---
title: Essex Property Trust (ESS) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/ess
ticker: ESS
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Residential
---
# Essex Property Trust (ESS)

Essex Property Trust (ESS) closed at $269.43 on Oct 16, 2026, overvalued by 3% vs its model value of $261.40 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $269.43 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $261.40 |
| Price vs model | overvalued by 3% vs model |
| Range of that model | $243.30 – $290.90 |
| Market value | $17.3B |
| P/E (fiscal 2025) | 25.9 |
| Net margin (fiscal 2025) | 35.4% |
| Free cash flow (fiscal 2025) | — |
| Dividend yield (trailing twelve months) | 3.84% |
| Beta | 0.71 |
| Cost of capital (WACC) | 8.44% |
| Business classification | Mature & Stable (Revenue declining (~-8% recent), High profitability (7491% net margin), Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Dividend growth streaks | #40 | 31+ years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.84% |
| Dividends per share, last 12 months | $10.34 |
| Coverage | — |
| Raised | 31+ years in a row |
| Growth over 5 years | 4.4% a year |
| Latest payment | $2.59, ex-date Sep 30, 2026, paid Oct 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 29, 2021 | $8.35 |
| To Sep 29, 2022 | $8.69 |
| To Sep 28, 2023 | $9.13 |
| To Sep 30, 2024 | $9.66 |
| To Sep 30, 2025 | $10.16 |
| Trailing twelve months (to Sep 30, 2026) | $10.34 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $261.40 | $243.30 | $290.90 |
| P/E · peers | cross check | $252.65 | $239.52 | $367.07 |
| P/E · own history | cross check | $275.83 | $205.77 | $312.96 |
| PEG | sanity check | $44.54 | $44.54 | $44.54 |
| EV/EBITDA · peers | cross check | $30,315.10 | $389.42 | $36,386.20 |
| EV/Revenue · peers | cross check | $129.62 | $128.43 | $130.84 |
| Dividend discount | cross check | $250.30 | $167.18 | $435.27 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| May 27, 2026 | Kasaris Mary | Director | Open-market sell | 600 | $167,670 |
| May 12, 2026 | GUERICKE KEITH R | Director | Grant / award | 633 | $0 |
| May 12, 2026 | Arabia John V | Director | Grant / award | 633 | $0 |
| May 12, 2026 | MARCUS GEORGE M | Director | Grant / award | 1,117 | $0 |
| May 12, 2026 | Johnson Amal M | Director | Grant / award | 633 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 25, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation | https://www.sec.gov/Archives/edgar/data/920522/000092052226000027/ess-20260924.htm |
| Sep 11, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/920522/000092052226000025/ess-20260911.htm |
| Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/920522/000092052226000022/ess-20260630.htm |
| Jul 29, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/920522/000114036126030060/ef20078746_8k.htm |
| May 29, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/920522/000092052226000019/ess-20260529.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Christopher Davis | 2026-06-30 | 28,501 | $8.3M |

1 tracked managers in all.

## About

Essex Property Trust, Inc., a prominent S&P 500 constituent, operates as a vertically integrated real estate investment trust (REIT). The company focuses on the purchase, construction, renovation, and ongoing management of residential apartment complexes across select West Coast regions. Currently, Essex maintains ownership interests in 246 apartment communities, offering a total of roughly 60,000 homes, with an additional six properties actively advancing through various stages of development.

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Source: https://sweetvaluelab.com/stocks/ess (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.