# Essential Properties Realty Trust, Inc. (EPRT)

> Source: Nexqual · https://nexqual.com/EPRT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Essential Properties Realty Trust, Inc. (EPRT), nexqual.com/EPRT" · informational, not investment advice.

**Price:** USD 26.26 (+5.50% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 24.89 · day 24.83–26.33 · 52w 24.62–34.73 · market cap $5.69B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $639M, net income $262M (41.0% margin) (SEC filings).
- Valuation: P/E 21.7x (avg 23.7x at the last 3 fiscal year-ends), EV/EBITDA 15.6x, net debt $2.97B.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $709K; 1 not under a Rule 10b5-1 plan ($709K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.89 on a 1–5 scale) (19 analysts), mean target USD 34.45 (range 28–40).
- Total return with dividends: 1Y -13.9% vs S&P 500 +14.9%; 5Y +10.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.34, revenue estimate $176M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $230M | $287M | $360M | $450M | $561M | $639M |
| Operating income | $134M | $175M | $243M | $278M | $360M | $387M |
| Net income | $95.7M | $134M | $191M | $203M | $253M | $262M |
| EPS (diluted) | $0.82 | $0.99 | $1.24 | $1.15 | $1.28 | — |
| Operating margin | 58.4% | 61.2% | 67.5% | 61.9% | 64.1% | 60.6% |
| Net margin | 41.6% | 46.8% | 53.0% | 45.2% | 45.1% | 41.0% |
| Revenue growth | +40.4% | +24.4% | +25.5% | +25.0% | +24.8% | — |
| Cash + short-term investments | $59.8M | $62.3M | $39.8M | $40.7M | $60.2M | — |
| Total debt | $1.17B | $1.43B | $1.68B | $2.13B | $2.53B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 21.7x · P/S 8.9x · EV/EBITDA 15.6x · EV/Sales 13.6x · P/B 1.3x · Earnings yield 4.61% · Dividend yield (paid, TTM) 4.62% · Net debt $2.97B · EV $8.66B
P/E at fiscal year-ends: Dec 2025 23.2x, Dec 2024 27.3x, Dec 2023 20.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-24 | Jenkins Robert M | Executive VP and COO | 22,000 | $709K | 39.2% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.89 on a 1–5 scale), 19 analysts; mean target USD 34.45 (low 28, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Stifel | Target lowered | Buy | $36 → $32.5 |
| 2026-10-20 | Deutsche Bank | Downgrade | Buy → Hold | $38 → $28 |
| 2026-10-20 | Barclays | Target lowered | Overweight | $37 → $34 |
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $36 → $30 |
| 2026-10-19 | Mizuho | Target lowered | Outperform | $30 → $29 |
| 2026-09-24 | Scotiabank | Target lowered | Sector Outperform | $33 → $30 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $38 → $37 |
| 2026-09-17 | Mizuho | Target lowered | Outperform | $34 → $30 |
| 2026-07-29 | Cantor Fitzgerald | Target raised | Overweight | $36 → $37 |
| 2026-07-23 | Stifel | Target raised | Buy | $36 → $36.25 |
| 2026-07-22 | Barclays | Target lowered | Overweight | $40 → $37 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -13.9% | +10.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.0% | +2.1% |
| Volatility (annualized) | 20.2% | 21.9% |
| Max drawdown | -25.6% (Mar 2026→Oct 2026) | -33.5% (Nov 2021→Oct 2022) |

## Peers (REIT - Retail)
PECO (Phillips Edison & Company, Inc.) USD 38.29 +2.74% · KRG (Kite Realty Group Trust) USD 24.77 +2.44% · MAC (Macerich Company (The)) USD 23.95 +3.10% · SKT (Tanger Inc.) USD 36.11 +2.29% · NNN (NNN REIT, Inc.) USD 42.13 +3.46% · ADC (Agree Realty Corporation) USD 67.07 +4.00%

## More
Full page: https://nexqual.com/EPRT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-10-21)

- "Guidance to $ 2.02 to $2.05 per Share - - Issues 2027 AFFO Guidance of $2.10 to $2.18 per Share - October 21, 2026 PRINCETON, N.J.--(BUSINESS WIRE)--Essential Properties Realty Trust, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.34 | $0.35 | -5.1% | $176.5M | 2 |
| Next quarter (ends 2027-03-31) | $0.33 | $0.35 | -5.8% | $184.3M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.35 | $0.00 | — | $665.4M | 1 |
| Next fiscal year (ends 2027-12-31) | $1.34 | $1.40 | -3.9% | $773.0M | 2 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 26.7% | ±7.0% |
| 2027-01-15 | 84 | 24.8% | ±10.1% |
| 2027-04-16 | 175 | 22.9% | ±12.9% |