Empire State Realty Trust, Inc. (ESRT) 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

+331.3%

$21.84

vs $5.07 price

Levered DCF

$10.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.54

Distress zone

Rating

C+

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	25.08×	35.59×	32.3×	30.64×	-117.72×	-71.69×	49.86×	36.49×
P/B	1.04×	1.65×	1.58×	1.17×	1.54×	1.55×	2.03×	1.93×
P/S	1.43×	2.23×	2.11×	1.57×	2.52×	2.68×	3.4×	3.26×
EV / EBITDA	9.01×	10.06×	9.2×	8.16×	12.26×	13.03×	11.12×	11.08×
Gross margin	1.8%	53.6%	54.2%	54.5%	54.0%	52.2%	54.3%	56.3%
Operating margin	17.7%	20.8%	19.8%	18.0%	13.0%	9.6%	21.2%	26.1%
Net margin	6.2%	6.8%	7.2%	5.7%	-1.1%	-2.1%	7.0%	9.1%
Current ratio	3.15×	1.15×	1.26×	1.11×	1.26×	1.56×	8.1×	5.5×
Debt / equity	2.3×	2.41×	2.3×	2.38×	2.34×	2.05×	1.38×	1.55×
Interest coverage	1.31×	1.45×	1.45×	1.26×	0.84×	0.65×	1.95×	2.4×
Dividend yield	2.5%	1.6%	1.7%	2.5%	1.5%	2.5%	3.1%	3.0%
Payout ratio	58.7%	53.1%	50.5%	67.2%	-342.7%	-330.6%	150.3%	107.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	5.0%	5.4%	4.3%	-0.7%	-1.2%	4.2%	5.4%
Return on invested capital	2.9%	3.6%	3.8%	3.1%	1.7%	1.1%	3.6%	4.3%
Return on assets	1.1%	1.1%	1.3%	1.0%	-0.2%	-0.3%	1.3%	1.6%
Free cash flow yield	4.6%	15.3%	14.9%	7.6%	7.7%	2.4%	-0.7%	1.5%
Earnings yield	4.3%	3.0%	3.4%	3.7%	-0.4%	-0.8%	2.1%	2.8%
Enterprise value	$3.4B	$3.8B	$3.5B	$3.1B	$3.5B	$3.3B	$4B	$4.1B
Net debt / EBITDA	6.08×	5.56×	5.08×	5.25×	6.81×	6.53×	4.12×	4.63×
Cash conversion cycle (days)	101	159	98	99	92	106	85	73