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Empire State Realty Trust, Inc. logo

Empire State Realty Trust, Inc.

ESRT

NYSEReal EstateREIT - Diversified

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Previous close

$4.82

+$0.03 · +0.63%

Aug 21, 4:00 PM ET

ESRT company overview

Historical prices · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

59

Fair Value

Momentum

31

Weakening

Sentiment

55

Mixed

Risk resilience

48

Elevated Risk

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Company profile

Company website

Empire State Realty Trust, Inc. (NYSE: ESRT) functions as a leading real estate investment trust (REIT), focused on the acquisition, ownership, management, operation, and revitalization of commercial office and retail assets across Manhattan and the broader New York metropolitan region. Its notable properties include the iconic Empire State Building, globally renowned as "The World's Most Famous Building." Based in New York, New York, the company's diverse portfolio encompassed 10.1 million rentable square feet as of September 30, 2020. This total comprised 9.4 million rentable square feet across 14 office properties – specifically, nine situated in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York – in addition to approximately 700,000 rentable square feet in retail spaces. ESRT has consistently demonstrated leadership in energy efficiency retrofits and maintaining superior Indoor Environmental Quality, achieving the distinction of being the first commercial real estate portfolio in the U.S. to obtain the WELL Health-Safety Rating.

Industry
REIT - Diversified
Sector
Real Estate
Headquarters
US
CEO
Anthony E. Malkin
Listed since
Oct 2, 2013
Employees
642

Market position

Day range

Current $4.82

52-week range

Current $4.82

Open
$4.80
Previous close
$4.79
Volume
1.09M
0.56× average
Average volume
1.95M
Average daily volume
Market cap
826.44M USD
Beta
1.39
Market reference 1
50-day average
$5.2422
-8.05% below average
200-day average
$5.8645
-17.81% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
3.37B USD
P/E (TTM)
177.21×
P/B (TTM)
0.79×
P/S (TTM)
1.05×
EV / EBITDA
9.01×
Earnings yield
4.33%
Free cash flow yield
4.60%
Dividend yield
2.90%

Profitability & efficiency

Gross margin
-22.88%
Operating margin
16.78%
Net margin
0.93%
Return on equity
4.49%
Return on assets
1.07%
Return on invested capital
2.94%

Financial health

Debt / equity
2.14×
Current ratio
3.15×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends60%38%16%-7%Gross margin, FY2021: 54.02%Gross margin, FY2022: 54.55%Gross margin, FY2023: 54.16%Gross margin, FY2024: 53.59%Gross margin, FY2025: 1.79%Operating margin, FY2021: 13.02%Operating margin, FY2022: 17.97%Operating margin, FY2023: 19.84%Operating margin, FY2024: 20.80%Operating margin, FY2025: 17.66%Net margin, FY2021: -1.07%Net margin, FY2022: 5.75%Net margin, FY2023: 7.20%Net margin, FY2024: 6.77%Net margin, FY2025: 6.20%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 54.02%. Gross margin FY2022 54.55%. Gross margin FY2023 54.16%. Gross margin FY2024 53.59%. Gross margin FY2025 1.79%. Operating margin FY2021 13.02%. Operating margin FY2022 17.97%. Operating margin FY2023 19.84%. Operating margin FY2024 20.80%. Operating margin FY2025 17.66%. Net margin FY2021 -1.07%. Net margin FY2022 5.75%. Net margin FY2023 7.20%. Net margin FY2024 6.77%. Net margin FY2025 6.20%.

Income trends

Revenue

768.27M USD+0.67%

Operating income

135.65M USD-14.53%

Net income

47.6M USD-7.83%
Income trends across reported periods845.75M USD535.84M USD225.92M USD−83.99M USDRevenue, FY2021: 607.86M USDRevenue, FY2022: 707.01M USDRevenue, FY2023: 739.57M USDRevenue, FY2024: 763.15M USDRevenue, FY2025: 768.27M USDOperating income, FY2021: 79.13M USDOperating income, FY2022: 127.03M USDOperating income, FY2023: 146.71M USDOperating income, FY2024: 158.71M USDOperating income, FY2025: 135.65M USDNet income, FY2021: −6.51M USDNet income, FY2022: 40.64M USDNet income, FY2023: 53.25M USDNet income, FY2024: 51.64M USDNet income, FY2025: 47.6M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 607.86M USD. Revenue FY2022 707.01M USD. Revenue FY2023 739.57M USD. Revenue FY2024 763.15M USD. Revenue FY2025 768.27M USD. Operating income FY2021 79.13M USD. Operating income FY2022 127.03M USD. Operating income FY2023 146.71M USD. Operating income FY2024 158.71M USD. Operating income FY2025 135.65M USD. Net income FY2021 −6.51M USD. Net income FY2022 40.64M USD. Net income FY2023 53.25M USD. Net income FY2024 51.64M USD. Net income FY2025 47.6M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue768.27M USD763.15M USD739.57M USD707.01M USD607.86M USD
Cost of goods sold754.54M USD354.16M USD339.02M USD321.35M USD279.49M USD
Gross profit13.73M USD408.99M USD400.56M USD385.66M USD328.38M USD
Selling, general, and administrative72.84M USD70.23M USD63.94M USD61.77M USD55.95M USD
Operating expenses−121.92M USD250.28M USD253.85M USD258.63M USD249.25M USD
Interest income8.75M USD21.3M USD15.14M USD4.95M USD704K USD
Interest expense103.78M USD109.71M USD101.48M USD101.21M USD94.39M USD
Depreciation and amortization194.76M USD184.82M USD189.91M USD216.89M USD201.81M USD
Operating income135.65M USD158.71M USD146.71M USD127.03M USD79.13M USD
Net income47.6M USD51.64M USD53.25M USD40.64M USD−6.51M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
50%
3 beats, 3 misses, 0 met estimates
Average EPS surprise
+47.45%
6 comparable reports
Latest EPS result
-0.15

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.160.04-0.07-0.19Q4 '24BeatQ1 '25BeatQ2 '25BeatQ3 '25No estimateQ4 '25No estimateQ1 '26No estimateQ2 '26No estimateQ3 '26No estimate
Q4 2024, reported Oct 21, 2024: actual 0.08, estimate 0.05, surprise +60.00%, Beat. Q1 2025, reported Feb 19, 2025: actual 0.07, estimate 0.05, surprise +40.00%, Beat. Q2 2025, reported Apr 29, 2025: actual 0.05, estimate 0.01, surprise +400.00%, Beat. Q3 2025, reported Jul 23, 2025: actual 0.04, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Oct 29, 2025: actual 0.05, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 17, 2026: actual 0.12, estimate —, surprise —, Comparison unavailable. Q2 2026, reported Apr 29, 2026: actual 0.01, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Jul 29, 2026: actual -0.15, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates207.19M195.28M183.37M171.46MQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 19, 2025: actual 197.6M USD, estimate 188.76M USD, surprise +4.69%, Beat. Q2 2025, reported Apr 29, 2025: actual 180.07M USD, estimate 179.43M USD, surprise +0.36%, Beat. Q3 2025, reported Jul 23, 2025: actual 191.25M USD, estimate 188.52M USD, surprise +1.45%, Beat. Q4 2025, reported Oct 29, 2025: actual 197.73M USD, estimate 191.34M USD, surprise +3.34%, Beat. Q1 2026, reported Feb 17, 2026: actual 199.22M USD, estimate 192.42M USD, surprise +3.54%, Beat. Q2 2026, reported Apr 29, 2026: actual 190.33M USD, estimate 183.38M USD, surprise +3.79%, Beat. Q3 2026, reported Jul 29, 2026: actual 196.9M USD, estimate 198.06M USD, surprise -0.59%, Miss. Q4 2026, reported Nov 4, 2026: actual —, estimate 199.13M USD, surprise —, Comparison unavailable.

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ETFs holding ESRT

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Real Estate ETF logoVanguard Real Estate ETFVNQ
Market value
27.06M
Weight
0.04%
AUM
73.1B USD
Expense ratio
0.13%
Price / 1D
$98.50-0.10%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
21.8M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
17.81M
Weight
0.02%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Morningstar Small-Cap ETF logoVanguard Morningstar Small-Cap ETFVB
Market value
15.88M
Weight
0.01%
AUM
183.4B USD
Expense ratio
0.03%
Price / 1D
$304.76+0.64%
Vanguard Morningstar Small-Cap Value ETF logoVanguard Morningstar Small-Cap Value ETFVBR
Market value
10.13M
Weight
0.01%
AUM
68.3B USD
Expense ratio
0.05%
Price / 1D
$249.18+0.68%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
8.17M
Weight
0.01%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
iShares Russell 2000 Value ETF logoiShares Russell 2000 Value ETFIWN
Market value
6.19M
Weight
0.04%
AUM
14.66B USD
Expense ratio
0.24%
Price / 1D
$224.81+0.45%
Schwab U.S. REIT ETF logoSchwab U.S. REIT ETFSCHH
Market value
5.31M
Weight
0.05%
AUM
11.39B USD
Expense ratio
0.07%
Price / 1D
$24.04-0.08%

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