Latest Ratios: P/E Ratio 29.3x · EV/EBITDA 11.1x · 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 | $2.6B | $1.8B | $2.4B | $2.7B | $4.1B | $4.4B | $6.1B | $5.5B |
| Enterprise Value | $3.7B | $4.0B | $4.8B | $4.5B | $3.8B | $4.4B | $4.3B | $5.6B | $6.1B | $7.3B | $6.5B |
| P/E Ratio → | 29.33 | 35.22 | 35.71 | 32.03 | 30.00 | — | — | 49.50 | 37.77 | 97.05 | 51.74 |
| P/S Ratio | 1.83 | 2.23 | 3.53 | 3.45 | 2.52 | 4.02 | 4.44 | 5.64 | 5.99 | 8.53 | 8.05 |
| P/B Ratio | 0.78 | 0.94 | 1.51 | 1.47 | 1.06 | 1.45 | 1.56 | 2.12 | 2.20 | 3.07 | 2.75 |
| P/FCF | 27.88 | 33.87 | 10.31 | 10.98 | 20.98 | 20.79 | 69.05 | — | 121.63 | — | 150.72 |
| P/OCF | 5.66 | 6.87 | 10.31 | 10.98 | 8.44 | 11.49 | 14.84 | 17.75 | 15.69 | 31.73 | 24.97 |
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 | — | 5.19 | 6.27 | 6.05 | 5.36 | 7.17 | 7.13 | 7.65 | 8.33 | 10.24 | 9.61 |
| EV / EBITDA | 11.15 | 12.06 | 13.94 | 13.29 | 11.03 | 15.51 | 17.40 | 16.10 | 16.95 | 20.47 | 19.18 |
| EV / EBIT | 27.15 | 22.22 | 30.17 | 23.73 | 22.85 | 54.73 | 72.34 | 33.69 | 30.23 | 37.84 | 35.43 |
| EV / FCF | — | 78.83 | 18.35 | 19.25 | 44.66 | 37.10 | 110.89 | — | 169.24 | — | 179.94 |
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 | 1.7% | 1.4% | 0.9% | 0.9% | 1.3% | 0.7% | 1.4% | 1.8% | 1.6% | 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% | 2.8% | 2.8% | 3.1% | 3.3% | — | — | 2.0% | 2.6% | 1.0% | 1.9% |
| FCF Yield | 3.6% | 3.0% | 9.7% | 9.1% | 4.8% | 4.8% | 1.4% | — | 0.8% | — | 0.7% |
| Buyback Yield | 0.6% | 0.5% | 0.0% | 0.5% | 5.1% | 1.9% | 5.3% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 1.9% | 0.9% | 1.4% | 6.4% | 2.7% | 6.7% | 1.8% | 1.6% | 1.1% | 1.0% |
| Shares Outstanding | — | $270M | $269M | $266M | $270M | $275M | $284M | $298M | $297M | $298M | $278M |
NYC office market volatility
Based on recent market data, OGCP trades at a P/FFO multiple consistently near 6.5x, which appears to reflect a deep discount compared to broader REIT indices, likely driven by investor skepticism regarding the long-term viability of its Manhattan-centric office portfolio despite the unique Observatory cash flows.
The current valuation suggests that the market is heavily discounting the office segment, effectively ignoring the premium potential of the Observatory asset. Investors should monitor whether the recent pivot toward multi-family assets can catalyze a re-rating of the multiple as the revenue mix shifts away from pure-play office exposure.
As reported in financial statements, NOI margins have exhibited extreme volatility, swinging from a negative 172.6% in 2025Q4 to a robust 83.2% in 2025Q3, which suggests that the entity's property-level profitability is highly sensitive to non-recurring expenses or specific accounting adjustments within the Operating Partnership structure.
This erratic margin profile complicates the assessment of organic growth, as it remains unclear how much of the profitability is driven by core leasing versus seasonal tourism fluctuations. The lack of consistent margin expansion warrants further investigation into whether the high cost of property maintenance is permanently impairing the firm's ability to scale profitability.
According to recent SEC filings, OGCP maintains a conservative FFO payout ratio that has consistently hovered near 10% over the last ten quarters, indicating that the current dividend distribution is well-covered by recurring cash flows despite the inherent volatility in the underlying office and observatory business segments.
The low payout ratio provides a significant buffer, allowing the firm to retain substantial cash for necessary capital expenditures and strategic acquisitions. This conservative stance appears prudent given the ongoing capital requirements for maintaining aging Manhattan assets and meeting environmental compliance mandates.
Based on the entity's reported figures, the debt-to-equity ratio has remained within a stable range of 1.16 to 1.42 since 2024Q1, suggesting a disciplined approach to capital structure that appears designed to withstand the cyclical pressures inherent in the Manhattan commercial real estate market.
The maintenance of this leverage profile is critical as the firm navigates a high-interest-rate environment and potential refinancing risks. Investors should monitor whether the firm's debt capacity remains sufficient to fund the ongoing transition toward multi-family residential assets without compromising its balance sheet health.
Data from recent quarterly reports reveals that the market's reliance on the standard P/E ratio for OGCP is fundamentally flawed, as it fails to account for the significant non-cash depreciation charges that artificially depress GAAP earnings and obscure the true cash-generating capacity of the REIT's assets.
Using P/E instead of P/FFO or P/AFFO leads to a misleading valuation, as it ignores the capital-intensive nature of maintaining office properties and the unique cash flow profile of the Observatory. Analysts should prioritize FFO and AFFO metrics to better understand the actual distributable cash available to shareholders.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying OGCP stock.
Empire State Realty OP, L.P.'s current P/E ratio is 29.3x. 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 11.1x. 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 29.3x. 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 1.66% 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.