Latest Ratios: P/E Ratio 31.2x · EV/EBITDA 11.6x · 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 | $1.6B | $1.8B | $2.7B | $2.6B | $1.8B | $2.4B | $2.6B | $4.1B | $4.1B | $6.1B | $5.5B |
| Enterprise Value | $3.8B | $4.0B | $4.8B | $4.5B | $3.8B | $4.3B | $4.2B | $5.6B | $5.9B | $7.3B | $6.6B |
| P/E Ratio → | 31.17 | 36.33 | 35.89 | 32.57 | 30.36 | — | — | 49.36 | 35.77 | 97.14 | 52.58 |
| P/S Ratio | 2.03 | 2.30 | 3.54 | 3.51 | 2.55 | 3.88 | 4.28 | 5.63 | 5.67 | 8.53 | 8.18 |
| P/B Ratio | 0.83 | 0.97 | 1.52 | 1.50 | 1.07 | 1.40 | 1.51 | 2.11 | 2.08 | 3.07 | 2.80 |
| P/FCF | 30.80 | 34.93 | 10.36 | 11.16 | 21.24 | 20.09 | 66.58 | — | 115.19 | — | 153.17 |
| P/OCF | 6.25 | 7.09 | 10.36 | 11.16 | 8.54 | 11.10 | 14.31 | 17.69 | 14.86 | 31.76 | 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 | — | 5.26 | 6.29 | 6.11 | 5.39 | 7.03 | 6.97 | 7.63 | 8.01 | 10.25 | 9.74 |
| EV / EBITDA | 11.59 | 12.22 | 13.98 | 13.42 | 11.09 | 15.22 | 17.01 | 16.07 | 16.31 | 20.49 | 19.44 |
| EV / EBIT | 28.23 | 22.52 | 30.26 | 23.95 | 22.98 | 53.69 | 70.74 | 33.62 | 29.08 | 37.87 | 35.91 |
| EV / FCF | — | 79.89 | 18.41 | 19.43 | 44.92 | 36.40 | 108.42 | — | 162.80 | — | 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% | 1.3% | 0.9% | 0.9% | 1.3% | 0.8% | 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 | 3.2% | 2.8% | 2.8% | 3.1% | 3.3% | — | — | 2.0% | 2.8% | 1.0% | 1.9% |
| FCF Yield | 3.2% | 2.9% | 9.6% | 9.0% | 4.7% | 5.0% | 1.5% | — | 0.9% | — | 0.7% |
| Buyback Yield | 0.5% | 0.5% | 0.0% | 0.5% | 5.0% | 2.0% | 5.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.1% | 1.8% | 0.9% | 1.4% | 6.3% | 2.7% | 6.9% | 1.8% | 1.7% | 1.1% | 1.0% |
| Shares Outstanding | — | $270M | $269M | $266M | $270M | $275M | $284M | $298M | $297M | $298M | $278M |
NYC regulatory and occupancy
Based on reported figures, FISK trades at a P/FFO multiple of approximately 6.7x, which appears to reflect a significant discount compared to broader office REIT peers, likely due to market skepticism regarding the long-term sustainability of its legacy Manhattan office portfolio and the volatility of tourism-linked income.
The current valuation suggests that investors are heavily discounting the company's office assets, potentially failing to assign an appropriate premium to the unique, high-margin Observatory cash flows. This valuation gap warrants further investigation into whether the market is mispricing the company as a pure-play office REIT rather than a hybrid real estate and experience-economy entity.
As reported in financial statements, NOI margins have exhibited extreme fluctuations, ranging from a negative 172.6% in 2025Q4 to a positive 83.2% in 2025Q3, indicating that the company's property-level profitability is highly sensitive to non-recurring expenses and seasonal accounting adjustments within its landmark asset base.
The erratic nature of these margins suggests that the company's core profitability is frequently obscured by significant operational overhead and the high cost of maintaining aging structures. Investors should monitor whether these margin swings represent structural inefficiencies or merely the timing of capital-intensive property-level investments.
According to recent SEC filings, the FFO payout ratio has fluctuated between 8.5% and 12.2% over the last ten quarters, suggesting that while the dividend appears technically covered, the underlying cash flow volatility makes the sustainability of these distributions sensitive to quarterly leasing and tourism performance.
The low payout ratio may appear conservative, but it likely reflects management's need to retain significant cash for recurring capital expenditures and tenant improvements. This strategy suggests that the dividend is prioritized as a secondary objective to the ongoing capital requirements of the portfolio.
Based on the provided balance sheet data, FISK maintains a debt-to-equity ratio of 1.31 as of 2026Q1, reflecting a leverage profile that appears manageable but remains vulnerable to the ongoing valuation pressures inherent in the Manhattan office market and the company's reliance on property-level financing.
The company's debt structure appears adequate, yet the declining cash reserves suggest a tightening liquidity position as the firm navigates capital-intensive property requirements. Investors should monitor the interest coverage ratio, which has shown signs of compression, potentially limiting the company's flexibility in a higher-rate environment.
The market frequently misapplies the standard P/E ratio to FISK, which obscures the true cash-generating capacity of the REIT by failing to account for non-cash depreciation charges that are significant for century-old landmark assets, thereby distorting the perceived valuation of the company's core operations.
Analysts should instead utilize P/FFO or P/AFFO to better reflect the actual cash flow available to shareholders after accounting for recurring capital expenditures. Relying on P/E in this context leads to a fundamental misunderstanding of the REIT's earnings quality and its ability to sustain distributions.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying FISK stock.
Empire State Realty OP, L.P.'s current P/E ratio is 31.2x. The historical average is 46.8x. This places it at the 18th percentile of its historical range.
Empire State Realty OP, L.P.'s current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.3x.
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 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.
Empire State Realty OP, L.P.'s current dividend yield is 1.57% 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.