Stock fact sheet · data as of
Empire State Realty OP, L.P. (ESBA): fair value, margin of safety and Wheel Score
Ticker symbol ESBA · Real Estate · REIT - Diversified · United States · Partnership units · Speculative
ESBA trades as units of Empire State Realty OP, L.P., a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.
Is ESBA undervalued?
At 5.03 (close of 5 Nov 2026), ESBA trades 62% below the GLS average fair value of 13.25. 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 - it is losing money or its Piotroski health score is 3 or lower - 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 | 12.09 | +140% | 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 | 25.61 | +409% | 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 | -59% | 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) | -8.06 | -260% | 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 3 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. 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 4.2/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, 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 15.1%.
The dividend yield is 2.78% at a payout ratio of -825%; 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 | 3 / 9 | ROIC | 1.1% |
|---|---|---|---|
| GLS Moat | 4.2 / 10 | ROE | 2.6% |
| Debt / equity | 1.34 | ROA | 1.1% |
| Free-cash-flow yield | 15.1% | Payout ratio | -825% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 27: No options
No options are listed on Empire State Realty OP, L.P. in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 27, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 1k shares a day on a market cap of $1.4B, with a beta of 1.47 - 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 rates that weak.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 3/9 (under 6) |
| 5 | Can repay its debt | Fails | 9.8 years to repay its debt (over 6) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 62% below fair value | |
| Premium | Weak | no option data | |
| Moat | Fair | moat 4.2/10 | |
| Health | Weak | Piotroski 3/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Weak | beta 1.47, $1.4B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it 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. | 4.94 | 5.62 | +12% | 22No options | $1.4B |
| AAT American Assets Trust, Inc. | 22.09 | 18.10 | -22% | 34Weak | $1.4B |
| FISK Empire State Realty OP, L.P. | 5.36 | 13.48 | +60% | 29No options | $1.5B |
| GNL Global Net Lease, Inc. | 7.09 | 17.31 | +59% | 33Weak | $1.6B |
| SCCE Sachem Capital Corp. 6.00% Note | 24.42 | 19.47 | -25% | 10No options | $1.1B |
| PMTW PennyMac Mortgage Investment Trust | 24.97 | 14.89 | -68% | 12No options | $1.8B |
| CMRF CIM Real Estate Finance Trust, Inc. | 2.35 | 3.47 | +32% | 29No options | $1.0B |
| ESRT Empire State Realty Trust, Inc. | 5.27 | 4.72 | -12% | 30Weak | $907M |
| CTO CTO Realty Growth, Inc. | 20.46 | 27.48 | +26% | 36Weak | $793M |
| SAFE Safehold Inc. | 10.77 | 17.27 | +38% | 41Weak | $763M |
| RWTQ Redwood Trust, Inc. | 20.80 | 5.56 | -274% | 11No options | $2.6B |
| JBGS JBG SMITH Properties | 12.29 | 8.93 | -38% | 29Weak | $720M |
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Start free See the Sunday ScanQuestions about ESBA
Is ESBA undervalued right now?
By the GLS models, yes: at 5.03 the stock is 62% below the average fair value of 13.25 (data as of 5 Nov 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; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for ESBA?
13.25 per share as of 5 Nov 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 5 Nov 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 stays under 70.
Is ESBA a partnership?
Yes. ESBA trades as units of Empire State Realty OP, L.P., a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.