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

+150.9%

$12.77

vs $5.09 price

Levered DCF

$0.99

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.83

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	25.15×	34.66×	32.57×	30.36×	-135.55×	-92.92×	49.36×	63.41×
P/B	1.04×	1.49×	1.51×	1.08×	1.42×	1.51×	2.11×	2.08×
P/S	1.43×	3.47×	3.51×	2.47×	3.81×	4.28×	5.63×	5.66×
EV / EBITDA	9.11×	13.91×	11.77×	10.06×	15.16×	16.64×	16.03×	15.77×
Gross margin	1.8%	53.9%	54.2%	55.8%	-9.5%	52.2%	54.3%	56.4%
Operating margin	17.7%	20.7%	19.8%	17.5%	12.7%	9.6%	21.2%	26.2%
Net margin	6.2%	9.9%	11.4%	8.7%	-2.1%	-3.8%	11.5%	9.1%
Current ratio	6.48×	1.59×	9.99×	4.38×	2.78×	3.48×	1.68×	4.36×
Debt / equity	2.3×	1.4×	1.32×	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×	2.41×
Dividend yield	3.5%	1.4%	1.6%	2.4%	0.9%	2.5%	1.9%	3.0%
Payout ratio	81.9%	50.3%	49.0%	67.4%	-171.1%	-284.2%	91.3%	188.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	4.3%	4.9%	3.8%	-0.8%	-1.3%	4.3%	3.3%
Return on invested capital	9.9%	3.5%	3.4%	3.1%	1.7%	1.1%	4.0%	4.3%
Return on assets	1.1%	1.7%	2.0%	1.5%	-0.3%	-0.6%	2.1%	1.6%
Free cash flow yield	4.6%	3.3%	9.0%	4.7%	4.9%	1.5%	-0.4%	0.9%
Earnings yield	4.3%	2.9%	3.2%	3.5%	-0.5%	-0.9%	2.0%	1.6%
Enterprise value	$3.4B	$4.8B	$4.5B	$3.8B	$4.3B	$4.2B	$5.6B	$5.9B
Net debt / EBITDA	6.17×	6.17×	5.01×	5.31×	6.76×	6.42×	4.21×	4.61×
Cash conversion cycle (days)	-21	157	98	193	147	-73	15	50