x).
- Essex Property Trust's price assumes faster free cash flow growth: about 5% a year, against -0% for Invitation Homes (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 | ESS | INVH |
|---|---|---|
| Market cap | $18.8B | $16.0B |
| Share price | $271.57 | $26.79 |
| Revenue (last fiscal year) | $9M | $2.7B |
| Free cash flow (last fiscal year) | $934M | $1.2B |
| Revenue growth, last year | +4.3% | — |
| Revenue growth per year, last 5 fiscal years | +0.7% | +8.1% |
| Operating margin | 6746.6% | -70.4% |
| Net margin | 4452.3% | 45.0% |
| Return on equity | 7.8% | 7.3% |
| P/E (trailing) | 30.7x | 28.3x |
| Price / free cash flow | 17.5x | 16.6x |
| EV / EBITDA | 16.5x | 15.1x |
| FCF growth the price implies | 5.1% | -0.12% |
| Dividend yield | 3.8% | 4.4% |
| Debt / equity | 1.39x | 1.03x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 4 |
| Insider purchases, last 12 months | 6 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Invitation Homes
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.0B | $830M | 11.0% |
| 2022 | $2.2B | $901M | 14.2% |
| 2023 | $2.4B | $1.1B | 14.7% |
| 2024 | $2.6B | $1.1B | 11.2% |
| 2025 | $2.7B | $1.2B | 14.2% |
Where the revenue comes from
Essex Property Trust · by products, 2018
Rental and other property$1.4B99%
Management and other fees from affiliates$9M1%
Invitation Homes
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ESS in InvestinglyQuestions
Which is bigger, Essex Property Trust or Invitation Homes?
Essex Property Trust (ESS), at $18.8B against $16.0B.
Is ESS or INVH cheaper?
By trailing P/E, Invitation Homes (28.3x) is cheaper than Essex Property Trust (30.7x). A lower multiple can also mean the market expects less growth.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.