Essex Property Trust (ESS)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $18.9B, Essex Property Trust's free cash flow of $934M (fiscal 2025) would need to grow about 5% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Essex Property Trust's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from ESS's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Essex Property Trust's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9M | $11M | $11M | $10M | $9M |
| Net income | $489M | $408M | $406M | $742M | $670M |
| Free cash flow | $784M | $812M | $840M | $932M | $934M |
| EPS (diluted) | $7.51 | $6.27 | $6.32 | $11.54 | $10.40 |
| Operating margin | 5799.9% | 5343.6% | 5249.7% | 6849.4% | 9586.6% |
Where the revenue comes from
Revenue by products, fiscal 2018.
Superinvestors who own ESS
From each investor's latest 13F filing (what a 13F shows). 3 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $49M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $15M | 0.04% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Added | $7M | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Essex Property Trust's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 23, 2026 | Ro Khanna |
0 | $243.02 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $243.02 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $243.02 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $249.64 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $249.64 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $249.64 | — |
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In the full deep dive
Questions
What growth does Essex Property Trust's stock price imply?
At a market value of $18.9B, Essex Property Trust would need its free cash flow to grow about 5% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 4% a year.
Are Essex Property Trust insiders buying the stock?
6 open-market insider purchases of ESS in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Essex Property Trust?
3 of the superinvestors Investingly tracks hold ESS in their latest 13F, including Cliff Asness, Joel Greenblatt, Ron Baron.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.