Stock EQR EQUITY RESIDENTIAL
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Financials Equity Residential

Equities

EQR

US29476L1070

Residential REITs

Market Closed - Nyse
Other stock markets
 01:30:02 28/06/2024 am IST 		5-day change 1st Jan Change
68.31 USD +0.43% Intraday chart for Equity Residential +0.68% +11.69%
26/06 Equity Residential Insider Sold Shares Worth $439,142, According to a Recent SEC Filing MT
24/06 Truist Raises Price Target on Equity Residential to $73 From $67, Maintains Buy Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 30,050 22,067 33,939 22,297 23,224 25,778 - -
Enterprise Value (EV) 1 39,032 30,069 42,157 29,669 30,564 33,155 33,276 33,493
P/E ratio 31.1 x 24.2 x 25.6 x 28.8 x 27.8 x 35.2 x 41.9 x 39.7 x
Yield 2.81% 4.07% 2.66% 4.24% 4.33% 3.94% 4.07% 4.2%
Capitalization / Revenue 11.1 x 8.58 x 13.8 x 8.15 x 8.08 x 8.72 x 8.41 x 8.12 x
EV / Revenue 14.5 x 11.7 x 17.1 x 10.8 x 10.6 x 11.2 x 10.9 x 10.5 x
EV / EBITDA 22.6 x 18.7 x 28.8 x 17.7 x 17.2 x 18.5 x 17.7 x 17.1 x
EV / FCF 26.9 x 24.1 x 33.5 x 20.5 x 20 x 31.2 x 30.8 x 31.6 x
FCF Yield 3.72% 4.14% 2.99% 4.89% 5.01% 3.21% 3.25% 3.17%
Price to Book 2.92 x 2.17 x 3.09 x 1.99 x 2.09 x 2.4 x 2.5 x 2.61 x
Nbr of stocks (in thousands) 3,71,354 3,72,253 3,75,016 3,77,919 3,79,725 3,78,972 - -
Reference price 2 80.92 59.28 90.50 59.00 61.16 68.02 68.02 68.02
Announcement Date 28/01/20 10/02/21 01/02/22 09/02/23 30/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,701 2,572 2,464 2,735 2,874 2,956 3,064 3,176
EBITDA 1 1,725 1,611 1,461 1,679 1,774 1,795 1,880 1,958
EBIT 1 908.9 786.2 620.4 811.7 878 943 948.3 1,016
Operating Margin 33.65% 30.57% 25.18% 29.68% 30.55% 31.9% 30.94% 32%
Earnings before Tax (EBT) 1 939.4 932.4 1,401 812.9 875 697.1 641.9 696.2
Net income 1 967.3 910.5 1,330 773.8 832.3 742.3 618.2 665.2
Net margin 35.82% 35.41% 53.97% 28.29% 28.96% 25.11% 20.17% 20.95%
EPS 2 2.600 2.450 3.540 2.050 2.200 1.930 1.623 1.715
Free Cash Flow 1 1,452 1,245 1,258 1,451 1,531 1,064 1,082 1,061
FCF margin 53.77% 48.43% 51.08% 53.04% 53.27% 35.99% 35.3% 33.42%
FCF Conversion (EBITDA) 84.19% 77.29% 86.11% 86.41% 86.28% 59.27% 57.54% 54.2%
FCF Conversion (Net income) 150.11% 136.78% 94.64% 187.47% 183.93% 143.33% 175% 159.54%
Dividend per Share 2 2.270 2.410 2.410 2.500 2.650 2.682 2.771 2.854
Announcement Date 28/01/20 10/02/21 01/02/22 09/02/23 30/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 645.1 653.3 687 695.1 699.7 705.1 717.3 724.1 727.5 730.8 734.7 742.8 747 753.5 763.4
EBITDA 1 396.9 380.4 426.4 432.5 439.6 414.6 442.3 451.8 465.7 438.9 445 457.6 472.1 446.5 468
EBIT 1 174.1 149.8 202 217.5 242.4 197.4 218.5 225.1 237 210.4 219.5 227.2 239.3 227.6 239.1
Operating Margin 26.99% 22.93% 29.41% 31.28% 34.64% 27.99% 30.47% 31.09% 32.58% 28.79% 29.88% 30.59% 32.04% 30.2% 31.32%
Earnings before Tax (EBT) 1 561.6 75.34 234.1 336.3 167.1 221.8 146.4 182.8 324.1 307 150.6 157 164.8 151.6 159.8
Net income 1 526.2 69.99 223.3 322.3 158.2 211.3 138.4 171.7 310.9 293.8 140.6 147.3 157.7 139.8 153.5
Net margin 81.57% 10.71% 32.51% 46.36% 22.62% 29.96% 19.3% 23.72% 42.74% 40.2% 19.14% 19.83% 21.1% 18.55% 20.11%
EPS 2 1.400 0.1900 0.5900 0.8600 0.4200 0.5600 0.3700 0.4500 0.8200 0.7700 0.3677 0.3799 0.4090 0.3672 0.4005
Dividend per Share 2 0.6025 0.6250 0.6250 0.6250 0.6250 0.6625 0.6625 0.6625 0.6625 0.6750 0.6755 0.6755 0.6755 0.6936 0.6972
Announcement Date 01/02/22 26/04/22 26/07/22 25/10/22 09/02/23 25/04/23 27/07/23 31/10/23 30/01/24 23/04/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 8,982 8,002 8,218 7,372 7,340 7,378 7,498 7,715
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.208 x 4.966 x 5.623 x 4.391 x 4.136 x 4.11 x 3.989 x 3.94 x
Free Cash Flow 1 1,452 1,245 1,258 1,451 1,531 1,064 1,082 1,061
ROE (net income / shareholders' equity) 9.44% 8.74% 2.56% 6.99% 4.94% 6.04% 6.98% 7.75%
ROA (Net income/ Total Assets) 4.65% 4.39% 1.33% 3.74% 2.73% 5.38% 4.92% 5.3%
Assets 1 20,784 20,730 1,00,218 20,694 30,449 13,785 12,565 12,562
Book Value Per Share 2 27.80 27.30 29.30 29.70 29.20 28.30 27.30 26.10
Cash Flow per Share 2 3.770 3.280 3.230 3.740 3.920 4.030 4.150 4.340
Capex 1 1,900 425 2,086 451 734 521 426 514
Capex / Sales 70.35% 16.54% 84.64% 16.47% 25.55% 17.61% 13.9% 16.17%
Announcement Date 28/01/20 10/02/21 01/02/22 09/02/23 30/01/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Equity Residential

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
68.02 USD
Average target price
69.38 USD
Spread / Average Target
+2.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential REITs

1st Jan change Capi.
EQUITY RESIDENTIAL Stock Equity Residential
+11.69% 2.58TCr
AVALONBAY COMMUNITIES, INC. Stock AvalonBay Communities, Inc.
+10.19% 2.89TCr
INVITATION HOMES INC. Stock Invitation Homes Inc.
+3.61% 2.15TCr
ESSEX PROPERTY TRUST, INC. Stock Essex Property Trust, Inc.
+10.26% 1.75TCr
MID-AMERICA APARTMENT COMMUNITY, INC. Stock Mid-America Apartment Community, Inc.
+4.52% 1.63TCr
SUN COMMUNITIES, INC. Stock Sun Communities, Inc.
-10.17% 1.47TCr
UDR INC. Stock UDR Inc.
+6.48% 1.33TCr
AMERICAN HOMES 4 RENT Stock American Homes 4 Rent
+2.22% 1.32TCr
EQUITY LIFESTYLE PROPERTIES, INC. Stock Equity LifeStyle Properties, Inc.
-7.49% 1.2TCr
CAMDEN PROPERTY TRUST Stock Camden Property Trust
+10.52% 1.16TCr
Residential REITs
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