Pricing Log in Create free account
Sunday 11 October 2026 Export all ESRT data to Excel Powerpack

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. In the quarter to June 2026, revenue grew 2.95%, EPS fell 475.0%, free cash flow grew 42.3% and total debt rose 8.20%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five.

4.63 0.05 +1.09%
Market cap
$792.9M
P/E
154×
Fwd P/E
110×
Dividend yield
3.02%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 16.91%

Capital & Financial Ratios $m

Market Cap 792.94
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 154.33 (above 35: high)
Fwd P/E 110.00 (above 35: high)
P/S ratio 1.01
P/B ratio 0.44
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (2.14%) (below 0%: weak)
Next 5Y EPS Growth 2.10%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.7×, 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 97.40%
10-year low 10-year high
P/S against its own 10 years 1.14%
10-year low 10-year high
P/B against its own 10 years 1.14%
10-year low 10-year high
EV/Sales against its own 10 years 1.37%
10-year low 10-year high

Dividends

Payout Ratio 2.00
Annual Dividend Rate 0.14
Annual Dividend Yield 3.02%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.14
0.04
0.04
0.04
2025 0.14
0.04
0.04
0.04
0.04
2024 0.14
0.04
0.04
0.04
0.04
2023 0.14
0.04
0.04
0.04
0.04
2022 0.14
0.04
0.04
0.04
0.04
2021 0.11
0.04
0.04
0.04
2020 0.21
0.11
0.11
2019 0.42
0.11
0.11
0.11
0.11
2018 0.42
0.11
0.11
0.11
0.11
2017 0.42
0.11
0.11
0.11
0.11
2016 0.40
0.09
0.11
0.11
0.11
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 14.58 19.63 13.66 12.78 5.19 8.36 6.24 5.39 8.78 6.37

Analyst estimates 2026–2028

Powerpack
High 22.31 21.98 20.54 16.23 14.31 13.11 10.49 10.15 11.62 10.43
People
People Employees 819 831 813 831 755 693 667 666 667 642
Revenue/emp, $m 0.83 0.85 0.90 0.88 0.81 0.90 1.09 1.11 1.15 1.20
Income, $m
Income, $m Revenue 677 710 732 731 609 624 727 740 768 768
Gross margin, % 75.91 75.64 75.84 74.80 76.12 78.16 76.99 76.11 75.45 74.74
EBT 113 125 122 87 (30) (15) 65 87 83 76
EBT margin, % 16.74 17.61 16.66 11.86 (4.90) (2.37) 8.91 11.78 10.81 9.83
Net income 107 118 117 84 (23) (13) 63 84 80 73
Depreciation 155 164 177 189 205 215 230 204 199 208
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
Earnings 0.38 0.40 0.39 0.28 (0.10) (0.08) 0.22 0.30 0.29 0.26
Cash flow 1.60 1.23 1.67 1.30 1.04 1.23 1.28 1.44 1.58 1.48
Capex (1.36) (1.41) (1.45) (1.40) (0.82) (1.23) (1.40) (0.48) (2.22) (3.26)
Free cash flow 0.25 (0.18) 0.21 (0.10) 0.22 0.00 (0.12) 0.96 (0.64) (1.79)
Book value 14.81 12.49 11.88 10.92 9.88 9.77 10.20 10.74 10.81 10.81
Shares, m 134 158 168 178 175 172 165 161 165 169
Valuation, ×
Valuation, × P/E 53.58 52.05 36.49 51.70 0.00 0.00 30.68 31.84 36.86 24.15
P/S 4.02 4.53 3.26 3.40 2.68 2.46 1.53 2.15 2.22 1.43
P/B 1.37 1.63 1.20 1.28 0.94 0.91 0.66 0.92 0.96 0.60
EV/Sales 5.55 6.22 5.02 5.32 5.26 5.41 4.20 4.63 4.62 4.30
EV/FCF 114.59 (153.37) 102.02 (220.30) 81.82 (37,126.24) (155.18) 22.08 (33.79) (10.98)
Cash, $m
Cash, $m Operating cash flow 215 194 279 233 182 212 211 232 261 249
Capex (182) (223) (243) (250) (143) (213) (231) (77) (366) (550)
Free cash flow 33 (29) 36 (18) 39 0 (20) 155 (105) (301)
Balance, $m
Balance, $m Working capital 656 626 770 374 709 597 498 603 456 179
Total debt 1,958 1,956 2,173 1,673 2,141 2,318 2,255 2,241 2,278 2,372
Net debt 1,342 1,426 1,502 1,401 1,573 1,844 1,940 1,834 1,849 2,205
Shareholders’ equity 1,983 1,978 1,991 1,948 1,731 1,684 1,683 1,731 1,782 1,822
Returns, %
Returns, % ROA 1.43 1.60 1.61 1.22 (0.41) (0.25) 0.86 1.17 1.09 0.97
ROIC 3.46 3.54 3.41 2.89 1.11 1.40 2.19 2.57 2.73 2.11
ROE 3.07 3.16 3.31 2.51 (0.91) (0.63) 2.16 2.87 2.70 2.41
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 74.2× 51.4× +1.44% (above 0%: growing) 0.00% −13.90% (below 0%: shrinking) 70.98% 24.02% Compare
SAFE Safehold Inc. $856.9M 7.4× 9.3× +22.17% (above 0%: growing) +7.69% (above 0%: growing) −181.89% (below 0%: shrinking) 87.18% 73.05% Compare
JBGS JBG SMITH Properties $822.3M — (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. $792.9M 154× 110× +2.95% (above 0%: growing) n/m +42.29% (above 0%: growing) 74.97% (70.45%)
CTO CTO Realty Growth, Inc. $770.7M 15.1× 45.6× +16.45% (above 0%: growing) n/m +162.11% (above 0%: growing) 74.62% 30.23% Compare
GOOD Gladstone Commercial Corporation $620.0M 48.7× 56.2× +11.27% (above 0%: growing) +266.67% (above 0%: growing) +112.75% (above 0%: growing) 79.76% 40.36% Compare
AHRT AH Realty Trust Inc $580.3M — (loss-making) — (loss-making) +3.60% (above 0%: growing) n/m +105.02% (above 0%: growing) 67.20% 18.62% Compare
FVR FrontView REIT, Inc. $494.3M 554× 1,309× +2.57% (above 0%: growing) n/m +23.47% (above 0%: growing) 87.38% 20.53% Compare
OLP One Liberty Properties, Inc. $480.4M 13.8× 40.8× +10.00% (above 0%: growing) +82.05% (above 0%: growing) −1.58% (below 0%: shrinking) 100.00% 84.44% Compare
Median of peers $695.3M 31.9× 48.5× +6.80% +44.87% +47.70% 77.19% 27.13%

All 16 Reit Diversified stocks →

Empire State Realty Trust, Inc. (ESRT) key facts

  • Empire State Realty Trust, Inc. (ESRT) is a Reit Diversified company in the Real Estate sector, listed on the New York Stock Exchange.
  • Empire State Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $768.3 million, roughly unchanged from fiscal 2024.
  • As of October 9, 2026, ESRT traded at $4.63, a market capitalization of $792.9 million.
  • Empire State Realty Trust, Inc. pays an annual dividend of $0.14 per share, a yield of 3.02%, with a payout ratio of 200.0%.
  • Return on equity was 2.41% and debt-to-equity 1.24.
  • Its Piotroski F-score is 3 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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

No news at this impact. Lower the threshold for more.
stockrow.com/ESRT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com