A Business at a Glance
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Equity Residential (“EQR”) is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages rental properties in dynamic metro areas across the U.S. ERP Operating Limited Partnership (“ERPOP”) is focused on conducting the multifamily property business of EQR. EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. EQR is the general partner of, and as of December 31, 2025 owned an approximate 97.6% ownership interest in, ERPOP.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.1B | 3.1B | 3.0B | 2.9B | 2.7B | 2.5B |
| Net Income | 1.1B | 1.1B | 1.0B | 832M | 774M | 1.3B |
| EPS | $2.94 | $2.94 | $2.72 | $2.20 | $2.05 | $3.54 |
| Free Cash Flow | 1.3B | 1.3B | -21M | 1.2B | 1.2B | -452M |
| ROIC | 8.1% | 8.2% | 7.6% | 6.9% | 6.7% | 9.9% |
| Gross Margin | 49.1% | 49.1% | 40.9% | 42.0% | 42.2% | 47.6% |
| Debt/Equity | 0.60 | 0.60 | 0.59 | 0.52 | 0.49 | 0.56 |
| Dividends/Share | $2.75 | $2.77 | $2.70 | $2.62 | $2.47 | $2.40 |
| Operating Income | 1.4B | 1.4B | 1.3B | 1.2B | 1.1B | 1.7B |
| Operating Margin | 46.1% | 46.1% | 44.3% | 40.4% | 40.8% | 68.0% |
| ROE | 10.1% | 10.1% | 9.4% | 7.5% | 6.9% | 12.1% |
| Shares Outstanding | 380M | 380M | 380M | 378M | 377M | 376M |
EQUITY RESIDENTIAL passes 3 of 9 quality checks, indicating weak fundamentals.
EQUITY RESIDENTIAL trades at 20.7x trailing earnings, compared to its 15-year median P/E of 24.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.6x vs a median of 16.0x. The company's 5-year average ROIC is 7.9% with a gross margin of 44.4%. Total shareholder yield (dividends + buybacks) is 5.7%. At current prices, the estimated annualized return to fair value is +0.5%.
EQUITY RESIDENTIAL (EQR) has a current P/E ratio of 20.7, compared to its historical median P/E of 24.8. The stock is currently considered Fair based on its historical valuation range.
EQUITY RESIDENTIAL (EQR) has a 5-year average return on invested capital (ROIC) of 7.9%. This is below average and may indicate limited pricing power.
EQUITY RESIDENTIAL (EQR) has a market capitalization of $23.1B. It is classified as a large-cap stock.
Yes, EQUITY RESIDENTIAL (EQR) pays a dividend with a trailing twelve-month yield of 4.52%. The company also returns capital through share buybacks, with a buyback yield of 1.21%.
Based on historical P/E analysis, EQUITY RESIDENTIAL (EQR) appears fair. The current P/E of 20.7 is 17% below its historical median of 24.8. The estimated fair value CAGR (P/E method) is 2.4%.
EQUITY RESIDENTIAL (EQR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
EQUITY RESIDENTIAL (EQR) reported annual revenue of $3.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
EQUITY RESIDENTIAL (EQR) has a net profit margin of 36.2%. This is a strong margin indicating high profitability.
EQUITY RESIDENTIAL (EQR) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EQUITY RESIDENTIAL (EQR) has a debt-to-equity ratio of 0.60. This indicates moderate leverage.
EQUITY RESIDENTIAL (EQR) reported earnings per share (EPS) of $2.94 in its most recent fiscal year.
EQUITY RESIDENTIAL (EQR) has a return on equity (ROE) of 10.1%. This indicates moderate shareholder returns.
EQUITY RESIDENTIAL (EQR) has a 5-year average gross margin of 44.4%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for EQUITY RESIDENTIAL (EQR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EQUITY RESIDENTIAL (EQR) has a book value per share of $29.02, based on its most recent annual SEC filing.