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Side-by-side financial comparison of American Homes 4 Rent (AMH) and Essex Property Trust (ESS). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $455.0M, roughly 1.1× American Homes 4 Rent). American Homes 4 Rent runs the higher net margin — 31.7% vs 17.9%, a 13.8% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs 4.2%). Over the past eight quarters, Essex Property Trust's revenue compounded faster (6.0% CAGR vs 3.6%).
American Homes 4 RentAMHEarnings & Financial Report
American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta, Dallas-Fort Worth, and Charlotte, North Carolina.
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
AMH vs ESS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $455.0M | $479.6M |
| Net Profit | $144.3M | $85.7M |
| Gross Margin | — | 70.0% |
| Operating Margin | — | 31.7% |
| Net Margin | 31.7% | 17.9% |
| Revenue YoY | 4.2% | 5.5% |
| Net Profit YoY | 0.3% | -71.6% |
| EPS (diluted) | $0.33 | $1.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $455.0M | $479.6M | ||
| Q3 25 | $478.5M | $473.3M | ||
| Q2 25 | $457.5M | $469.8M | ||
| Q1 25 | $459.3M | $464.6M | ||
| Q4 24 | $436.6M | $454.5M | ||
| Q3 24 | $445.1M | $450.7M | ||
| Q2 24 | $423.5M | $442.4M | ||
| Q1 24 | $423.6M | $426.9M |
| Q4 25 | $144.3M | $85.7M | ||
| Q3 25 | $116.8M | $172.7M | ||
| Q2 25 | $123.6M | $231.5M | ||
| Q1 25 | $128.7M | $212.8M | ||
| Q4 24 | $143.9M | $301.7M | ||
| Q3 24 | $87.6M | $125.5M | ||
| Q2 24 | $108.5M | $99.0M | ||
| Q1 24 | $128.1M | $285.1M |
| Q4 25 | — | 70.0% | ||
| Q3 25 | — | 69.2% | ||
| Q2 25 | — | 70.7% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 69.5% | ||
| Q2 24 | — | 70.8% | ||
| Q1 24 | — | 69.7% |
| Q4 25 | — | 31.7% | ||
| Q3 25 | — | 44.5% | ||
| Q2 25 | — | 59.5% | ||
| Q1 25 | — | 55.3% | ||
| Q4 24 | — | 67.0% | ||
| Q3 24 | — | 28.6% | ||
| Q2 24 | — | 31.1% | ||
| Q1 24 | — | 31.0% |
| Q4 25 | 31.7% | 17.9% | ||
| Q3 25 | 24.4% | 36.5% | ||
| Q2 25 | 27.0% | 49.3% | ||
| Q1 25 | 28.0% | 45.8% | ||
| Q4 24 | 33.0% | 66.4% | ||
| Q3 24 | 19.7% | 27.8% | ||
| Q2 24 | 25.6% | 22.4% | ||
| Q1 24 | 30.2% | 66.8% |
| Q4 25 | $0.33 | $1.24 | ||
| Q3 25 | $0.27 | $2.56 | ||
| Q2 25 | $0.28 | $3.44 | ||
| Q1 25 | $0.30 | $3.16 | ||
| Q4 24 | $0.33 | $4.00 | ||
| Q3 24 | $0.20 | $1.84 | ||
| Q2 24 | $0.25 | $1.45 | ||
| Q1 24 | $0.30 | $4.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $108.5M | $76.2M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $7.0B | $5.5B |
| Total Assets | $13.2B | $13.2B |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.5M | $76.2M | ||
| Q3 25 | $45.6M | $66.0M | ||
| Q2 25 | $323.3M | $58.7M | ||
| Q1 25 | $69.7M | $98.7M | ||
| Q4 24 | $199.4M | $66.8M | ||
| Q3 24 | $162.5M | $71.3M | ||
| Q2 24 | $718.4M | $55.2M | ||
| Q1 24 | $124.8M | $499.0M |
| Q4 25 | $5.1B | — | ||
| Q3 25 | $4.8B | $6.4B | ||
| Q2 25 | $5.2B | $6.4B | ||
| Q1 25 | $4.9B | $6.8B | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $4.5B | $6.4B | ||
| Q2 24 | $5.0B | $6.2B | ||
| Q1 24 | $4.5B | $6.6B |
| Q4 25 | $7.0B | $5.5B | ||
| Q3 25 | $7.2B | $5.6B | ||
| Q2 25 | $7.2B | $5.6B | ||
| Q1 25 | $7.2B | $5.6B | ||
| Q4 24 | $7.2B | $5.5B | ||
| Q3 24 | $7.0B | $5.4B | ||
| Q2 24 | $7.0B | $5.5B | ||
| Q1 24 | $7.0B | $5.5B |
| Q4 25 | $13.2B | $13.2B | ||
| Q3 25 | $13.3B | $13.2B | ||
| Q2 25 | $13.6B | $13.2B | ||
| Q1 25 | $13.3B | $13.2B | ||
| Q4 24 | $13.4B | $12.9B | ||
| Q3 24 | $12.8B | $12.6B | ||
| Q2 24 | $13.3B | $12.5B | ||
| Q1 24 | $12.8B | $12.9B |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.68× | 1.15× | ||
| Q2 25 | 0.72× | 1.14× | ||
| Q1 25 | 0.69× | 1.22× | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.64× | 1.18× | ||
| Q2 24 | 0.71× | 1.13× | ||
| Q1 24 | 0.64× | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $864.3M | $1.1B |
| Free Cash FlowOCF − Capex | $823.7M | — |
| FCF MarginFCF / Revenue | 181.0% | — |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | 5.99× | 12.53× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $864.3M | $1.1B | ||
| Q3 25 | $223.3M | $342.6M | ||
| Q2 25 | $271.9M | $216.1M | ||
| Q1 25 | $223.4M | $281.5M | ||
| Q4 24 | $811.5M | $1.1B | ||
| Q3 24 | $233.6M | $316.2M | ||
| Q2 24 | $274.0M | $218.9M | ||
| Q1 24 | $201.8M | $314.9M |
| Q4 25 | $823.7M | — | ||
| Q3 25 | $214.5M | — | ||
| Q2 25 | $257.7M | — | ||
| Q1 25 | $215.9M | — | ||
| Q4 24 | $777.5M | — | ||
| Q3 24 | $225.3M | — | ||
| Q2 24 | $263.3M | — | ||
| Q1 24 | $191.0M | — |
| Q4 25 | 181.0% | — | ||
| Q3 25 | 44.8% | — | ||
| Q2 25 | 56.3% | — | ||
| Q1 25 | 47.0% | — | ||
| Q4 24 | 178.1% | — | ||
| Q3 24 | 50.6% | — | ||
| Q2 24 | 62.2% | — | ||
| Q1 24 | 45.1% | — |
| Q4 25 | 8.9% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 2.6% | — |
| Q4 25 | 5.99× | 12.53× | ||
| Q3 25 | 1.91× | 1.98× | ||
| Q2 25 | 2.20× | 0.93× | ||
| Q1 25 | 1.74× | 1.32× | ||
| Q4 24 | 5.64× | 3.54× | ||
| Q3 24 | 2.67× | 2.52× | ||
| Q2 24 | 2.52× | 2.21× | ||
| Q1 24 | 1.58× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
