Latest Ratios: P/E Ratio 23.2x · EV/EBITDA 9.0x · 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 | $715M | $1.8B | $2.8B | $2.6B | $1.8B | $2.4B | $2.6B | $4.2B | $4.2B | $6.1B | $5.6B |
| Enterprise Value | $3.0B | $4.0B | $4.9B | $4.5B | $3.8B | $4.4B | $4.3B | $5.6B | $5.9B | $7.3B | $6.7B |
| P/E Ratio → | 23.17 | 36.22 | 36.86 | 32.30 | 30.64 | — | — | 49.86 | 36.49 | 97.76 | 53.13 |
| P/S Ratio | 0.93 | 2.29 | 3.64 | 3.48 | 2.57 | 4.03 | 4.34 | 5.68 | 5.78 | 8.59 | 8.27 |
| P/B Ratio | 0.62 | 0.97 | 1.56 | 1.49 | 1.08 | 1.45 | 1.53 | 2.13 | 2.12 | 3.09 | 2.83 |
| P/FCF | 14.14 | 34.83 | 10.64 | 11.07 | 21.43 | 20.84 | 67.53 | — | 117.50 | — | 154.78 |
| P/OCF | 2.87 | 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
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 | — | 5.25 | 6.39 | 6.08 | 5.42 | 7.18 | 7.03 | 7.69 | 8.13 | 10.31 | 9.83 |
| EV / EBITDA | 9.04 | 12.21 | 14.19 | 13.36 | 11.14 | 15.53 | 17.16 | 16.19 | 16.54 | 20.60 | 19.61 |
| EV / EBIT | 22.03 | 22.49 | 25.29 | 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 |
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 | 1.76 | 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 | 2.1% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 2.8% | 2.7% | 3.1% | 3.3% | — | — | 2.0% | 2.7% | 1.0% | 1.9% |
| FCF Yield | 7.1% | 2.9% | 9.4% | 9.0% | 4.7% | 4.8% | 1.5% | — | 0.9% | — | 0.6% |
| Buyback Yield | 1.1% | 0.5% | 0.0% | 0.5% | 5.0% | 1.9% | 5.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.2% | 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 |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying ESRT stock.
Empire State Realty Trust, Inc.'s current P/E ratio is 23.2x. The historical average is 47.3x. This places it at the 9th percentile of its historical range.
Empire State Realty Trust, Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.5x.
Empire State Realty Trust, Inc.'s return on equity (ROE) is 2.6%. The historical average is 2.7%.
Based on historical data, Empire State Realty Trust, Inc. is trading at a P/E of 23.2x. 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 Trust, Inc.'s current dividend yield is 2.11% with a payout ratio of 49.8%.
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.
Empire State Realty Trust, Inc.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative AFFO sustainability
Metrics are mathematically derived from official filings.
P/FFO Discount Amidst Profitability Collapse
ESRT trades at a P/FFO of 6.65x, a significant discount to peers like BXP (39.07x P/E) and VNO (8.90x P/E), but this appears to reflect severe operational stress rather than a value opportunity, as reported in recent financial statements.
The company's P/FFO multiple has remained compressed in the 6.45x-6.77x range over the past ten quarters, suggesting the market has consistently priced in structural headwinds. This valuation discount is warranted given the collapse in NOI margin to 1.1% in 2026Q2 and the negative AFFO, which indicates the current earnings power is insufficient to support a higher multiple. The implied cap rate, using the latest quarterly NOI annualized, would be extremely low, further confirming that the market is not pricing the portfolio's income stream at a premium.
NOI Margin Collapse Erases Core Earnings
ESRT's NOI margin plummeted to 1.1% in 2026Q2, a catastrophic fall from the 50-55% range maintained throughout 2024, indicating that property-level operating costs or non-recurring charges have overwhelmed rental revenue.
The extreme volatility in NOI margin, from 83.2% in 2025Q3 to -172.6% in 2025Q4 and now 1.1%, suggests the company's core property profitability is highly unstable and likely distorted by significant non-cash items or portfolio adjustments. This collapse directly explains the 54.7% year-over-year decline in FFO per share to $0.10, confirming that FFO growth is not being driven organically but is instead being severely eroded. Investors should monitor whether this represents a temporary accounting event or a fundamental deterioration in the operating portfolio's ability to generate net income.
AFFO Collapse Threatens Dividend Coverage
ESRT's AFFO per share turned sharply negative at -$0.09 in 2026Q2, a dramatic deterioration from $0.13 in 2026Q1, suggesting the company's true distributable cash flow is now insufficient to cover its quarterly dividend.
While the FFO payout ratio appears low at 23.6% in 2026Q2, this metric is misleading because AFFO, which better reflects sustainable cash flow for dividends, is negative. The company's dividend of approximately $0.01 per share per quarter is now being funded from sources other than core operations, such as cash reserves or asset sales. This situation is unsustainable, and based on reported figures, investors should monitor for a potential dividend reduction or a need for external financing to maintain the payout.
Deleveraging Masked by Liquidity Drain
ESRT's debt-to-gross-assets ratio improved to 1.24 in 2026Q2 from 1.42 in 2024Q2, but this deleveraging appears driven by asset sales or paydowns rather than operational cash generation, as cash reserves have simultaneously plummeted.
The reduction in total debt from $2.5B to $2.2B over two years is a positive trend, but the concurrent decline in cash from $385.5M to $85.6M suggests the balance sheet improvement is not self-funded. The interest coverage ratio turned negative at -0.45 in 2026Q2, indicating that operating income is no longer sufficient to cover interest expenses, a critical deterioration from the 2.28x coverage in 2025Q4. This combination of falling liquidity and negative interest coverage warrants close monitoring of refinancing risk and covenant compliance.
Occupancy and Cost Efficiency Under Pressure
The severe compression in NOI margin to 1.1% in 2026Q2, despite modest revenue growth, suggests significant property-level cost pressures or occupancy challenges are eroding the portfolio's core profitability.
While specific occupancy data is not provided, the collapse in NOI margin from a stable 50-55% range indicates that either rental income is declining or, more likely, operating expenses are escalating disproportionately. This trend implies potential vulnerabilities in the portfolio's cost structure or tenant mix, possibly related to the office market's structural headwinds. The G&A cost efficiency cannot be assessed in isolation, but the overall property-level profitability trend is clearly deteriorating, which may indicate broader portfolio quality issues.
P/E Ratio Misleads on REIT Earnings Quality
The P/E ratio of 25.17 is the most commonly misapplied metric to ESRT, as it is distorted by significant depreciation and non-cash charges that make GAAP net income an unreliable indicator of cash performance.
For REITs like ESRT, the P/E ratio is deeply misleading because it includes large non-cash depreciation charges that suppress reported earnings, while the underlying cash flow from operations (FFO) is the relevant metric. The extreme volatility in ESRT's GAAP net income, which has swung from positive to negative, contrasts with the more stable (though declining) FFO, highlighting this distortion. The correct alternative is the P/FFO ratio, which adds back depreciation to provide a clearer picture of the REIT's operating cash flow and its ability to service debt and pay dividends.