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Empire State Realty OP, L.P.(ESBA)Earnings, Financials & Key Ratios
ESBA•AMEX•REIT / Real Estate
$5.08
28.2× P/E·Price updated Jun 25, 2026
AboutEmpire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.Show more
- Revenue$768M+0.7%
- FFO$242M+2.5%
- FFO/Share0.90+2.1%
- FFO Payout9.79%-0.3%
- FFO per Share0.90+2.1%
- NOI Margin1.79%-96.7%
- FFO Margin31.55%+1.8%
- ROE2.64%-10.2%
- ROA1.06%-10.4%
ESBA Price & Volume
Empire State Realty OP, L.P. (ESBA) stock price & volume — 10-year historical chart
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Landmark Asset Value Masks Operational Capital Intensity
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial Position:Healthy
Cash Flow:Mixed
Primary Risk:NYC Office Market Concentration
"Empire State Realty OP, L.P. maintains a unique competitive moat anchored by the iconic Empire State Building, yet the firm faces persistent headwinds from high capital expenditure requirements that frequently suppress economic yield. While the company exhibits a disciplined balance sheet with a 1.34x debt-to-equity ratio as of 2025Q4, investors should remain cautious regarding the volatility in AFFO, which reached a negative $25.3M in 2025Q2. Long-term performance will likely depend on the firm's ability to balance necessary tenant improvements with the preservation of its core cash-generating capacity."
Verdict Logic
while the dividend payout ratio remains highly conservative at 0.09 of AFFO as of 2025Q4, the inconsistent conversion of FFO to operating cash flow and high maintenance costs warrant a cautious wait-and-see approach.
ESBA Growth Metrics
Empire State Realty OP, L.P. (ESBA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years1.57%
5 Years4.75%
3 Years2.81%
TTM1.47%
Profit CAGR
10 Years3.22%
5 Years-
3 Years5.41%
TTM-28.23%
EPS CAGR
10 Years-4.66%
5 Years-
3 Years-6.47%
TTM-41.22%
Return on Capital
10 Years3.85%
5 Years3.46%
3 Years3.88%
Last Year3.33%
ESBA Recent Earnings
Empire State Realty OP, L.P. (ESBA) EPS & revenue vs analyst estimates — last 4 quarters
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.01
—
Rev
$190M
—
Q2 2026
May 5, 2026Metric
Actual
Est
EPS
$0.01
—
Rev
$190M
—
Q1 2026
Feb 17, 2026Metric
Actual
Est
EPS
$0.12
—
Rev
$199M
—
Q4 2025
Oct 6, 2025Metric
Actual
Est
EPS
$0.06
—
Rev
$198M
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.01 | $190M |
| Q2 2026 | May 5, 2026 | $0.01 | $190M |
| Q1 2026 | Feb 17, 2026 | $0.12 | $199M |
| Q4 2025 | Oct 6, 2025 | $0.06 | $198M |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Empire State Realty OP, L.P. (ESBA)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $5.08 | $1.36B | 28.22 | 0.67% | 6.2% | 2.64% | 1.73% | |
| $5.14 | $881.3M | 28.56 | 0.67% | 5.09% | 2.19% | — | |
| $50.17 | $3.63B | -42.52 | 41.96% | -15.25% | -3.47% | — | |
| $38.08 | $7.16B | 9.07 | 1.27% | 43.99% | 11.77% | — | |
| $6.60 | $1.46B | -31.43 | 1.97% | -13.47% | -2.39% | — | |
| $65.67 | $10.47B | 37.74 | 2.19% | 9.09% | 4.13% | — |
Compare ESBA vs Peers
Empire State Realty OP, L.P. (ESBA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ESBA SEC Filings & Documents
Empire State Realty OP, L.P. (ESBA) SEC filings — annual & quarterly reports (10-K, 10-Q)
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ESBA Frequently Asked Questions
Empire State Realty OP, L.P. (ESBA) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Empire State Realty OP, L.P.'s revenue?
Empire State Realty OP, L.P. (ESBA) reported $778.1M in revenue for fiscal year 2025. This represents a 235% increase from $232.3M in 2009.
How fast is Empire State Realty OP, L.P. growing?
Empire State Realty OP, L.P. (ESBA) grew revenue by 0.7% over the past year. Growth has been modest.
Is ESBA profitable?
Yes, Empire State Realty OP, L.P. (ESBA) is profitable, generating $39.6M in net income for fiscal year 2025 (6.2% net margin).
Dividend & Returns
Does ESBA pay dividends?
Yes, Empire State Realty OP, L.P. (ESBA) pays a dividend with a yield of 1.73%. This makes it attractive for income-focused investors.
What is ESBA's return on equity?
Empire State Realty OP, L.P. (ESBA) has a return on equity (ROE) of 2.6%. This is below average, suggesting room for improvement.
Industry Metrics
What is Empire State Realty OP, L.P.'s FFO?
Empire State Realty OP, L.P. (ESBA) generated Funds From Operations (FFO) of $235.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.