Equity LifeStyle Properties, Inc. (ELS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-10.6%

$53.78

vs $60.14 price

Levered DCF

$36.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.16

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	31.4×	33.98×	41.74×	42.22×	61.3×	50.69×	45.71×	40.48×
P/B	6.9×	7.17×	9.19×	8.3×	11.33×	9.36×	10.18×	7.71×
P/S	7.92×	8.71×	9.35×	8.73×	12.19×	10.69×	12.47×	8.93×
EV / EBITDA	25.25×	21.44×	25.19×	24.72×	33.39×	28.58×	27.7×	23.48×
Gross margin	37.6%	49.4%	47.9%	46.9%	19.9%	51.4%	52.2%	51.8%
Operating margin	33.8%	29.0%	26.6%	25.4%	29.1%	31.6%	32.0%	32.1%
Net margin	25.2%	25.6%	22.4%	20.7%	20.0%	21.1%	27.4%	22.0%
Current ratio	1.68×	0.11×	0.13×	0.09×	0.18×	0.09×	0.15×	0.57×
Debt / equity	1.92×	1.84×	2.46×	2.34×	2.31×	2.16×	1.93×	2.09×
Interest coverage	3.87×	3.02×	2.82×	3×	3.52×	3.32×	3.13×	2.96×
Dividend yield	3.3%	2.9%	2.6%	2.6%	1.7%	2.2%	1.8%	2.3%
Payout ratio	104.8%	100.2%	109.0%	109.3%	105.0%	112.6%	82.1%	95.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.0%	21.1%	22.0%	19.7%	18.5%	18.5%	22.3%	19.0%
Return on invested capital	9.0%	8.3%	7.4%	7.1%	8.0%	8.6%	8.4%	8.5%
Return on assets	6.7%	6.5%	5.6%	5.2%	4.9%	5.2%	6.7%	5.4%
Free cash flow yield	2.8%	2.8%	1.8%	1.9%	1.9%	2.2%	1.5%	2.7%
Earnings yield	3.2%	2.9%	2.4%	2.4%	1.6%	2.0%	2.2%	2.5%
Enterprise value	$15.5B	$15.7B	$16.6B	$15.4B	$19.2B	$14.2B	$15.1B	$10.9B
Net debt / EBITDA	5.45×	4.37×	5.32×	5.44×	5.53×	5.32×	4.36×	4.9×
Cash conversion cycle (days)	22	-67	-63	-75	-49	-78	-80	-67