ESS vs UDR: Essex Property Trust and UDR 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 UDR.
- UDR grew revenue faster over the last year (+19.7% vs +4.3%).
- Essex Property Trust keeps more of each dollar of revenue as operating profit (6746.6% vs 5614.5%).
- On earnings, UDR is the cheaper stock (23.1x vs 30.7x).
- Essex Property Trust's price assumes faster free cash flow growth: about 5% a year, against 5% for UDR (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 | UDR |
|---|---|---|
| Market cap | $18.8B | $12.6B |
| Share price | $271.57 | $34.12 |
| Revenue (last fiscal year) | $9M | $11M |
| Free cash flow (last fiscal year) | $934M | $650M |
| Revenue growth, last year | +4.3% | +19.7% |
| Revenue growth per year, last 5 fiscal years | +0.7% | +16.8% |
| Operating margin | 6746.6% | 5614.5% |
| Net margin | 4452.3% | 4167.6% |
| Return on equity | 7.8% | 14.9% |
| P/E (trailing) | 30.7x | 23.1x |
| Price / free cash flow | 17.5x | 20.5x |
| EV / EBITDA | 16.5x | 11.9x |
| FCF growth the price implies | 5.1% | 4.6% |
| Dividend yield | 3.8% | 5.1% |
| Debt / equity | 1.39x | 1.90x |
| Fundamental grade | C | B |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 6 | 4 |
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% |
UDR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6M | $508M | 4391.5% |
| 2022 | $5M | $605M | 4994.3% |
| 2023 | $7M | $537M | 9279.7% |
| 2024 | $8M | $627M | 3421.5% |
| 2025 | $11M | $650M | 4872.9% |
Where the revenue comes from
Essex Property Trust · by products, 2018
Rental and other property$1.4B99%
Management and other fees from affiliates$9M1%
UDR
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 UDR?
Essex Property Trust (ESS), at $18.8B against $12.6B.
Is ESS or UDR cheaper?
By trailing P/E, UDR (23.1x) is cheaper than Essex Property Trust (30.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, ESS or UDR?
UDR: revenue grew +19.7% 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.