Empire State Realty Trust

ESRT

REIT - Diversified · Real Estate

Price

$5.66

+0.20 (+3.66%)

Market Cap

$970.5M

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−1.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 275.0M (2021) → 270.0M (2025)

Empire State Realty Trust owns and operates 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 rents space to businesses and also runs a popular observation deck at the top of the Empire State Building that attracts millions of tourists each year.

The company makes money two ways: collecting rent from office and retail tenants, and charging admission fees to the observatory. Nearly all of its properties are in Manhattan and the New York metro area, making it heavily tied to one market. The observatory business gives it a unique revenue stream that most office landlords don't have, but the company faces real risk from weak demand for office space, as remote work trends have left many Manhattan buildings with high vacancy rates and pressure on rents.

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

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

17.5%ownership

Insiders own a meaningful stake in the company

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 Trust 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)

26.2x

Growth-priced — P/E 26.2

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

P/E vs Forward

+19.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.2 → 6.5)

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Dividends

Dividend Yield

2.47%

Moderate income — 2.47% yield

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

Dividend Growth

+0.0%

Dividend flat

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