Empire State Realty Trust, Inc. (ESRT) AI Stock Analysis

Empire State Realty Trust, Inc. is a REIT that owns, manages, and repositions office and retail properties across Manhattan and the greater New York metropolitan area. Its holdings include the Empire State Building and encompass 10.1 million rentable square feet as of September 30, 2020. The portfolio features 14 office properties totaling 9.4 million rentable square feet in Manhattan, Fairfield County, Connecticut, and Westchester County, New York, as well as roughly 700,000 rentable square feet of retail space. The company focuses on energy efficiency retrofits and indoor environmental quality across its commercial properties.

Revenue increased from $607.9M in FY2021 to $768.3M in FY2025, representing a 5-year revenue CAGR of 4.7% from FY2020 to FY2025. Annual net income improved from -$6.5M in FY2021 to $53.2M in FY2023, before settling at $47.6M in FY2025. Gross margin was 1.8% in FY2025, down from 53.6% in FY2024, while operating margin came in at 17.7%. In the trailing twelve months, revenue reached $782.8M with a profit margin of 0.9% and an operating margin of 16.7%. For the latest quarter ended June 30, 2026, quarterly revenue grew 3.2% year-over-year, while quarterly earnings dropped 86.8%.

As of June 30, 2026, Empire State Realty Trust held $85.6M in cash and short-term investments against $2.23B in total debt, resulting in net debt of $2.14B and total assets of $4.27B. Shareholders' equity stood at $1.04B, giving a debt-to-equity ratio of 2.14 and a current ratio of 2.31. In FY2025, operating cash flow generated $249.1M, supporting capital expenditures of $198.5M and yielding free cash flow of $50.6M. Capital returns that year included $27.9M paid in dividends and $8.1M in share buybacks.

ESRT shares closed at $4.62 on October 16, 2026, giving the company a market capitalization of $1.42B and an enterprise value of $2.86B. The stock trades at a trailing P/E of 231.0x and a forward P/E of 129.9x, compared to medians of 21.6x and 23.5x for its US-listed Real Estate peers. Its EV/EBITDA of 9.0x sits below the peer group median of 14.7x, while its price-to-sales multiple is 1.8x against 3.7x for peers. ESRT shares have fallen 33.8% over the past year and 53.6% over five years, lagging the S&P 500 (SPY), which gained 16.8% and 83.0% over those respective periods.

ESRT offers an annual forward dividend of $0.14 per share, translating to a dividend yield of 3.03% and a payout ratio of 44.2%. The company pays dividends on a quarterly basis and has maintained payouts for 14 consecutive years. However, its 5-year annualized dividend growth stands at -7.8%. The last ex-dividend date was September 15, 2026.

Wall Street coverage consists of 2 Strong Buy, 0 Buy, 3 Hold, 0 Sell, and 1 Strong Sell ratings. The mean price target is $5.20, representing a 12.6% premium over the last close of $4.62. Analysts project revenue of $751.8M for the fiscal year ending December 31, 2026, and $757.5M for the next fiscal year, representing 0.8% growth. The company has beaten EPS expectations in each of the last 4 quarters, with its next earnings report scheduled for November 2, 2026.

This page is an AI-written research summary of Empire State Realty Trust, Inc. (ESRT). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: ESRT income statement, ESRT balance sheet, ESRT key metrics, ESRT analyst forecast, ESRT chart. See the ESRT stock overview for the latest quote and news.