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

USA - NYSEARCA:ESBA - US2921021000

7.4 USD
-0.04 (-0.54%)
Last: 10/1/2025, 8:40:54 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. Both the profitability and the financial health of ESBA get a neutral evaluation. Nothing too spectacular is happening here. 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.
In the past year ESBA had a positive cash flow from operations.
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 has a Return On Assets of 1.90%. This is in the better half of the industry: ESBA outperforms 62.79% of its industry peers.
With an excellent Return On Equity value of 10.98%, ESBA belongs to the best of the industry, outperforming 92.25% of the companies in the same industry.
ESBA's Return On Invested Capital of 2.83% is in line compared to the rest of the industry. ESBA outperforms 55.81% 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 3.04%.
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 better Profit Margin (10.84%) than 60.47% of its industry peers.
In the last couple of years the Profit Margin of ESBA has declined.
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.
With a Gross Margin value of 54.16%, ESBA is not doing good in the industry: 75.19% of the companies in the same industry are doing better.
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

ESBA has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for ESBA has been reduced compared to 1 year ago.
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.
Looking at the Debt to FCF ratio, with a value of 24.05, ESBA is in the better half of the industry, outperforming 73.64% of the companies in the same industry.
ESBA has a Debt/Equity ratio of 3.07. This is a high value indicating a heavy dependency on external financing.
ESBA's Debt to Equity ratio of 3.07 is on the low side compared to the rest of the industry. ESBA is outperformed by 80.62% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 24.05
Altman-Z N/A
ROIC/WACC0.46
WACC6.18%
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.
Looking at the Current ratio, with a value of 5.01, ESBA belongs to the top of the industry, outperforming 96.90% of the companies in the same industry.
A Quick Ratio of 5.01 indicates that ESBA has no problem at all paying its short term obligations.
The Quick ratio of ESBA (5.01) is better than 96.90% 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

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.
ESBA shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -5.00% yearly.
The Revenue has been growing slightly by 1.72% in the past year.
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 24.67.
Based on the Price/Earnings ratio, ESBA is valued a bit cheaper than 77.52% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.79. ESBA is around the same levels.
Industry RankSector Rank
PE 24.67
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

96.90% of the companies in the same industry are more expensive than ESBA, based on the Enterprise Value to EBITDA ratio.
95.35% 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 8.57
EV/EBITDA 8
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.
Compared to an average industry Dividend Yield of 6.41, ESBA's dividend is way lower than its industry peers. On top of this 92.25% of the companies listed in the same industry pay a better dividend than ESBA!
Compared to an average S&P500 Dividend Yield of 2.41, 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 (10/1/2025, 8:40:54 PM)

7.4

-0.04 (-0.54%)

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 Cap798.45M
Analysts0
Price TargetN/A
Short Float %0.02%
Short Ratio0.66
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 24.67
Fwd PE N/A
P/S 1.08
P/FCF 8.57
P/OCF 3.43
P/B 1.09
P/tB N/A
EV/EBITDA 8
EPS(TTM)0.3
EY4.05%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)0.86
FCFY11.67%
OCF(TTM)2.15
OCFY29.12%
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
WACC6.18%
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%