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EMPIRE STATE REALTY OP LP-ES (ESBA) Stock Fundamental Analysis

NYSEARCA:ESBA - NYSE Arca - US2921021000 - Currency: USD

7.27  +0.11 (+1.61%)

Fundamental Rating

4

Taking everything into account, ESBA scores 4 out of 10 in our fundamental rating. ESBA was compared to 130 industry peers in the Diversified REITs industry. ESBA has an average financial health and profitability rating. ESBA has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year ESBA was profitable.
ESBA had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: ESBA reported negative net income in multiple years.
Each year in the past 5 years ESBA had a positive operating cash flow.
ESBA Yearly Net Income VS EBIT VS OCF VS FCFESBA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 0 100M 200M

1.2 Ratios

ESBA's Return On Assets of 1.90% is fine compared to the rest of the industry. ESBA outperforms 63.85% of its industry peers.
The Return On Equity of ESBA (10.98%) is better than 92.31% of its industry peers.
ESBA has a Return On Invested Capital of 2.83%. This is comparable to the rest of the industry: ESBA outperforms 56.15% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for ESBA is in line with the industry average of 3.08%.
The 3 year average ROIC (2.32%) for ESBA is below the current ROIC(2.83%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.9%
ROE 10.98%
ROIC 2.83%
ROA(3y)1.01%
ROA(5y)0.92%
ROE(3y)5.78%
ROE(5y)5.14%
ROIC(3y)2.32%
ROIC(5y)2.29%
ESBA Yearly ROA, ROE, ROICESBA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 0 5 10 15

1.3 Margins

The Profit Margin of ESBA (10.84%) is better than 60.77% of its industry peers.
ESBA's Profit Margin has declined in the last couple of years.
The Operating Margin of ESBA (19.84%) is comparable to the rest of the industry.
ESBA's Operating Margin has declined in the last couple of years.
ESBA has a worse Gross Margin (54.16%) than 75.38% of its industry peers.
ESBA's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 19.84%
PM (TTM) 10.84%
GM 54.16%
OM growth 3Y23.05%
OM growth 5Y-5.33%
PM growth 3YN/A
PM growth 5Y-7.53%
GM growth 3Y1.23%
GM growth 5Y-0.78%
ESBA Yearly Profit, Operating, Gross MarginsESBA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 0 20 40

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5

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so ESBA is destroying value.
Compared to 1 year ago, ESBA has less shares outstanding
ESBA has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, ESBA has an improved debt to assets ratio.
ESBA Yearly Shares OutstandingESBA Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M
ESBA Yearly Total Debt VS Total AssetsESBA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

The Debt to FCF ratio of ESBA is 24.05, which is on the high side as it means it would take ESBA, 24.05 years of fcf income to pay off all of its debts.
ESBA's Debt to FCF ratio of 24.05 is fine compared to the rest of the industry. ESBA outperforms 73.85% of its industry peers.
A Debt/Equity ratio of 3.07 is on the high side and indicates that ESBA has dependencies on debt financing.
ESBA has a Debt to Equity ratio of 3.07. This is amonst the worse of the industry: ESBA underperforms 80.77% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 24.05
Altman-Z N/A
ROIC/WACC0.46
WACC6.15%
ESBA Yearly LT Debt VS Equity VS FCFESBA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B 2B

2.3 Liquidity

A Current Ratio of 5.01 indicates that ESBA has no problem at all paying its short term obligations.
ESBA's Current ratio of 5.01 is amongst the best of the industry. ESBA outperforms 97.69% of its industry peers.
A Quick Ratio of 5.01 indicates that ESBA has no problem at all paying its short term obligations.
ESBA has a Quick ratio of 5.01. This is amongst the best in the industry. ESBA outperforms 97.69% of its industry peers.
Industry RankSector Rank
Current Ratio 5.01
Quick Ratio 5.01
ESBA Yearly Current Assets VS Current LiabilitesESBA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 200M 400M 600M

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2

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 37.45% over the past year.
Measured over the past years, ESBA shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.00% on average per year.
ESBA shows a small growth in Revenue. In the last year, the Revenue has grown by 1.72%.
ESBA shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 0.22% yearly.
EPS 1Y (TTM)37.45%
EPS 3YN/A
EPS 5Y-5%
EPS Q2Q%-28.05%
Revenue 1Y (TTM)1.72%
Revenue growth 3Y6.68%
Revenue growth 5Y0.22%
Sales Q2Q%6.4%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
ESBA Yearly Revenue VS EstimatesESBA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 200M 400M 600M

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3

4. Valuation

4.1 Price/Earnings Ratio

ESBA is valuated rather expensively with a Price/Earnings ratio of 24.23.
Compared to the rest of the industry, the Price/Earnings ratio of ESBA indicates a somewhat cheap valuation: ESBA is cheaper than 69.23% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 26.73. ESBA is around the same levels.
Industry RankSector Rank
PE 24.23
Fwd PE N/A
ESBA Price Earnings VS Forward Price EarningsESBA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, ESBA is valued cheaper than 96.92% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, ESBA is valued cheaply inside the industry as 93.85% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 8.42
EV/EBITDA 7.92
ESBA Per share dataESBA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

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3

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.35%, ESBA has a reasonable but not impressive dividend return.
With a Dividend Yield of 1.35, ESBA pays less dividend than the industry average, which is at 6.36. 88.46% of the companies listed in the same industry pay a better dividend than ESBA!
Compared to an average S&P500 Dividend Yield of 2.39, ESBA's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 1.35%

5.2 History

ESBA has been paying a dividend for at least 10 years, so it has a reliable track record.
ESBA has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years1
Div Non Decr Years3
ESBA Yearly Dividends per shareESBA 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

ESBA pays out 51.56% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP51.56%
EPS Next 2YN/A
EPS Next 3YN/A
ESBA Yearly Income VS Free CF VS DividendESBA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2018 2019 2020 2021 2022 2023 0 50M 100M
ESBA Dividend Payout.ESBA Dividend Payout, showing the Payout Ratio.ESBA Dividend Payout.PayoutRetained Earnings

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EMPIRE STATE REALTY OP LP-ES

NYSEARCA:ESBA (8/12/2025, 8:04:00 PM)

7.27

+0.11 (+1.61%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst OwnersN/A
Inst Owner Change0.92%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap784.43M
Analysts0
Price TargetN/A
Short Float %0.02%
Short Ratio0.63
Dividend
Industry RankSector Rank
Dividend Yield 1.35%
Yearly Dividend0.38
Dividend Growth(5Y)N/A
DP51.56%
Div Incr Years1
Div Non Decr Years3
Ex-DateN/A
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)N/A
PT rev (3m)N/A
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)N/A
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)N/A
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 24.23
Fwd PE N/A
P/S 1.06
P/FCF 8.42
P/OCF 3.37
P/B 1.07
P/tB N/A
EV/EBITDA 7.92
EPS(TTM)0.3
EY4.13%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)0.86
FCFY11.88%
OCF(TTM)2.15
OCFY29.64%
SpS6.85
BVpS6.77
TBVpS-0.77
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.9%
ROE 10.98%
ROCE 3.59%
ROIC 2.83%
ROICexc 3.1%
ROICexgc 3.95%
OM 19.84%
PM (TTM) 10.84%
GM 54.16%
FCFM 12.6%
ROA(3y)1.01%
ROA(5y)0.92%
ROE(3y)5.78%
ROE(5y)5.14%
ROIC(3y)2.32%
ROIC(5y)2.29%
ROICexc(3y)2.53%
ROICexc(5y)2.5%
ROICexgc(3y)3.23%
ROICexgc(5y)3.23%
ROCE(3y)2.94%
ROCE(5y)2.9%
ROICexcg growth 3Y27.14%
ROICexcg growth 5Y-4.6%
ROICexc growth 3Y28.34%
ROICexc growth 5Y-4.52%
OM growth 3Y23.05%
OM growth 5Y-5.33%
PM growth 3YN/A
PM growth 5Y-7.53%
GM growth 3Y1.23%
GM growth 5Y-0.78%
F-Score8
Asset Turnover0.18
Health
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 24.05
Debt/EBITDA 6.66
Cap/Depr 73.36%
Cap/Sales 18.84%
Interest Coverage 1.59
Cash Conversion 69.07%
Profit Quality 116.25%
Current Ratio 5.01
Quick Ratio 5.01
Altman-Z N/A
F-Score8
WACC6.15%
ROIC/WACC0.46
Cap/Depr(3y)59.56%
Cap/Depr(5y)78.28%
Cap/Sales(3y)17.15%
Cap/Sales(5y)21.83%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)37.45%
EPS 3YN/A
EPS 5Y-5%
EPS Q2Q%-28.05%
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.72%
Revenue growth 3Y6.68%
Revenue growth 5Y0.22%
Sales Q2Q%6.4%
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y15.49%
EBIT growth 3Y31.26%
EBIT growth 5Y-5.13%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y9.73%
FCF growth 3Y33.48%
FCF growth 5Y20.95%
OCF growth 1Y10.1%
OCF growth 3Y8.45%
OCF growth 5Y-3.58%