Empire State Realty OP, L.P.

ESBA

REIT - Diversified · Real Estate

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Exceptional

Stability

Weak

Valuation

Weak

Dividends

Mixed

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Winston Score History

The full picture

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.

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

+3.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-487.6% YoY

YoY Growth Rate

Earnings declining

Insider Activity

93.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~22 months

$86M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Empire State Realty OP, L.P. is growing revenue at 3% 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

Profit per sale

Gross Margin

1.1%

Thin — 1.1% gross margin

Profit after running costs

Operating Margin

13.9%

Healthy — 13.9% operating margin

Return on the money invested

ROCE

4.0%

Weak — 4.0% 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 growth

Sales YoY

+2.1%

Nearly flat sales (+2.1% YoY)

Profit growth

EPS YoY

-90.9%

Earnings shrinking (-90.9% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

3130%

Turns 3130% of profit into real cash

Spare cash per sale

FCF Margin

13.2%

Converts sales into free cash efficiently (13.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

2.14

Heavy debt load (2.14)

Covers its interest

Interest Cover

1.23x

Dangerous — barely covers interest (1.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

176.1x

no trend

Expensive — P/E 176.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.98%

no trend

Moderate income — 2.98% yield

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

Dividend record

Dividend Growth

+0.0%

no trend

Dividend flat

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