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Equity LifeStyle Properties, Inc.(ELS)Earnings, Financials & Key Ratios
ELS•NYSE•REIT / Real Estate
32.2× P/E·Price updated Jun 19, 2026
AboutWe are a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of January 25, 2021, we own or have an interest in 423 quality properties in 33 states and British Columbia consisting of 161,229 sites.Show more
- Revenue$1.53B+6.8%
- FFO$595M+3.3%
- FFO/Share2.98+1.5%
- FFO Payout68.02%+6.6%
- FFO per Share2.98+1.5%
- NOI Margin37.63%-23.8%
- FFO Margin38.88%-3.3%
- ROE21.24%-3.8%
- ROA6.79%+4.1%
ELS Key Insights
Equity LifeStyle Properties, Inc. (ELS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 21.4%
- ✓Sustainable FFO payout ratio of 68.0%
- ✓21 consecutive years of dividend growth
- ✓Healthy dividend yield of 3.3%
✗Weaknesses
- ✗Low NOI margin of 37.6%
- ✗Dividend payout exceeds 100% of earnings
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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ELS Price & Volume
Equity LifeStyle Properties, Inc. (ELS) stock price & volume — 10-year historical chart
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ELS Growth Metrics
Equity LifeStyle Properties, Inc. (ELS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years6.61%
5 Years7.23%
3 Years3.66%
TTM4%
Profit CAGR
10 Years10.74%
5 Years11.11%
3 Years10.74%
TTM5.31%
EPS CAGR
10 Years9.62%
5 Years10.34%
3 Years8.05%
TTM1.05%
Return on Capital
10 Years8.72%
5 Years8.57%
3 Years8.61%
Last Year9.75%
ELS Recent Earnings
Equity LifeStyle Properties, Inc. (ELS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
Apr 21, 2026Metric
Actual
Est
EPS
$0.84+53.8%
$0.55
Rev
$398M+0.5%
$396M
Q1 2026
Jan 28, 2026Metric
Actual
Est
EPS
$0.79+45.8%
$0.54
Rev
$374M-2.2%
$382M
Q4 2025
Oct 22, 2025Metric
Actual
Est
EPS
$0.75+61.3%
$0.46
Rev
$373M-2.6%
$383M
Q3 2025
Jul 21, 2025Metric
Actual
Est
EPS
$0.69+66.6%
$0.41
Rev
$373M-5.2%
$393M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 21, 2026 | $0.84vs $0.55+53.8% | $398Mvs $396M+0.5% |
| Q1 2026 | Jan 28, 2026 | $0.79vs $0.54+45.8% | $374Mvs $382M-2.2% |
| Q4 2025 | Oct 22, 2025 | $0.75vs $0.46+61.3% | $373Mvs $383M-2.6% |
| Q3 2025 | Jul 21, 2025 | $0.69vs $0.41+66.6% | $373Mvs $393M-5.2% |
Based on last 12 quarters of dataView full earnings history →
ELS Peer Comparison
Equity LifeStyle Properties, Inc. (ELS) competitors in Manufactured housing and RV communities — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SUI | 14.6B | 118.46 | 10.93 | -27.94% | 66.87% | 21.6% | 0.25 | |
 UMH | 1.28B | 15.06 | 215.14 | 8.81% | 10.79% | 2.36% | 0.84 | |
 NUVB | 1.93B | 5.56 | -9.27 | 6.99% | -102.06% | -44.1% | 0.03 | |
 CPT | 11.41B | 108.99 | 30.79 | 1.92% | 32.81% | 8.71% | 0.88 | |
 EQR | 24.01B | 64.09 | 22.02 | 4.06% | 30.56% | 8.4% | 0.77 | |
 AVB | 24.67B | 177.32 | 23.99 | 4.29% | 34.64% | 8.76% | 0.79 | |
 MAA | 15.42B | 132.50 | 35.05 | 0.83% | 18.19% | 6.81% | 0.93 | |
 NVR | 18.03B | 6490.93 | 14.87 | -2.08% | 13.17% | 34.29% | 0.31 |
Compare ELS vs Peers
Equity LifeStyle Properties, Inc. (ELS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ELS Income Statement
Equity LifeStyle Properties, Inc. (ELS) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 911.94M | 968.29M | 1.02B | 1.08B | 1.32B | 1.37B | 1.4B | 1.43B | 1.53B |
Revenue Growth % | 6.5% | 6.18% | 5.39% | 5.85% | 21.79% | 4.51% | 2.13% | 2.07% | 6.84% |
Property Operating Expenses | 443.5M | 466.94M | 487.46M | 524.66M | 1.05B | 730.4M | 731.74M | 725.29M | 955.09M |
Net Operating Income (NOI) | 468.43M▲ 0% | 501.34M▲ 7.0% | 533.06M▲ 6.3% | 555.61M▲ 4.2% | 262.05M▼ 52.8% | 644.56M▲ 146.0% | 672.53M▲ 4.3% | 708.01M▲ 5.3% | 576.3M▼ 18.6% |
NOI Margin % | 51.37% | 51.78% | 52.23% | 51.43% | 19.92% | 46.88% | 47.89% | 49.4% | 37.63% |
Operating Expenses | 170.69M | 190.72M | 206.55M | 214.65M | -120.88M | 294.86M | 299.44M | 292.07M | 58.43M |
G&A Expenses | 47.36M | 54.32M | 55.66M | 61.18M | 81.78M | 92.5M | 95.71M | 88.19M | 53.58M |
EBITDA | 422.69M | 449.31M | 480.48M | 498.72M | 571.38M | 556.75M | 582.19M | 625.34M | 726.76M |
EBITDA Margin % | 46.35% | 46.4% | 47.08% | 46.17% | 43.43% | 40.49% | 41.46% | 43.63% | 47.46% |
Depreciation & Amortization | 124.95M | 138.69M | 153.98M | 157.76M | 188.44M | 207.05M | 209.1M | 209.4M | 208.9M |
D&A / Revenue % | 13.7% | 14.32% | 15.09% | 14.6% | 14.32% | 15.06% | 14.89% | 14.61% | 13.64% |
Operating Income | 297.74M▲ 0% | 310.63M▲ 4.3% | 326.5M▲ 5.1% | 340.96M▲ 4.4% | 382.93M▲ 12.3% | 349.7M▼ 8.7% | 373.09M▲ 6.7% | 415.94M▲ 11.5% | 517.87M▲ 24.5% |
Operating Margin % | 32.65% | 32.08% | 31.99% | 31.56% | 29.11% | 25.43% | 26.57% | 29.02% | 33.82% |
Interest Expense | 100.57M | 104.99M | 104.22M | 102.77M | 108.72M | 116.56M | 132.34M | 137.71M | 133.9M |
Interest Coverage | 3.05x | 3.11x | 3.76x | 3.30x | 3.53x | 3.56x | 3.41x | 3.79x | 2.98x |
Non-Operating Income | -9.44M | -15.81M | -64.89M | 2.17M | -1.04M | -65.69M | -78.44M | -106.23M | 119.08M |
Pretax Income | 206.61M▲ 0% | 221.45M▲ 7.2% | 295.92M▲ 33.6% | 241.42M▼ 18.4% | 276M▲ 14.3% | 298.82M▲ 8.3% | 319.19M▲ 6.8% | 384.46M▲ 20.5% | 398.79M▲ 3.7% |
Pretax Margin % | 22.66% | 22.87% | 29% | 22.35% | 20.98% | 21.73% | 22.73% | 26.82% | 26.04% |
Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -10.49M | -354K | -3.27M |
Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | -3.29% | -0.09% | -0.82% |
Net Income | 197.59M▲ 0% | 212.61M▲ 7.6% | 279.14M▲ 31.3% | 228.28M▼ 18.2% | 262.48M▲ 15.0% | 284.63M▲ 8.4% | 314.21M▲ 10.4% | 367.01M▲ 16.8% | 386.51M▲ 5.3% |
Net Margin % | 21.67% | 21.96% | 27.35% | 21.13% | 19.95% | 20.7% | 22.38% | 25.61% | 25.24% |
Net Income Growth % | 14.04% | 7.6% | 31.29% | -18.22% | 14.98% | 8.44% | 10.39% | 16.81% | 5.31% |
Funds From Operations (FFO) | 322.54M▲ 0% | 351.3M▲ 8.9% | 433.12M▲ 23.3% | 386.04M▼ 10.9% | 450.92M▲ 16.8% | 491.68M▲ 9.0% | 523.31M▲ 6.4% | 576.41M▲ 10.1% | 595.4M▲ 3.3% |
FFO Margin % | 35.37% | 36.28% | 42.44% | 35.74% | 34.27% | 35.76% | 37.27% | 40.22% | 38.88% |
FFO Growth % | 9.28% | 8.92% | 23.29% | -10.87% | 16.81% | 9.04% | 6.43% | 10.15% | 3.29% |
FFO per Share | 1.84 | 1.97 | 2.40 | 2.01 | 2.47 | 2.52 | 2.68 | 2.93 | 2.98 |
FFO Payout Ratio % | 54.38% | 57.68% | 52.92% | 66.55% | 61.14% | 63.24% | 65.46% | 63.79% | 68.02% |
EPS (Diluted) | 1.09▲ 0% | 1.19▲ 9.2% | 1.54▲ 29.4% | 1.18▼ 23.4% | 1.43▲ 21.2% | 1.53▲ 7.0% | 1.69▲ 10.5% | 1.96▲ 16.0% | 1.93▼ 1.5% |
EPS Growth % | 13.54% | 9.17% | 29.41% | -23.38% | 21.19% | 6.99% | 10.46% | 15.98% | -1.53% |
EPS (Basic) | 1.09 | 1.20 | 1.54 | 1.25 | 1.43 | 1.53 | 1.69 | 1.96 | 1.93 |
Diluted Shares Outstanding | 175.03M | 177.93M | 180.81M | 192.54M | 182.92M | 195.25M | 195.43M | 196.64M | 200.11M |
ELS Balance Sheet
Equity LifeStyle Properties, Inc. (ELS) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 3.61B | 3.93B | 4.15B | 4.42B | 5.31B | 5.49B | 5.61B | 5.65B | 5.75B |
Asset Growth % | 3.77% | 8.75% | 5.74% | 6.45% | 20.12% | 3.48% | 2.21% | 0.57% | 1.77% |
Real Estate & Other Assets | 3.47B | 3.73B | 4.06B | 4.34B | 5.07B | 5.34B | 5.45B | 5.45B | 144.89M |
PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Total Current Assets | 85.11M | 139.93M | 66.42M | 59.9M | 163.35M | 67.7M | 79.87M | 75.3M | 119.49M |
Cash & Equivalents | 35.63M | 68.97M | 28.86M | 24.06M | 94.1M | 2.65M | 4.24M | 5.58M | 26.13M |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 0 | 35.91M | 0 | 0 | 29.3M | 19.7M | 25.7M | 19M | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.4M | 55.6M |
Total Liabilities | 2.51B | 2.73B | 2.83B | 3.11B | 3.82B | 3.98B | 4.12B | 3.82B | 3.93B |
Total Debt | 2.2B | 2.35B | 2.41B | 2.67B | 3.27B | 3.39B | 3.52B | 3.2B | 3.37B |
Net Debt | 2.16B | 2.28B | 2.38B | 2.64B | 3.18B | 3.39B | 3.51B | 3.2B | 3.34B |
Long-Term Debt | 2.17B | 2.35B | 2.25B | 2.44B | 2.93B | 3.19B | 3.49B | 3.13B | 3.27B |
Short-Term Borrowings | 30M | 0 | 160M | 222M | 349M | 198M | 31M | 77M | 71.28M |
Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.46M |
Total Current Liabilities | 244.44M | 245.34M | 443.52M | 669.28M | 896.48M | 785.05M | 627.5M | 694.23M | 71.28M |
Accounts Payable | 0 | 102.85M | 124.67M | 129.67M | 172.28M | 175.15M | 151.57M | 159.22M | 0 |
Deferred Revenue | 79.27M | 81.11M | 91.23M | 243.28M | 295.13M | 320.06M | 344.79M | 351.75M | 221.5M |
Other Liabilities | 0 | 12.35M | 0 | -150.69M | 0 | 0 | 0 | 0 | 344.03M |
Total Equity | 1.1B▲ 0% | 1.19B▲ 8.5% | 1.32B▲ 10.8% | 1.3B▼ 1.3% | 1.49B▲ 13.9% | 1.52B▲ 2.1% | 1.5B▼ 1.2% | 1.82B▲ 21.7% | 1.81B▼ 0.5% |
Equity Growth % | 1.68% | 8.48% | 10.77% | -1.3% | 13.9% | 2.11% | -1.24% | 21.7% | -0.49% |
Shareholders Equity | 1.03B | 1.12B | 1.25B | 1.23B | 1.42B | 1.45B | 1.43B | 1.74B | 1.76B |
Minority Interest | 68.09M | 71.79M | 72.08M | 71.07M | 71.06M | 72.08M | 69.9M | 83.07M | 58.55M |
Common Stock | 883K | 1.79M | 1.81M | 1.81M | 1.91M | 1.92M | 1.92M | 1.96M | 1.99M |
Additional Paid-in Capital | 1.24B | 1.33B | 1.4B | 1.41B | 1.59B | 1.63B | 1.64B | 1.95B | 1.98B |
Retained Earnings | -211.98M | -211.03M | -154.32M | -179.52M | -183.69M | -204.25M | -223.58M | -214.98M | -225.04M |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Return on Assets (ROA) | 5.57% | 5.64% | 6.91% | 5.33% | 5.4% | 5.27% | 5.66% | 6.52% | 6.79% |
Return on Equity (ROE) | 18.11% | 18.54% | 22.2% | 17.38% | 18.81% | 18.95% | 20.84% | 22.09% | 21.24% |
Debt / Assets | 60.94% | 59.82% | 58.02% | 60.35% | 61.69% | 61.68% | 62.68% | 56.76% | 58.57% |
Debt / Equity | 2.00x | 1.97x | 1.82x | 2.04x | 2.20x | 2.23x | 2.35x | 1.76x | 1.85x |
Net Debt / EBITDA | 5.12x | 5.07x | 4.95x | 5.30x | 5.57x | 6.08x | 6.04x | 5.12x | 4.59x |
Book Value per Share | 6.28 | 6.71 | 7.31 | 6.78 | 8.12 | 7.77 | 7.67 | 9.27 | 9.07 |
ELS Cash Flow Statement
Equity LifeStyle Properties, Inc. (ELS) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 377.99M | 414.08M | 443.52M | 417.41M | 509.03M | 475.81M | 548M | 596.72M | 571.15M |
Operating CF Growth % | 7.27% | 9.55% | 7.11% | -5.89% | 21.95% | -6.52% | 15.17% | 8.89% | -4.29% |
Operating CF / Revenue % | 41.45% | 42.76% | 43.46% | 38.64% | 38.69% | 34.61% | 39.02% | 41.63% | 37.3% |
Net Income | 210.38M | 226.39M | 295.92M | 241.42M | 276M | 298.82M | 329.68M | 384.82M | 402.06M |
Depreciation & Amortization | 124.95M | 138.69M | 153.98M | 157.76M | 191.43M | 207.05M | 209.1M | 209.4M | 213.74M |
Stock-Based Compensation | 10.7M | 11.17M | 7.64M | 13.06M | 12.69M | 8.76M | 17.83M | 9.37M | 7.25M |
Other Non-Cash Items | -4.88M | -11.17M | -60.16M | 862K | -4.93M | -38.42M | 34.18M | -30M | -14.69M |
Working Capital Changes | 36.84M | 49.01M | 46.15M | 4.32M | 33.83M | -404K | -32.29M | 23.49M | -36M |
Cash from Investing | -305.36M | -398.06M | -352.09M | -401.25M | -828.43M | -402.07M | -324.75M | -217.84M | -277.08M |
Acquisitions (Net) | -33.34M | -4.5M | -983K | 0 | -91.46M | -26.41M | -9.28M | -10.34M | -9.69M |
Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Investing | -145.96M | -211.95M | -93.11M | -233.3M | -532.7M | -126.38M | 1.61M | 33.78M | -30.3M |
Cash from Financing | -98.8M | 17.32M | -131.54M | -20.96M | 418.74M | -174.8M | -215.66M | -384.24M | -292.51M |
Dividends Paid | -182.33M | -202.64M | -229.22M | -256.95M | -275.72M | -310.96M | -342.58M | -367.73M | -405M |
Common Dividends | -175.4M | -202.62M | -229.2M | -256.93M | -275.7M | -310.94M | -342.56M | -367.71M | -404.99M |
Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | -10.69M | -5.23M | -618K | -20.04M | -16.3M | -8.17M | -7.24M | -17.23M | -5.19M |
Net Change in Cash | -25.25M▲ 0% | 30.34M▲ 220.1% | -40.11M▼ 232.2% | -4.8M▲ 88.0% | 99.34M▲ 2169.5% | -101.05M▼ 201.7% | 7.59M▲ 107.5% | -5.36M▼ 170.6% | 1.56M▲ 129.0% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 56.34M | 35.63M | 68.97M | 28.86M | 24.06M | 123.4M | 22.35M | 29.94M | 24.58M |
Cash at End | 31.09M | 65.97M | 28.86M | 24.06M | 123.4M | 22.35M | 29.94M | 24.58M | 26.13M |
Free Cash Flow | 251.94M▲ 0% | 232.46M▼ 7.7% | 185.53M▼ 20.2% | 249.46M▲ 34.5% | 304.76M▲ 22.2% | 226.54M▼ 25.7% | 230.92M▲ 1.9% | 355.44M▲ 53.9% | 334.06M▼ 6.0% |
FCF Growth % | 8.16% | -7.73% | -20.19% | 34.46% | 22.17% | -25.67% | 1.93% | 53.92% | -6.02% |
FCF / Revenue % | 27.63% | 24.01% | 18.18% | 23.09% | 23.16% | 16.48% | 16.44% | 24.8% | 21.81% |
ELS Key Ratios
Equity LifeStyle Properties, Inc. (ELS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
FFO per Share | 1.73 | 1.84 | 1.97 | 2.4 | 2.01 | 2.47 | 2.52 | 2.68 | 2.93 | 2.98 |
FFO Payout Ratio | 51.48% | 54.38% | 57.68% | 52.92% | 66.55% | 61.14% | 63.24% | 65.46% | 63.79% | 68.02% |
NOI Margin | 51.83% | 51.37% | 51.78% | 52.23% | 51.43% | 19.92% | 46.88% | 47.89% | 49.4% | 37.63% |
Net Debt / EBITDA | 5.10x | 5.12x | 5.07x | 4.95x | 5.30x | 5.57x | 6.08x | 6.04x | 5.12x | 4.59x |
Debt / Assets | 60.11% | 60.94% | 59.82% | 58.02% | 60.35% | 61.69% | 61.68% | 62.68% | 56.76% | 58.57% |
Interest Coverage | 2.81x | 3.05x | 3.11x | 3.76x | 3.30x | 3.53x | 3.56x | 3.41x | 3.79x | 2.98x |
Book Value / Share | 6.33 | 6.28 | 6.71 | 7.31 | 6.78 | 8.12 | 7.77 | 7.67 | 9.27 | 9.07 |
Revenue Growth | 6.07% | 6.5% | 6.18% | 5.39% | 5.85% | 21.79% | 4.51% | 2.13% | 2.07% | 6.84% |
Related:ELS Dividend History·ELS Revenue History·ELS Price History·ELS P/E History·ELS Financial Ratios·ELS Institutional Holders
ELS SEC Filings & Documents
Equity LifeStyle Properties, Inc. (ELS) SEC filings — annual & quarterly reports (10-K, 10-Q)
ELS Frequently Asked Questions
Equity LifeStyle Properties, Inc. (ELS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Equity LifeStyle Properties, Inc. (ELS) reported $1.53B in revenue for fiscal year 2025. This represents a 1356% increase from $105.2M in 1996.
Equity LifeStyle Properties, Inc. (ELS) grew revenue by 6.8% over the past year. This is steady growth.
Yes, Equity LifeStyle Properties, Inc. (ELS) is profitable, generating $386.5M in net income for fiscal year 2025 (25.2% net margin).
Dividend & Returns
Yes, Equity LifeStyle Properties, Inc. (ELS) pays a dividend with a yield of 3.25%. This makes it attractive for income-focused investors.
Equity LifeStyle Properties, Inc. (ELS) has a return on equity (ROE) of 21.2%. This is excellent, indicating efficient use of shareholder capital.
Industry Metrics
Equity LifeStyle Properties, Inc. (ELS) generated Funds From Operations (FFO) of $595.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Equity LifeStyle Properties, Inc. (ELS) offers a 3.25% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.