Equity Residential (EQR) vs Essex Property Trust, Inc. (ESS)
A side-by-side comparison of Equity Residential and Essex Property Trust, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — EQR vs ESS
growth of $100 · dividends reinvested · last 10yEQR vs ESS: by the numbers
- •EQR is the larger company ($23.87B vs $17.57B market cap).
- •EQR converts more revenue to profit (27.91% vs 21.63% net margin).
- •ESS grew revenue faster over the past five years (6.01% vs 5.22% CAGR).
- •EQR pays the higher dividend yield (4.38% vs 3.78%).
Metrics side by side
Valuation
| Metric | EQR | ESS |
|---|---|---|
| P/E ratio | 28.66 | 42.53 |
| Forward P/E | 44.91 | 48.39 |
| P/S ratio | 7.61 | 9.12 |
| P/B ratio | 2.27 | 3.30 |
| EV / EBITDA | 17.15 | 20.66 |
| FCF yield | 4.93% | 5.70% |
For REITs like Equity Residential, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Essex Property Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | EQR | ESS |
|---|---|---|
| Gross margin | 45.96% | 69.38% |
| Operating margin | 36.33% | 43.88% |
| Net margin | 27.91% | 21.63% |
| ROE | 8.32% | 7.83% |
| ROIC | 4.45% | 4.34% |
Dividends
| Metric | EQR | ESS |
|---|---|---|
| Dividend yield | 4.38% | 3.78% |
| Payout ratio | 122.37% | 160.50% |
Equity Residential's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Essex Property Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | EQR | ESS |
|---|---|---|
| Revenue CAGR (5Y) | 5.22% | 6.01% |
| EPS CAGR (5Y) | 4.71% | 3.68% |
| FCF CAGR (5Y) | 2.37% | 8.10% |
| Total return CAGR (5Y) | -1.45% | 0.30% |
Frequently asked
- Which has grown faster, EQR or ESS?
- Over the past five years, ESS grew revenue faster — EQR at a 5.22% CAGR versus ESS at 6.01%.
- Does EQR or ESS pay a bigger dividend?
- EQR yields 4.38% and ESS yields 3.78% based on trailing dividends and the latest price.
- Is EQR or ESS more profitable?
- EQR runs the higher net margin — EQR at 27.91% versus ESS at 21.63%.
- How have EQR and ESS total returns compared?
- Over the past 10 years, EQR delivered 3.75% and ESS delivered 5.62% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Equity Residential & Essex Property Trust appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.