Empire State Realty Trust

ESRT

REIT - Diversified · Real Estate

Price

$4.82

+0.03 (+0.63%)

Market Cap

$826.4M

Exchange

New York Stock Exchange

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

Strong

Stability

Data not available

Valuation

Good

Dividends

Mixed

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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)

Winston Score History

The full picture

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.

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

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

$86M 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 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

83.3%

Premium pricing power — 83.3% gross margin

Profit after running costs

Operating Margin

-70.4%

Losing money on operations — -70.4%

Return on the money invested

ROCE

-1.9%

Weak — -1.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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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

3773%

Turns 3773% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

177.2x

Expensive — P/E 177.2

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

Cheaper or dearer next year

P/E vs Forward

+170.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (177.2 → 6.5)

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Dividends

Dividend

Dividend Yield

2.47%

Moderate income — 2.47% yield

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

Dividend record

Dividend Growth

+0.0%

Dividend flat

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