Latest Ratios: P/E Ratio 33.9x · EV/EBITDA 22.0x · ROE 21.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.7B | $12.1B | $13.1B | $13.8B | $12.6B | $16.0B | $12.2B | $12.7B | $8.6B | $7.8B | $6.2B |
| Enterprise Value | $16.0B | $15.5B | $16.3B | $17.3B | $16.0B | $19.2B | $14.8B | $15.1B | $10.9B | $10.0B | $8.2B |
| P/E Ratio → | 33.88 | 31.40 | 33.98 | 41.74 | 42.22 | 61.30 | 53.69 | 45.71 | 40.82 | 40.83 | 37.55 |
| P/S Ratio | 8.28 | 7.92 | 9.14 | 9.82 | 9.17 | 12.19 | 11.29 | 12.47 | 8.93 | 8.54 | 7.19 |
| P/B Ratio | 7.21 | 6.68 | 7.18 | 9.20 | 8.31 | 10.79 | 9.35 | 9.63 | 7.24 | 7.08 | 5.69 |
| P/FCF | 37.96 | 36.31 | 36.84 | 59.70 | 55.68 | 52.61 | 48.90 | 68.60 | 37.18 | 30.92 | 26.45 |
| P/OCF | 22.20 | 21.24 | 21.95 | 25.16 | 26.51 | 31.50 | 29.23 | 28.70 | 20.87 | 20.61 | 17.48 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.10 | 11.37 | 12.32 | 11.64 | 14.60 | 13.74 | 14.80 | 11.28 | 10.92 | 9.57 |
| EV / EBITDA | 22.04 | 21.28 | 26.06 | 29.72 | 28.74 | 33.63 | 29.76 | 31.44 | 24.31 | 23.55 | 20.52 |
| EV / EBIT | 30.93 | 38.79 | 31.21 | 38.31 | 38.52 | 50.04 | 43.81 | 38.60 | 33.46 | 32.41 | 28.60 |
| EV / FCF | — | 46.30 | 45.84 | 74.92 | 70.62 | 63.05 | 59.50 | 81.42 | 46.98 | 39.51 | 35.18 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.6% | 37.6% | 49.4% | 47.9% | 46.9% | 19.9% | 51.4% | 52.2% | 51.8% | 51.4% | 51.8% |
| Operating Margin | 33.8% | 33.8% | 29.0% | 26.6% | 25.4% | 29.1% | 31.6% | 32.0% | 32.1% | 32.6% | 32.4% |
| Net Profit Margin | 25.2% | 25.2% | 25.6% | 22.4% | 20.7% | 20.0% | 21.1% | 27.4% | 22.0% | 21.7% | 20.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.2% | 21.2% | 22.1% | 20.8% | 19.0% | 18.8% | 17.4% | 22.2% | 18.5% | 18.1% | 16.7% |
| ROA | 6.8% | 6.8% | 6.5% | 5.7% | 5.3% | 5.4% | 5.3% | 6.9% | 5.6% | 5.6% | 5.0% |
| ROIC | 7.6% | 7.6% | 6.2% | 5.6% | 5.5% | 6.7% | 6.7% | 6.8% | 6.9% | 7.0% | 6.8% |
| ROCE | 9.7% | 9.7% | 8.4% | 7.7% | 7.7% | 9.4% | 9.1% | 8.8% | 8.8% | 9.0% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.85 | 1.85 | 1.76 | 2.35 | 2.23 | 2.20 | 2.04 | 1.82 | 1.97 | 2.00 | 1.93 |
| Debt / EBITDA | 4.63 | 4.63 | 5.12 | 6.04 | 6.09 | 5.73 | 5.35 | 5.01 | 5.23 | 5.20 | 5.24 |
| Net Debt / Equity | — | 1.84 | 1.75 | 2.35 | 2.23 | 2.14 | 2.03 | 1.80 | 1.91 | 1.97 | 1.88 |
| Net Debt / EBITDA | 4.59 | 4.59 | 5.12 | 6.04 | 6.08 | 5.57 | 5.30 | 4.95 | 5.07 | 5.12 | 5.10 |
| Debt / FCF | — | 10.00 | 9.00 | 15.22 | 14.94 | 10.43 | 10.59 | 12.83 | 9.81 | 8.59 | 8.74 |
| Interest Coverage | 2.98 | 2.98 | 3.79 | 3.41 | 3.56 | 3.53 | 3.30 | 3.76 | 3.11 | 3.05 | 2.81 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.68 | 1.68 | 0.11 | 0.13 | 0.09 | 0.18 | 0.09 | 0.15 | 0.57 | 0.35 | 0.66 |
| Quick Ratio | 1.68 | 1.68 | 0.11 | 0.13 | 0.09 | 0.18 | 0.09 | 0.15 | 0.57 | 0.35 | 0.66 |
| Cash Ratio | 0.37 | 0.37 | 0.01 | 0.01 | 0.00 | 0.10 | 0.04 | 0.07 | 0.28 | 0.15 | 0.26 |
| Asset Turnover | — | 0.27 | 0.25 | 0.25 | 0.25 | 0.25 | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 3.3% | 2.8% | 2.5% | 2.5% | 1.7% | 2.1% | 1.8% | 2.3% | 2.3% | 2.5% |
| Payout Ratio | 104.8% | 104.8% | 100.2% | 109.0% | 109.2% | 105.0% | 112.5% | 82.1% | 95.3% | 88.8% | 87.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 3.2% | 2.9% | 2.4% | 2.4% | 1.6% | 1.9% | 2.2% | 2.5% | 2.4% | 2.7% |
| FCF Yield | 2.6% | 2.8% | 2.7% | 1.7% | 1.8% | 1.9% | 2.0% | 1.5% | 2.7% | 3.2% | 3.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.1% | 3.3% | 2.8% | 2.5% | 2.5% | 1.7% | 2.1% | 1.8% | 2.3% | 2.3% | 2.5% |
| Shares Outstanding | — | $200M | $197M | $195M | $195M | $183M | $193M | $181M | $178M | $175M | $171M |
Climate-related insurance cost volatility
As reported in recent financial statements, ELS experienced significant margin compression, with NOI margins dropping from a peak of 52.6% in 2025Q1 to a low of 3.7% by 2025Q4, suggesting substantial operational headwinds or seasonal expense timing issues that warrant further investigation by stakeholders.
The dramatic fluctuation in NOI margins indicates that the company's high fixed-cost base is highly sensitive to seasonal revenue shifts and rising operating expenses. Investors should monitor whether these margin swings represent temporary timing differences in utility reimbursements or a more permanent erosion of profitability due to escalating insurance and maintenance costs in coastal markets.
Based on reported financial data, ELS maintains a consistent dividend payout ratio, with FFO payout levels ranging from 53.9% to 77.2% over the last ten quarters, suggesting that the company retains a meaningful buffer of distributable cash flow to support its ongoing capital allocation and dividend growth strategy.
While the payout ratio has trended toward the higher end of the historical range, it remains well within the bounds of sustainability for a residential REIT. The ability to maintain this coverage despite operational volatility suggests that the core manufactured housing portfolio continues to provide a reliable cash flow floor.
As reported in recent financial statements, ELS has successfully reduced its debt-to-equity ratio from 2.35 in 2023Q4 to 1.85 by 2025Q4, indicating a strategic shift toward balance sheet consolidation that may provide a necessary buffer against ongoing operational margin pressures and sector-specific volatility.
The consistent reduction in leverage appears to be a prudent response to the current interest rate environment and the inherent risks of the company's geographic concentration. This deleveraging provides the firm with increased financial flexibility, although the low cash balance of $26.1 million suggests that future growth may still require external financing.
According to recent SEC filings, the persistent gap between GAAP net income and FFO highlights the significant impact of non-cash depreciation charges, which consistently obscure the actual cash-generating capacity of the company's manufactured housing and marina asset portfolio across the observed ten-quarter period.
The market's reliance on P/E ratios for ELS is fundamentally flawed because it treats non-cash depreciation as a real expense, thereby artificially depressing earnings. Analysts should prioritize P/FFO or P/AFFO metrics to better capture the true economic performance of the underlying land-lease business model.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ELS stock.
Equity LifeStyle Properties, Inc.'s current P/E ratio is 33.9x. The historical average is 40.4x. This places it at the 36th percentile of its historical range.
Equity LifeStyle Properties, Inc.'s current EV/EBITDA is 22.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
Equity LifeStyle Properties, Inc.'s return on equity (ROE) is 21.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.2%.
Based on historical data, Equity LifeStyle Properties, Inc. is trading at a P/E of 33.9x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Equity LifeStyle Properties, Inc.'s current dividend yield is 3.10% with a payout ratio of 104.8%.
Equity LifeStyle Properties, Inc. has 37.6% gross margin and 33.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Equity LifeStyle Properties, Inc.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.