| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| 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 |
—
—
—
—
|
| 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 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| 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
|
| 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
|
| 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
|
| 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)
|
| 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
|
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.
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