Essex Property Trust, Inc. (ESS) vs SBA Communications Corporation (SBAC)
A side-by-side comparison of Essex Property Trust, Inc. and SBA Communications Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 11, 2026. Differences are shown without an overall score or investment verdict.
Total return — ESS vs SBAC
growth of $100 · dividends reinvested · last 10yESS vs SBAC: by the numbers
- •SBAC is the larger company ($19.67B vs $17.54B market cap).
- •SBAC converts more revenue to profit (34.51% vs 21.63% net margin).
- •ESS grew revenue faster over the past five years (6.01% vs 5.63% CAGR).
- •ESS pays the higher dividend yield (3.80% vs 2.53%).
Metrics side by side
Valuation
| Metric | ESS | SBAC |
|---|---|---|
| P/E ratio | 42.44 | 19.96 |
| Forward P/E | 48.29 | 24.09 |
| P/S ratio | 9.10 | 6.85 |
| P/B ratio | 3.29 | N/A |
| EV / EBITDA | 20.63 | 18.58 |
| FCF yield | 5.72% | 5.34% |
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 SBA Communications Corporation, 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 | SBAC |
|---|---|---|
| Gross margin | 69.38% | 41.61% |
| Operating margin | 43.88% | 50.79% |
| Net margin | 21.63% | 34.51% |
| ROE | 7.83% | N/A |
| ROIC | 4.34% | 11.87% |
Dividends
| Metric | ESS | SBAC |
|---|---|---|
| Dividend yield | 3.80% | 2.53% |
| Payout ratio | 160.50% | 50.81% |
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.
SBA Communications Corporation'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 | SBAC |
|---|---|---|
| Revenue CAGR (5Y) | 6.01% | 5.63% |
| EPS CAGR (5Y) | 3.68% | 115.83% |
| FCF CAGR (5Y) | 8.10% | 1.35% |
| Total return CAGR (5Y) | 0.19% | -10.80% |
Frequently asked
- Which has grown faster, ESS or SBAC?
- Over the past five years, ESS grew revenue faster — ESS at a 6.01% CAGR versus SBAC at 5.63%.
- Does ESS or SBAC pay a bigger dividend?
- ESS yields 3.80% and SBAC yields 2.53% based on trailing dividends and the latest price.
- Is ESS or SBAC more profitable?
- SBAC runs the higher net margin — ESS at 21.63% versus SBAC at 34.51%.
- How have ESS and SBAC total returns compared?
- Over the past 10 years, ESS delivered 5.56% and SBAC delivered 6.46% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Essex Property Trust & SBA Communications 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 11, 2026.