Empire State Realty Trust (ESRT) Stock Fundamentals, Analysis & Risk Signals

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

Empire State Realty Trust

NYSE•Real Estate•REIT - Diversified

$4.54+0.12(0.03%)Market closed

Market Cap

$733.76M

P/E

79.3x

P/S

0.9x

P/B

0.4x

Empire State Realty Trust, Inc. is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2026, ESRT's portfolio is comprised of approximately 7.5 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. Empire State Realty Trust, Inc. was established on July 29, 2011, and was incorporated in 2011 in Maryland and is based in New York.

How this company scores

WeakMetricSide Score: 41/100

Grade capped at D — Interest coverage below 1× (-0.3x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (22/25); weakest: Profitability (2/25).

Profitability2/25

Growth9/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality22/25

Strengths

Rising free cash flowCash-backed earningsConsistent growth

Grade capped at D

Interest coverage below 1× (-0.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

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

P/E · 79.3x5y range 14.5x – 103.0x

Currently above its 17-quarter median.

P/S · 0.9x5y range 0.9x – 3.0x

Currently below its 20-quarter median.

P/B · 0.4x5y range 0.4x – 1.1x

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 $733.76M

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.: $171.04M

$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: 79.3x
P/S Ratio: 0.9x
P/B Ratio: 0.4x

At 79.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 0.9x and P/B of 0.4x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is up 300% — a weakening trend.

Assets & Liabilities

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

Total Assets: $4.27B
Cash: $85.61M
Long-Term Debt: $2.05B
Book Value: $1.79B
D/E Ratio: 1.1
Debt/EBITDA: N/A

With $4.27B in assets and $2.05B in long-term debt, D/E is 1.1and book value is $1.79B — moderate leverage. Over the past year, debt/equity is down 0% — 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.