Empire State Realty Trust, Inc. (ESRT) Stock Analysis
Real Estate · REIT - Diversified · NYSE
Empire State Realty Trust, Inc. (ESRT) posted $767.81M in revenue for fiscal 2025 (up 0.6% year over year), at a 6.2% 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 Trust, Inc.
Empire State Realty Trust, Inc. has grown revenue from $677.35M to $767.81M over the last 10 fiscal years, compounding about 4.7% a year. The most recent year was up 0.6%, so growth has cooled from its longer-run pace.
Net margin sits at 6.2%, down 0.6 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 14.4% 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 Trust, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Empire State Realty Trust, Inc. 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 | $707.01M | $739.57M | $763.15M | $767.81M |
| Gross profit | — | — | — | — | — | — | $385.65M | $400.56M | $408.99M | $402.79M |
| Net income | $107.25M | $118.25M | $117.25M | $84.29M | $-22.89M | $-13.04M | $40.64M | $53.24M | $51.64M | $47.60M |
| Net margin | 15.8% | 16.7% | 16.0% | 11.5% | -3.8% | -2.1% | 5.7% | 7.2% | 6.8% | 6.2% |
Source: Empire State Realty Trust, Inc. SEC filings (10-K). 15 years of history available in the interactive view.
Empire State Realty Trust, Inc.: 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 ESRT stock?
At today's market cap of $1.65B, Empire State Realty Trust, Inc. is priced for free-cash-flow growth of about 14.4% 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 15 years of Empire State Realty Trust, Inc. 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 Trust, Inc. financial history by metric
Compare Empire State Realty Trust, Inc. with peers
About Empire State Realty Trust, Inc.
Empire State Realty Trust, Inc. is a NYC-focused REIT that owns and operates a portfolio of well-leased, modernized well-located offices and multifamily assets. ESRT's flagship Empire State Building, the (World's Most Famous Building) features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2026, ESRT's portfolio is comprised of approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. Empire State Realty Trust, Inc. was established on July 29, 2011, and was incorporated in 2011 in Maryland and is based in New York.
Empire State Realty Trust, Inc. — frequently asked questions
What is Empire State Realty Trust, Inc.'s revenue?
Empire State Realty Trust, Inc. (ESRT) reported revenue of $767.81M for fiscal year 2025, up 0.6% from the prior year, according to its SEC filings.
Is Empire State Realty Trust, Inc. profitable?
Yes. ESRT earned net income of $47.60M in fiscal 2025, a net margin of 6.2%.
What is ESRT's P/E ratio?
Empire State Realty Trust, Inc. trades at a price-to-earnings ratio of about 25.6 based on the latest data in our nightly-refreshed cache.
How fast is Empire State Realty Trust, Inc. growing?
ESRT'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 Trust, Inc. have?
As of fiscal year 2025, ESRT carried roughly $2.37B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Empire State Realty Trust, Inc.'s gross margin?
ESRT's gross margin was 52.5% in fiscal 2025 — gross profit of $402.79M on revenue of $767.81M.
What is Empire State Realty Trust, Inc.'s market cap?
Empire State Realty Trust, Inc. (ESRT) has a market capitalization of about $1.65B, based on the latest data in our nightly-refreshed cache.
When does Empire State Realty Trust, Inc.'s fiscal year end?
ESRT's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ESRT stock?
At today's market cap of $1.65B, Empire State Realty Trust, Inc. is priced for free-cash-flow growth of about 14.4% 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 Trust, Inc.'s official SEC filings (10-K and 10-Q), covering 15 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.