ESRT Real Estate

Empire State Realty Trust, Inc.

$5.05+1.20%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Real Estate
Industry: REIT - Diversified
Country: United States
Market cap: 1.5B USD
Enterprise value: 1.9B USD
Full-time employees: 642

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.42 vs a peer median of 0.75)higher risk: bigger price swings (beta 1.42 vs peers 0.75)

Ranks #508 of 632 real estate companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $67M vs $21M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Empire State Realty Trust recorded $67M of stock-based pay expense and spent $21M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Empire State Realty Trust recorded $67M of stock-based pay expense and spent $21M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Investment surge. Capital spending 26% of revenue, up from 12% in 2022.
Empire State Realty Trust is spending 26% of revenue on facilities and equipment, up from 12% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Valuation signals disagree. Cheaper than 81% of peers on free cash flow, but only 24% on earnings.
Relative to its free cash flow, Empire State Realty Trust looks cheaper than 81% of peers; relative to its earnings, cheaper than only 24%. The valuation score blends the two, so look at which measure fits this business best.
Cash flow well above reported profit. Free cash flow is 21.6× reported profit.
Free cash flow is 21.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

35/ 100

Oct 5 36 → Nov 4 35 (-1)

Valuation

Is the price right?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ FCF yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.7%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.96Sector median: 0.0535 · MAD: 0.0484

EBITDA yield8.2%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 1.39Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield14.7%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score 1.85Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield76.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

25/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-86.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.64Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth2.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.12Sector median: 0.0378 · MAD: 0.0744

Revenue growth2.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.10Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

13/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 22.3 points to -4.4%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-4.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.38Sector median: 0.2683 · MAD: 0.2257

Return on assets0.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.41Sector median: 0.0211 · MAD: 0.0134

Return on invested capital-1.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.52Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin52.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity0.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.42

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.04Sector median: 0.7490 · MAD: 0.3270

Current ratio1.45×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 0.36Sector median: 1.1950 · MAD: 0.7210

Debt / equity0.75×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.14Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Empire State Realty Trust

Is Empire State Realty Trust getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: operating margin fell 22.3 points to -4.4%. Its overall score is unchanged at 35/100 since Oct 28, 2026.
How is Empire State Realty Trust valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 71/100 against 762 real estate peers. Free cash flow yield 14.7% vs a peer median of 6.5% (stronger than 81% of peers).Free cash flow yield 14.7% vs peers 6.5% (stronger than 81% of peers). Earnings yield 0.7% vs a peer median of 5.3% (weaker than 76% of peers).Earnings yield 0.7% vs peers 5.3% (weaker than 76% of peers).
Is Empire State Realty Trust growing?: More slowly than most of its peers. Growth scores 25/100 against 762 real estate peers. Earnings per share growth -86.5% vs a peer median of 11.2% (weaker than 100% of peers).Earnings per share growth -86.5% vs peers 11.2% (weaker than 100% of peers).
How profitable is Empire State Realty Trust?: Less profitable than most of its peers. Profitability scores 13/100 against 762 real estate peers. Operating margin -4.4% vs a peer median of 26.8% (weaker than 91% of peers).Operating margin -4.4% vs peers 26.8% (weaker than 91% of peers).
How risky is Empire State Realty Trust?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.42 vs a peer median of 0.75 (weaker than 91% of peers).Beta 1.42 vs peers 0.75 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 22.3 points to -4.4%

Worth watching: Empire State Realty Trust is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	778.5M USD	784.2M USD	+0.7%
Net income (12 months)	60.2M USD	9.3M USD	−84.6%
Operating margin	17.9%	-4.4%	−22.3 pts
Debt	958.4M USD	780.2M USD	−18.6%
Cash	68.8M USD	85.6M USD	+24.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Diversified companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	12.7%	17.5%	19.8%	20.7%	17.7%	▼ 3.0 pts
Net margin	-2.1%	8.7%	11.4%	10.5%	9.5%	▼ 1.0 pts
Return on assets (ROA)	-0.3%	1.5%	2.0%	1.8%	1.6%	▼ 0.1 pts
Return on equity (ROE)	-1.3%	6.6%	8.6%	7.8%	6.9%	▼ 0.9 pts
Free cash flow margin	-29.8%	17.2%	8.6%	11.5%	6.6%	▼ 4.9 pts
Debt to equity	1.34×	1.33×	1.29×	0.93×	0.90×	▼ 3.3%
Interest coverage	0.84×	1.26×	1.45×	1.51×	1.32×	▼ 13%

ESRT price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.42 vs a peer median of 0.75)higher risk: bigger price swings (beta 1.42 vs peers 0.75)

Ranks #508 of 632 real estate companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $67M vs $21M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Empire State Realty Trust recorded $67M of stock-based pay expense and spent $21M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Empire State Realty Trust recorded $67M of stock-based pay expense and spent $21M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Investment surge. Capital spending 26% of revenue, up from 12% in 2022.

Empire State Realty Trust is spending 26% of revenue on facilities and equipment, up from 12% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Valuation signals disagree. Cheaper than 81% of peers on free cash flow, but only 24% on earnings.

Relative to its free cash flow, Empire State Realty Trust looks cheaper than 81% of peers; relative to its earnings, cheaper than only 24%. The valuation score blends the two, so look at which measure fits this business best.

Cash flow well above reported profit. Free cash flow is 21.6× reported profit.

Free cash flow is 21.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about Empire State Realty Trust

Is Empire State Realty Trust getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: operating margin fell 22.3 points to -4.4%. Its overall score is unchanged at 35/100 since Oct 28, 2026.

How is Empire State Realty Trust valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 71/100 against 762 real estate peers. Free cash flow yield 14.7% vs a peer median of 6.5% (stronger than 81% of peers).Free cash flow yield 14.7% vs peers 6.5% (stronger than 81% of peers). Earnings yield 0.7% vs a peer median of 5.3% (weaker than 76% of peers).Earnings yield 0.7% vs peers 5.3% (weaker than 76% of peers).

Is Empire State Realty Trust growing?

More slowly than most of its peers. Growth scores 25/100 against 762 real estate peers. Earnings per share growth -86.5% vs a peer median of 11.2% (weaker than 100% of peers).Earnings per share growth -86.5% vs peers 11.2% (weaker than 100% of peers).

How profitable is Empire State Realty Trust?

Less profitable than most of its peers. Profitability scores 13/100 against 762 real estate peers. Operating margin -4.4% vs a peer median of 26.8% (weaker than 91% of peers).Operating margin -4.4% vs peers 26.8% (weaker than 91% of peers).

How risky is Empire State Realty Trust?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.42 vs a peer median of 0.75 (weaker than 91% of peers).Beta 1.42 vs peers 0.75 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

778.5M USD

784.2M USD

+0.7%

Net income (12 months)

60.2M USD

9.3M USD

−84.6%

Operating margin

17.9%

-4.4%

−22.3 pts

Debt

958.4M USD

780.2M USD

−18.6%

Cash

68.8M USD

85.6M USD

+24.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

12.7%

17.5%

19.8%

20.7%

17.7%

▼ 3.0 pts

Net margin

-2.1%

8.7%

11.4%

10.5%

9.5%

▼ 1.0 pts

Return on assets (ROA)

-0.3%

1.5%

2.0%

1.8%

1.6%

▼ 0.1 pts

Return on equity (ROE)

-1.3%

6.6%

8.6%

7.8%

6.9%

▼ 0.9 pts

Free cash flow margin

-29.8%

17.2%

8.6%

11.5%

6.6%

▼ 4.9 pts

Debt to equity

1.34×

1.33×

1.29×

0.93×

0.90×

▼ 3.3%

Interest coverage

0.84×

1.26×

1.45×

1.51×

1.32×

▼ 13%