Equity LifeStyle Properties

ELS

REIT - Residential · Real Estate

Price

$65.75

-0.20 (-0.30%)

Market Cap

$12.75B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+9.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 182.9M (2021) → 200.1M (2025)

Equity LifeStyle Properties owns and operates manufactured home communities, RV resorts, and marina properties across the United States and Canada. Its customers are mostly retirees and older adults who either own their home but rent the land it sits on, or pay nightly and seasonal fees to park their RV. The company is one of the largest owners of manufactured home communities in North America, with roughly 450 properties and over 170,000 individual sites.

ELS makes money primarily through site rental income — residents pay monthly or annual fees to lease the land beneath their homes or park their RVs. Because manufactured home residents rarely move their homes once placed, tenant turnover is very low, giving the company stable and predictable cash flow. The main growth driver is rising demand for affordable housing alternatives as traditional homeownership becomes less accessible, though rising interest rates and slower RV sales could pressure occupancy and new resident growth in the near term.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on ELS in the last 12 months.

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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

+8.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-1.8% 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

0.8%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$5.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Equity LifeStyle Properties is growing revenue at 8% 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

Every number that matters to educated investors.

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Quality

Gross Margin

27.4%

Modest — 27.4% gross margin

Operating Margin

36.7%

Excellent — 36.7% operating margin

ROCE

2.9%

Weak — 2.9% 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

+6.0%

Slow sales growth (6.0% YoY)

EPS YoY

-0.5%

Earnings shrinking (-0.5% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

149%

Turns 149% of profit into real cash

FCF Margin

21.5%

Converts sales into free cash efficiently (21.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.87

Elevated debt (1.87)

Interest Cover

3.97x

Tight — interest eats into profit (4.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

34.2x

Pricey — P/E 34.2

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

P/E vs Forward

+6.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.2 → 28.0)

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Dividends

Dividend Yield

3.19%

Moderate income — 3.19% yield

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

Dividend Growth

+6.5%

Dividend growing modestly (6.5% YoY)

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