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

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

8.46  -0.18 (-2.11%)

Fundamental Rating

4

Overall ESBA gets a fundamental rating of 4 out of 10. We evaluated ESBA against 129 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.
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

The Return On Assets of ESBA (1.90%) is better than 66.67% of its industry peers.
The Return On Equity of ESBA (10.98%) is better than 91.47% of its industry peers.
With a Return On Invested Capital value of 2.83%, ESBA perfoms like the industry average, outperforming 55.81% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for ESBA is in line with the industry average of 3.15%.
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 62.02% of its industry peers.
In the last couple of years the Profit Margin of ESBA has declined.
The Operating Margin of ESBA (19.84%) is comparable to the rest of the industry.
In the last couple of years the Operating Margin of ESBA has declined.
ESBA has a Gross Margin of 54.16%. This is in the lower half of the industry: ESBA underperforms 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

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.
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 75.97% 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.
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 81.40% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 24.05
Altman-Z N/A
ROIC/WACC0.41
WACC6.95%
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 better Current ratio (5.01) than 94.57% 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 94.57% 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.
Measured over the past years, ESBA shows a small growth in Revenue. The Revenue has been growing by 0.22% on average per year.
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

With a Price/Earnings ratio of 28.20, ESBA can be considered very expensive at the moment.
ESBA's Price/Earnings ratio is a bit cheaper when compared to the industry. ESBA is cheaper than 68.22% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 26.32. ESBA is around the same levels.
Industry RankSector Rank
PE 28.2
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

ESBA's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. ESBA is cheaper than 92.25% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, ESBA is valued cheaper than 92.25% of the companies in the same industry.
Industry RankSector Rank
P/FCF 9.8
EV/EBITDA 8.34
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.
Compared to an average industry Dividend Yield of 6.77, ESBA's dividend is way lower than its industry peers. On top of this 89.92% of the companies listed in the same industry pay a better dividend than ESBA!
Compared to an average S&P500 Dividend Yield of 2.40, 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 (6/17/2025, 8:04:00 PM)

8.46

-0.18 (-2.11%)

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 Change-0.82%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap912.83M
Analysts0
Price TargetN/A
Short Float %0.01%
Short Ratio0.43
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 28.2
Fwd PE N/A
P/S 1.23
P/FCF 9.8
P/OCF 3.93
P/B 1.25
P/tB N/A
EV/EBITDA 8.34
EPS(TTM)0.3
EY3.55%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)0.86
FCFY10.21%
OCF(TTM)2.15
OCFY25.47%
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
WACC6.95%
ROIC/WACC0.41
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%