Empire State Realty Trust, Inc.

NYSE:ESRT Stock Report

Market Cap: US$1.6b

Empire State Realty Trust Valuation

Is ESRT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of ESRT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: ESRT ($5.73) is trading above our estimate of future cash flow value ($3.73)

Significantly Below Future Cash Flow Value: ESRT is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ESRT?

Key metric: As ESRT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ESRT. This is calculated by dividing ESRT's market cap by their current earnings.
What is ESRT's PE Ratio?
PE Ratio22.6x
EarningsUS$43.40m
Market CapUS$1.60b

Price to Earnings Ratio vs Peers

How does ESRT's PE Ratio compare to its peers?

The above table shows the PE ratio for ESRT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average60.2x
DEI Douglas Emmett
113.4x-93.70%US$2.0b
DEA Easterly Government Properties
87.5x13.83%US$1.2b
HIW Highwoods Properties
15.8x-26.07%US$2.5b
CDP COPT Defense Properties
23.9x2.16%US$3.7b
ESRT Empire State Realty Trust
22.6x-52.02%US$1.6b

Price-To-Earnings vs Peers: ESRT is good value based on its Price-To-Earnings Ratio (22.6x) compared to the peer average (60.2x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does ESRT's PE Ratio compare vs other companies in the Global Office REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ESRT 22.6xIndustry Avg. 17.3xNo. of Companies11PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ESRT is expensive based on its Price-To-Earnings Ratio (22.6x) compared to the Global Office REITs industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is ESRT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ESRT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.6x
Fair PE Ratio16.2x

Price-To-Earnings vs Fair Ratio: ESRT is expensive based on its Price-To-Earnings Ratio (22.6x) compared to the estimated Fair Price-To-Earnings Ratio (16.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ESRT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$5.73
US$7.36
+28.45%
11.19%US$9.00US$6.80n/a5
Feb ’27US$6.63
US$7.76
+17.04%
10.23%US$9.00US$6.80n/a5
Jan ’27US$6.52
US$8.36
+28.22%
12.87%US$10.00US$6.80n/a5
Dec ’26US$7.05
US$8.55
+21.28%
12.52%US$10.00US$6.80n/a6
Nov ’26US$7.39
US$8.97
+21.34%
9.91%US$10.00US$8.00n/a6
Oct ’26US$7.70
US$8.97
+16.45%
9.91%US$10.00US$8.00n/a6
Sep ’26US$7.65
US$8.97
+17.21%
9.91%US$10.00US$8.00n/a6
Aug ’26US$7.15
US$9.13
+27.74%
8.52%US$10.00US$8.00n/a6
Jul ’26US$8.18
US$9.47
+15.73%
9.08%US$11.00US$8.30n/a6
Jun ’26US$7.66
US$9.22
+20.32%
12.30%US$11.00US$7.50n/a6
May ’26US$7.20
US$9.67
+34.26%
12.55%US$11.00US$7.50n/a6
Apr ’26US$7.80
US$10.25
+31.41%
5.45%US$11.00US$9.50n/a6
Mar ’26US$9.27
US$10.72
+15.64%
11.48%US$13.00US$9.60US$5.885
Feb ’26US$9.56
US$11.32
+18.41%
10.03%US$13.00US$9.60US$6.635
Jan ’26US$10.32
US$11.32
+9.69%
10.03%US$13.00US$9.60US$6.525
Dec ’25US$10.96
US$11.32
+3.28%
10.03%US$13.00US$9.60US$7.055
Nov ’25US$10.49
US$11.12
+6.01%
7.93%US$12.00US$9.60US$7.395
Oct ’25US$10.87
US$10.92
+0.46%
9.09%US$12.00US$9.60US$7.705
Sep ’25US$10.79
US$10.52
-2.53%
18.13%US$13.00US$7.00US$7.656
Aug ’25US$10.56
US$10.52
-0.41%
18.13%US$13.00US$7.00US$7.156
Jul ’25US$9.28
US$9.85
+6.14%
13.92%US$11.00US$7.00US$8.186
Jun ’25US$9.53
US$9.85
+3.36%
13.92%US$11.00US$7.00US$7.666
May ’25US$9.26
US$9.85
+6.37%
13.92%US$11.00US$7.00US$7.206
Apr ’25US$9.62
US$9.85
+2.39%
13.92%US$11.00US$7.00US$7.806
Mar ’25US$9.83
US$9.77
-0.64%
13.44%US$11.00US$7.00US$9.276
US$7.36
Fair Value
22.1% undervalued intrinsic discount
5
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/03 05:59
End of Day Share Price 2026/03/03 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Empire State Realty Trust, Inc. is covered by 20 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John KimBMO Capital Markets Equity Research
Juan SanabriaBMO Capital Markets Equity Research
Jing Xian Tan BonnelBofA Global Research