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Side-by-side financial comparison of Essex Property Trust (ESS) and Federal Realty Investment Trust (FRT). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $336.0M, roughly 1.4× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 17.9%, a 20.7% gap on every dollar of revenue. On growth, Federal Realty Investment Trust posted the faster year-over-year revenue change (8.7% vs 5.5%). Over the past eight quarters, Federal Realty Investment Trust's revenue compounded faster (6.5% CAGR vs 6.0%).
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
ESS vs FRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $479.6M | $336.0M |
| Net Profit | $85.7M | $129.7M |
| Gross Margin | 70.0% | — |
| Operating Margin | 31.7% | 53.8% |
| Net Margin | 17.9% | 38.6% |
| Revenue YoY | 5.5% | 8.7% |
| Net Profit YoY | -71.6% | 103.5% |
| EPS (diluted) | $1.24 | $1.49 |
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.
| Q1 26 | — | $336.0M | ||
| Q4 25 | $479.6M | $336.0M | ||
| Q3 25 | $473.3M | $322.3M | ||
| Q2 25 | $469.8M | $311.5M | ||
| Q1 25 | $464.6M | $309.2M | ||
| Q4 24 | $454.5M | $311.4M | ||
| Q3 24 | $450.7M | $303.6M | ||
| Q2 24 | $442.4M | $296.1M |
| Q1 26 | — | $129.7M | ||
| Q4 25 | $85.7M | $129.7M | ||
| Q3 25 | $172.7M | $61.6M | ||
| Q2 25 | $231.5M | $155.9M | ||
| Q1 25 | $212.8M | $63.8M | ||
| Q4 24 | $301.7M | $65.5M | ||
| Q3 24 | $125.5M | $61.0M | ||
| Q2 24 | $99.0M | $112.0M |
| Q1 26 | — | — | ||
| 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 26 | — | 53.8% | ||
| Q4 25 | 31.7% | 53.8% | ||
| Q3 25 | 44.5% | 34.3% | ||
| Q2 25 | 59.5% | 65.1% | ||
| Q1 25 | 55.3% | 35.0% | ||
| Q4 24 | 67.0% | 35.1% | ||
| Q3 24 | 28.6% | 34.9% | ||
| Q2 24 | 31.1% | 53.0% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | 17.9% | 38.6% | ||
| Q3 25 | 36.5% | 19.1% | ||
| Q2 25 | 49.3% | 50.0% | ||
| Q1 25 | 45.8% | 20.6% | ||
| Q4 24 | 66.4% | 21.0% | ||
| Q3 24 | 27.8% | 20.1% | ||
| Q2 24 | 22.4% | 37.8% |
| Q1 26 | — | $1.49 | ||
| Q4 25 | $1.24 | $1.49 | ||
| Q3 25 | $2.56 | $0.69 | ||
| Q2 25 | $3.44 | $1.78 | ||
| Q1 25 | $3.16 | $0.72 | ||
| Q4 24 | $4.00 | $0.74 | ||
| Q3 24 | $1.84 | $0.70 | ||
| Q2 24 | $1.45 | $1.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $76.2M | $107.4M |
| Total DebtLower is stronger | — | $5.0B |
| Stockholders' EquityBook value | $5.5B | $3.2B |
| Total Assets | $13.2B | $9.1B |
| Debt / EquityLower = less leverage | — | 1.53× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $107.4M | ||
| Q4 25 | $76.2M | $107.4M | ||
| Q3 25 | $66.0M | $111.3M | ||
| Q2 25 | $58.7M | $177.0M | ||
| Q1 25 | $98.7M | $109.2M | ||
| Q4 24 | $66.8M | $123.4M | ||
| Q3 24 | $71.3M | $97.0M | ||
| Q2 24 | $55.2M | $103.2M |
| Q1 26 | — | $5.0B | ||
| Q4 25 | — | $5.0B | ||
| Q3 25 | $6.4B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | $6.4B | — | ||
| Q2 24 | $6.2B | — |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $5.5B | $3.2B | ||
| Q3 25 | $5.6B | $3.2B | ||
| Q2 25 | $5.6B | $3.2B | ||
| Q1 25 | $5.6B | $3.2B | ||
| Q4 24 | $5.5B | $3.2B | ||
| Q3 24 | $5.4B | $3.1B | ||
| Q2 24 | $5.5B | $3.0B |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $13.2B | $9.1B | ||
| Q3 25 | $13.2B | $8.9B | ||
| Q2 25 | $13.2B | $8.6B | ||
| Q1 25 | $13.2B | $8.6B | ||
| Q4 24 | $12.9B | $8.5B | ||
| Q3 24 | $12.6B | $8.5B | ||
| Q2 24 | $12.5B | $8.4B |
| Q1 26 | — | 1.53× | ||
| Q4 25 | — | 1.53× | ||
| Q3 25 | 1.15× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | — | 1.42× | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.13× | — |
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 | $1.1B | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 12.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $622.4M | ||
| Q3 25 | $342.6M | $147.8M | ||
| Q2 25 | $216.1M | $150.7M | ||
| Q1 25 | $281.5M | $179.0M | ||
| Q4 24 | $1.1B | $574.6M | ||
| Q3 24 | $316.2M | $144.1M | ||
| Q2 24 | $218.9M | $169.7M |
| Q1 26 | — | — | ||
| Q4 25 | 12.53× | 4.80× | ||
| Q3 25 | 1.98× | 2.40× | ||
| Q2 25 | 0.93× | 0.97× | ||
| Q1 25 | 1.32× | 2.81× | ||
| Q4 24 | 3.54× | 8.77× | ||
| Q3 24 | 2.52× | 2.36× | ||
| Q2 24 | 2.21× | 1.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
