ZYBERNO
Stock Report
Updated Aug 31, 2026

EMPIRE STATE REALTY TRUST, INC. (ESRT)

Financial Services • NYSE

$4.59
Empire State Realty Trust Inc. is an American real estate investment trust headquartered in New York City that owns and operates a portfolio of Manhattan office and retail properties. The company's flagship asset is the Empire State Building, one of the most iconic skyscrapers in the world, which is also an important tourist attraction. The company owns approximately 10 million square feet of office and retail space primarily in Midtown Manhattan.

Professional Investment Analysis

ZYBERNO SCORE
Is it a great business? Is it getting better?
31.0/100
WEAK BUSINESS
EMPIRE STATE REALTY TRUST, INC. (ESRT) scores 31/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.
📊 How is the Zyberno Score calculated? +
VALUATION SIGNAL
MARGIN OF SAFETY
Is this stock cheap or expensive relative to what the business has historically generated for owners?
+73.2%
Undervalued
Growth gap unavailable — insufficient data for reverse DCF calculation.
Owner Earnings and Free Cash Flow show moderate divergence (0.56×). Intrinsic Value and Brina Gap may be overstated — possibly from acquisition-related D&A. Treat both signals as upper bounds.
🎯 Expected Annual Return
56.2%
Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)
12.2%
Yield + growth — what the business alone earns you, even if the market never re-rates
💰 How is Margin of Safety calculated? +
📈 How is Brina Gap calculated? +

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.5%)
Debt-to-Equity (Solvency Risk):POOR (1.25x)
Operating Margin (Operational Efficiency):CRITICAL (-4.4%)
Return on Capital (Capital Efficiency):CRITICAL (-1.2%)
📊 Valuation Trilogy
Three interconnected metrics for complete valuation analysis
Click any metric for full methodology and detailed analysis
Zyberno's Verdict

EMPIRE STATE REALTY TRUST, INC. (ESRT) stock report — Zyberno Score 31/100 (WEAK BUSINESS), Margin of Safety +73.2%, 56% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, EMPIRE STATE REALTY TRUST, INC. (ESRT) trades at $4.59 against an estimated intrinsic value per share of $17.14 — a +73.2% Margin of Safety based on Owner Earnings of $94.20M TTM, projected at 100.0% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 56.2% annually.

Over the trailing twelve months, ESRT generated $94.20M in Owner Earnings. Capital was deployed as follows: $23.99M paid as dividends, $174.62M invested in capital expenditures. Reinvestment rate: -14.4%. Owner Earnings have grown at 100.0% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY
A. Market Valuation

Market Price & Capitalization (2)

Current Price:4.59
Market Cap:$785.07M

Valuation Multiples (4)

P/B Ratio:0.44x
P/S Ratio:1.00x
Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$1.19B
Ev Ebitda Ratio:7.26x
Pfcf Ratio:13.04x

Price Action & Momentum (3)

Momentum Percentile:16 / 100
% of 52-Week High:56.9%
B. Profitability Assessment

Return Metrics (5)

ROA:0.2%
Reinvestment Rate:-14.4%
Fundamental Growth Rate (g):0.2%

Margin Analysis (3)

Operating Margin Ttm:-4.4%
Net Margin Ttm:1.2%
Ebitda Margin:20.9%

TTM Performance (2)

Operating Margin Ttm:-4.4%
Net Margin Ttm:1.2%

Yield Metrics (3)

Earnings Yield:$0.44
Owner Earnings Yield:$12.00
Dividend Yield:3.1%
C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

EPS Surprise vs Expected:-350.0%
Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):2.4%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-12.8%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):100.0%
Operating Cash Flow Growth Rate (Linear):12.3%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):0.1%
D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.03x
Quick Ratio:0.03x
Cash Ratio:0.03x

Leverage Analysis (3)

Debt To Equity Ttm:1.25x
Debt-to-Equity Ratio:1.25x
Debt To Ebitda:3.00x

Coverage Ratios (2)

Interest Coverage Ratio:1.27x
Times Interest Earned:1.27

Capital Structure (4)

Working Capital:-2,397,784,000.00
Cash And Cash Equivalents:85,605,000.00
Long Term Debt:$333.11M
Net Debt:$406.78M
DIVISION II: FINANCIAL STATEMENTS ANALYSIS
A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $784.18M
Linear Growth: 2.4%
📊 Click to view full ESRT Revenue analysis & methodology →
Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00
Operating income TTM: -$34.52M
Linear Growth: 12.0%
📊 Click to view full ESRT Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $9.26M
Linear Growth: -12.8%
📊 Click to view full ESRT Net Income analysis & methodology →
Income Before Tax:$10.13M
Ebitda Ttm:164,272,000.00

Operating Expenses (5)

Operating Expenses:818,695,000.00
R And D Expense:0.00
Sga Expense:80,433,000.00
Income Tax Expense:$870.00K
Interest Expense:107,011,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%
Sga To Revenue Percentage:40.8%
Ebitda Margin:20.9%
B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$4.27B
Current Assets:$85.61M
Ppe Net:0.00
Goodwill:325,366,000.00
Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:2,483,389,000.00
Current Liabilities:2,483,389,000.00
Long Term Debt:$333.11M
Short Term Debt:$159.28M

Equity & Capital (3)

Equity:$1.79B
Retained Earnings:-$76.30M
Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:0.00
Inventory:0.00
Accounts Payable:50,904,000.00

Special Items (2)

Contract Liabilities:5,100,000.00
Stock Based Compensation:5,872,000.00
C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $234.82M
Linear Growth: 12.3%
Free cash flow TTM: $60.20M
Linear Growth: 100.0%
📊 Click to view full ESRT Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$64.67M
Capital Expenditures Ttm:174,621,000.00

Financing Activities (3)

Financing Cash Flow:-$64.61M
Dividends Paid Ttm:23,990,000.00
Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00
Long Term Debt Issuance:$0.00
Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:198,789,000.00
DIVISION III: OPERATIONAL METRICS
A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):0.02
Eps diluted TTM: $0.02
Linear Growth: -12.1%
📊 Click to view full ESRT EPS analysis & methodology →
Earnings Per Share Ttm:$0.05

Revenue & Cash Per Share (3)

Sales Per Share Ttm:4.58
Operating Cash Flow Per Share:$1.46
Fcf Per Share Ttm:0.35

Book Value & Capital (2)

Book Value Per Share:$10.46
Cash Per Share:0.50

Dividend Policy (1)

Dividend Payout Ratio:-999.00x
B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.18x
Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x
Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x
Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:23.69
Cash Conversion Cycle:-2,021.69
C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00
Quality Score:90.00

Market Metrics (2)

Beta:0.00x
Volatility Category:unknown
DIVISION IV: INVESTMENT ANALYSIS
A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $94.20M
Linear Growth: 100.0%
📊 Click to view full ESRT Owner Earnings analysis & methodology →
Owner Earnings Per Share:$0.55
Owner Earnings Yield:$12.00

Growth Assessment (1)

Owner Earnings Growth Rate:$100.00

Damodaran Growth Analysis (2)

Reinvestment Rate:-14.4%
Fundamental Growth Rate (g):0.2%

Intrinsic Value Models (1)

Return Scenarios (2)

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety
B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):2.4%
Net Income Growth Rate (Linear):-12.8%
Operating Income Growth Rate (Linear):0.1%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):100.0%
Operating Cash Flow Growth Rate (Linear):12.3%

Other Growth Rates (2)

Book Value Growth Rate (Linear):3.8%
Owner Earnings Growth Rate:$100.00
C. Company Profile & Context

Corporate Information (6)

Symbol:ESRT
Company Name:EMPIRE STATE REALTY TRUST, INC.
Sector:Financial Services
Industry:Real Estate
Exchange:NYSE
Country:United States

Market Classification (3)

Market Cap Category:N/A
Price Category:low
Volume Category:N/A

Share Structure (3)

Shares Outstanding:171.04M
Shares Outstanding Basic:171.04M
Shares Outstanding Diluted:268.95M

Data Processing Info (3)

Processing Version:v3.0
Last Updated:2026-08-31 11:14:16 UTC
Data Timestamp:2026-08-31T11:14:16.718670
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