Essex Property Trust, Inc. (ESS) vs Invitation Homes Inc. (INVH)
A side-by-side comparison of Essex Property Trust, Inc. and Invitation Homes 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 — ESS vs INVH
growth of $100 · dividends reinvested · last 10yESS vs INVH: by the numbers
- •ESS is the larger company ($17.45B vs $15.81B market cap).
- •INVH converts more revenue to profit (23.14% vs 21.63% net margin).
- •INVH grew revenue faster over the past five years (8.60% vs 6.01% CAGR).
- •INVH pays the higher dividend yield (4.32% vs 3.78%).
Metrics side by side
Valuation
| Metric | ESS | INVH |
|---|---|---|
| P/E ratio | 42.24 | 24.42 |
| Forward P/E | 48.06 | 26.46 |
| P/S ratio | 9.06 | 5.54 |
| P/B ratio | 3.28 | 1.75 |
| EV / EBITDA | 20.56 | 14.93 |
| FCF yield | 5.74% | 5.44% |
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.
For REITs like Invitation Homes 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 | ESS | INVH |
|---|---|---|
| Gross margin | 69.38% | 3.69% |
| Operating margin | 43.88% | 30.16% |
| Net margin | 21.63% | 23.14% |
| ROE | 7.83% | 7.30% |
| ROIC | 4.34% | 4.67% |
Dividends
| Metric | ESS | INVH |
|---|---|---|
| Dividend yield | 3.78% | 4.32% |
| Payout ratio | 160.50% | 109.17% |
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.
Invitation Homes 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 | ESS | INVH |
|---|---|---|
| Revenue CAGR (5Y) | 6.01% | 8.60% |
| EPS CAGR (5Y) | 3.68% | 22.36% |
| FCF CAGR (5Y) | 8.10% | 12.11% |
| Total return CAGR (5Y) | 0.30% | -4.29% |
Frequently asked
- Which has grown faster, ESS or INVH?
- Over the past five years, INVH grew revenue faster — ESS at a 6.01% CAGR versus INVH at 8.60%.
- Does ESS or INVH pay a bigger dividend?
- ESS yields 3.78% and INVH yields 4.32% based on trailing dividends and the latest price.
- Is ESS or INVH more profitable?
- INVH runs the higher net margin — ESS at 21.63% versus INVH at 23.14%.
- How have ESS and INVH total returns compared?
- Over the past 5 years, ESS delivered 0.30% and INVH delivered -4.29% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Essex Property Trust & Invitation Homes 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.