Essential Properties Realty Trust, Inc. EPRT

Real EstateResidential & Commercial REITsUnited States of America

Last close 26.75 USD on Nov 1, 2026, −6.8% year to date

Quant rating

Quant rating C Rank 80 of 175 in Real Estate

Growth A 15 of 175
Valuation B 61 of 175
Quality B 46 of 175
Revisions C 110 of 175
Momentum D 125 of 175

Wall Street consensus Buy (1.83)Average target 33.82 USD +26.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.9B
Enterprise value: 8.9B
52-week range: 24.62 – 34.69
3-year range: 22.35 – 34.69
Dividend yield: 4.71%
Beta (5 years): 0.84
Shares outstanding: 220M
Next earnings: Feb 9, 2027

About the company

Essential Properties Realty Trust, Inc. is an internally managed real estate investment trust (REIT). The Company owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. Its primary business objective is to maximize stockholder value by generating attractive risk-adjusted returns through owning, managing and growing a diversified portfolio of commercially desirable properties. The Company has a diversified portfolio that focuses on properties leased to tenants in businesses, including car washes, medical and dental services, early childhood education, quick service restaurants, entertainment, automotive services, casual dining restaurants, convenience stores, equipment rental and sales, health and fitness, and grocery. Its portfolio consisted of approximately 2,300 properties, inclusive of one undeveloped land parcel and 150 properties.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	561	450	360	287	230	–
Revenue growth	24.8%	25.0%	25.5%	24.4%	40.4%	27.9%
EPS (basic, normalized)	1.28	1.15	1.24	0.99	0.82	–
EPS growth	11.3%	−7.3%	25.3%	20.7%	–	–
Gross margin	98.7%	98.9%	98.7%	98.8%	97.5%	98.5%
Net margin	44.9%	45.0%	52.9%	46.7%	41.4%	46.2%
ROE	6.5%	6.2%	7.0%	5.9%	5.3%	6.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	25.2
Current ratio	–
Long-term debt (mil)	2,965
Net debt (mil)	2,983
Total equity (mil)	4,541
Net debt / equity	0.66x
Net debt / EBITDA	5.81x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	561	+24.8%	15.8x	514	+24.3%	17.3x	1.28	+11.3%	20.9x
2026	655	+16.6%	13.6x	602	+17.3%	14.7x	1.30	+1.2%	20.6x
2027	743	+13.5%	11.9x	710	+17.8%	12.5x	1.37	+5.9%	19.5x
2028	871	+17.1%	10.2x	809	+14.0%	11.0x	1.38	+0.7%	19.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	655	0.0%	+0.6%	+0.7%	1.30	−1.1%	−1.3%	−2.4%
2027	743	−0.9%	−1.4%	−1.8%	1.37	−0.6%	−1.1%	−0.6%
2028	871	−1.0%	−0.2%	+1.7%	1.38	−1.7%	−5.0%	−3.4%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	104	109	117	120	129	137	145	150	159	162
Sales mean (mil)	101	107	113	120	124	132	139	146	152	161
Surprise	+2.4%	+2.3%	+3.6%	0.0%	+4.6%	+4.1%	+4.6%	+2.4%	+4.5%	+0.5%
EPS reported	0.28	0.29	0.27	0.30	0.29	0.32	0.33	0.34	0.28	0.34
EPS mean	0.28	0.29	0.30	0.31	0.29	0.31	0.31	0.33	0.32	0.34
Surprise	+1.2%	−0.9%	−11.5%	−2.6%	−1.4%	+3.8%	+5.8%	+4.3%	−12.5%	0.0%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EPRT Essential Properties Realty Trust, Inc.	5.9B	5.81x	44.9%	1.30x	20.6x	19.5x	14.7x	12.5x
WELL Welltower Inc.	172.1B	3.89x	−4.7%	3.53x	80.9x	71.9x	35.1x	29.1x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
PSA Public Storage	60.7B	7.23x	32.9%	4.18x	32.5x	31.9x	21.5x	19.5x
O Realty Income Corporation	53.9B	6.26x	18.4%	1.36x	36.5x	32.0x	15.5x	14.2x
VMRK Vivmark Residential	47.9B	4.55x	36.2%	2.21x	47.2x	38.9x	21.5x	14.6x
Mean		5.68x	33.4%	4.75x	41.8x	37.5x	21.3x	18.0x
Median		6.03x	34.5%	2.87x	34.8x	31.9x	20.3x	16.4x

Technical analysis

1M+2.6%
3M−15.6%
1Y−8.7%
3Y+43.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Essential Properties Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	561	450	360	287	230	164
Cost of revenue	7.6	5.0	4.7	3.5	5.8	3.9
Gross profit	554	445	355	283	224	160
Selling, general & administrative expenses	40.9	35.2	30.7	29.5	24.3	24.4
Research & development	–	–	–	–	–	–
Depreciation/amortization	154	122	102	88.6	69.1	59.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−0.9	7.4	−20.5	−8.3	1.2	3.5
Other operating expenses	0.1	0.2	−0.1	0.1	−0.2	0.8
Operating income	360	280	243	173	130	71.9
Net interest income (expense)	−106	−75.5	−50.6	−37.5	−33.5	−29.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	254	204	192	136	96.4	42.7
Provision for taxes	0.6	0.6	0.6	1.0	0.2	0.2
Minority interest	−0.7	−0.6	−0.7	−0.6	−0.5	−0.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	253	203	191	134	95.7	42.3
Extraordinary items	–	–	–	–	–	–
Net income	253	203	191	134	95.7	42.3
EBIT, normalized	359	287	222	165	131	76.8
EBITDA, normalized	513	409	324	253	200	136
Basic EPS, normalized	1.28	1.15	1.24	0.99	0.82	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Essential Properties Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	60.2	40.7	39.8	62.3	59.8	26.6
Receivables	191	143	108	78.6	58.0	37.8
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	6,162	5,209	4,333	3,546	2,907	2,183
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	59.0	57.4
Long-term investments	–	–	–	–	–	–
Note receivable	416	353	224	241	190	154
Other long-term assets	285	237	211	213	142	94.9
Total assets	6,863	5,799	4,768	4,000	3,299	2,489
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	32.2	25.6	21.4	20.3	32.1	16.8
Accrued expenses	8.8	9.5	9.8	9.0	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,512	2,118	1,669	1,421	1,166	815
Minority interest	7.9	8.4	8.4	8.5	7.2	7.2
Other liabilities	143	109	113	82.5	89.3	91.6
Total liabilities	2,663	2,235	1,790	1,512	1,262	914
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	2.1	1.9	1.6	1.4	1.2	1.1
Additional paid-in capital	4,328	3,658	3,078	2,563	2,151	1,689
Retained earnings (accumulated deficit)	−109	−113	−106	−117	−101	−77.7
Treasury stock	–	–	–	–	–	–
Other equity	−21.0	16.9	4.0	40.7	−14.8	−37.2
Total equity	4,200	3,564	2,979	2,488	2,037	1,575
Total liabilities & shareholders' equity	6,863	5,799	4,768	4,000	3,299	2,489

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Essential Properties Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	254	204	191	135	96.2	42.5
Depreciation, depletion & amortization	154	122	102	88.6	69.1	59.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	−27.1	−11.1	−33.9	−12.8	−14.6	5.3
Changes in working capital	0.9	−6.2	−5.2	0.6	16.6	−7.8
Cash from operations	381	308	255	211	167	99.4
Investing activities
Capital expenditures	−1,203	−1,089	−1,000	−781	−849	−556
Other investing cash flows	49.1	−34.2	142	74.5	19.7	10.2
Cash from investing	−1,154	−1,123	−857	−706	−830	−546
Financing activities
Financing cash flow items	−16.0	−4.5	−7.0	−8.9	−3.7	−2.8
Cash dividends paid	−234	−200	−168	−142	−112	−86.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,048	1,015	755	657	805	547
Cash from financing	798	811	580	507	689	458
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	25.4	−4.0	−22.5	11.7	26.8	11.7
Free cash flow	−822	−780	−745	−570	−682	−456

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.