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

NYSEARCA:ESBA - US2921021000

7.5528 USD
+0.08 (+1.11%)
Last: 9/10/2025, 8:04:00 PM
Fundamental Rating

4

ESBA gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 129 industry peers in the Diversified REITs industry. ESBA has an average financial health and profitability rating. ESBA does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

ESBA had positive earnings in the past year.
In the past year ESBA had a positive cash flow from operations.
In multiple years ESBA reported negative net income over the last 5 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

With a decent Return On Assets value of 1.90%, ESBA is doing good in the industry, outperforming 62.79% of the companies in the same industry.
Looking at the Return On Equity, with a value of 10.98%, ESBA belongs to the top of the industry, outperforming 92.25% of the companies in the same industry.
The Return On Invested Capital of ESBA (2.83%) is comparable to the rest of the industry.
ESBA had an Average Return On Invested Capital over the past 3 years of 2.32%. This is in line with the industry average of 3.04%.
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

ESBA has a Profit Margin of 10.84%. This is in the better half of the industry: ESBA outperforms 60.47% of its industry peers.
ESBA's Profit Margin has declined in the last couple of years.
ESBA's Operating Margin of 19.84% is in line compared to the rest of the industry. ESBA outperforms 48.06% of its industry peers.
In the last couple of years the Operating Margin of ESBA has declined.
ESBA's Gross Margin of 54.16% is on the low side compared to the rest of the industry. ESBA is outperformed by 75.19% of its industry peers.
In the last couple of years the Gross Margin of ESBA has remained more or less at the same level.
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

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), ESBA is destroying value.
The number of shares outstanding for ESBA has been reduced compared to 1 year ago.
Compared to 5 years ago, ESBA has less shares outstanding
ESBA has a better debt/assets ratio than last year.
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

ESBA has a debt to FCF ratio of 24.05. This is a negative value and a sign of low solvency as ESBA would need 24.05 years to pay back of all of its debts.
ESBA's Debt to FCF ratio of 24.05 is fine compared to the rest of the industry. ESBA outperforms 73.64% of its industry peers.
ESBA has a Debt/Equity ratio of 3.07. This is a high value indicating a heavy dependency on external financing.
The Debt to Equity ratio of ESBA (3.07) is worse than 80.62% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 24.05
Altman-Z N/A
ROIC/WACC0.46
WACC6.17%
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 has a Current ratio of 5.01. This is amongst the best in the industry. ESBA outperforms 96.90% of its industry peers.
ESBA has a Quick Ratio of 5.01. This indicates that ESBA is financially healthy and has no problem in meeting its short term obligations.
With an excellent Quick ratio value of 5.01, ESBA belongs to the best of the industry, outperforming 96.90% of the companies in the same industry.
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

ESBA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 37.45%, which is quite impressive.
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.
Looking at the last year, ESBA shows a small growth in Revenue. The Revenue has grown by 1.72% in the last year.
The Revenue has been growing slightly by 0.22% on average over the past years.
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 quite expensively with a Price/Earnings ratio of 25.18.
Based on the Price/Earnings ratio, ESBA is valued a bit cheaper than 73.64% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.03. ESBA is around the same levels.
Industry RankSector Rank
PE 25.18
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 95.35% of the companies in the same industry.
94.57% of the companies in the same industry are more expensive than ESBA, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 8.75
EV/EBITDA 8.05
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

ESBA has a Yearly Dividend Yield of 1.35%. Purely for dividend investing, there may be better candidates out there.
With a Dividend Yield of 1.35, ESBA pays less dividend than the industry average, which is at 6.63. 91.47% of the companies listed in the same industry pay a better dividend than ESBA!
Compared to an average S&P500 Dividend Yield of 2.45, 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 (9/10/2025, 8:04:00 PM)

7.5528

+0.08 (+1.11%)

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 Change2.11%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap814.94M
Analysts0
Price TargetN/A
Short Float %0.03%
Short Ratio0.91
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 25.18
Fwd PE N/A
P/S 1.1
P/FCF 8.75
P/OCF 3.51
P/B 1.12
P/tB N/A
EV/EBITDA 8.05
EPS(TTM)0.3
EY3.97%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)0.86
FCFY11.43%
OCF(TTM)2.15
OCFY28.53%
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
WACC6.17%
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%