ESRT Fundamental Analysis - EMPIRE STATE REALTY TRUST-A

Fundamental Rating

We assign a fundamental rating of 4 out of 10 to ESRT. ESRT was compared to 130 industry peers in the Diversified REITs industry. ESRT has only an average score on both its financial health and profitability. ESRT does not seem to be growing, but still is valued expensively.

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1. Profitability

1.1 Basic Checks

In the past year ESRT was profitable.

ESRT had a positive operating cash flow in the past year.

In multiple years ESRT reported negative net income over the last 5 years.

Each year in the past 5 years ESRT had a positive operating cash flow.

1.2 Ratios

ESRT's Return On Assets of 0.99% is in line compared to the rest of the industry. ESRT outperforms 54.62% of its industry peers.

ESRT has a Return On Equity of 3.79%. This is in the better half of the industry: ESRT outperforms 60.77% of its industry peers.

ESRT's Return On Invested Capital of 3.01% is in line compared to the rest of the industry. ESRT outperforms 59.23% of its industry peers.

The Average Return On Invested Capital over the past 3 years for ESRT is in line with the industry average of 3.05%.

The last Return On Invested Capital (3.01%) for ESRT is above the 3 year average (2.75%), which is a sign of increasing profitability.

		Industry Rank	Sector Rank
ROA	0.99%
ROE	3.79%
ROIC	3.01%

ROA(3y)1.03%

ROA(5y)0.49%

ROE(3y)4.33%

ROE(5y)2.08%

ROIC(3y)2.75%

ROIC(5y)2.24%

1.3 Margins

Looking at the Profit Margin, with a value of 5.26%, ESRT is in line with its industry, outperforming 52.31% of the companies in the same industry.

In the last couple of years the Profit Margin of ESRT has declined.

ESRT has a Operating Margin (19.41%) which is comparable to the rest of the industry.

ESRT's Operating Margin has been stable in the last couple of years.

With a Gross Margin value of 54.42%, ESRT is not doing good in the industry: 74.62% of the companies in the same industry are doing better.

In the last couple of years the Gross Margin of ESRT has remained more or less at the same level.

		Industry Rank	Sector Rank
OM	19.41%
PM (TTM)	5.26%
GM	54.42%

OM growth 3Y14.11%

OM growth 5Y-0.46%

PM growth 3YN/A

PM growth 5Y-1.77%

GM growth 3Y-0.96%

GM growth 5Y-0.19%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

ESRT has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.

ESRT has more shares outstanding than it did 1 year ago.

Compared to 5 years ago, ESRT has less shares outstanding

ESRT has a worse debt/assets ratio than last year.

2.2 Solvency

Based on the Altman-Z score of 0.62, we must say that ESRT is in the distress zone and has some risk of bankruptcy.

With a Altman-Z score value of 0.62, ESRT perfoms like the industry average, outperforming 56.92% of the companies in the same industry.

A Debt/Equity ratio of 1.93 is on the high side and indicates that ESRT has dependencies on debt financing.

ESRT's Debt to Equity ratio of 1.93 is on the low side compared to the rest of the industry. ESRT is outperformed by 68.46% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	1.93
Debt/FCF	N/A
Altman-Z	0.62

ROIC/WACC0.48

WACC6.29%

2.3 Liquidity

ESRT has a Current Ratio of 2.37. This indicates that ESRT is financially healthy and has no problem in meeting its short term obligations.

The Current ratio of ESRT (2.37) is better than 86.15% of its industry peers.

ESRT has a Quick Ratio of 2.37. This indicates that ESRT is financially healthy and has no problem in meeting its short term obligations.

With an excellent Quick ratio value of 2.37, ESRT belongs to the best of the industry, outperforming 86.15% of the companies in the same industry.

		Industry Rank	Sector Rank
Current Ratio	2.37
Quick Ratio	2.37

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

ESRT shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -9.88%.

Measured over the past years, ESRT shows a decrease in Earnings Per Share. The EPS has been decreasing by -8.83% on average per year.

ESRT shows a small growth in Revenue. In the last year, the Revenue has grown by 1.78%.

ESRT shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 0.98% yearly.

EPS 1Y (TTM)-9.88%

EPS 3YN/A

EPS 5Y-8.83%

EPS Q2Q%120%

Revenue 1Y (TTM)1.78%

Revenue growth 3Y7.16%

Revenue growth 5Y0.98%

Sales Q2Q%-18.99%

3.2 Future

Based on estimates for the next years, ESRT will show a very negative growth in Earnings Per Share. The EPS will decrease by -37.27% on average per year.

ESRT is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.75% yearly.

EPS Next Y-85.43%

EPS Next 2Y-64.01%

EPS Next 3Y-51.61%

EPS Next 5Y-37.27%

Revenue Next Year1.06%

Revenue Next 2Y2.05%

Revenue Next 3Y1.71%

Revenue Next 5Y1.75%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 10.67, which indicates a very decent valuation of ESRT.

Compared to the rest of the industry, the Price/Earnings ratio of ESRT indicates a rather cheap valuation: ESRT is cheaper than 95.38% of the companies listed in the same industry.

The average S&P500 Price/Earnings ratio is at 27.27. ESRT is valued rather cheaply when compared to this.

ESRT is valuated quite expensively with a Price/Forward Earnings ratio of 95.47.

ESRT's Price/Forward Earnings ratio is in line with the industry average.

ESRT is valuated expensively when we compare the Price/Forward Earnings ratio to 22.77, which is the current average of the S&P500 Index.

		Industry Rank	Sector Rank
PE	10.67
Fwd PE	95.47

4.2 Price Multiples

ESRT's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. ESRT is cheaper than 88.46% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	N/A
EV/EBITDA	9.8

4.3 Compensation for Growth

ESRT's earnings are expected to decrease with -51.61% in the coming years. This may justify a cheaper valuation.

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2Y-64.01%

EPS Next 3Y-51.61%

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5. Dividend

5.1 Amount

ESRT has a Yearly Dividend Yield of 1.79%.

Compared to an average industry Dividend Yield of 6.66, ESRT's dividend is way lower than its industry peers. On top of this 88.46% of the companies listed in the same industry pay a better dividend than ESRT!

ESRT's Dividend Yield is slightly below the S&P500 average, which is at 2.38.

		Industry Rank	Sector Rank
Dividend Yield	1.79%

5.2 History

The dividend of ESRT decreases each year by -17.38%.

ESRT has been paying a dividend for at least 10 years, so it has a reliable track record.

ESRT has not decreased its dividend in the last 3 years.

Dividend Growth(5Y)-17.38%

Div Incr Years0

Div Non Decr Years3

5.3 Sustainability

68.41% of the earnings are spent on dividend by ESRT. This is not a sustainable payout ratio.

The Dividend Rate of ESRT has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.

DP68.41%

EPS Next 2Y-64.01%

EPS Next 3Y-51.61%

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EMPIRE STATE REALTY TRUST-A

NYSE:ESRT (9/15/2025, 8:04:00 PM)

After market: 7.85 +0.06 (+0.77%)

7.79

-0.12 (-1.52%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)07-23 2025-07-23/amc

Earnings (Next)10-20 2025-10-20

Inst Owners94.24%

Inst Owner Change5.91%

Ins Owners0.08%

Ins Owner Change-0.14%

Market Cap1.32B

Analysts75

Price Target9.04 (16.05%)

Short Float %2.96%

Short Ratio2.65

Dividend

		Industry Rank	Sector Rank
Dividend Yield	1.79%

Yearly Dividend0.17

Dividend Growth(5Y)-17.38%

DP68.41%

Div Incr Years0

Div Non Decr Years3

Ex-Date09-15 2025-09-15 (0.035)

Surprises & Revisions

EPS beat(2)N/A

Avg EPS beat(2)N/A

Min EPS beat(2)N/A

Max EPS beat(2)N/A

EPS beat(4)N/A

Avg EPS beat(4)N/A

Min EPS beat(4)N/A

Max EPS beat(4)N/A

EPS beat(8)N/A

Avg EPS beat(8)N/A

EPS beat(12)N/A

Avg EPS beat(12)N/A

EPS beat(16)N/A

Avg EPS beat(16)N/A

Revenue beat(2)N/A

Avg Revenue beat(2)N/A

Min Revenue beat(2)N/A

Max Revenue beat(2)N/A

Revenue beat(4)N/A

Avg Revenue beat(4)N/A

Min Revenue beat(4)N/A

Max Revenue beat(4)N/A

Revenue beat(8)N/A

Avg Revenue beat(8)N/A

Revenue beat(12)N/A

Avg Revenue beat(12)N/A

Revenue beat(16)N/A

Avg Revenue beat(16)N/A

PT rev (1m)-2.21%

PT rev (3m)-3.28%

EPS NQ rev (1m)N/A

EPS NQ rev (3m)N/A

EPS NY rev (1m)0%

EPS NY rev (3m)0%

Revenue NQ rev (1m)N/A

Revenue NQ rev (3m)N/A

Revenue NY rev (1m)-1.17%

Revenue NY rev (3m)-1.45%

Valuation

		Industry Rank	Sector Rank
PE	10.67
Fwd PE	95.47
P/S	1.72
P/FCF	N/A
P/OCF	5.03
P/B	1.24
P/tB	4.95
EV/EBITDA	9.8

EPS(TTM)0.73

EY9.37%

EPS(NY)0.08

Fwd EY1.05%

FCF(TTM)-0.87

FCFYN/A

OCF(TTM)1.55

OCFY19.88%

SpS4.53

BVpS6.3

TBVpS1.58

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	0.99%
ROE	3.79%
ROCE	3.81%
ROIC	3.01%
ROICexc	3.08%
ROICexgc	3.9%
OM	19.41%
PM (TTM)	5.26%
GM	54.42%
FCFM	N/A

ROA(3y)1.03%

ROA(5y)0.49%

ROE(3y)4.33%

ROE(5y)2.08%

ROIC(3y)2.75%

ROIC(5y)2.24%

ROICexc(3y)2.99%

ROICexc(5y)2.46%

ROICexgc(3y)3.81%

ROICexgc(5y)3.15%

ROCE(3y)3.48%

ROCE(5y)2.83%

ROICexcg growth 3Y18.9%

ROICexcg growth 5Y-2.68%

ROICexc growth 3Y19.87%

ROICexc growth 5Y-1.77%

OM growth 3Y14.11%

OM growth 5Y-0.46%

PM growth 3YN/A

PM growth 5Y-1.77%

GM growth 3Y-0.96%

GM growth 5Y-0.19%

F-Score7

Asset Turnover0.19

Health

		Industry Rank	Sector Rank
Debt/Equity	1.93
Debt/FCF	N/A
Debt/EBITDA	6.11
Cap/Depr	218.69%
Cap/Sales	53.45%
Interest Coverage	1.51
Cash Conversion	77.94%
Profit Quality	N/A
Current Ratio	2.37
Quick Ratio	2.37
Altman-Z	0.62

F-Score7

WACC6.29%

ROIC/WACC0.48

Cap/Depr(3y)133.09%

Cap/Depr(5y)115.91%

Cap/Sales(3y)34.64%

Cap/Sales(5y)32.3%

Profit Quality(3y)N/A

Profit Quality(5y)N/A

High Growth Momentum

Growth

EPS 1Y (TTM)-9.88%

EPS 3YN/A

EPS 5Y-8.83%

EPS Q2Q%120%

EPS Next Y-85.43%

EPS Next 2Y-64.01%

EPS Next 3Y-51.61%

EPS Next 5Y-37.27%

Revenue 1Y (TTM)1.78%

Revenue growth 3Y7.16%

Revenue growth 5Y0.98%

Sales Q2Q%-18.99%

Revenue Next Year1.06%

Revenue Next 2Y2.05%

Revenue Next 3Y1.71%

Revenue Next 5Y1.75%

EBIT growth 1Y-2.8%

EBIT growth 3Y22.28%

EBIT growth 5Y0.51%

EBIT Next Year131.1%

EBIT Next 3Y34.69%

EBIT Next 5Y20.13%

FCF growth 1Y-427.05%

FCF growth 3YN/A

FCF growth 5YN/A

OCF growth 1Y12.55%

OCF growth 3Y7.08%

OCF growth 5Y2.32%

EMPIRE STATE REALTY TRUST-A (ESRT) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

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2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

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3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

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5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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