Latest Ratios: P/E Ratio 30.6x · EV/EBITDA 9.7x · ROE 2.6%. (2009–2025 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 | $945M | $1.8B | $2.8B | $2.6B | $1.8B | $2.4B | $2.6B | $4.2B | $4.2B | $6.1B | $5.6B |
| Enterprise Value | $3.2B | $4.0B | $4.9B | $4.5B | $3.8B | $4.4B | $4.3B | $5.6B | $5.9B | $7.3B | $6.7B |
| P/E Ratio → | 30.61 | 36.22 | 36.86 | 32.30 | 30.64 | — | — | 49.86 | 36.49 | 97.76 | 53.13 |
| P/S Ratio | 1.23 | 2.29 | 3.64 | 3.48 | 2.57 | 4.03 | 4.34 | 5.68 | 5.78 | 8.59 | 8.27 |
| P/B Ratio | 0.82 | 0.97 | 1.56 | 1.49 | 1.08 | 1.45 | 1.53 | 2.13 | 2.12 | 3.09 | 2.83 |
| P/FCF | 18.69 | 34.83 | 10.64 | 11.07 | 21.43 | 20.84 | 67.53 | — | 117.50 | — | 154.78 |
| P/OCF | 3.79 | 7.07 | 10.64 | 11.07 | 8.62 | 11.52 | 14.51 | 17.87 | 15.16 | 31.96 | 25.64 |
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 | — | 5.25 | 6.39 | 6.08 | 5.42 | 7.18 | 7.03 | 7.69 | 8.13 | 10.31 | 9.83 |
| EV / EBITDA | 9.74 | 12.21 | 14.19 | 13.36 | 11.14 | 15.53 | 17.16 | 16.19 | 16.54 | 20.60 | 19.61 |
| EV / EBIT | 23.72 | 22.49 | 25.29 | 23.84 | 23.08 | 54.79 | 71.35 | 33.87 | 29.50 | 38.07 | 36.23 |
| EV / FCF | — | 79.79 | 18.68 | 19.34 | 45.11 | 37.15 | 109.37 | — | 165.11 | — | 184.00 |
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 | 1.8% | 1.8% | 53.6% | 54.2% | 54.5% | 54.0% | 52.2% | 54.3% | 56.3% | 57.1% | 57.4% |
| Operating Margin | 17.7% | 17.7% | 20.8% | 19.8% | 18.0% | 13.0% | 9.6% | 21.2% | 26.1% | 27.5% | 27.2% |
| Net Profit Margin | 6.2% | 6.2% | 6.8% | 7.2% | 5.7% | -1.1% | -2.1% | 7.0% | 9.1% | 8.9% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.6% | 2.6% | 2.9% | 3.1% | 2.4% | -0.4% | -0.7% | 2.6% | 3.4% | 3.2% | 3.1% |
| ROA | 1.1% | 1.1% | 1.2% | 1.3% | 1.0% | -0.2% | -0.3% | 1.3% | 1.6% | 1.6% | 1.5% |
| ROIC | 2.6% | 2.6% | 3.2% | 3.0% | 2.6% | 1.7% | 1.3% | 3.3% | 4.1% | 4.7% | 4.6% |
| ROCE | 3.3% | 3.3% | 4.3% | 4.0% | 3.5% | 2.2% | 1.6% | 3.9% | 4.9% | 5.2% | 5.6% |
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 | 1.34 | 1.34 | 1.39 | 1.31 | 1.35 | 1.39 | 1.25 | 0.87 | 0.96 | 0.85 | 0.81 |
| Debt / EBITDA | 7.38 | 7.38 | 7.23 | 6.74 | 6.61 | 8.33 | 8.67 | 4.89 | 5.34 | 4.74 | 4.75 |
| Net Debt / Equity | — | 1.25 | 1.18 | 1.11 | 1.19 | 1.14 | 0.95 | 0.75 | 0.86 | 0.62 | 0.53 |
| Net Debt / EBITDA | 6.88 | 6.88 | 6.11 | 5.71 | 5.85 | 6.82 | 6.56 | 4.22 | 4.77 | 3.43 | 3.11 |
| Debt / FCF | — | 44.96 | 8.04 | 8.27 | 23.68 | 16.31 | 41.84 | — | 47.61 | — | 29.22 |
| Interest Coverage | 1.73 | 1.73 | 1.76 | 1.86 | 1.64 | 0.84 | 0.67 | 2.09 | 2.53 | 2.82 | 2.58 |
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 | 3.15 | 3.15 | 1.15 | 1.26 | 1.11 | 1.26 | 1.56 | 8.10 | 5.50 | 5.26 | 5.08 |
| Quick Ratio | 3.15 | 3.15 | 1.15 | 1.26 | 1.11 | 1.26 | 1.56 | 8.10 | 5.52 | 5.26 | 5.08 |
| Cash Ratio | 2.78 | 2.78 | 0.50 | 0.62 | 0.48 | 0.75 | 0.92 | 3.25 | 3.45 | 3.06 | 3.33 |
| Asset Turnover | — | 0.17 | 0.17 | 0.18 | 0.17 | 0.14 | 0.15 | 0.19 | 0.17 | 0.18 | 0.17 |
| 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 | 1.6% | 1.3% | 0.8% | 0.9% | 1.3% | 0.7% | 1.4% | 1.8% | 1.7% | 1.1% | 1.0% |
| Payout Ratio | 49.8% | 49.8% | 45.0% | 42.6% | 56.9% | — | — | 146.9% | 106.5% | 105.0% | 106.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 2.8% | 2.7% | 3.1% | 3.3% | — | — | 2.0% | 2.7% | 1.0% | 1.9% |
| FCF Yield | 5.4% | 2.9% | 9.4% | 9.0% | 4.7% | 4.8% | 1.5% | — | 0.9% | — | 0.6% |
| Buyback Yield | 0.9% | 0.5% | 0.0% | 0.5% | 5.0% | 1.9% | 5.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.5% | 1.8% | 0.8% | 1.4% | 6.2% | 2.6% | 6.8% | 1.8% | 1.7% | 1.1% | 1.0% |
| Shares Outstanding | — | $270M | $269M | $266M | $270M | $275M | $284M | $298M | $297M | $298M | $278M |
Manhattan office leasing volatility
As reported in financial statements, ESRT's NOI margin has exhibited extreme instability, swinging from a negative 172.6% in 2025Q4 to a positive 83.2% in 2025Q3, which indicates that property-level operating expenses are highly susceptible to irregular maintenance costs and potential regulatory compliance expenditures.
The erratic nature of these margins suggests that the company's core office portfolio is struggling to absorb the fixed costs associated with aging assets. Investors should monitor whether the Observatory's high-margin contribution can consistently offset the capital-intensive requirements of the office segment.
Based on the company's reported figures, the FFO payout ratio has remained relatively stable between 8.5% and 11.5% over the last ten quarters, yet this metric may provide a false sense of security given the extreme volatility in underlying AFFO per share.
While the FFO payout appears conservative, the frequent swings in AFFO suggest that the dividend is supported by accounting earnings that do not always translate into distributable cash. The reliance on non-cash adjustments warrants caution regarding the long-term sustainability of current distribution levels.
According to recent SEC filings, ESRT has maintained a disciplined debt-to-equity ratio ranging from 1.16 to 1.42, which suggests that management is prioritizing balance sheet preservation despite the significant capital expenditure requirements inherent in their Manhattan-centric office portfolio.
This conservative leverage profile provides a necessary buffer against potential interest rate volatility and the ongoing need for tenant improvements. However, the company's ability to maintain this stance depends on its success in managing the high fixed-cost base of its older building stock.
As indicated by the provided financial data, the market's reliance on standard P/E ratios for ESRT is deeply misleading, as the metric fails to account for the massive non-cash depreciation charges that characterize the REIT's capital-intensive business model.
Investors should instead focus on P/FFO or P/AFFO to better capture the actual cash-generating capacity of the portfolio. Using P/E obscures the true economic reality of the company's earnings by ignoring the significant capital expenditures required to maintain its aging Manhattan assets.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying ESRT stock.
Empire State Realty Trust, Inc.'s current P/E ratio is 30.6x. The historical average is 47.3x. This places it at the 9th percentile of its historical range.
Empire State Realty Trust, Inc.'s current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.5x.
Empire State Realty Trust, Inc.'s return on equity (ROE) is 2.6%. The historical average is 2.7%.
Based on historical data, Empire State Realty Trust, Inc. is trading at a P/E of 30.6x. This is at the 9th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Empire State Realty Trust, Inc.'s current dividend yield is 1.59% with a payout ratio of 49.8%.
Empire State Realty Trust, Inc. has 1.8% gross margin and 17.7% operating margin. Operating margin between 10-20% is typical for established companies.
Empire State Realty Trust, Inc.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.