Latest Ratios: P/E Ratio 29.6x · EV/EBITDA 11.2x · ROE 2.6%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.7B | $2.7B | $2.5B | $1.8B | $2.4B | $2.6B | $4.1B | $4.2B | $6.2B | $5.5B |
| Enterprise Value | $3.7B | $4.0B | $4.8B | $4.4B | $3.8B | $4.4B | $4.2B | $5.6B | $5.9B | $7.4B | $6.6B |
| P/E Ratio → | 29.61 | 35.00 | 36.36 | 31.33 | 29.68 | — | — | 49.71 | 36.31 | 98.48 | 52.58 |
| P/S Ratio | 1.85 | 2.21 | 3.59 | 3.38 | 2.49 | 4.01 | 4.26 | 5.67 | 5.75 | 8.65 | 8.18 |
| P/B Ratio | 0.79 | 0.93 | 1.54 | 1.44 | 1.05 | 1.45 | 1.50 | 2.13 | 2.11 | 3.12 | 2.80 |
| P/FCF | 28.15 | 33.65 | 10.50 | 10.74 | 20.76 | 20.77 | 66.22 | — | 116.93 | — | 153.17 |
| P/OCF | 5.71 | 6.83 | 10.50 | 10.74 | 8.35 | 11.48 | 14.23 | 17.82 | 15.09 | 32.19 | 25.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.17 | 6.34 | 5.98 | 5.34 | 7.16 | 6.95 | 7.67 | 8.10 | 10.37 | 9.74 |
| EV / EBITDA | 11.19 | 12.03 | 14.08 | 13.13 | 10.97 | 15.50 | 16.96 | 16.16 | 16.48 | 20.72 | 19.44 |
| EV / EBIT | 27.25 | 22.16 | 30.48 | 23.43 | 22.73 | 54.69 | 70.50 | 33.80 | 29.39 | 38.30 | 35.91 |
| EV / FCF | — | 78.61 | 18.54 | 19.01 | 44.44 | 37.08 | 108.06 | — | 164.54 | — | 182.39 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 1.8% | 1.8% | 53.6% | 54.2% | 54.5% | 54.0% | 52.2% | 54.3% | 56.3% | 57.1% | 57.4% |
| Operating Margin | 17.7% | 17.7% | 20.8% | 19.8% | 18.0% | 13.0% | 9.6% | 21.2% | 26.1% | 27.5% | 27.2% |
| Net Profit Margin | 6.2% | 6.2% | 6.8% | 7.2% | 5.7% | -1.1% | -2.1% | 7.0% | 9.1% | 8.9% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.6% | 2.6% | 2.9% | 3.1% | 2.4% | -0.4% | -0.7% | 2.6% | 3.4% | 3.2% | 3.1% |
| ROA | 1.1% | 1.1% | 1.2% | 1.3% | 1.0% | -0.2% | -0.3% | 1.3% | 1.6% | 1.6% | 1.5% |
| ROIC | 2.6% | 2.6% | 3.2% | 3.0% | 2.6% | 1.7% | 1.3% | 3.3% | 4.1% | 4.7% | 4.6% |
| ROCE | 3.3% | 3.3% | 4.3% | 4.0% | 3.5% | 2.2% | 1.6% | 3.9% | 4.9% | 5.2% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.34 | 1.34 | 1.39 | 1.31 | 1.35 | 1.39 | 1.25 | 0.87 | 0.96 | 0.85 | 0.81 |
| Debt / EBITDA | 7.38 | 7.38 | 7.23 | 6.74 | 6.61 | 8.33 | 8.67 | 4.89 | 5.34 | 4.74 | 4.75 |
| Net Debt / Equity | — | 1.25 | 1.18 | 1.11 | 1.19 | 1.14 | 0.95 | 0.75 | 0.86 | 0.62 | 0.53 |
| Net Debt / EBITDA | 6.88 | 6.88 | 6.11 | 5.71 | 5.85 | 6.82 | 6.56 | 4.22 | 4.77 | 3.43 | 3.11 |
| Debt / FCF | — | 44.96 | 8.04 | 8.27 | 23.68 | 16.31 | 41.84 | — | 47.61 | — | 29.22 |
| Interest Coverage | 1.73 | 1.73 | 1.45 | 1.86 | 1.64 | 0.84 | 0.67 | 2.09 | 2.53 | 2.82 | 2.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.15 | 3.15 | 1.15 | 1.26 | 1.11 | 1.26 | 1.56 | 8.10 | 5.50 | 5.26 | 5.08 |
| Quick Ratio | 3.15 | 3.15 | 1.15 | 1.26 | 1.11 | 1.26 | 1.56 | 8.10 | 5.52 | 5.26 | 5.08 |
| Cash Ratio | 2.78 | 2.78 | 0.50 | 0.62 | 0.48 | 0.75 | 0.92 | 3.25 | 3.45 | 3.06 | 3.33 |
| Asset Turnover | — | 0.17 | 0.17 | 0.18 | 0.17 | 0.14 | 0.15 | 0.19 | 0.17 | 0.18 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.6% | 1.4% | 0.8% | 0.9% | 1.3% | 0.7% | 1.4% | 1.8% | 1.7% | 1.1% | 1.0% |
| Payout Ratio | 49.8% | 49.8% | 45.0% | 42.6% | 56.9% | — | — | 146.9% | 106.5% | 105.0% | 106.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 2.9% | 2.8% | 3.2% | 3.4% | — | — | 2.0% | 2.8% | 1.0% | 1.9% |
| FCF Yield | 3.6% | 3.0% | 9.5% | 9.3% | 4.8% | 4.8% | 1.5% | — | 0.9% | — | 0.7% |
| Buyback Yield | 0.6% | 0.5% | 0.0% | 0.5% | 5.1% | 1.9% | 5.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 1.9% | 0.8% | 1.4% | 6.4% | 2.7% | 7.0% | 1.8% | 1.7% | 1.1% | 1.0% |
| Shares Outstanding | — | $270M | $269M | $266M | $270M | $275M | $284M | $298M | $297M | $298M | $278M |
NYC Office Market Concentration
Based on the provided data, the company's P/FFO multiple of 6.74x as of 2025Q4 suggests that the market is applying a significant discount to the firm's earnings, likely driven by broader skepticism regarding the long-term viability of Manhattan office assets in a post-pandemic work environment.
The current valuation appears to ignore the potential premium associated with the observatory's unique tourism-driven cash flows. Investors should monitor whether this multiple expansion occurs as the market begins to bifurcate the office and entertainment segments of the portfolio.
As reported in the quarterly financial statements, the NOI margin experienced an anomalous contraction to -172.6% in 2025Q4, which suggests that property-level operating expenses or specific accounting adjustments may be temporarily distorting the true profitability of the company's core real estate operations.
This volatility warrants further investigation into whether the margin compression is a structural issue or a result of non-recurring maintenance costs. The inconsistency in NOI margins makes it difficult to determine if FFO growth is being driven by organic rental increases or external factors.
According to recent financial filings, the company maintains a remarkably low FFO payout ratio, which sat at 8.5% in 2025Q4, indicating that management is prioritizing significant cash retention over aggressive dividend distributions to navigate the current cyclical downturn in the Manhattan office market.
This conservative approach provides a substantial buffer for the dividend, even during periods of erratic AFFO performance. Investors should view this as a defensive posture that preserves liquidity for necessary capital expenditures on aging landmark assets.
Based on reported figures, the company maintains a debt-to-equity ratio of 1.34x as of 2025Q4, which appears to be a disciplined capital structure that provides a meaningful buffer against the cyclical pressures currently impacting the broader Manhattan office real estate sector.
This leverage profile suggests a level of balance sheet optionality that is not currently reflected in the sector's generally distressed valuations. Maintaining this ratio will be critical as the company faces potential refinancing risks in a higher interest rate environment.
The most commonly misapplied metric for this REIT is the standard P/E ratio, which, at 29.61x, fails to account for the significant non-cash depreciation charges inherent in landmark real estate assets, thereby obscuring the company's true cash-generating capacity and economic yield.
Investors should instead focus on P/FFO or P/AFFO, as these metrics adjust for depreciation and maintenance capital expenditures. Relying on P/E leads to a distorted view of valuation that ignores the actual cash flow available to shareholders.
Includes 30+ ratios · 17 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ESBA stock.
Empire State Realty OP, L.P.'s current P/E ratio is 29.6x. The historical average is 46.7x. This places it at the 9th percentile of its historical range.
Empire State Realty OP, L.P.'s current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Empire State Realty OP, L.P.'s return on equity (ROE) is 2.6%. The historical average is 2.7%.
Based on historical data, Empire State Realty OP, L.P. is trading at a P/E of 29.6x. This is at the 9th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Empire State Realty OP, L.P.'s current dividend yield is 1.65% with a payout ratio of 49.8%.
Empire State Realty OP, L.P. has 1.8% gross margin and 17.7% operating margin. Operating margin between 10-20% is typical for established companies.
Empire State Realty OP, L.P.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.