Empire State Realty OP, L.P. (ESBA) 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

+156.7%

$12.60

vs $4.91 price

Levered DCF

$0.95

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.71

Distress zone

Rating

Overall 2 / 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	24.23×	35.1×	31.33×	29.68×	-140.13×	-92.42×	49.71×	36.31×
P/B	0.58×	1.51×	2.53×	1.05×	1.47×	1.5×	2.13×	2.11×
P/S	1.38×	3.51×	3.37×	2.42×	3.94×	4.26×	5.67×	5.74×
EV / EBITDA	8.91×	14.01×	11.66×	9.95×	15.44×	16.58×	16.24×	16.01×
Gross margin	1.8%	53.9%	54.2%	55.8%	-9.5%	-13.0%	54.3%	56.4%
Operating margin	17.7%	20.7%	19.8%	17.5%	12.7%	9.6%	21.2%	26.0%
Net margin	6.2%	10.5%	11.4%	8.7%	-2.1%	-3.8%	11.5%	16.0%
Current ratio	6.48×	1.59×	9.99×	82.56×	0×	163×	1.68×	4.36×
Debt / equity	1.34×	1.4×	2.3×	1.36×	1.4×	1.25×	0.87×	0.96×
Interest coverage	1.31×	1.45×	1.45×	1.26×	0.84×	0.65×	1.95×	2.4×
Dividend yield	3.7%	1.4%	1.7%	2.4%	0.9%	2.5%	3.1%	3.0%
Payout ratio	81.9%	47.6%	49.0%	67.4%	-171.1%	-284.2%	151.6%	107.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.6%	4.5%	8.6%	3.8%	-0.8%	-1.3%	4.3%	5.9%
Return on invested capital	14.5%	3.5%	3.4%	3.0%	1.5%	1.1%	3.8%	4.3%
Return on assets	1.1%	1.8%	2.0%	1.5%	-0.3%	-0.6%	2.1%	2.8%
Free cash flow yield	4.8%	3.3%	9.3%	4.8%	4.8%	1.5%	-0.4%	0.9%
Earnings yield	4.5%	3.0%	3.4%	3.6%	-0.5%	-0.9%	2.0%	2.8%
Enterprise value	$3.3B	$4.8B	$4.4B	$3.8B	$4.4B	$4.2B	$5.6B	$5.9B
Net debt / EBITDA	6.08×	6.17×	5.08×	5.31×	6.76×	6.42×	4.24×	4.63×
Cash conversion cycle (days)	-21	157	98	193	147	-23	15	50