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Owns and operates apartment communities concentrated in coastal and urban US markets.
Owns and operates apartment communities concentrated in coastal and urban US markets.
Collects rent on apartments under leases that mostly run a year, so income reprices to the market quickly as leases renew. The portfolio is concentrated in coastal and urban markets such as Boston, New York, Washington, Seattle and California. Founded by Sam Zell, it sells older buildings and buys newer ones as it rotates the portfolio.
Moat: narrow (scale, installed base). Concentrated portfolio of well-located coastal apartment assets that is costly and slow to replicate.
Headquarters: Chicago, Illinois, United States · Founded: 1969 · Employees: 2,400
Size Equity Residential (VMRK) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $50.7B, the 251st largest of 3,117 United States companies the cockpit tracks. Shares closed at $65.51 on 6 Nov 2026.
Growth Revenue grew 4.2% over the last twelve months (peer median +5.2%); the operating margin is 28.8% (peer median 36.6%).
Valuation It trades at 2.34× book value against a peer median of 2.59× (8th cheapest of 18).
Price implies The share price implies a return on equity of about 16.0%; Equity Residential delivers 8.1%, so the price asks more than the business earns today.
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.16B | $3.06B | $2.95B | $2.84B | $2.71B |
| Revenue growth | — | +4% | +4% | +5% | — |
| Gross profit | $972M | $905M | $915M | $913M | $856M |
| EBITDA | $1.92B | $1.89B | $1.85B | $1.79B | $1.72B |
| Net income | $875M | $1.12B | $1.04B | $835M | $777M |
| Free cash flow | $1.21B | $1.30B | $1.26B | $1.20B | $1.22B |
| Capital expenditure | $364M | $347M | $304M | $321M | $225M |
| Total debt | $8.26B | $8.48B | $8.43B | $7.70B | $8.04B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Equity Residential VMRK | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% |
| AvalonBay Communities AVB | n/a | +4% | n/a | n/a | n/a | n/a |
| Essex Property Trust ESS | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% |
| Mid-America Apartment Communities MAA | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VMRK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.2% | +8.7% | 9th highest of 21 |
| Return on equity | 8.1% | 7.8% | 9th highest of 18 |
| Price / book | 2.34× | 2.59× | 8th cheapest of 18 |
| Trailing P/E | 28.8× | 34.0× | 10th cheapest of 21 |
| ROE the price implies | 16.0% | 20.9% | 6th least demanding of 17 |
| ROE delivered | 8.1% | 7.9% | 9th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| American Tower AMT | United States | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% | 88.7% |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
| Equinix EQIX | United States | $100B | -5% | +11% | 26% | 7.03× | n/a | 25.8% |
| Prologis PLD | United States | $123B | -11% | +7% | 8% | 2.16× | 20.9% | 7.9% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |