Empire State Realty OP, L.P. (ESBA) Stock Analysis & Winston Score

Empire State Realty OP, L.P. is the operating partnership behind Empire State Realty Trust, a real estate company that owns and manages office and retail buildings in New York City and the surrounding area. Its most famous property is the Empire State Building, one of the most recognized skyscrapers in the world. The company leases space to businesses of all sizes and also runs a popular public observatory at the top of the Empire State Building.

The company makes money in two main ways: collecting rent from office and retail tenants, and selling tickets to its observatory attraction. Nearly all of its properties are concentrated in Manhattan and the greater New York metro area, making it heavily tied to one market. The observatory business adds a tourism-driven revenue stream that most office REITs do not have, but the company faces ongoing pressure from weak demand for traditional office space, as remote and hybrid work continues to reduce how much office space businesses need.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-86.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

93.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$69M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Empire State Realty OP, L.P. is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

-1.4%

Thin — -1.4% gross margin

Operating Margin

15.5%

Healthy — 15.5% operating margin

ROCE

0.9%

Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+1.5%

Nearly flat sales (1.5% YoY)

EPS YoY

-39.9%

Earnings shrinking (-39.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

593%

Turns 593% of profit into real cash

FCF Margin

7.7%

Modest free cash flow (7.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

2.18

Heavy debt load (2.18)

Interest Cover

1.34x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

25.7x

no trend

Growth-priced — P/E 25.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.46%

no trend

Moderate income — 2.46% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+0.0%

no trend

Dividend flat

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