Empire State Realty Trust, Inc. (ESRT) Financial Ratios
17 years of historical data (2009–2025) · Real Estate · REIT - Diversified
EV/EBITDA
↓
9.77
↓-26% vs avg
5yr avg: 13.28
30Y Low11.1·High21.1
P/FCF
↑
18.91
-4% vs avg
5yr avg: 19.76
30Y Low10.6·High154.8
P/B Ratio
↓
0.83
↓-36% vs avg
5yr avg: 1.31
30Y Low1.0·High3.5
ROE
↑
2.6%
↓+23% vs avg
5yr avg: 2.1%
30Y Low-1%·High8%
Debt/EBITDA
↓
7.38
+2% vs avg
5yr avg: 7.26
30Y Low4.7·High8.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ESRT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Empire State Realty Trust, Inc. trades at 31.2x earnings, 8% below its 5-year average of 34.0x, sitting at the 18th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.2x, the stock trades at a premium of 29%. On a free-cash-flow basis, the stock trades at 18.9x P/FCF, roughly in line with the 5-year average of 19.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $956M | $1.8B | $2.8B | $2.6B | $1.8B | $2.4B | $2.6B | $4.2B | $4.2B | $6.1B | $5.6B |
| Enterprise Value | $3.2B | $4.0B | $4.9B | $4.5B | $3.8B | $4.4B | $4.3B | $5.6B | $5.9B | $7.3B | $6.7B |
| P/E Ratio → | 31.22 | 36.22 | 36.86 | 32.30 | 30.64 | — | — | 49.86 | 36.49 | 97.76 | 53.13 |
| P/S Ratio | 1.24 | 2.29 | 3.64 | 3.48 | 2.57 | 4.03 | 4.34 | 5.68 | 5.78 | 8.59 | 8.27 |
| P/B Ratio | 0.83 | 0.97 | 1.56 | 1.49 | 1.08 | 1.45 | 1.53 | 2.13 | 2.12 | 3.09 | 2.83 |
| P/FCF | 18.91 | 34.83 | 10.64 | 11.07 | 21.43 | 20.84 | 67.53 | — | 117.50 | — | 154.78 |
| P/OCF | 3.84 | 7.07 | 10.64 | 11.07 | 8.62 | 11.52 | 14.51 | 17.87 | 15.16 | 31.96 | 25.64 |
P/E links to full P/E history page with 30-year chart
ESRT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Empire State Realty Trust, Inc.'s enterprise value stands at 9.8x EBITDA, 26% below its 5-year average of 13.3x. The Real Estate sector median is 16.8x, placing the stock at a 42% discount 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 | — | 5.25 | 6.39 | 6.08 | 5.42 | 7.18 | 7.03 | 7.69 | 8.13 | 10.31 | 9.83 |
| EV / EBITDA | 9.77 | 12.21 | 14.19 | 13.36 | 11.14 | 15.53 | 17.16 | 16.19 | 16.54 | 20.60 | 19.61 |
| EV / EBIT | 23.80 | 22.49 | 30.71 | 23.84 | 23.08 | 54.79 | 71.35 | 33.87 | 29.50 | 38.07 | 36.23 |
| EV / FCF | — | 79.79 | 18.68 | 19.34 | 45.11 | 37.15 | 109.37 | — | 165.11 | — | 184.00 |
ESRT Profitability
Margins and return-on-capital ratios measuring operating efficiency
Empire State Realty Trust, Inc. earns an operating margin of 17.7%, below the Real Estate sector average of 24.7%. Operating margins have compressed from 19.8% to 17.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 2.6% is modest. ROIC of 2.6% represents below-average 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 | 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% |
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 | 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% |
ESRT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Empire State Realty Trust, Inc. carries a Debt/EBITDA ratio of 7.4x, which is highly leveraged (roughly in line with the sector average of 7.7x). Net debt stands at $2.3B ($2.4B total debt minus $167M cash). Interest coverage of just 1.7x 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 | 1.34 | 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 |
ESRT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Empire State Realty Trust, Inc.'s current ratio of 3.15x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.26x to 3.15x 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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
ESRT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Empire State Realty Trust, Inc. returns 2.4% to shareholders annually — split between a 1.6% dividend yield and 0.8% buyback yield. A payout ratio of 49.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 3.2% (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 | 1.6% | 1.3% | 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% |
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 | 3.2% | 2.8% | 2.7% | 3.1% | 3.3% | — | — | 2.0% | 2.7% | 1.0% | 1.9% |
| FCF Yield | 5.3% | 2.9% | 9.4% | 9.0% | 4.7% | 4.8% | 1.5% | — | 0.9% | — | 0.6% |
| Buyback Yield | 0.8% | 0.5% | 0.0% | 0.5% | 5.0% | 1.9% | 5.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.4% | 1.8% | 0.8% | 1.4% | 6.2% | 2.6% | 6.8% | 1.8% | 1.7% | 1.1% | 1.0% |
| Shares Outstanding | — | $270M | $269M | $266M | $270M | $275M | $284M | $298M | $297M | $298M | $278M |
Peer Comparison
Compare ESRT 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 |
|---|---|---|---|---|---|---|---|---|---|
 ESRTYou | $956M | 31.2 | 9.8 | 18.9 | 1.8% | 17.7% | 2.6% | 2.6% | 7.4 |
 SLG | $3B | -28.5 | 26.3 | — | 34.1% | 15.4% | -2.0% | 1.1% | 19.3 |
 VNO | $6B | 7.6 | 17.3 | 4.8 | 100.0% | 15.0% | 13.9% | 1.4% | 10.5 |
 BXP | $9B | 34.2 | 8.9 | 13.7 | 60.6% | 55.7% | 3.5% | 6.1% | 6.1 |
 HIW | $3B | 17.6 | 12.7 | 16.9 | 67.6% | 26.0% | 6.6% | 2.7% | 7.2 |
 PDM | $1B | -12.7 | 10.9 | — | -20.7% | 14.1% | -5.4% | 1.5% | 7.4 |
 CUZ | $4B | 109.5 | 12.5 | 32.0 | 26.5% | 22.4% | 0.8% | 2.0% | 5.8 |
 KRG | $5B | 19.4 | 15.3 | 19.5 | 53.3% | 23.1% | 9.0% | 2.3% | 5.9 |
 DEI | $2B | 123.9 | 12.3 | 10.4 | -16.1% | 19.0% | 0.5% | 1.6% | 9.4 |
 CBRE | $43B | 38.1 | 24.8 | 36.0 | 15.0% | 3.2% | 12.3% | 6.2% | 4.8 |
 JLL | $15B | 20.0 | 12.6 | 15.6 | 99.0% | 4.5% | 10.9% | 8.9% | 2.4 |
| Real Estate Median | — | 24.2 | 16.8 | 15.6 | 50.1% | 24.7% | 3.5% | 2.7% | 7.7 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 17 years · Updated daily
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Start ComparisonESRT — Frequently Asked Questions
Quick answers to the most common questions about buying ESRT stock.
What is Empire State Realty Trust, Inc.'s P/E ratio?
Empire State Realty Trust, Inc.'s current P/E ratio is 31.2x. The historical average is 47.3x. This places it at the 18th percentile of its historical range.
What is Empire State Realty Trust, Inc.'s EV/EBITDA?
Empire State Realty Trust, Inc.'s current EV/EBITDA is 9.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.5x.
What is Empire State Realty Trust, Inc.'s ROE?
Empire State Realty Trust, Inc.'s return on equity (ROE) is 2.6%. The historical average is 2.7%.
Is ESRT stock overvalued?
Based on historical data, Empire State Realty Trust, Inc. is trading at a P/E of 31.2x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Empire State Realty Trust, Inc.'s dividend yield?
Empire State Realty Trust, Inc.'s current dividend yield is 1.56% with a payout ratio of 49.8%.
What are Empire State Realty Trust, Inc.'s profit margins?
Empire State Realty Trust, Inc. has 1.8% gross margin and 17.7% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Empire State Realty Trust, Inc. have?
Empire State Realty Trust, Inc.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.