Equity Residential

NYSE:EQR Stock Report

Market Cap: US$23.2b

Equity Residential Valuation

Is EQR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of EQR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$86.88
Fair Value
31.6% undervalued intrinsic discount
22
Number of Analysts

Below Fair Value: EQR ($59.44) is trading below our estimate of fair value ($86.88)

Significantly Below Fair Value: EQR is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EQR?

Key metric: As EQR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for EQR. This is calculated by dividing EQR's market cap by their current earnings.
What is EQR's PE Ratio?
PE Ratio19.6x
EarningsUS$1.16b
Market CapUS$23.19b

Price to Earnings Ratio vs Peers

How does EQR's PE Ratio compare to its peers?

The above table shows the PE ratio for EQR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average36.2x
AVB AvalonBay Communities
21.4x-7.53%US$24.8b
ESS Essex Property Trust
19.2x-22.61%US$16.8b
MAA Mid-America Apartment Communities
27.2x-4.95%US$15.4b
UDR UDR
76.9x12.48%US$12.2b
EQR Equity Residential
19.6x-17.45%US$23.2b

Price-To-Earnings vs Peers: EQR is good value based on its Price-To-Earnings Ratio (19.6x) compared to the peer average (36.2x).

Price to Earnings Ratio vs Industry

How does EQR's PE Ratio compare vs other companies in the North American Residential REITs Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
EQR 19.6xIndustry Avg. 24.8xNo. of Companies4PE020406080100+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: EQR is good value based on its Price-To-Earnings Ratio (19.6x) compared to the North American Residential REITs industry average (24.8x).

Price to Earnings Ratio vs Fair Ratio

What is EQR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EQR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.6x
Fair PE Ratio24.3x

Price-To-Earnings vs Fair Ratio: EQR is good value based on its Price-To-Earnings Ratio (19.6x) compared to the estimated Fair Price-To-Earnings Ratio (24.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst EQR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$59.44
US$73.03
+22.87%
6.88%US$80.00US$63.00n/a22
Oct ’26US$64.10
US$74.11
+15.62%
5.77%US$80.50US$66.00n/a22
Sep ’26US$66.12
US$74.60
+12.82%
5.60%US$81.00US$66.00n/a21
Aug ’26US$62.75
US$76.83
+22.44%
4.60%US$87.00US$71.00n/a21
Jul ’26US$67.26
US$77.43
+15.12%
4.64%US$87.00US$71.00n/a22
Jun ’26US$70.14
US$77.61
+10.66%
4.79%US$87.00US$71.00n/a22
May ’26US$70.62
US$77.50
+9.74%
5.24%US$87.00US$68.00n/a22
Apr ’26US$71.28
US$78.10
+9.57%
4.76%US$87.00US$72.00n/a22
Mar ’26US$74.17
US$78.01
+5.18%
4.80%US$87.00US$72.00n/a22
Feb ’26US$70.63
US$78.20
+10.72%
5.54%US$90.00US$72.00n/a22
Jan ’26US$71.76
US$79.30
+10.50%
4.98%US$90.00US$72.00n/a22
Dec ’25US$76.66
US$79.05
+3.11%
4.96%US$90.00US$73.00n/a21
Nov ’25US$69.12
US$78.75
+13.93%
3.86%US$85.00US$73.00US$59.4421
Oct ’25US$73.88
US$78.10
+5.71%
6.03%US$85.00US$64.00US$64.1021
Sep ’25US$74.88
US$73.65
-1.64%
8.21%US$85.00US$62.00US$66.1220
Aug ’25US$70.67
US$71.48
+1.14%
8.03%US$85.00US$62.00US$62.7520
Jul ’25US$68.14
US$69.86
+2.52%
6.31%US$80.00US$62.00US$67.2621
Jun ’25US$65.03
US$68.86
+5.89%
5.53%US$79.00US$62.00US$70.1421
May ’25US$64.04
US$67.67
+5.66%
5.97%US$79.00US$61.00US$70.6221
Apr ’25US$61.45
US$66.64
+8.44%
6.52%US$79.00US$61.00US$71.2822
Mar ’25US$60.74
US$66.33
+9.21%
7.09%US$79.00US$58.00US$74.1721
Feb ’25US$60.96
US$66.60
+9.25%
9.20%US$87.00US$58.00US$70.6320
Jan ’25US$61.16
US$65.03
+6.32%
10.24%US$87.00US$58.00US$71.7619
Dec ’24US$58.54
US$65.50
+11.89%
10.75%US$87.00US$57.00US$76.6619
Nov ’24US$53.19
US$68.32
+28.44%
9.56%US$87.00US$60.00US$69.1219
US$73.03
Fair Value
18.6% undervalued intrinsic discount
22
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/02 08:30
End of Day Share Price 2025/10/31 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Equity Residential is covered by 46 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jacob KilsteinArgus Research Company
Amanda SweitzerBaird
Ross SmotrichBarclays