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Empire State Realty Trust, Inc.

ESRT Real Estate Reit Diversified

Empire State Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $768.3 million, roughly unchanged from fiscal 2024.

Revenue
+2.95%
EPS
−475.0%
Free cash flow
+42.3%
Total debt
+8.20%

Quarter to June 2026, against a year earlier

5.28 0.23 +4.55%
Market cap
$874.3M
P/E
168×
Fwd P/E
110×
Dividend yield
2.77%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 24.54%

Capital & Financial Ratios $m

Size
Market Cap 874.32
Revenue ttm 784.18
Net income ttm 9.26
Free cash flow ttm (301.10)
Net debt Q 2,098.16
Valuation
P/E 168.33 (above 35: high)
Forward P/E 110.00 (above 35: high)
Price / sales 1.10
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.48
Financial health
Current ratio Q 1.32
Debt / equity Q 1.24
Interest coverage Q (4.99)
Growth
Revenue growth Q +2.95% (above 0%: growing)
Operating income growth Q −494.95% (below 0%: shrinking)
EPS, this year —
EPS, next year A —
Revenue, next year A −3.28% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +2.10%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, against a ten-year median of 5.0×; over the ten years it ranged from 3.6× in 2026 to 6.3× in 2017.
P/E against its own 10 years 98.99%
10-year low 10-year high
P/S against its own 10 years 2.61%
10-year low 10-year high
P/B against its own 10 years 3.12%
10-year low 10-year high
EV/Sales against its own 10 years 3.52%
10-year low 10-year high

Dividends

Yield
2.77%
Annual rate
0.14
Payout ratio
200.0%
Growth, 2017–25
−12.8%/yr
  1. 0.42 ’17
  2. 0.42 ’18 +0
  3. 0.42 ’19 +0
  4. 0.21 ’20 −50
  5. 0.11 ’21 −50
  6. 0.14 ’22 +33
  7. 0.14 ’23 +0
  8. 0.14 ’24 +0
  9. 0.14 ’25 +0
  10. 0.14 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 407 429 167 128
Receivables 295 279 277 278
Inventory — — — —
Other — — — —
702 708 444 407
2023 2024 2025 Q'26
Payables 100 132 120 132
ST’ Debt — 120 145 175
Other — — — —
100 252 265 307

Compound Annual Growth %

10y 5y 3y
Sales 1.57% 4.75% 1.86%
Cash Flow 2.06% 6.44% 5.65%
Earnings 2.55% 0.00% 6.00%
Book Value 2.87% 1.03% 2.68%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY24 Estimate 0.24 Actual 0.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY23 0.23 0.25 Beat by 0.02
Q4 FY23 0.22 0.25 Beat by 0.03
Q1 FY24 0.19 0.21 Beat by 0.02
Q2 FY24 0.24 0.24 Met by 0.00

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 (0.01) 0.01 (0.04) (0.01) (0.06)
’20 0.02 (0.07) (0.05) 0.00 (0.08)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 190 197 — — —
’25 180 191 198 199 768
’24 181 190 200 198 768
’23 165 191 192 193 740
’22 164 198 184 181 727
’21 145 153 165 160 624
’20 170 141 147 151 609
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 69 20 — — —
’25 83 27 105 34 249
’24 71 37 103 50 261
’23 86 20 90 36 232
’22 68 16 90 37 211
’21 73 10 83 45 212
’20 65 10 89 19 182
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 4 (50) — — —
’25 41 (87) 73 (328) (301)
’24 18 (6) (88) (29) (105)
’23 84 35 38 (2) 155
’22 33 (6) 58 (105) (20)
’21 53 (17) 61 (96) 0
’20 25 (29) 55 (12) 39
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 677 710 732 731 609 624 727 740 768 768 784 +1.4% 743 740 790 +0.9%
Gross margin, % 75.91 75.64 75.84 74.80 76.12 78.16 76.99 76.11 75.45 74.74 74.65 (1.2) pt
EBT 113 125 122 87 (30) (15) 65 87 83 76 10 (4.4%)
EBT margin, % 16.74 17.61 16.66 11.86 (4.90) (2.37) 8.91 11.78 10.81 9.83 1.29 (6.9) pt
Net income 107 118 117 84 (23) (13) 63 84 80 73 9 (4.2%)
Per share, $
Per share, $ Revenue 5.06 4.48 4.37 4.10 3.48 3.62 4.41 4.59 4.66 4.56 4.58 (1.2%)
Earnings 0.38 0.40 0.39 0.28 (0.10) (0.08) 0.22 0.30 0.29 0.26 0.03 (4.1%)
Cash flow 1.60 1.23 1.67 1.30 1.04 1.23 1.28 1.44 1.58 1.48 1.33 (0.9%)
Capex (1.36) (1.41) (1.45) (1.40) (0.82) (1.23) (1.40) (0.48) (2.22) (3.26) (3.09) +10.2%
Free cash flow 0.25 (0.18) 0.21 (0.10) 0.22 0.00 (0.12) 0.96 (0.64) (1.79) (1.76) n/m
Book value 14.81 12.49 11.88 10.92 9.88 9.77 10.20 10.74 10.81 10.81 10.46 (3.4%)
Shares, m 134 158 168 178 175 172 165 161 165 169 170 +2.6%
Valuation, ×
Valuation, × P/E 53.58 52.05 36.49 51.70 0.00 0.00 30.68 31.84 36.86 24.15 168.33 31.7
P/S 4.02 4.53 3.26 3.40 2.68 2.46 1.53 2.15 2.22 1.43 1.10 2.8
P/B 1.37 1.63 1.20 1.28 0.94 0.91 0.66 0.92 0.96 0.60 0.48 1.0
EV/Sales 5.55 6.22 5.02 5.32 5.26 5.41 4.20 4.63 4.62 4.30 3.78 5.1
EV/FCF 114.59 (153.37) 102.02 (220.30) 81.82 (37,126.24) (155.18) 22.08 (33.79) (10.98) (9.84) (3,737.9)
Cash, $m
Cash, $m Operating cash flow 215 194 279 233 182 212 211 232 261 249 228 +1.7%
Capex (182) (223) (243) (250) (143) (213) (231) (77) (366) (550) (529) +13.1%
Free cash flow 33 (29) 36 (18) 39 0 (20) 155 (105) (301) (301) n/m
Balance, $m
Balance, $m Working capital 656 626 770 374 709 597 498 603 456 179 99 (13.5%)
Net debt 1,342 1,426 1,502 1,401 1,573 1,844 1,940 1,834 1,849 2,205 2,098 +5.7%
Shareholders’ equity 1,983 1,978 1,991 1,948 1,731 1,684 1,683 1,731 1,782 1,822 1,790 (0.9%)
Returns, %
Returns, % ROA 1.43 1.60 1.61 1.22 (0.41) (0.25) 0.86 1.17 1.09 0.97 0.07 (0.5) pt
ROIC 3.46 3.54 3.41 2.89 1.11 1.40 2.19 2.57 2.73 2.11 (0.55) (1.3) pt
ROE 3.07 3.16 3.31 2.51 (0.91) (0.63) 2.16 2.87 2.70 2.41 0.17 (0.7) pt
People
People Employees 819 831 813 831 755 693 667 666 667 642 — (2.7%)
Revenue/emp, $m 0.83 0.85 0.90 0.88 0.81 0.90 1.09 1.11 1.15 1.20 — +4.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Empire State Realty Trust, Inc. vs peers in Reit Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AAT American Assets Trust, Inc. $1.3B 56.3× 62.5× +4.29% (above 0%: growing) +135.71% (above 0%: growing) −58.53% (below 0%: shrinking) 70.60% 25.77% Compare
JBGS JBG SMITH Properties $874.5M — (loss-making) — (loss-making) +2.29% (above 0%: growing) n/m +71.92% (above 0%: growing) 62.69% 2.98% Compare
ESRT Empire State Realty Trust, Inc. $874.3M 168× 110× +2.95% (above 0%: growing) n/m +42.29% (above 0%: growing) 74.97% (70.45%)
SAFE Safehold Inc. $795.3M 6.9× 7.0× +22.17% (above 0%: growing) +7.69% (above 0%: growing) −181.89% (below 0%: shrinking) 87.18% 73.05% Compare
CTO CTO Realty Growth, Inc. $774.4M 16.7× 45.8× +24.25% (above 0%: growing) n/m −258.74% (below 0%: shrinking) 75.31% 24.66% Compare
AHRT AH Realty Trust Inc $633.0M — (loss-making) — (loss-making) +3.60% (above 0%: growing) n/m +105.02% (above 0%: growing) 67.20% 18.62% Compare
GOOD Gladstone Commercial Corporation $562.4M 88.2× 45.7× +3.86% (above 0%: growing) n/m +148.24% (above 0%: growing) 0.00% 22.41% Compare
FVR FrontView REIT, Inc. $557.2M 624× 12,360× +2.57% (above 0%: growing) n/m +23.47% (above 0%: growing) 87.38% 20.53% Compare
OLP One Liberty Properties, Inc. $478.6M 14.2× 18.4× +10.00% (above 0%: growing) +82.05% (above 0%: growing) −1.58% (below 0%: shrinking) 100.00% 84.44% Compare
Median of peers $703.7M 36.5× 45.8× +4.08% +82.05% +10.94% 72.95% 23.54%

All 16 Reit Diversified stocks →

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.67m 2.66m 75.69
2024 13.19m 17.60m 117.69
2023 8.96m 20.79m 108.98
2022 8.39m 6.47m 74.46
2021 7.92m 1.27m 96.47

Ownership

Directors and executive officers, together 15.20%
Quark Holding LLC 13.70%
Anthony E. Malkin 13.50%
BlackRock, Inc.(a) 8.90% of the votes
Ameriprise Financial, Inc.(b) 7.10% of the votes
BlackRock Inc 6.80%
Cohen & Steers, Inc.(c) 6.58% of the votes
Ameriprise Financial, Inc. 5.40%
Cohen & Steers, Inc. 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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

4 Nov

Impact 3 · · MarketBeat transcript

3 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

2 Nov

Impact 3 · · Business Wire

22 Oct

Impact 3 · · Insider Monkey

7 Oct

Impact 4 · · credaily.com

6 Oct

Impact 4 · · bisnow.com

22 Sep

Impact 3 · · Business Wire

1 Aug

Impact 3 ·

31 Jul

Impact 3 · · MarketBeat

30 Jul

Impact 3 ·
Impact 3 · · Moby transcript

29 Jul

Impact 3 ·

30 Jun

Impact 3 ·

2 Jun

Impact 3 · · Business Wire

1 May

Impact 3 · · MarketBeat
Impact 3 ·

30 Apr

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

29 Apr

Impact 4 · · Business Wire

6 Apr

Impact 4 · · Business Wire

1 Mar

Impact 4 · · Simply Wall St.

23 Feb

Impact 4 · · GuruFocus.com

22 Feb

Impact 4 · · Simply Wall St.

18 Feb

Impact 4 · · MarketBeat
Impact 4 · · Moby

17 Feb

Impact 4 · · Business Wire
Impact 4 · · Associated Press Finance
Impact 4 · · Business Wire
Impact 3 · · Business Wire
stockrow.com/ESRT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com