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ELS logoEquity LifeStyle Properties, Inc.(ELS)Earnings, Financials & Key Ratios

ELS•NYSE•REIT / Real Estate
$63.32
$12.28B mkt cap·32.8× P/E·Price updated May 6, 2026
SectorReal EstateIndustryResidential REITsSub-IndustryManufactured housing and RV communities
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%
  • Debt/Assets58.57%+3.2%
  • Net Debt/EBITDA4.59-10.2%
  • Book Value/Share9.07-2.2%
Analysis→Technical→

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%
  • ✓12 consecutive years of dividend growth
  • ✓Healthy dividend yield of 3.2%

✗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.

ELS Price & Volume

Equity LifeStyle Properties, Inc. (ELS) stock price & volume — 10-year historical chart

Loading chart...

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

Full history →
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
Apr 21, 2026
EPS
$0.84
Est $0.55
+53.8%
Revenue
$398M
Est $396M
+0.5%
Q1 2026
Jan 28, 2026
EPS
$0.79
Est $0.54
+45.8%
Revenue
$374M
Est $382M
-2.2%
Q4 2025
Oct 22, 2025
EPS
$0.75
Est $0.46
+61.3%
Revenue
$373M
Est $383M
-2.6%
Q3 2025
Jul 21, 2025
EPS
$0.69
Est $0.41
+66.6%
Revenue
$373M
Est $393M
-5.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 21, 2026
$0.84vs $0.55+53.8%
$398Mvs $396M+0.5%
Q1 2026Jan 28, 2026
$0.79vs $0.54+45.8%
$374Mvs $382M-2.2%
Q4 2025Oct 22, 2025
$0.75vs $0.46+61.3%
$373Mvs $383M-2.6%
Q3 2025Jul 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

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SUI logoSUISun Communities, Inc.Direct Competitor15.52B125.9211.62-27.94%66.87%21.6%0.25
UMH logoUMHUMH Properties, Inc.Direct Competitor1.34B15.73224.718.81%10.79%2.36%0.84
NUVB logoNUVBNuvation Bio Inc.Direct Competitor1.75B5.04-8.406.99%-102.06%-44.1%0.03
CPT logoCPTCamden Property TrustProduct Competitor10.98B104.8329.611.92%32.81%8.71%0.88
EQR logoEQREquity ResidentialProduct Competitor24.79B66.1622.744.06%30.56%8.4%0.77
AVB logoAVBAvalonBay Communities, Inc.Product Competitor25.94B186.4425.234.29%34.64%8.76%0.79
MAA logoMAAMid-America Apartment Communities, Inc.Product Competitor15.16B130.3034.470.83%18.19%6.81%0.93
NVR logoNVRNVR, Inc.Product Competitor16.92B6091.9713.95-2.08%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.

Closest Rival

vs SUI

Most directly comparable listed peer for ELS.

Scale Benchmark

vs ABNB

Larger-name benchmark to compare ELS against a more recognizable public peer.

Peer Set

Compare Top 5

vs SUI, UMH, NUVB, CPT

ELS Income Statement

Equity LifeStyle Properties, Inc. (ELS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue911.94M968.29M1.02B1.08B1.32B1.37B1.4B1.43B1.53B
Revenue Growth %6.5%6.18%5.39%5.85%21.79%4.51%2.13%2.07%6.84%
Property Operating Expenses443.5M466.94M487.46M524.66M1.05B730.4M731.74M725.29M955.09M
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 Expenses170.69M190.72M206.55M214.65M-120.88M294.86M299.44M292.07M58.43M
G&A Expenses47.36M54.32M55.66M61.18M81.78M92.5M95.71M88.19M53.58M
EBITDA422.69M449.31M480.48M498.72M571.38M556.75M582.19M625.34M726.76M
EBITDA Margin %46.35%46.4%47.08%46.17%43.43%40.49%41.46%43.63%47.46%
Depreciation & Amortization124.95M138.69M153.98M157.76M188.44M207.05M209.1M209.4M208.9M
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 Expense100.57M104.99M104.22M102.77M108.72M116.56M132.34M137.71M133.9M
Interest Coverage3.05x3.11x3.76x3.30x3.53x3.56x3.41x3.79x2.98x
Non-Operating Income-9.44M-15.81M-64.89M2.17M-1.04M-65.69M-78.44M-106.23M119.08M
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 Tax000000-10.49M-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 Share1.841.972.402.012.472.522.682.932.98
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)1.091.201.541.251.431.531.691.961.93
Diluted Shares Outstanding175.03M177.93M180.81M192.54M182.92M195.25M195.43M196.64M200.11M

ELS Balance Sheet

Equity LifeStyle Properties, Inc. (ELS) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets3.61B3.93B4.15B4.42B5.31B5.49B5.61B5.65B5.75B
Asset Growth %3.77%8.75%5.74%6.45%20.12%3.48%2.21%0.57%1.77%
Real Estate & Other Assets3.47B3.73B4.06B4.34B5.07B5.34B5.45B5.45B144.89M
PP&E (Net)000000000
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets85.11M139.93M66.42M59.9M163.35M67.7M79.87M75.3M119.49M
Cash & Equivalents35.63M68.97M28.86M24.06M94.1M2.65M4.24M5.58M26.13M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets035.91M0029.3M19.7M25.7M19M0
Intangible Assets000000021.4M55.6M
Total Liabilities2.51B2.73B2.83B3.11B3.82B3.98B4.12B3.82B3.93B
Total Debt2.2B2.35B2.41B2.67B3.27B3.39B3.52B3.2B3.37B
Net Debt2.16B2.28B2.38B2.64B3.18B3.39B3.51B3.2B3.34B
Long-Term Debt2.17B2.35B2.25B2.44B2.93B3.19B3.49B3.13B3.27B
Short-Term Borrowings30M0160M222M349M198M31M77M71.28M
Capital Lease Obligations0000000019.46M
Total Current Liabilities244.44M245.34M443.52M669.28M896.48M785.05M627.5M694.23M71.28M
Accounts Payable0102.85M124.67M129.67M172.28M175.15M151.57M159.22M0
Deferred Revenue79.27M81.11M91.23M243.28M295.13M320.06M344.79M351.75M221.5M
Other Liabilities012.35M0-150.69M0000344.03M
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 Equity1.03B1.12B1.25B1.23B1.42B1.45B1.43B1.74B1.76B
Minority Interest68.09M71.79M72.08M71.07M71.06M72.08M69.9M83.07M58.55M
Common Stock883K1.79M1.81M1.81M1.91M1.92M1.92M1.96M1.99M
Additional Paid-in Capital1.24B1.33B1.4B1.41B1.59B1.63B1.64B1.95B1.98B
Retained Earnings-211.98M-211.03M-154.32M-179.52M-183.69M-204.25M-223.58M-214.98M-225.04M
Preferred Stock000000000
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 / Assets60.94%59.82%58.02%60.35%61.69%61.68%62.68%56.76%58.57%
Debt / Equity2.00x1.97x1.82x2.04x2.20x2.23x2.35x1.76x1.85x
Net Debt / EBITDA5.12x5.07x4.95x5.30x5.57x6.08x6.04x5.12x4.59x
Book Value per Share6.286.717.316.788.127.777.679.279.07

ELS Cash Flow Statement

Equity LifeStyle Properties, Inc. (ELS) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations377.99M414.08M443.52M417.41M509.03M475.81M548M596.72M571.15M
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 Income210.38M226.39M295.92M241.42M276M298.82M329.68M384.82M402.06M
Depreciation & Amortization124.95M138.69M153.98M157.76M191.43M207.05M209.1M209.4M213.74M
Stock-Based Compensation10.7M11.17M7.64M13.06M12.69M8.76M17.83M9.37M7.25M
Other Non-Cash Items-4.88M-11.17M-60.16M862K-4.93M-38.42M34.18M-30M-14.69M
Working Capital Changes36.84M49.01M46.15M4.32M33.83M-404K-32.29M23.49M-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-983K0-91.46M-26.41M-9.28M-10.34M-9.69M
Purchase of Investments000000000
Sale of Investments000000000
Other Investing-145.96M-211.95M-93.11M-233.3M-532.7M-126.38M1.61M33.78M-30.3M
Cash from Financing-98.8M17.32M-131.54M-20.96M418.74M-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)1000K1000K1000K1000K1000K1000K1000K-1000K1000K
Share Repurchases000000000
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 Effect000000000
Cash at Beginning56.34M35.63M68.97M28.86M24.06M123.4M22.35M29.94M24.58M
Cash at End31.09M65.97M28.86M24.06M123.4M22.35M29.94M24.58M26.13M
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

Metric2016201720182019202020212022202320242025
FFO per Share1.731.841.972.42.012.472.522.682.932.98
FFO Payout Ratio51.48%54.38%57.68%52.92%66.55%61.14%63.24%65.46%63.79%68.02%
NOI Margin51.83%51.37%51.78%52.23%51.43%19.92%46.88%47.89%49.4%37.63%
Net Debt / EBITDA5.10x5.12x5.07x4.95x5.30x5.57x6.08x6.04x5.12x4.59x
Debt / Assets60.11%60.94%59.82%58.02%60.35%61.69%61.68%62.68%56.76%58.57%
Interest Coverage2.81x3.05x3.11x3.76x3.30x3.53x3.56x3.41x3.79x2.98x
Book Value / Share6.336.286.717.316.788.127.777.679.279.07
Revenue Growth6.07%6.5%6.18%5.39%5.85%21.79%4.51%2.13%2.07%6.84%

ELS SEC Filings & Documents

Equity LifeStyle Properties, Inc. (ELS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 22, 2026·SEC

Material company update

Feb 26, 2026·SEC

Material company update

Feb 9, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 29, 2025·SEC

FY 2025

Apr 30, 2025·SEC

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 3.20%. 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 3.20% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More ELS

Equity LifeStyle Properties, Inc. (ELS) financial analysis — history, returns, DCA and operating performance tools

Full ELS Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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