Essex Property TRUST, Inc. (ESS) intrinsic value & 10-year financials
Essex Property TRUST, Inc. (ESS) has a Graham intrinsic value of $179.99 per share. At $269.43 on Oct 17, 2026, the stock trades 50% above that value. Over the last 10 fiscal years revenue shrank 42.2% a year to $9.4M, with an average return on invested capital of 8.0%.
- Graham intrinsic value
- $179.99
- Share price (Oct 17, 2026)
- $269.43
- Price vs Graham value
- 50% above
- Market cap
- $17.4B
- Revenue (FY2025)
- $9.4M
- Revenue growth (10-yr CAGR)
- -42.2%
- ROIC (10-yr avg)
- 8.0%
- Free cash flow (FY2025)
- —
ESS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.4M | $702.8M | $10.40 | — | 9586.6% | 12.7% |
| FY2024 | $10.3M | $811.3M | $11.54 | — | 6849.4% | 14.8% |
| FY2023 | $11.1M | $430.7M | $6.32 | — | 5249.7% | 7.7% |
| FY2022 | $11.1M | $433.0M | $6.27 | — | 5343.6% | 6.6% |
| FY2021 | $9.1M | $515.7M | $7.51 | — | 5799.9% | 7.8% |
| FY2020 | $9.6M | $599.3M | $8.69 | — | 5120.2% | 8.7% |
| FY2019 | $9.5M | $464.4M | $6.66 | — | 5050.0% | 6.2% |
| FY2018 | $9.2M | $390.2M | $5.90 | — | 4901.8% | 4.8% |
| FY2017 | $1.4B | $433.1M | $6.57 | — | 32.7% | 5.2% |
| FY2016 | $1.3B | $415.0M | $6.27 | — | 32.5% | 5.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Essex Property Trust is facing top-line stagnation, with revenue contracting over the decade.
Essex Property Trust has historically struggled to out-earn its cost of capital, averaging just 6.3% ROIC.
Essex Property Trust has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Essex Property Trust is modeled at 5.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $179.99 per share.