Stock fact sheet · data as of
Empire State Realty OP, L.P. (ESBA): fair value, margin of safety and Wheel Score
Real Estate · REIT - Diversified · United States · Speculative / Distressed
Is ESBA undervalued?
At 4.67 (close of 16 Oct 2026), ESBA trades 64% below the GLS average fair value of 12.91. That average comes from 3 models run on the latest filings, and 2 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Empire State Realty OP, L.P. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
The average is built from just 3 models (DCF, 10 Cap, DDM) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
The nightly engine files ESBA under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for ESBA
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 11.88 | +154% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 24.80 | +431% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 2.06 | -56% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -8.07 | -273% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Empire State Realty OP, L.P. scores only 4 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 3.1/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 1.1%, ROE 2.6%, ROA 1.1% - with debt at 1.34 times equity and a free-cash-flow yield of 16.3%.
The dividend yield is 3.00% at a payout ratio of -751%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Real Estate, 89%, Observatory, 12% (quarter Q2 FY2026).
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 1.1% |
|---|---|---|---|
| GLS Moat | 3.1 / 10 | ROE | 2.6% |
| Debt / equity | 1.34 | ROA | 1.1% |
| Free-cash-flow yield | 16.3% | Payout ratio | -751% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 39: No options
No options are listed on Empire State Realty OP, L.P. in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 39) and the stock is left out of every options screen; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 3k shares a day on a market cap of $1.3B, with a beta of 1.46 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 8 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 64% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 5 / 15 | moat 3.1/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 8 / 20 | 3k shares/day, $1.3B cap, beta 1.46 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for ESBA in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Diversified
The 12 companies below are the closest to Empire State Realty OP, L.P. by market cap within the REIT - Diversified industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| OGCP Empire State Realty OP, L.P. | 4.70 | 6.00 | +22% | 39No options | $1.3B |
| AAT American Assets Trust, Inc. | 21.45 | 16.17 | -33% | 51Fair | $1.3B |
| FISK Empire State Realty OP, L.P. | 4.51 | 13.38 | +66% | 39No options | $1.3B |
| SCCE Sachem Capital Corp. 6.00% Note | 24.50 | 19.47 | -26% | 18No options | $1.1B |
| GNL Global Net Lease, Inc. | 7.44 | 19.02 | +61% | 45Weak | $1.7B |
| SAFE Safehold Inc. | 11.55 | 16.42 | +30% | 73Good | $818M |
| ESRT Empire State Realty Trust, Inc. | 4.73 | 5.15 | +8% | 69Good | $814M |
| CMRF CIM Real Estate Finance Trust, Inc. | 1.83 | 3.56 | +49% | 39No options | $796M |
| CTO CTO Realty Growth, Inc. | 20.60 | 23.29 | +12% | 61Fair | $772M |
| RWTQ Redwood Trust, Inc. | 19.35 | 7.35 | -163% | 12No options | $2.4B |
| JBGS JBG SMITH Properties | 11.08 | 8.93 | -24% | 45Weak | $649M |
| GOODN Gladstone Commercial Corp Pref | 20.04 | 19.49 | -3% | 39No options | $625M |
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about ESBA
Is ESBA undervalued right now?
By the GLS models, yes: at 4.67 the stock is 64% below the average fair value of 12.91 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of ESBA and what does it mean?
ESBA has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for ESBA?
12.91 per share as of 16 Oct 2026 - the simple average of the 3 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Empire State Realty OP, L.P. report earnings next?
No upcoming earnings date is recorded for ESBA in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does ESBA have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on ESBA, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.