Empire State Realty OP, L.P. (ESBA) Stock Analysis
Real Estate · REIT - Office · NYSEArca
Empire State Realty OP, L.P. (ESBA) posted $768.27M in revenue for fiscal 2025 (up 0.0% year over year), at a 9.5% net margin, and has compounded revenue about 4.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Empire State Realty OP, L.P.
Empire State Realty OP, L.P. has grown revenue from $677.35M to $768.27M over the last 10 fiscal years, compounding about 4.7% a year. The most recent year was up 0%, so growth has cooled from its longer-run pace.
Net margin sits at 9.5%, down 1 points year over year on a 52.5% gross margin. It carries about $2.37B of total debt.
At today's valuation the market is pricing in roughly 13.2% annual free-cash-flow growth — versus the -8.4% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is heavy debt load.
Synthesised from Empire State Realty OP, L.P.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Empire State Realty OP, L.P. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $677.35M | $709.53M | $731.51M | $731.34M | $609.23M | $624.09M | $727.04M | $739.57M | $767.92M | $768.27M |
| Gross profit | — | — | — | — | — | — | $405.69M | $400.56M | $413.76M | $403.25M |
| Net income | $106.31M | $117.32M | $116.32M | $84.29M | $-22.89M | $-13.04M | $63.45M | $84.34M | $80.36M | $72.98M |
| Net margin | 15.7% | 16.5% | 15.9% | 11.5% | -3.8% | -2.1% | 8.7% | 11.4% | 10.5% | 9.5% |
Source: Empire State Realty OP, L.P. SEC filings (10-K). 14 years of history available in the interactive view.
Empire State Realty OP, L.P.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $2853.5M is 11.5× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into ESBA stock?
At today's market cap of $1.52B, Empire State Realty OP, L.P. is priced for free-cash-flow growth of about 13.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $50.55M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -8.4%/yr over the last five fiscal years and revenue 4.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 14 years of Empire State Realty OP, L.P. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Empire State Realty OP, L.P. financial history by metric
Compare Empire State Realty OP, L.P. with peers
About Empire State Realty OP, L.P.
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.
Empire State Realty OP, L.P. — frequently asked questions
What is Empire State Realty OP, L.P.'s revenue?
Empire State Realty OP, L.P. (ESBA) reported revenue of $768.27M for fiscal year 2025, up 0.0% from the prior year, according to its SEC filings.
Is Empire State Realty OP, L.P. profitable?
Yes. ESBA earned net income of $72.98M in fiscal 2025, a net margin of 9.5%.
What is ESBA's P/E ratio?
Empire State Realty OP, L.P. trades at a price-to-earnings ratio of about 25.8 based on the latest data in our nightly-refreshed cache.
How fast is Empire State Realty OP, L.P. growing?
ESBA's revenue grew at roughly 4.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Empire State Realty OP, L.P. have?
As of fiscal year 2025, ESBA carried roughly $2.37B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Empire State Realty OP, L.P.'s gross margin?
ESBA's gross margin was 52.5% in fiscal 2025 — gross profit of $403.25M on revenue of $768.27M.
What is Empire State Realty OP, L.P.'s market cap?
Empire State Realty OP, L.P. (ESBA) has a market capitalization of about $1.52B, based on the latest data in our nightly-refreshed cache.
When does Empire State Realty OP, L.P.'s fiscal year end?
ESBA's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ESBA stock?
At today's market cap of $1.52B, Empire State Realty OP, L.P. is priced for free-cash-flow growth of about 13.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $50.55M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -8.4%/yr over the last five fiscal years and revenue 4.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Empire State Realty OP, L.P.'s official SEC filings (10-K and 10-Q), covering 14 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.