At a glance
Essential Properties Realty Trust Inc is worth $5.85B, about 21 times its fiscal 2025 earnings. Revenue grew 24.8% to $561.2M in fiscal 2025, with 45.1% kept as profit; over 5 years it has grown 27.9% a year. It pays a 4.75% dividend yield, raised every year for at least 7 years, and returned $855.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −9.4% over the past year with dividends reinvested and +1.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 71.3% in the 2020 crash (S&P 500: 33.7%) and 32.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 18 months after the lows.
The business in plain English
Essential Properties Realty Trust is a real estate investment trust (REIT), a company that owns income-producing property and pays out most of its taxable income as dividends. It purchases small, freestanding buildings from the businesses that operate in them and leases them back, a deal called a sale-leaseback. These made up 95% of its 2025 investments, measured by rent. Leases are long-term net leases, so the tenant generally pays property taxes, insurance and upkeep.
Tenants are mostly middle-market companies with 10 to 250 locations and $20 million to $1 billion in yearly revenue, most without a credit rating. The company targets service and experience businesses that need a physical site and are harder to replace online, such as car washes, medical and dental offices, early childhood education, quick service restaurants and automotive services. As of December 31, 2025, these businesses produced 91.5% of its $555.0 million in annualized base rent, meaning yearly contract rent.
On that date its portfolio held 2,300 properties across 48 states and was 99.7% occupied, and no tenant paid more than 3.4% of rent. Leases had an average of 14.4 years left, and 97.9% of rent came with built-in yearly increases averaging 1.8%. Revenue was $561.2 million in 2025, up 24.8%. The 10-K does not provide a revenue split by segment or region.
Price history
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EPRT -9.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $168.7M, up 16.4% from a year earlier, and net income was $60.2M (-8.3%).
- For fiscal 2025, revenue was $561.2M (+24.8% year over year; +27.9% a year from FY2020 to FY2025) with a 45.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +27.9% good |
|---|---|
| Operating margin | 64.1% good |
| Return on equity (FY2025) | 6% weak |
| Return on assets (FY2025) | 3.7% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $164.0M | $42.3M | — |
| FY2021 | $230.2M | $95.7M | — |
| FY2022 | $286.5M | $134.1M | — |
| FY2023 | $359.6M | $190.7M | — |
| FY2024 | $449.6M | $203.0M | — |
| FY2025 | $561.2M | $253.0M | — |
Valuation snapshot
| Market value | $5.85B |
|---|---|
| P/E ratio | 20.7 |
| Dividend yield | 4.75% |
Rank among 1514 US companies
Market value at each year end
Essential Properties Realty Trust’s market value went from $605.5M at the end of 2018 to $5.85B on Oct 28, 2026, about 9.7 times as much; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.85B | -0.5% |
| 2025 | $5.88B | +7.2% |
| 2024 | $5.48B | +37.5% |
| 2023 | $3.99B | +19.3% |
| 2022 | $3.34B | -4.7% |
| 2021 | $3.50B | +58.0% |
| 2020 | $2.22B | +10.4% |
| 2019 | $2.01B | +232.0% |
| 2018 | $605.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EPRT price data to Oct 28, 2026 | -7.5% | -9.4% | +12.4% | +1.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.5% |
| 2025 | -1.4% |
| 2024 | +27.3% |
| 2023 | +14.1% |
| 2022 | -14.5% |
| 2021 | +41.2% |
| 2020 | -9.6% |
| 2019 | +86.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.4% over that stretch · deepest drop along the way 71.3%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.1% over that stretch · deepest drop along the way 32.5%, back to its old high 17.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 2 sales ($895K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 24, 2026 | Robert M Jenkins Executive VP and COO | sell | $709K |
| Mar 20, 2026 | Robert Webb Salisbury Executive VP and CFO | sell | $187K |
Who owns it
Large shareholders (13G filings)
| Cohen & Steers, Inc. | 18.01% | Jun 30, 2026 |
| BlackRock, Inc. | 16.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 9.48% | Mar 31, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Mar 31, 2025 |
| Wellington Management Group LLP | 4.8% | Dec 31, 2024 |
ETFs with the most weight in EPRT
| NETL NETLease Corporate Real Estate ETF | 3.94% |
| REIT ALPS Active REIT ETF | 2.72% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.77% |
| OSCV Opus Small Cap Value ETF | 1.64% |
| XSMO Invesco S&P SmallCap Momentum ETF | 1.46% |
| VRAI Virtus Real Asset Income ETF | 1.18% |
| PSR Invesco Active U.S. Real Estate Fund | 1.12% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 1.11% |
What could go wrong
- Unrated tenants are harder to judge. Most tenants are middle-market firms without credit ratings. The company relies on its own analysis, such as rent coverage (tenant earnings compared with rent, 3.6 times as of December 31, 2025), which may misjudge default risk.
- The e-commerce-resistant bet could be wrong. The strategy assumes car washes, child care, restaurants and similar businesses are shielded from online competition. The 10-K notes grocery stores were once seen that way and proved vulnerable. Consumer habits can shift.
- Tenant bankruptcies and costly vacancies. Rent depends on tenants running profitable businesses. A bankrupt tenant can end or change its lease, and a vacant single-tenant building may need costly work before a new tenant moves in.
- Rent increases may trail inflation. Most leases have built-in rent increases, averaging 1.8% a year as of December 31, 2025. If inflation runs hotter, rent loses buying power, and rising costs can strain tenants' ability to pay.
- Growth relies on debt and new shares. Total debt was about $2.97 billion as of September 30, 2026. Higher rates or tight credit markets could raise costs or slow deals, and issuing new shares dilutes existing owners.
- Rising interest rates can weigh on shares. Higher market rates may lower the stock price as income investors compare its dividend with bond yields. The 10-K also warns the dividend could be reduced and the Board can change policy.
Recent events
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Other company announcement
- Other company announcement
For income and retirement investors
Essential Properties' dividend yield was 4.75% as of October 28, 2026. Dividends per share rose in every fiscal year from 2018 through 2025, at least seven straight increases, and grew about 5.6% a year from 2020 to 2025. The Board declared $1.205 per share for 2025. Dividends equaled about 92.5% of 2025 net income, which looks high partly because REIT earnings are reduced by depreciation, a non-cash expense. The company bought back no shares from 2021 to 2025. Instead, it issues new stock to fund property purchases, and shares outstanding rose about 81% between October 2021 and October 2026, which spreads future dividends across more owners.
The stock has fallen sharply in downturns. In the 2020 COVID crash it dropped about 71% between February 20 and March 18, then took about 13 months to recover. In the 2022 bear market it fell about 33% and took about 18 months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Essential Properties Realty Trust make money?
It collects rent. The company purchases freestanding buildings from middle-market businesses such as car washes, child care centers, restaurants and medical offices, then leases them back on long-term net leases, where tenants generally cover taxes, insurance and upkeep. It also earns interest on mortgage loans secured by 150 properties. As of December 31, 2025, annualized base rent, including that loan interest, totaled $555.0 million. Total revenue for 2025 was $561.2 million.
Does EPRT raise its dividend every year?
Yes, so far. Dividends per share rose in every fiscal year from 2018 through 2025 in its SEC filings, at least seven increases in a row. Growth averaged about 5.6% a year from 2020 to 2025, and the Board declared quarterly distributions totaling $1.205 per share for 2025. The 10-K cautions that the company may not be able to maintain its distribution level and that the Board can change its dividend policy.
What is EPRT's dividend yield?
The dividend yield was 4.75% as of October 28, 2026. At that point the share price was down 7.5% for the year to date and 9.4% over one year. Because it is a REIT, its dividends generally do not qualify for the lower tax rates that apply to some other dividends, which matters most for shares held in taxable accounts.
Who are Essential Properties' tenants?
Mostly middle-market operators: regional and national companies with 10 to 250 locations and $20 million to $1 billion in annual revenue, most without a credit rating. As of December 31, 2025, its portfolio of 2,300 properties was 99.7% occupied by tenants operating 659 brands across 48 states, and no single tenant made up more than 3.4% of annualized base rent. Industries include car washes, medical and dental services, early childhood education, quick service restaurants, entertainment and convenience stores.
How much debt does Essential Properties Realty Trust have?
Total debt was about $2.97 billion as of September 30, 2026, compared with total assets of about $7.69 billion and shareholders' equity of about $4.54 billion. At the end of 2025, debt was $2.5 billion, which included $400 million of 5.400% senior notes due 2035 issued in August 2025. The company also funds growth by issuing new shares, and its share count rose about 81% between October 2021 and October 2026.