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

+169.1%

$12.97

vs $4.82 price

Levered DCF

$1.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.68

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	24.38×	34.48×	32.03×	30×	-140.28×	-95.3×	49.5×	38.76×
P/B	1.01×	1.49×	1.49×	1.07×	1.47×	1.55×	2.12×	1.29×
P/S	1.39×	3.45×	3.45×	2.45×	3.95×	4.39×	5.64×	3.49×
EV / EBITDA	9.02×	13.87×	11.66×	10×	15.45×	16.9×	16.09×	11.5×
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%	10.5%	11.4%	8.7%	-2.1%	-3.8%	11.5%	9.1%
Current ratio	6.48×	1.59×	9.99×	82.56×	2.78×	6.46×	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	3.6%	1.4%	1.6%	2.4%	0.9%	2.4%	1.9%	4.9%
Payout ratio	81.9%	47.6%	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%	4.5%	4.9%	3.8%	-0.8%	-1.3%	4.3%	3.3%
Return on invested capital	9.9%	3.5%	3.4%	3.0%	1.7%	1.1%	4.0%	4.3%
Return on assets	1.1%	1.8%	2.0%	1.5%	-0.3%	-0.6%	2.1%	1.6%
Free cash flow yield	4.7%	3.3%	9.1%	4.8%	4.8%	1.5%	-0.4%	1.4%
Earnings yield	4.5%	3.0%	3.3%	3.6%	-0.5%	-0.9%	2.0%	2.6%
Enterprise value	$3.4B	$4.8B	$4.5B	$3.8B	$4.4B	$4.3B	$5.6B	$4.3B
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