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Empire State Realty Trust, Inc. ESRT

Growth Flags show if company had growth for consecutive years

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Get access to target analyst prices, predictions, compound annual growth rates and more than four years of historical data.

Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy
Sell
Insider Ownership
16.91%

Capital & Financial Ratios

Market Cap
720.23
Revenue
784.18
Net Income
9.26
Free Cash Flow
(301.10)
Net Debt
2,098.16
Current Ratio
1.32
Debt/Equity
1.24
P/E ratio
138.67
P/S ratio
0.91
P/B ratio
0.40
Past 5Y EPS Growth
0.44%
This Y EPS Growth
Next Y EPS Growth
Next 5Y EPS Growth
2.10%
in millions of $

Dividends

Payout Ratio
0.48
Annual Dividend Rate
0.14
Annual Dividend Yield
1.44%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 0.14
2025 0.14
2024 0.14
2023 0.14
2022 0.14
2021 0.11
2020 0.21
2019 0.42
2018 0.42
2017 0.42
2016 0.40
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 406.96 429.30 166.51 128.22
Receivables 295.46 279.18 277.33 278.34
Inventory
Other
702.42 708.48 443.84 406.56
2023 2024 2025 Q'26
Payables 99.76 132.02 120.15 132.22
ST’ Debt 120.00 145.00 175.00
Other
99.76 252.02 265.15 307.22
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡ ‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 190.33 196.90
’25 180.07 191.25 197.73 199.22
768.27
’24 181.18 189.54 199.60 197.60
767.92
’23 164.62 190.54 191.53 192.88
739.57
’22 164.03 198.02 183.71 181.27
727.04
’21 145.30 153.41 165.05 160.33
624.09
’20 170.22 141.03 146.58 151.40
609.23
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 68.91 19.54
’25 83.15 26.72 105.29 33.90
249.05
’24 70.93 37.12 102.81 50.03
260.89
’23 86.36 19.54 90.14 36.44
232.49
’22 67.69 15.99 90.31 37.19
211.17
’21 73.40 10.33 83.30 45.46
212.49
’20 64.77 9.65 89.13 18.74
182.29
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 4.25 (50.09)
’25 41.08 (86.79) 72.77 (328.02)
(300.96)
’24 17.93 (6.39) (88.00) (28.62)
(105.08)
’23 83.74 34.91 38.02 (1.51)
155.16
’22 32.75 (5.68) 57.84 (104.58)
(19.68)
’21 52.69 (17.30) 60.93 (96.40)
(0.09)
’20 24.98 (28.93) 55.49 (12.36)
39.18
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.05 (0.15)
’25 0.05 0.04 0.05 0.12
0.25
’24 0.03 0.10 0.08 0.07
0.28
’23 0.04 0.14 0.07 0.06
0.30
’22 (0.07) 0.18 0.03 0.08
0.22
’21 (0.02) 0.01 (0.04) (0.02)
(0.06)
’20 0.02 (0.07) (0.05) 0.00
(0.10)

Target Price Range

High
‡‡‡‡‡
‡‡‡
Average
‡‡‡‡‡
‡‡‡
Low
‡‡‡‡‡
‡‡‡

Recommendation Rating

2.7
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 6.24 5.39 8.78 6.37
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.49 10.15 11.62 10.43
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 667 666 667 642
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.09 1.11 1.15 1.20
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 727.04 739.57 767.92 768.27 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 76.99% 76.11% 75.45% 74.74%
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 64.76 87.12 83.05 75.54 ‡‡‡‡‡
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.91% 11.78% 10.81% 9.83% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 63.21 84.41 80.36 72.98 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 229.77 204.42 199.10 208.14
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.41 4.59 4.66 4.56 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 0.22 0.30 0.29 0.26 ‡‡‡‡ ‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.28 1.44 1.58 1.48 ‡‡‡
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.40) (0.48) (2.22) (3.26) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.12) 0.96 (0.64) (1.79)
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.20 10.74 10.81 10.81
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 165.04 161.12 164.90 168.54 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡ 30.68 31.84 36.86 24.15 ‡‡‡‡‡ ‡‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.53 2.15 2.22 1.43 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.66 0.92 0.96 0.60 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.20 4.63 4.62 4.30 ‡‡‡‡ ‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (155.18) 22.08 (33.79) (10.98)
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 211.17 232.49 260.89 249.05 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (230.86) (77.33) (365.98) (550.01) ‡‡‡‡‡ ‡‡‡‡‡
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (19.68) 155.16 (105.08) (300.96) ‡‡‡‡‡
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 498.24 602.66 456.47 178.69
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,255.14 2,240.55 2,277.97 2,371.73
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,940.46 1,833.59 1,848.67 2,205.22
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,683.09 1,731.05 1,781.96 1,822.19
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.86% 1.17% 1.09% 0.97% ‡‡‡‡‡
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.19% 2.57% 2.73% 2.11%
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.16% 2.87% 2.70% 2.41% ‡‡‡‡‡
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Empire State Realty Trust (ESRT), iconic owner of the Empire State Building and prime NYC office properties, has staged a gritty post-pandemic recovery. Revenue plunged 17% in 2020 amid lockdowns but roared back 26% to $768 million in 2024—surpassing pre-crisis levels—thanks to tourism rebounds at its observatories and rising occupancy. Operational efficiencies shine through, with per-employee revenue up 39% despite staff cuts, and forecasts predict modest growth to $831 million by 2027 as capex stabilizes.

Yet scars remain: profitability swings from 2020 losses to $83 million EBT in 2024, pressured by $2.25 billion debt (2.4x EBITDA), lumpy capex spikes, and share dilution. The stock has halved from 2016 highs to around $11, trading at a dirt-cheap 2.2x sales and near book value, while insider sells (no buys) add caution amid 20%+ Manhattan vacancies and hybrid work shifts.

Analysts see 27% upside potential, betting on NYC’s tourism grit, premium assets, and Fed rate relief to flip free cash flow positive and boost dividends (11-13% yield). Is ESRT an undervalued comeback story piercing office gloom, or a debt-laden trap? Fundamentals decoupling from the beaten-down price make it a compelling watch for patient investors.

Empire State Realty Trust, Inc. (ESRT) Latest News

News by impact score

Fine-tune

1 Aug

3 , 12:16 AM
Empire State Realty Trust filed a shelf registration allowing future securities issuance. Analysis indicates the stock may be 22% undervalued based on this development. Shelf filing opens path to equity raises that can alter capital structure and near-term investor views on valuation.

31 Jul

3 www.marketbeat.com, 3:03 AM
Empire State Realty Trust, Inc. released Q2 earnings call highlights covering financial results and operational updates for the period. Q2 earnings details can shift near-term investor views on financial performance without major strategic shifts.

30 Jul

3 , 7:05 PM
Empire State Realty Trust Inc reported strong office leasing in its Q2 2026 earnings call. Strong office leasing supports higher occupancy and rental revenue growth.

3 transcript app.moby.co, 8:30 AM
Empire State Realty Trust, Inc. issued its Q2 2026 earnings call summary covering financial results, operational updates, and forward guidance for the REIT. Quarterly earnings data and guidance can shift near-term investor views and trading in ESRT shares but rarely alter long-term company trajectory.

29 Jul

3 , 4:05 PM
Empire State Realty Trust, Inc. (ESRT) released its second quarter 2026 financial results. Quarterly earnings releases deliver key financial data that can shift near-term investor views and valuation.

30 Jun

3 , 8:37 AM
Empire State Realty Trust (ESRT) faced specific challenges that negatively affected its Q1 performance. Q1 performance shortfalls can moderately shift near-term investor views on ESRT without altering long-term trajectory.

2 Jun

3 Business Wire, 6:20 AM
Empire State Realty Trust disposes of 250 West 57th Street and strengthens ownership of Broadway Campus assets. Asset sale and ownership consolidation represent a moderate portfolio adjustment with limited but noticeable effects on financials and operations.

1 May

3 www.marketbeat.com, 7:18 AM
Empire State Realty Trust, Inc. (ESRT) released Q1 earnings call highlights covering financial results, operational updates, and forward guidance. Q1 earnings highlights affect ESRT's financial performance and market sentiment but are balanced by broader real estate market factors.

3 , 3:17 AM
Empire State Realty Trust Inc (ESRT) delivered solid performance in Q1 2026 earnings call highlights amid market challenges. Solid Q1 2026 performance affects ESRT's financial results and market sentiment but remains balanced by quarterly nature.

30 Apr

4 transcript www.fool.com, 1:19 PM
Empire State Realty Trust, Inc. (ESRT) released its Q1 2026 earnings call transcript, detailing quarterly financial performance, operational updates, and forward-looking guidance. Q1 2026 earnings transcript discloses financial results, guidance, and strategic insights likely to significantly sway ESRT's trajectory and investor sentiment.

3 app.moby.co, 8:30 AM
Empire State Realty Trust, Inc. (ESRT) released Q1 2026 earnings call summary detailing quarterly financial results, operational updates, and forward guidance. Quarterly earnings summaries influence financial performance perceptions and investor sentiment but are routine for REITs with limited long-term trajectory shifts.

29 Apr

4 Business Wire, 4:05 PM
Empire State Realty Trust, Inc. (ESRT) announced first quarter 2026 results, highlighting key financial metrics and operational performance. Quarterly earnings announcements significantly affect ESRT's financial performance, stock price, and investor outlook.

6 Apr

4 Business Wire, 4:05 PM
Empire State Realty Trust, Inc. (ESRT) announces acquisition and financing transactions within its NYC retail portfolio. Acquisition and financing of NYC retail assets expand ESRT's portfolio, representing a major strategic move with significant impact on future performance.

1 Mar

4 Simply Wall St., 7:20 PM
ESRT reports strong Manhattan lease renewals and initiates capital returns, prompting analysis on whether these developments bolster the bull case for the REIT. Manhattan lease renewals secure key revenue streams while capital returns enhance shareholder value, significantly influencing ESRT's financial trajectory and market sentiment.

23 Feb

4 GuruFocus.com, 8:00 PM
Empire State Realty Trust Inc (ESRT) Q4 2025 earnings call highlights strong leasing momentum, high occupancy rates, rent growth, and solid financial results amid positive market outlook. Strong leasing momentum in Q4 2025 earnings directly enhances ESRT's revenue trajectory and investor confidence.

22 Feb

4 Simply Wall St., 9:08 PM
Empire State Realty Trust (ESRT) investment story rewritten around lower analyst targets amid shifting fundamentals and market dynamics. Lower targets rewrite ESRT's investment thesis, likely eroding investor sentiment and pressuring future market performance significantly.

18 Feb

4 www.marketbeat.com, 3:01 PM
Empire State Realty Trust, Inc. (ESRT) released Q4 earnings call highlights detailing financial performance, occupancy rates, leasing activity, and forward guidance. Q4 earnings call highlights disclose critical financial metrics, NOI growth, and future projections influencing ESRT's valuation and market trajectory.

4 app.moby.co, 8:30 AM
Empire State Realty Trust, Inc. (ESRT) released Q4 2025 earnings call summary highlighting financial results, occupancy rates, leasing activity, and outlook. Q4 earnings summaries disclose core financial metrics and guidance that significantly shape investor expectations and stock trajectory.

17 Feb

4 Business Wire, 6:07 PM
Burlington Stores expands space and renews lease for 206,392 square feet at 1400 Broadway; Nespresso renews 41,835 square foot lease at 111 W. 33rd Street. Major tenant lease expansion and renewal secure significant rental revenue and enhance occupancy for ESRT properties.

4 Associated Press Finance, 4:59 PM
Empire State Realty Trust, Inc. (ESRT) released its Q4 earnings snapshot. Q4 earnings snapshots reveal key financial metrics that significantly influence ESRT's stock price and investor outlook.

4 Business Wire, 4:41 PM
Empire State Realty Trust, Inc. (ESRT) announced fourth quarter and full year 2025 financial results. Full-year and quarterly earnings releases directly impact financial performance metrics, occupancy rates, and investor sentiment for REITs.

3 Business Wire, 6:46 PM
TJ Maxx and JPMorgan Chase Bank renewed long-term retail leases with Empire State Realty Trust totaling 68,120 square feet. Renewals secure stable occupancy and rental income from major retail tenants across 68,120 square feet.

4 Feb

4 Barrons.com, 1:00 AM
Empire State Realty Trust, Inc. (ESRT) is highlighted as one of three recommended REITs to buy, showcasing its strong portfolio management and strategic positioning in the real estate market. The article emphasizes ESRT's potential for growth and stability, making it an attractive investment option for those looking to capitalize on real estate opportunities. The recommendation of ESRT as a buy indicates significant potential for future performance and investor sentiment.

2 Feb

3 Simply Wall St., 6:07 AM
Empire State Realty Trust, Inc. (ESRT) faces a divergence in its valuation narrative, particularly regarding its price-to-earnings (P/E) ratio and fair value assessments. Analysts are scrutinizing the company's financial metrics and market positioning, leading to varied interpretations of its future prospects. The ongoing evaluation highlights the complexities in real estate investment trusts (REITs) and the factors influencing ESRT's market performance. Moderate influence is expected due to the ongoing evaluation of financial metrics and market positioning.

28 Jan

3 Barrons.com, 6:45 PM
Empire State Realty Trust, Inc. (ESRT) faces potential challenges following Mayor Mamdani's proposed wealth tax plan, which could impact the New York real estate market. The plan aims to impose higher taxes on wealthy individuals, raising concerns among real estate investors about its effects on property values and investment attractiveness in the city. As a result, shares of ESRT and other New York real estate trusts have dipped, reflecting market apprehension regarding future profitability and growth in the sector. The proposed wealth tax could moderately influence investor sentiment and financial performance in the New York real estate market.

23 Dec

3 Simply Wall St.Motley FoolSimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St., 5:11 PM
Empire State Realty Trust, Inc. (ESRT) has faced recent underperformance, raising questions about its valuation and potential investment opportunities. Analysts are evaluating whether the current stock price reflects a buying opportunity or if underlying issues may persist. The company's financial health, market conditions, and strategic decisions are under scrutiny as investors weigh the risks and rewards associated with ESRT's future prospects. Recent underperformance may affect investor sentiment and financial performance, but broader market factors could balance the impact.

3 Simply Wall St., 10:13 AM
Empire State Realty Trust, Inc. (ESRT) has experienced a significant share price decline in 2025, prompting a reevaluation of its valuation through discounted cash flow (DCF) analysis. The analysis suggests that the current market price may not accurately reflect the company's intrinsic value, raising questions about whether the stock is fairly priced. Investors are urged to consider the implications of this valuation assessment in light of the recent slump. The DCF valuation check indicates a moderately noticeable influence on ESRT's financial performance and market sentiment.

9 Dec

4 Business Wire, 4:30 PM
Empire State Building has achieved the distinction of being the first building in New York State to receive LEED v5 Platinum certification, setting a new standard for sustainability in the region. This certification reflects the building's commitment to environmental excellence and energy efficiency, enhancing its appeal to tenants and investors alike. Achieving LEED v5 Platinum certification is likely to significantly enhance the building's marketability and operational efficiency, impacting future performance positively.

8 Dec

3 www.fool.com, 6:20 AM
Empire State Realty Trust, Inc. (ESRT) faced a significant shift as a real estate fund divested its $4 million stake in the iconic NYC office REIT. This decision reflects growing concerns about the future of office spaces in urban areas, particularly in light of changing work patterns and economic uncertainties. The fund's exit signals a potential reevaluation of investments in similar properties, raising questions about ESRT's market position and future performance. The divestment indicates a moderate concern regarding the office real estate market, which could influence investor sentiment and ESRT's financial performance.

5 Dec

3 Business WireSimply Wall St.BenzingaBarchartSimply Wall St.ZacksZacks, 11:38 AM
Empire State Realty Trust, Inc. (ESRT) has announced a dividend for the fourth quarter of 2025, reflecting its ongoing commitment to returning value to shareholders. The dividend details, including the amount and payment date, were disclosed in the announcement, indicating the company's financial health and stability in the current market environment. The dividend announcement suggests a stable financial position, which may positively influence investor sentiment but is not expected to significantly alter the company's trajectory.

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