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

NYSE:ESRT - New York Stock Exchange, Inc. - US2921041065 - REIT - Currency: USD

8.65  -0.1 (-1.14%)

After market: 8.65 0 (0%)

Fundamental Rating

3

Overall ESRT gets a fundamental rating of 3 out of 10. We evaluated ESRT against 129 industry peers in the Diversified REITs industry. ESRT has an average financial health and profitability rating. ESRT has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

ESRT had positive earnings in the past year.
In the past year ESRT had a positive cash flow from operations.
In multiple years ESRT reported negative net income over the last 5 years.
Of the past 5 years ESRT 4 years had a positive operating cash flow.
ESRT Yearly Net Income VS EBIT VS OCF VS FCFESRT Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100M 200M

1.2 Ratios

ESRT has a Return On Assets of 1.02%. This is comparable to the rest of the industry: ESRT outperforms 55.56% of its industry peers.
Looking at the Return On Equity, with a value of 4.34%, ESRT is in the better half of the industry, outperforming 67.46% of the companies in the same industry.
ESRT's Return On Invested Capital of 2.88% is in line compared to the rest of the industry. ESRT outperforms 55.56% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for ESRT is in line with the industry average of 3.11%.
The 3 year average ROIC (2.34%) for ESRT is below the current ROIC(2.88%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.02%
ROE 4.34%
ROIC 2.88%
ROA(3y)0.6%
ROA(5y)0.53%
ROE(3y)2.5%
ROE(5y)1.97%
ROIC(3y)2.34%
ROIC(5y)2.31%
ESRT Yearly ROA, ROE, ROICESRT Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2 4 6

1.3 Margins

ESRT has a Profit Margin of 5.95%. This is comparable to the rest of the industry: ESRT outperforms 53.97% of its industry peers.
In the last couple of years the Profit Margin of ESRT has declined.
ESRT's Operating Margin of 20.51% is in line compared to the rest of the industry. ESRT outperforms 45.24% of its industry peers.
ESRT's Operating Margin has declined in the last couple of years.
ESRT's Gross Margin of 55.48% is on the low side compared to the rest of the industry. ESRT is outperformed by 74.60% of its industry peers.
In the last couple of years the Gross Margin of ESRT has remained more or less at the same level.
Industry RankSector Rank
OM 20.51%
PM (TTM) 5.95%
GM 55.48%
OM growth 3Y23.03%
OM growth 5Y-5.34%
PM growth 3YN/A
PM growth 5Y-5.86%
GM growth 3Y1.03%
GM growth 5Y-0.77%
ESRT Yearly Profit, Operating, Gross MarginsESRT Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 40

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4

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so ESRT is destroying value.
There is no outstanding debt for ESRT. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
ESRT Yearly Shares OutstandingESRT Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M
ESRT Yearly Total Debt VS Total AssetsESRT Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

Based on the Altman-Z score of 0.70, we must say that ESRT is in the distress zone and has some risk of bankruptcy.
ESRT has a Altman-Z score (0.70) which is comparable to the rest of the industry.
ESRT has a Debt/Equity ratio of 2.35. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 2.35, ESRT is doing worse than 80.16% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 2.35
Debt/FCF N/A
Altman-Z 0.7
ROIC/WACC0.45
WACC6.46%
ESRT Yearly LT Debt VS Equity VS FCFESRT Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B 2B

2.3 Liquidity

ESRT has a Current Ratio of 5.76. This indicates that ESRT is financially healthy and has no problem in meeting its short term obligations.
ESRT has a better Current ratio (5.76) than 93.65% of its industry peers.
ESRT has a Quick Ratio of 5.76. This indicates that ESRT is financially healthy and has no problem in meeting its short term obligations.
ESRT has a better Quick ratio (5.76) than 93.65% of its industry peers.
Industry RankSector Rank
Current Ratio 5.76
Quick Ratio 5.76
ESRT Yearly Current Assets VS Current LiabilitesESRT Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M

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1

3. Growth

3.1 Past

The earnings per share for ESRT have decreased strongly by -31.52% in the last year.
EPS 1Y (TTM)-31.52%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-4%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%2.62%

3.2 Future

ESRT is expected to show a very negative growth in Earnings Per Share. In the coming years, the EPS will decrease by -37.27% yearly.
The Revenue is expected to grow by 1.26% on average over the next years.
EPS Next Y-90.29%
EPS Next 2Y-68.83%
EPS Next 3Y-56.74%
EPS Next 5Y-37.27%
Revenue Next Year2.13%
Revenue Next 2Y1.91%
Revenue Next 3Y0.49%
Revenue Next 5Y1.26%

3.3 Evolution

ESRT Yearly Revenue VS EstimatesESRT Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 200M 400M 600M 800M
ESRT Yearly EPS VS EstimatesESRT Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 0.2 0.4 0.6 0.8

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3

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 13.73, ESRT is valued correctly.
Compared to the rest of the industry, the Price/Earnings ratio of ESRT indicates a rather cheap valuation: ESRT is cheaper than 89.68% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 29.63, ESRT is valued rather cheaply.
The Price/Forward Earnings ratio is 141.34, which means the current valuation is very expensive for ESRT.
The rest of the industry has a similar Price/Forward Earnings ratio as ESRT.
When comparing the Price/Forward Earnings ratio of ESRT to the average of the S&P500 Index (22.68), we can say ESRT is valued expensively.
Industry RankSector Rank
PE 13.73
Fwd PE 141.34
ESRT Price Earnings VS Forward Price EarningsESRT Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, ESRT is valued cheaply inside the industry as 83.33% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 10.11
ESRT Per share dataESRT EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6

4.3 Compensation for Growth

ESRT's earnings are expected to decrease with -56.74% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-68.83%
EPS Next 3Y-56.74%

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2

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.60%, ESRT has a reasonable but not impressive dividend return.
In the last 3 months the price of ESRT has falen by -21.93%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
With a Dividend Yield of 1.60, ESRT pays less dividend than the industry average, which is at 18.48. 87.30% 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 2.29.
Industry RankSector Rank
Dividend Yield 1.6%

5.2 History

The dividend of ESRT decreases each year by -17.22%.
ESRT has paid a dividend for at least 10 years, which is a reliable track record.
ESRT has decreased its dividend in the last 3 years.
Dividend Growth(5Y)-17.22%
Div Incr Years0
Div Non Decr Years2
ESRT Yearly Dividends per shareESRT Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.1 0.2 0.3 0.4

5.3 Sustainability

60.18% 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.
DP60.18%
EPS Next 2Y-68.83%
EPS Next 3Y-56.74%
ESRT Yearly Income VS Free CF VS DividendESRT Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20M -20M 40M 60M
ESRT Dividend Payout.ESRT Dividend Payout, showing the Payout Ratio.ESRT Dividend Payout.PayoutRetained Earnings

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EMPIRE STATE REALTY TRUST-A

NYSE:ESRT (2/21/2025, 8:16:09 PM)

After market: 8.65 0 (0%)

8.65

-0.1 (-1.14%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-19 2025-02-19/amc
Earnings (Next)04-22 2025-04-22
Inst Owners94.47%
Inst Owner Change3.89%
Ins Owners0.1%
Ins Owner Change0.29%
Market Cap1.44B
Analysts50.91
Price Target11.99 (38.61%)
Short Float %2.21%
Short Ratio3.27
Dividend
Industry RankSector Rank
Dividend Yield 1.6%
Yearly Dividend0.17
Dividend Growth(5Y)-17.22%
DP60.18%
Div Incr Years0
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)100.98%
Min EPS beat(2)56.86%
Max EPS beat(2)145.1%
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)1
Avg Revenue beat(2)-0.43%
Min Revenue beat(2)-1.89%
Max Revenue beat(2)1.03%
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)0%
PT rev (3m)4.44%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)-36%
EPS NY rev (3m)-52.94%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.7%
Valuation
Industry RankSector Rank
PE 13.73
Fwd PE 141.34
P/S 1.89
P/FCF N/A
P/OCF 5.83
P/B 1.38
P/tB 6.06
EV/EBITDA 10.11
EPS(TTM)0.63
EY7.28%
EPS(NY)0.06
Fwd EY0.71%
FCF(TTM)-0.49
FCFYN/A
OCF(TTM)1.48
OCFY17.15%
SpS4.58
BVpS6.27
TBVpS1.43
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.02%
ROE 4.34%
ROCE 3.64%
ROIC 2.88%
ROICexc 3.19%
ROICexgc 4.03%
OM 20.51%
PM (TTM) 5.95%
GM 55.48%
FCFM N/A
ROA(3y)0.6%
ROA(5y)0.53%
ROE(3y)2.5%
ROE(5y)1.97%
ROIC(3y)2.34%
ROIC(5y)2.31%
ROICexc(3y)2.55%
ROICexc(5y)2.52%
ROICexgc(3y)3.26%
ROICexgc(5y)3.27%
ROCE(3y)2.96%
ROCE(5y)2.93%
ROICexcg growth 3Y27.15%
ROICexcg growth 5Y-4.74%
ROICexc growth 3Y28.36%
ROICexc growth 5Y-4.63%
OM growth 3Y23.03%
OM growth 5Y-5.34%
PM growth 3YN/A
PM growth 5Y-5.86%
GM growth 3Y1.03%
GM growth 5Y-0.77%
F-Score6
Asset Turnover0.17
Health
Industry RankSector Rank
Debt/Equity 2.35
Debt/FCF N/A
Debt/EBITDA 7.11
Cap/Depr 174.17%
Cap/Sales 43.15%
Interest Coverage 1.79
Cash Conversion 71.57%
Profit Quality N/A
Current Ratio 5.76
Quick Ratio 5.76
Altman-Z 0.7
F-Score6
WACC6.46%
ROIC/WACC0.45
Cap/Depr(3y)101.47%
Cap/Depr(5y)103.43%
Cap/Sales(3y)29.94%
Cap/Sales(5y)29.51%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-31.52%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-4%
EPS Next Y-90.29%
EPS Next 2Y-68.83%
EPS Next 3Y-56.74%
EPS Next 5Y-37.27%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%2.62%
Revenue Next Year2.13%
Revenue Next 2Y1.91%
Revenue Next 3Y0.49%
Revenue Next 5Y1.26%
EBIT growth 1Y7.96%
EBIT growth 3Y31.24%
EBIT growth 5Y-5.13%
EBIT Next Year132.92%
EBIT Next 3Y34.71%
EBIT Next 5Y19.75%
FCF growth 1Y-612.57%
FCF growth 3Y19.12%
FCF growth 5Y12.97%
OCF growth 1Y12.69%
OCF growth 3Y8.44%
OCF growth 5Y-3.58%