# Empire State Realty OP, L.P. share price today (Empire State Realty OP, L.P., ESBA)

> Empire State Realty OP, L.P.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. ESBA · Real Estate · REIT - Office · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/esba

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## Key numbers

- Business trend: Getting worse, from the last 12 quarters
- Price: $4.93 (−31.6% in a year)
- P/E: 261.2×, over 1 year
- Revenue (Jun 2026): $197 M (+3.2% on a year ago)
- Profit (Jun 2026): −$40.6 M (−492.9% on a year ago)
- Operating margin: 16.7% (−1.7 points on a year ago)
- ROE: 4%, FY25
- ROIC: 3.1%, against a 7.4% cost of capital: −4.3 points

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Empire State Realty OP, L.P. share price today? Empire State Realty OP, L.P.'s share price was $4.93 at the close on 3 November 2026. That is 6.8% below its average price over the last 200 trading days. In the last 52 weeks it traded between $4 and $7, and at that close it sat 30% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 2 weeks in a row. Over the last 1 year the share price moved −38% while the S&P 500 moved +21%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Empire State Realty OP, L.P. pay? Empire State Realty OP, L.P. paid $0.14 per share over the last four reported quarters. The most recent declaration was $0.04 for Jun 2026. At today's price of $4.93 that is a yield of 2.84%, based on dividends already paid, not a forecast. ## Which stock lists is Empire State Realty OP, L.P. on? Empire State Realty OP, L.P. is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Empire State Realty OP, L.P. profitable? Empire State Realty OP, L.P. posted a net loss of $40.6 M in the Jun 2026 quarter. Full-year FY25 profit was $68.8 M. That loss is 20.6% of the quarter's revenue. The same quarter a year earlier earned $10.3 M. 1 of the last 12 reported quarters were loss-making. Jun 2026 profit was −$40.6 M, −492.9% on a year earlier. For the full year, FY25 profit was $68.8 M (−9.7% on the year before). Why profit moved: revenue changed +3.2% on a year earlier and the margin moved −1.7 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed −136.6% and revenue +2.6%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Empire State Realty OP, L.P. make, and is it growing? Empire State Realty OP, L.P. reported $197 M of revenue in the Jun 2026 quarter, +3.2% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 4 years it has grown 6.0% a year on average. The last full year, FY25, came in at $768 M. The last four reported quarters add to $783 M. FY25 revenue was $768 M, +0.6% on the year before. Recent pace: the last four quarters grew +2.6% on average, against 6.0% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +2.6%, against +1.8% a year over the last 8 quarters (stabilising); profit over the last 12 months grew −92.2%, against −73.2% a year (rolling over). ## How much of every $100 of sales does Empire State Realty OP, L.P. keep? Empire State Realty OP, L.P.'s operating margin was 16.7% in the Jun 2026 quarter, 1.7 percentage points lower than the same quarter a year ago. Across 5 years it has been between 14.3% and 20.8%. The latest quarter is within that range. Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. ## Is Empire State Realty OP, L.P.'s profit turning into cash? Over the last 3 years, 330% of Empire State Realty OP, L.P.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $249 M of operating cash against $68.8 M of profit. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Empire State Realty OP, L.P.'s cash go? Empire State Realty OP, L.P. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Empire State Realty OP, L.P.'s P/E ratio, and how does it compare with its own history? Empire State Realty OP, L.P.'s P/E is 261.2×, with too little history to compare. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved −10.7% while the price moved −31.6%. Earnings did better than the price, which pulled the multiple down within its own range. In short: there is too little history to say whether the multiple is high or low for this company, so the earnings trend underneath matters more than the multiple. ## Is the Empire State Realty OP, L.P. business getting better or worse? Empire State Realty OP, L.P.'s business is getting worse. Profit and EPS growth are shrinking: profit growth is −92.2% in the latest quarter, against +161.9% at its best in 12 quarters, with ROCE steady at 3.4%. This is based on 12 quarters of 4 measures. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. ## How much does Empire State Realty OP, L.P. earn on its capital? Empire State Realty OP, L.P. earned a ROE of 4% in FY25. That is up from a low of −1% in FY21. Its return on capital used (ROIC) is 4.3 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 9.0% net margin and 0.17× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 9.0% net margin × 0.17× asset turnover × 2.45× leverage (assets divided by equity) ≈ 3.7% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 3.1% − 7.4% = −4.3 percentage points. The 7.4% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does Empire State Realty OP, L.P. have too much debt? Empire State Realty OP, L.P. has total debt of $2.2 B against shareholder equity of $1.8 B as of Jun 2026, so its debt is 1.24× its equity. Year by year, that ratio went from 1.40 in FY21 to 1.32 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the Empire State Realty OP, L.P. shareholding pattern? 0.0% of Empire State Realty OP, L.P.'s tradable shares are in short positions, which are bets that the price will fall, so very few traders are betting against this stock. At normal trading volumes, closing those positions would take about 0.1 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Empire State Realty OP, L.P. from balance-sheet trouble? For Empire State Realty OP, L.P., the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Empire State Realty OP, L.P. rank in its industry? 41.1 out of 100, rank 12 of 17 in REIT - Office, with 76% of the evidence available. Empire State Realty OP, L.P. scores 41.1 out of 100 against the 17 companies it is compared with in REIT - Office, ranking 12. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 14.3 + 14.5 + 4.4 + 7.9 = 41.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is Empire State Realty OP, L.P. compared with? Empire State Realty OP, L.P. ranks 12 of 17 REIT - Office companies on the 4-Factor Sector Score, with 41.1 out of 100. 1. [Highwoods Properties, Inc.](https://www.sectoralpha.in/us/stocks/hiw) HIW · turning · Evidence leans up · 76% evidence 61.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.4/35 · Income 2.9% · Profit 32.8% · 71% evidence Capital efficiency 16.2/25 · ROA 2.1% · ROE 5.3% · GNPA n/a · 68% evidence Valuation 8.2/20 · P/BV 1.25× · P/BV÷ROE 0.24 · 70% evidence Relative strength 19.0/20 · Lead over its industry 13.9% · Lead over S&P 500 7.4% · 1 year 4.9% · 100% evidence · 3 of 12 weeks ahead Exact sum: 18.4 + 16.2 + 8.2 + 19 = 61.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Postal Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/pstl) PSTL · quiet · Evidence leans up · 76% evidence 60.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.6/35 · Income 23.3% · Profit 55.6% · 71% evidence Capital efficiency 16.3/25 · ROA 2.9% · ROE 5.3% · GNPA n/a · 68% evidence Valuation 5.5/20 · P/BV 1.63× · P/BV÷ROE 0.31 · 70% evidence Relative strength 11.3/20 · Lead over its industry 5% · Lead over S&P 500 -0.4% · 1 year 38.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.6 + 16.3 + 5.5 + 11.3 = 60.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Cousins Properties Incorporated](https://www.sectoralpha.in/us/stocks/cuz) CUZ · turning · Evidence leans up · 64% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.6/35 · Income 11.7% · Profit -88.5% · 71% evidence Capital efficiency 12.6/25 · ROA 1.6% · ROE -2.1% · GNPA n/a · 68% evidence Valuation 9.6/20 · P/BV 1.1× · P/BV÷ROE n/a · 10% evidence Relative strength 17.5/20 · Lead over its industry 10.4% · Lead over S&P 500 4.3% · 1 year 11.8% · 100% evidence · 2 of 12 weeks ahead Exact sum: 15.6 + 12.6 + 9.6 + 17.5 = 55.3 · What this means: Relative strength against the index is 4.3%, and revenue and profit growth are weak. 4. [COPT Defense Properties](https://www.sectoralpha.in/us/stocks/cdp) CDP · quiet · Evidence leans up · 76% evidence 53.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.3/35 · Income 5.1% · Profit 15.4% · 71% evidence Capital efficiency 19.0/25 · ROA 3.3% · ROE 10.1% · GNPA n/a · 68% evidence Valuation 6.8/20 · P/BV 2.56× · P/BV÷ROE 0.25 · 70% evidence Relative strength 7.6/20 · Lead over its industry 1.5% · Lead over S&P 500 -4% · 1 year 14% · 100% evidence · 2 of 12 weeks ahead Exact sum: 20.3 + 19 + 6.8 + 7.6 = 53.7 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 5. [Piedmont Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/pdm) PDM · turning · Too little evidence to rank firmly · 55% evidence 52.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.4/35 · Income 0.7% · Profit n/a · 45% evidence Capital efficiency 8.6/25 · ROA 1.2% · ROE -3.5% · GNPA n/a · 68% evidence Valuation 9.8/20 · P/BV 0.78× · P/BV÷ROE n/a · 10% evidence Relative strength 18.7/20 · Lead over its industry 12.6% · Lead over S&P 500 6.3% · 1 year 15.7% · 100% evidence · 3 of 12 weeks ahead Exact sum: 15.4 + 8.6 + 9.8 + 18.7 = 52.5 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [BXP, Inc.](https://www.sectoralpha.in/us/stocks/bxp) BXP · basing · Evidence leans up · 76% evidence 51.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Income -6.5% · Profit 100% · 71% evidence Capital efficiency 16.7/25 · ROA 2.2% · ROE 6.9% · GNPA n/a · 68% evidence Valuation 8.1/20 · P/BV 1.37× · P/BV÷ROE 0.2 · 70% evidence Relative strength 7.9/20 · Lead over its industry -0.3% · Lead over S&P 500 -6% · 1 year -13.4% · 100% evidence · 2 of 12 weeks ahead Exact sum: 19 + 16.7 + 8.1 + 7.9 = 51.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Brandywine Realty Trust](https://www.sectoralpha.in/us/stocks/bdn) BDN · basing · Too little evidence to rank firmly · 57% evidence 50.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.5/35 · Income 13.6% · Profit n/a · 52% evidence Capital efficiency 5.3/25 · ROA 0.7% · ROE -17.6% · GNPA n/a · 68% evidence Valuation 9.8/20 · P/BV 0.75× · P/BV÷ROE n/a · 10% evidence Relative strength 11.8/20 · Lead over its industry 0.5% · Lead over S&P 500 -5.1% · 1 year -10.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.5 + 5.3 + 9.8 + 11.8 = 50.4 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. Net Lease Office Properties NLOP · quiet · Evidence leans down · 67% evidence 48.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Income -45.6% · Profit n/a · 45% evidence Capital efficiency 15.8/25 · ROA 1.4% · ROE 42.5% · GNPA n/a · 68% evidence Valuation 15.8/20 · P/BV 0.98× · P/BV÷ROE 0.02 · 70% evidence Relative strength 4.3/20 · Lead over its industry -39.9% · Lead over S&P 500 -43.9% · 1 year -70% · 100% evidence · 0 of 12 weeks ahead Exact sum: 12.9 + 15.8 + 15.8 + 4.3 = 48.8 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [SL Green Realty Corp.](https://www.sectoralpha.in/us/stocks/slg) SLG · quiet · Evidence leans down · 68% evidence 45.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.7/35 · Income 60.3% · Profit -508% · 81% evidence Capital efficiency 9.3/25 · ROA 1.1% · ROE -1% · GNPA n/a · 68% evidence Valuation 9.8/20 · P/BV 0.78× · P/BV÷ROE n/a · 10% evidence Relative strength 12.7/20 · Lead over its industry 6.9% · Lead over S&P 500 0.8% · 1 year -5.5% · 100% evidence · 3 of 12 weeks ahead Exact sum: 13.7 + 9.3 + 9.8 + 12.7 = 45.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Alexandria Real Estate Equities, Inc.](https://www.sectoralpha.in/us/stocks/are) ARE · quiet · Evidence leans down · 67% evidence 44.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.0/35 · Income -8.4% · Profit n/a · 45% evidence Capital efficiency 10.4/25 · ROA 0.8% · ROE 8.3% · GNPA n/a · 68% evidence Valuation 16.1/20 · P/BV 0.48× · P/BV÷ROE 0.06 · 70% evidence Relative strength 4.4/20 · Lead over its industry -14% · Lead over S&P 500 -18.8% · 1 year -24% · 100% evidence · 1 of 12 weeks ahead Exact sum: 14 + 10.4 + 16.1 + 4.4 = 44.9 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 11. [Easterly Government Properties, Inc.](https://www.sectoralpha.in/us/stocks/dea) DEA · basing · Evidence leans down · 76% evidence 41.2 out of 100 Growth Capital Valuation Relative
12. Empire State Realty OP, L.P. this page ESBA · turning · Evidence leans down · 76% evidence 41.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.3/35 · Income 2.5% · Profit -92.3% · 71% evidence Capital efficiency 14.5/25 · ROA 1.7% · ROE 0.7% · GNPA n/a · 68% evidence Valuation 4.4/20 · P/BV 0.88× · P/BV÷ROE 1.26 · 70% evidence Relative strength 7.9/20 · Lead over its industry -8.7% · Lead over S&P 500 -14% · 1 year -33.8% · 100% evidence · 1 of 12 weeks ahead Exact sum: 14.3 + 14.5 + 4.4 + 7.9 = 41.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 13. [Kilroy Realty Corporation](https://www.sectoralpha.in/us/stocks/krc) KRC · basing · Evidence leans down · 80% evidence 40.9 out of 100 Growth Capital Valuation Relative
14. Orion Properties Inc. ONL · basing · Too little evidence to rank firmly · 55% evidence 38.1 out of 100 Growth Capital Valuation Relative
15. [Douglas Emmett, Inc.](https://www.sectoralpha.in/us/stocks/dei) DEI · basing · Too little evidence to rank firmly · 55% evidence 37.7 out of 100 Growth Capital Valuation Relative
16. [Hudson Pacific Properties, Inc.](https://www.sectoralpha.in/us/stocks/hpp) HPP · quiet · Too little evidence to rank firmly · 55% evidence 36.8 out of 100 Growth Capital Valuation Relative
17. [Vornado Realty Trust](https://www.sectoralpha.in/us/stocks/vno) VNO · basing · Most evidence points down · 64% evidence 34.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [REIT - Office](https://www.sectoralpha.in/us/sectors/reit-office), all 17 compared on one page. ## Which companies are close to Empire State Realty OP, L.P. in size? Empire State Realty OP, L.P. is the 10th largest of 15 REIT - Office companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: SL Green Realty Corp., Highwoods Properties, Inc. and Douglas Emmett, Inc. Just below it: Piedmont Realty Trust, Inc., Easterly Government Properties, Inc. and Postal Realty Trust, Inc. ### REIT - Office companies close in size

1. [SL Green Realty Corp.](https://www.sectoralpha.in/us/stocks/slg) $3.8 billion
2. [Highwoods Properties, Inc.](https://www.sectoralpha.in/us/stocks/hiw) $3.5 billion
3. [Douglas Emmett, Inc.](https://www.sectoralpha.in/us/stocks/dei) $2 billion
4. Empire State Realty OP, L.P. $1.4 billion
5. [Piedmont Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/pdm) $1.2 billion
6. [Easterly Government Properties, Inc.](https://www.sectoralpha.in/us/stocks/dea) $1.2 billion
7. [Postal Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/pstl) $815 million

[All 15 REIT - Office companies, largest first](https://www.sectoralpha.in/us/sectors/reit-office#all-companies)

### Companies close in size in other industries

1. [LuxExperience B.V.](https://www.sectoralpha.in/us/stocks/luxe) $1.4 billion · Luxury Goods
2. [Olaplex Holdings, Inc.](https://www.sectoralpha.in/us/stocks/olpx) $1.4 billion · Specialty Retail
3. Empire State Realty OP, L.P. $1.4 billion
4. [Peoples Bancorp Inc.](https://www.sectoralpha.in/us/stocks/pebo) $1.4 billion · Banks - Regional
5. [CONMED Corporation](https://www.sectoralpha.in/us/stocks/cnmd) $1.4 billion · Medical Devices

## What else do people ask about Empire State Realty OP, L.P.? ### What were Empire State Realty OP, L.P.'s latest quarterly results? Empire State Realty OP, L.P. reported revenue of $197 M and a net loss of $40.6 M for the Jun 2026 quarter. Revenue rose 3.2% and profit fell 492.9% compared with a year earlier. Earnings per share were −$0.15 (as of 3 November 2026). ### What is Empire State Realty OP, L.P.'s market cap? Empire State Realty OP, L.P.'s market capitalisation is $1.4 B at a stock price of $4.93. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Empire State Realty OP, L.P. performing? Empire State Realty OP, L.P.'s latest readings are below. In its latest quarter, revenue rose 3.2% and profit fell 492.9% compared with a year earlier. Over the past 13 weeks it has done better than the S&P 500, for 2 weeks running (as of 3 November 2026). ### Will Empire State Realty OP, L.P.'s stock price go up? This page does not forecast Empire State Realty OP, L.P.'s stock price. What it shows instead: the stock price is $4.93. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Where is Empire State Realty OP, L.P. in its business cycle? Empire State Realty OP, L.P.'s FY25 operating margin was 17.7%, against a 5-year range of 14.3% to 20.8%: the middle of its own range, neither a peak nor a low. The latest quarter was 16.7%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Empire State Realty OP, L.P. story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Empire State Realty OP, L.P. a stock worth studying right now? What the numbers show: Empire State Realty OP, L.P.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.