Empire State Realty OP, L.P. (ESBA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Empire State Realty OP, L.P.

NYSEArca•Real Estate•REIT - Office

$4.46+0.16(0.04%)Market closed

Market Cap

$1.09B

P/E

117.7x

P/S

1.4x

P/B

0.6x

Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.

How this company scores

AverageMetricSide Score: 46/100

Strongest: Cash & Earnings Quality (22/25); weakest: Profitability (2/25).

Profitability2/25

Growth10/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality22/25

Strengths

Rising free cash flowCash-backed earningsConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 117.7x5y range 18.6x – 117.7x

Currently above its 17-quarter median.

P/S · 1.4x5y range 1.4x – 4.7x

Currently below its 20-quarter median.

P/B · 0.6x5y range 0.6x – 1.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 122.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $1.09B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $784.18M
Q. Revenue: $196.90M
TTM EBITDA: $164.27M
TTM Op. Income: $-34.52M
Q. Op. Income: $-138.71M
TTM Net Income: $9.26M
Q. Net Income: $-39.55M
EPS: $-0.15
Shares Out.: $268.95M

$784.18M in TTM revenue grew 2.0% YoY, reaching $196.90M last quarter. TTM EBITDA of $164.27M and TTM operating income of $-34.52M show growth is flowing through to the bottom line. TTM net income of $9.26M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -44.9%
Op. Margin: -70.4%
Net Margin: -20.1%

Op. margin of -70.4% is down 88.8% YoY — costs are rising relative to revenue. Net margin at -20.1% Across the last 8 quarters, operating margin has fallen for 3 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 117.7x
P/S Ratio: 1.4x
P/B Ratio: 0.6x

At 117.7x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 1.4x and P/B of 0.6x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is up 285% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.27B
Cash: $85.61M
Long-Term Debt: $2.24B
Book Value: $1.79B
D/E Ratio: 1.3
Debt/EBITDA: N/A

With $4.27B in assets and $2.24B in long-term debt, D/E is 1.3and book value is $1.79B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $19.54M
TTM Free Cash Flow: $103.84M
FCF Margin: 13.2%
FCF / Net Income: 11.2

TTM FCF of $103.84M on $19.54M in operating cash flow. The FCF / Net Income ratio of 11.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.