ESS vs MAA: Essex Property Trust and Mid-America Apartment Communities 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 1.4 times Mid-America Apartment Communities.
- Essex Property Trust grew revenue faster over the last year (+4.3% vs +0.8%).
- On earnings, Essex Property Trust is the cheaper stock (30.7x vs 35.2x).
- Essex Property Trust's price assumes faster free cash flow growth: about 5% a year, against 5% for Mid-America Apartment Communities (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 | MAA |
|---|---|---|
| Market cap | $18.8B | $13.9B |
| Share price | $271.57 | $116.86 |
| Revenue (last fiscal year) | $9M | $2.2B |
| Free cash flow (last fiscal year) | $934M | $718M |
| Revenue growth, last year | +4.3% | +0.8% |
| Revenue growth per year, last 5 fiscal years | +0.7% | +5.6% |
| Operating margin | 6746.6% | — |
| Net margin | 4452.3% | 17.6% |
| Return on equity | 7.8% | 7.0% |
| P/E (trailing) | 30.7x | 35.2x |
| Price / free cash flow | 17.5x | 19.3x |
| EV / EBITDA | 16.5x | 15.5x |
| FCF growth the price implies | 5.1% | 4.5% |
| Dividend yield | 3.8% | 5.2% |
| Debt / equity | 1.39x | 1.13x |
| Fundamental grade | C | D |
| Superinvestors holding it | 3 | 5 |
| Insider purchases, last 12 months | 6 | 2 |
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% |
Mid-America Apartment Communities
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.8B | $615M | — |
| 2022 | $2.0B | $762M | — |
| 2023 | $2.1B | $796M | — |
| 2024 | $2.2B | $776M | — |
| 2025 | $2.2B | $718M | — |
Where the revenue comes from
Essex Property Trust · by products, 2018
Rental and other property$1.4B99%
Management and other fees from affiliates$9M1%
Mid-America Apartment Communities · by segments, 2025
Same Store$2.1B94%
Non-Same Store and Other$132M6%
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 Mid-America Apartment Communities?
Essex Property Trust (ESS), at $18.8B against $13.9B.
Is ESS or MAA cheaper?
By trailing P/E, Essex Property Trust (30.7x) is cheaper than Mid-America Apartment Communities (35.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, ESS or MAA?
Essex Property Trust: revenue grew +4.3% over the last year, against +0.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.