Equity LifeStyle Properties, Inc. (ELS) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Residential
EV/EBITDA
↓
21.27
↓-24% vs avg
5yr avg: 27.88
30Y Low4.6·High33.6
P/FCF
↓
36.28
↓-25% vs avg
5yr avg: 48.23
30Y Low10.7·High68.6
P/B Ratio
↓
6.89
↓-18% vs avg
5yr avg: 8.43
30Y Low1.9·High10.8
ROE
↑
21.2%
↓+4% vs avg
5yr avg: 20.4%
30Y Low-1%·High22%
Debt/EBITDA
↓
4.63
↓-16% vs avg
5yr avg: 5.52
30Y Low1.4·High11.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ELS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Equity LifeStyle Properties, Inc. trades at 32.4x earnings, 23% below its 5-year average of 42.1x, sitting at the 32nd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 34%. On a free-cash-flow basis, the stock trades at 36.3x P/FCF, 25% below the 5-year average of 48.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.1B | $12.1B | $13.1B | $13.8B | $12.6B | $16.0B | $12.2B | $12.7B | $8.6B | $7.8B | $6.2B |
| Enterprise Value | $15.5B | $15.5B | $16.3B | $17.3B | $16.0B | $19.2B | $14.8B | $15.1B | $10.9B | $10.0B | $8.2B |
| P/E Ratio → | 32.38 | 31.40 | 33.98 | 41.74 | 42.22 | 61.30 | 53.69 | 45.71 | 40.82 | 40.83 | 37.55 |
| P/S Ratio | 7.91 | 7.92 | 9.14 | 9.82 | 9.17 | 12.19 | 11.29 | 12.47 | 8.93 | 8.54 | 7.19 |
| P/B Ratio | 6.89 | 6.68 | 7.18 | 9.20 | 8.31 | 10.79 | 9.35 | 9.63 | 7.24 | 7.08 | 5.69 |
| P/FCF | 36.28 | 36.31 | 36.84 | 59.70 | 55.68 | 52.61 | 48.90 | 68.60 | 37.18 | 30.92 | 26.45 |
| P/OCF | 21.22 | 21.24 | 21.95 | 25.16 | 26.51 | 31.50 | 29.23 | 28.70 | 20.87 | 20.61 | 17.48 |
P/E links to full P/E history page with 30-year chart
ELS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Equity LifeStyle Properties, Inc.'s enterprise value stands at 21.3x EBITDA, 24% below its 5-year average of 27.9x. The Real Estate sector median is 16.7x, placing the stock at a 28% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.10 | 11.37 | 12.32 | 11.64 | 14.60 | 13.74 | 14.80 | 11.28 | 10.92 | 9.57 |
| EV / EBITDA | 21.27 | 21.28 | 26.06 | 29.72 | 28.74 | 33.63 | 29.76 | 31.44 | 24.31 | 23.55 | 20.52 |
| EV / EBIT | 29.85 | 38.79 | 31.21 | 38.31 | 38.52 | 50.04 | 43.81 | 38.60 | 33.46 | 32.41 | 28.60 |
| EV / FCF | — | 46.30 | 45.84 | 74.92 | 70.62 | 63.05 | 59.50 | 81.42 | 46.98 | 39.51 | 35.18 |
ELS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Equity LifeStyle Properties, Inc. earns an operating margin of 33.8%, above the Real Estate sector average of 26.0%. Operating margins have expanded from 26.6% to 33.8% over the past 3 years, signaling improving operational efficiency. ROE of 21.2% indicates solid capital efficiency. ROIC of 7.6% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.6% | 37.6% | 49.4% | 47.9% | 46.9% | 19.9% | 51.4% | 52.2% | 51.8% | 51.4% | 51.8% |
| Operating Margin | 33.8% | 33.8% | 29.0% | 26.6% | 25.4% | 29.1% | 31.6% | 32.0% | 32.1% | 32.6% | 32.4% |
| Net Profit Margin | 25.2% | 25.2% | 25.6% | 22.4% | 20.7% | 20.0% | 21.1% | 27.4% | 22.0% | 21.7% | 20.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.2% | 21.2% | 22.1% | 20.8% | 19.0% | 18.8% | 17.4% | 22.2% | 18.5% | 18.1% | 16.7% |
| ROA | 6.8% | 6.8% | 6.5% | 5.7% | 5.3% | 5.4% | 5.3% | 6.9% | 5.6% | 5.6% | 5.0% |
| ROIC | 7.6% | 7.6% | 6.2% | 5.6% | 5.5% | 6.7% | 6.7% | 6.8% | 6.9% | 7.0% | 6.8% |
| ROCE | 9.7% | 9.7% | 8.4% | 7.7% | 7.7% | 9.4% | 9.1% | 8.8% | 8.8% | 9.0% | 8.5% |
ELS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Equity LifeStyle Properties, Inc. carries a Debt/EBITDA ratio of 4.6x, which is highly leveraged (41% below the sector average of 7.9x). Net debt stands at $3.3B ($3.4B total debt minus $26M cash). Interest coverage of just 3.0x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.85 | 1.85 | 1.76 | 2.35 | 2.23 | 2.20 | 2.04 | 1.82 | 1.97 | 2.00 | 1.93 |
| Debt / EBITDA | 4.63 | 4.63 | 5.12 | 6.04 | 6.09 | 5.73 | 5.35 | 5.01 | 5.23 | 5.20 | 5.24 |
| Net Debt / Equity | — | 1.84 | 1.75 | 2.35 | 2.23 | 2.14 | 2.03 | 1.80 | 1.91 | 1.97 | 1.88 |
| Net Debt / EBITDA | 4.59 | 4.59 | 5.12 | 6.04 | 6.08 | 5.57 | 5.30 | 4.95 | 5.07 | 5.12 | 5.10 |
| Debt / FCF | — | 10.00 | 9.00 | 15.22 | 14.94 | 10.43 | 10.59 | 12.83 | 9.81 | 8.59 | 8.74 |
| Interest Coverage | 2.98 | 2.98 | 3.79 | 3.41 | 3.56 | 3.53 | 3.30 | 3.76 | 3.11 | 3.05 | 2.81 |
ELS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.68x means Equity LifeStyle Properties, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.13x to 1.68x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.68 | 1.68 | 0.11 | 0.13 | 0.09 | 0.18 | 0.09 | 0.15 | 0.57 | 0.35 | 0.66 |
| Quick Ratio | 1.68 | 1.68 | 0.11 | 0.13 | 0.09 | 0.18 | 0.09 | 0.15 | 0.57 | 0.35 | 0.66 |
| Cash Ratio | 0.37 | 0.37 | 0.01 | 0.01 | 0.00 | 0.10 | 0.04 | 0.07 | 0.28 | 0.15 | 0.26 |
| Asset Turnover | — | 0.27 | 0.25 | 0.25 | 0.25 | 0.25 | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ELS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Equity LifeStyle Properties, Inc. returns 3.2% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 104.8%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 3.3% | 2.8% | 2.5% | 2.5% | 1.7% | 2.1% | 1.8% | 2.3% | 2.3% | 2.5% |
| Payout Ratio | 104.8% | 104.8% | 100.2% | 109.0% | 109.2% | 105.0% | 112.5% | 82.1% | 95.3% | 88.8% | 87.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.2% | 2.9% | 2.4% | 2.4% | 1.6% | 1.9% | 2.2% | 2.5% | 2.4% | 2.7% |
| FCF Yield | 2.8% | 2.8% | 2.7% | 1.7% | 1.8% | 1.9% | 2.0% | 1.5% | 2.7% | 3.2% | 3.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.2% | 3.3% | 2.8% | 2.5% | 2.5% | 1.7% | 2.1% | 1.8% | 2.3% | 2.3% | 2.5% |
| Shares Outstanding | — | $200M | $197M | $195M | $195M | $183M | $193M | $181M | $178M | $175M | $171M |
Peer Comparison
Compare ELS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ELSYou | $12B | 32.4 | 21.3 | 36.3 | 37.6% | 33.8% | 21.2% | 7.6% | 4.6 |
 SUI | $15B | 11.6 | 16.8 | 17.9 | 9.3% | 20.9% | 19.1% | 3.2% | 1.8 |
 UMH | $1B | 224.3 | 18.1 | 16.3 | 3.9% | 17.4% | 2.9% | 2.3% | 6.8 |
 NUVB | $2B | -8.1 | — | — | 86.6% | -338.7% | -53.2% | -54.3% | — |
 CPT | $11B | 29.6 | 16.5 | 28.4 | 61.4% | 18.4% | 8.4% | 2.6% | 4.3 |
 EQR | $25B | 22.8 | 15.7 | 19.2 | 46.3% | 36.3% | 9.7% | 4.2% | 4.1 |
 AVB | $26B | 25.1 | 19.1 | 18.2 | 67.0% | 30.1% | 8.9% | 3.3% | 5.1 |
 MAA | $15B | 34.4 | 16.5 | 21.1 | 31.8% | 28.0% | 7.5% | 4.2% | 4.4 |
 NVR | $17B | 13.8 | 8.9 | 15.2 | 23.0% | 16.2% | 33.2% | 43.8% | 0.7 |
 SKY | $4B | 21.3 | 12.6 | 21.2 | 26.2% | 9.5% | 13.4% | 16.9% | 0.5 |
 CVCO | $5B | 23.4 | 20.4 | 29.2 | 23.1% | 9.4% | 16.3% | 19.4% | 0.2 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonELS — Frequently Asked Questions
Quick answers to the most common questions about buying ELS stock.
What is Equity LifeStyle Properties, Inc.'s P/E ratio?
Equity LifeStyle Properties, Inc.'s current P/E ratio is 32.4x. The historical average is 40.4x. This places it at the 32th percentile of its historical range.
What is Equity LifeStyle Properties, Inc.'s EV/EBITDA?
Equity LifeStyle Properties, Inc.'s current EV/EBITDA is 21.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
What is Equity LifeStyle Properties, Inc.'s ROE?
Equity LifeStyle Properties, Inc.'s return on equity (ROE) is 21.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.2%.
Is ELS stock overvalued?
Based on historical data, Equity LifeStyle Properties, Inc. is trading at a P/E of 32.4x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Equity LifeStyle Properties, Inc.'s dividend yield?
Equity LifeStyle Properties, Inc.'s current dividend yield is 3.24% with a payout ratio of 104.8%.
What are Equity LifeStyle Properties, Inc.'s profit margins?
Equity LifeStyle Properties, Inc. has 37.6% gross margin and 33.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Equity LifeStyle Properties, Inc. have?
Equity LifeStyle Properties, Inc.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.