Pricing Log in Create free account
Thursday 5 November 2026 Export ELS’s income statement to Excel — free account

Equity Lifestyle Properties, Inc.

ELS Real Estate Reit Residential

Equity Lifestyle Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, roughly unchanged from fiscal 2024.

Revenue
+4.22%
EPS
−10.0%
Free cash flow
+33.5%
Total debt
+19.5%

Quarter to September 2026, against a year earlier

62.55 2.25 +3.73%
Market cap
$12.6B
P/E
30.8×
Fwd P/E
28.8×
Dividend yield
3.43%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Equity Lifestyle Properties, Inc. (ELS) valuation and DCF model

What the price implies · reverse DCF

At $62.55 the price implies FFO a share growing 6.0% a year for ten years.

FFO a share grew 9.2% a year over the last ten years, 8.4% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 2.8%.

In December 2017 the price assumed 0.6% a year; Equity Lifestyle Properties, Inc. went on to grow FFO a share −1.3% a year to FY2025.

FFO a share is worked out from Equity Lifestyle Properties, Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
6.0%
Last 5 years, reported
8.4%
Last 10 years, reported
9.2%
Industry median implies
2.8%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
6.0% a year for ten years
$62.55
today’s price
Its base case
9.2% a year for five years, then 5.5%
$70.60
12.9% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Equity Lifestyle Properties, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 6.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Equity Lifestyle Properties, Inc.’s own cost of capital: risk-free 4.3% + beta 0.61 × equity premium 4.5% = 7.0% cost of equity; weighted, 7.0%.

Use 7.0%
Base case value per share $70.60 ten years discounted, and what follows
Current price $62.55 market price per share
Above today’s price 12.9% upside at the base case’s assumptions

How we got there$29.33 10 years of FFO+$41.27 terminal value=$70.60 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Residential).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 30.81× 35.88× 41.75× 26% below 26.83× 15% above
P/FCF 32.48× 59.98× 187.10× 83% below 23.00× 41% above
P/B 6.71× 7.33× 8.01× 16% below 1.73× 288% above
EV/EBITDA 16.44× 18.15× 20.48× 20% below 15.65× 5% above
EV/Sales 8.03× 8.45× 9.53× 16% below 7.85× 2% above
P/FFO 20.48× 23.13× 25.24× 19% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
32.32×41.48×50.63×59.79×10Y avg 41.75×2017201820192020202120222023202420252026

ELS trades at 30.81× P/E, against a 10-year average of 41.75× (range 30.15×–61.30×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $84.76 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.