A Business at a Glance
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Empire State Realty Trust, Inc.
ESRT
$983M
Mkt Cap
$5.66
+3.66%
Empire State Realty Trust, Inc. (ESRT) has a current P/E ratio of 22.6, compared to its historical median P/E of 33.9. The stock is currently considered Cheap based on its historical valuation range.
Empire State Realty Trust, Inc. (ESRT) has a 5-year average return on invested capital (ROIC) of 10.0%. This is below average and may indicate limited pricing power.
Empire State Realty Trust, Inc. (ESRT) has a market capitalization of $1.5B. It is classified as a small-cap stock.
Yes, Empire State Realty Trust, Inc. (ESRT) pays a dividend with a trailing twelve-month yield of 1.57%. The company also returns capital through share buybacks, with a buyback yield of 0.53%.
Based on historical P/E analysis, Empire State Realty Trust, Inc. (ESRT) appears cheap. The current P/E of 22.6 is 33% below its historical median of 33.9. The estimated fair value CAGR (P/E method) is 3.0%.
Empire State Realty Trust, Inc. (ESRT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
•"annualized rent" represents annualized base rent and current reimbursement for operating expenses and real estate taxes; •"formation transactions" means a series of transactions pursuant to which we acquired, substantially concurrently with the completion of the initial public offering, through a series of contributions and merger transactions, our commercial portfolio of real estate assets which were held by existing entities, the ownership interests in the certain management entities of our predecessor and one development parcel; •"enterprise value" means all outstanding shares of our Class A common stock at the time indicated plus shares of Class A common stock that may be issuable upon the exchange of operating partnership units on a one-for-one basis and shares of Class A common stock issuable upon the conversion of Class B common stock on a one-for-one basis multiplied by the Class A common share price at December 31, 2025, plus private perpetual preferred units plus consolidat
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 779M | 768M | 768M | 740M | 727M | 624M |
| Net Income | 35M | 43M | 47M | 49M | 36M | -11M |
| EPS | $0.13 | $0.25 | $0.28 | $0.30 | $0.22 | $-0.06 |
| Free Cash Flow | 60M | 51M | 88M | 63M | 125M | -186M |
| ROIC | 10.6% | 9.8% | 12.4% | 11.0% | 9.8% | 7.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.23 | 0.72 | 0.79 | 0.89 | 0.93 | 0.95 |
| Dividends/Share | $0.09 | $0.14 | $0.14 | $0.14 | $0.14 | $0.11 |
| Operating Income | 139M | 136M | 159M | 147M | 127M | 79M |
| Operating Margin | 17.9% | 17.7% | 20.7% | 19.8% | 17.5% | 12.7% |
| ROE | 3.3% | 4.2% | 4.7% | 5.1% | 3.7% | -1.0% |
| Shares Outstanding | 269M | 174M | 169M | 163M | 166M | 179M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 635M | 658M | 677M | 710M | 732M | 731M | 609M | 624M | 727M | 740M | 768M | 768M | 779M |
| Gross Margin | 28.4% | 28.8% | 34.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 39M | 38M | 49M | 50M | 53M | 61M | 62M | 56M | 62M | 64M | 70M | 73M | 74M |
| EBIT | 141M | 151M | 184M | 193M | 191M | 155M | 59M | 79M | 127M | 147M | 159M | 136M | 139M |
| Op. Margin | 22.2% | 23.0% | 27.1% | 27.2% | 26.1% | 21.2% | 9.6% | 12.7% | 17.5% | 19.8% | 20.7% | 17.7% | 17.9% |
| Net Income | 27M | 34M | 51M | 63M | 66M | 49M | -17M | -11M | 36M | 49M | 47M | 43M | 35M |
| Net Margin | 4.2% | 5.1% | 7.6% | 8.8% | 9.0% | 6.8% | -2.7% | -1.7% | 5.0% | 6.6% | 6.2% | 5.6% | 4.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 6.2M | 7.7M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.3% | 11.2% | 13.3% | 13.1% | 13.8% | 10.6% | 4.6% | 7.1% | 9.8% | 11.0% | 12.4% | 9.8% | 10.6% |
| ROE | 6.2% | 6.8% | 6.1% | 5.4% | 5.5% | 4.0% | -1.5% | -1.0% | 3.7% | 5.1% | 4.7% | 4.2% | 3.3% |
| ROA | 0.9% | 1.0% | 1.4% | 1.6% | 1.6% | 1.2% | -0.4% | -0.3% | 0.9% | 1.2% | 1.1% | 1.0% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 139M | 203M | 215M | 194M | 279M | 233M | 182M | 212M | 211M | 232M | 261M | 249M | 235M |
| Free Cash Flow | -359M | 46M | 17M | -34M | 23M | -23M | 78M | -186M | 125M | 63M | 88M | 51M | 60M |
| Owner Earnings | -11M | 26M | 50M | 19M | 92M | 30M | -34M | -9.6M | -27M | 23M | 54M | 29M | 13M |
| CapEx | 498M | 157M | 198M | 228M | 256M | 256M | 104M | 398M | 86M | 169M | 173M | 198M | 175M |
| Maint. CapEx | 145M | 171M | 155M | 161M | 169M | 182M | 191M | 202M | 217M | 190M | 185M | 195M | 196M |
| Growth CapEx | 352M | 0 | 42M | 67M | 88M | 74M | 0 | 197M | 0 | 0 | 0 | 3.7M | 0 |
| D&A | 145M | 171M | 155M | 161M | 169M | 182M | 191M | 202M | 217M | 190M | 185M | 195M | 196M |
| CapEx/OCF | 87.5% | 69.7% | 83.2% | 114.8% | 87.1% | 107.6% | 78.5% | 44.7% | 59.8% | 59.9% | 66.3% | 79.7% | 74.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 34M | 39M | 56M | 67M | 71M | 75M | 37M | 18M | 23M | 23M | 23M | 24M | 24M |
| Dividend Yield | 2.7% | 2.3% | 2.6% | 2.4% | 2.9% | 3.3% | 2.8% | 1.0% | 1.9% | 1.9% | 1.4% | 1.8% | 1.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 144M | 47M | 90M | 13M | 0 | 8.1M | 8.1M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 9.6% | 3.1% | 8.7% | 0.8% | N/A | 0.7% | 0.5% |
| Stock-Based Comp | 3.7M | 5.5M | 9.7M | 14M | 19M | 21M | 25M | 20M | 21M | 20M | 22M | 25M | 26M |
| Debt Repayment | 348M | 147M | 32M | 347M | 267M | 0 | 550M | 0 | 0 | 0 | 0 | 170M | 170M |
| Balance Sheet | |||||||||||||
| Net Debt | 853M | 736M | 205M | 253M | 3.6M | 372M | 249M | 525M | 619M | 531M | 427M | 632M | 180M |
| Cash & Equiv. | 46M | 47M | 554M | 464M | 205M | 234M | 527M | 424M | 264M | 347M | 385M | 133M | 69M |
| Long-Term Debt | 899M | 748M | 759M | 717M | 609M | 606M | 776M | 949M | 884M | 877M | 692M | 619M | 159M |
| Debt/Equity | 1.92 | 1.49 | 0.66 | 0.61 | 0.49 | 0.49 | 0.74 | 0.95 | 0.93 | 0.89 | 0.79 | 0.72 | 0.23 |
| Interest Coverage | 2.1 | 2.3 | 2.6 | 2.8 | 2.4 | 2.0 | 0.7 | 0.8 | 1.3 | 1.4 | 1.5 | 1.3 | 1.3 |
| Equity | 469M | 525M | 1.2B | 1.2B | 1.2B | 1.2B | 1.1B | 998M | 954M | 986M | 1.0B | 1.1B | 1.1B |
| Total Assets | 3.3B | 3.3B | 3.9B | 3.9B | 4.2B | 3.9B | 4.2B | 4.3B | 4.2B | 4.2B | 4.5B | 4.5B | 4.4B |
| Total Liabilities | 1.9B | 1.9B | 1.9B | 2.0B | 2.2B | 2.0B | 2.4B | 2.6B | 2.5B | 2.5B | 2.7B | 2.6B | 2.6B |
| Intangibles | 290M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 61M | 55M | 51M | 47M | 42M | 16M | -66M | -134M | -109M | -83M | -59M | -40M | -44M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 44M |
| Per Share Data | |||||||||||||
| EPS | 0.27 | 0.29 | 0.38 | 0.39 | 0.39 | 0.28 | -0.10 | -0.06 | 0.22 | 0.30 | 0.28 | 0.25 | 0.13 |
| Owner EPS | -0.11 | 0.23 | 0.37 | 0.12 | 0.55 | 0.17 | -0.20 | -0.05 | -0.16 | 0.14 | 0.32 | 0.17 | 0.05 |
| Book Value | 4.74 | 4.51 | 8.52 | 7.27 | 7.36 | 6.96 | 6.31 | 5.59 | 5.76 | 6.03 | 6.08 | 6.11 | 3.95 |
| Cash Flow/Share | 1.40 | 1.75 | 1.59 | 1.21 | 1.66 | 1.32 | 1.09 | 1.19 | 1.27 | 1.42 | 1.54 | 1.43 | 0.86 |
| Dividends/Share | 0.34 | 0.34 | 0.40 | 0.42 | 0.42 | 0.42 | 0.21 | 0.11 | 0.14 | 0.14 | 0.14 | 0.14 | 0.09 |
| Shares Out. | 98.8M | 116.3M | 135.4M | 160.6M | 168.2M | 176.6M | 167.1M | 178.5M | 165.6M | 163.5M | 169.4M | 173.6M | 269.3M |
| Valuation | |||||||||||||
| P/E Ratio | 53.0 | 51.1 | 43.2 | 45.1 | 32.1 | 44.5 | N/A | N/A | 28.3 | 31.9 | 35.7 | 25.8 | 43.1 |
| P/FCF | N/A | 37.1 | 130.1 | N/A | 93.4 | N/A | 19.1 | N/A | 8.2 | 24.7 | 19.3 | 22.2 | 25.3 |
| EV/EBIT | 17.4 | 19.6 | 13.3 | 19.6 | 16.5 | 20.3 | 37.3 | 32.4 | 18.6 | 12.6 | 14.5 | 15.7 | 12.2 |
| Price/Book | 3.0 | 3.3 | 1.9 | 2.4 | 1.7 | 1.8 | 1.4 | 1.5 | 1.1 | 1.6 | 1.6 | 1.1 | 1.4 |
| Price/Sales | 2.0 | 2.6 | 3.1 | 3.9 | 3.4 | 3.2 | 2.2 | 2.8 | 1.7 | 1.6 | 2.2 | 1.8 | 2.0 |
| FCF Yield | -25.4% | 2.7% | 0.8% | -1.2% | 1.1% | -1.1% | 5.2% | -12.5% | 12.1% | 4.0% | 5.2% | 4.5% | 3.9% |
| Market Cap | 1.4B | 1.7B | 2.2B | 2.8B | 2.1B | 2.2B | 1.5B | 1.5B | 1.0B | 1.6B | 1.7B | 1.1B | 1.5B |
| Avg. Price | 12.58 | 14.44 | 15.67 | 17.43 | 14.63 | 13.05 | 7.85 | 9.93 | 7.54 | 7.34 | 9.87 | 7.79 | 5.66 |
| Year-End Price | 14.31 | 14.83 | 16.40 | 17.58 | 12.51 | 12.47 | 8.92 | 8.35 | 6.23 | 9.58 | 10.01 | 6.46 | 5.66 |
Empire State Realty Trust, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Empire State Realty Trust, Inc. trades at 22.6x trailing earnings, compared to its 15-year median P/E of 33.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 19.1x vs a median of 20.7x. The company's 5-year average ROIC is 10.0%. Total shareholder yield (dividends + buybacks) is 2.1%. At current prices, the estimated annualized return to fair value is +30.2%.
Empire State Realty Trust, Inc. (ESRT) reported annual revenue of $768 million in its most recent fiscal year, based on SEC EDGAR filings.
Empire State Realty Trust, Inc. (ESRT) has a net profit margin of 5.6%. This is a modest margin.
Empire State Realty Trust, Inc. (ESRT) generated $51 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Empire State Realty Trust, Inc. (ESRT) has a debt-to-equity ratio of 0.72. This indicates moderate leverage.
Empire State Realty Trust, Inc. (ESRT) reported earnings per share (EPS) of $0.25 in its most recent fiscal year.
Empire State Realty Trust, Inc. (ESRT) has a return on equity (ROE) of 4.2%. This indicates moderate shareholder returns.
The Ledger Terminal provides 15 years of financial data for Empire State Realty Trust, Inc. (ESRT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Empire State Realty Trust, Inc. (ESRT) has a book value per share of $6.11, based on its most recent annual SEC filing.