Stock fact sheet · data as of
Empire State Realty Trust, Inc. (ESRT): fair value, margin of safety and Wheel Score
Ticker symbol ESRT · Real Estate · REIT - Diversified · United States · Class A common stock · Value
ESRT is Empire State Realty Trust, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is ESRT undervalued?
Empire State Realty Trust, Inc. (ESRT) closed at 5.27 on 5 Nov 2026, 12% above the GLS average fair value of 4.72. Only 2 of the 9 models that produced a number value the shares above the current price. The margin of safety is negative, so the stock fails the "below fair value" Wheel Trade Filter; a premium of this size is common for companies whose growth the models are conservative about.
The 9 models disagree widely: GLS Growth gives 0.0405 while DCF gives 20.83. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, ESRT is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 64, growth score 22, out of 100).
Nine valuation models for ESRT
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 | 20.83 | +295% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 1.80 | -66% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 0.2235 | -96% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 0.0554 | -99% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.0405 | -99% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 16.68 | +216% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 0.6637 | -87% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 2.06 | -61% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 0.1539 | -97% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -14.28 | -371% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 5.00 | -5% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - ESRT passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 4.3 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC 1.4%, ROE 4.5%, ROA 1.1% - with debt at 2.30 times equity and a free-cash-flow yield of 11.4%. Debt of 2.30 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is 2.66% at a payout ratio of 1189%; 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 10/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 1.4% |
|---|---|---|---|
| GLS Moat | 4.3 / 10 | ROE | 4.5% |
| Debt / equity | 2.30 | ROA | 1.1% |
| Free-cash-flow yield | 11.4% | Payout ratio | 1189% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 30: Weak
ESRT scores 30 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (930 open interest, 13 a day); and filter 3, below fair value - trades 12% above our fair value; and filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 5, can repay its debt - 9.3 years to repay its debt (over 6); and filter 8, big enough - market cap $907M (under $1.0B), and the parts are thin too - value weak, premium strong, moat fair, health fair, red flags fair, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 52% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 930 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 5.4M shares a day on a market cap of $907M, with a beta of 1.42 - 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 fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (930 open interest, 13 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 12% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Fails | 9.3 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 | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $907M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 12% above fair value | |
| Premium | Strong | implied volatility 52% | |
| Moat | Fair | moat 4.3/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Fair | Red Flags score 75/100 | |
| Option trading | Weak | 13 contracts a day, 930 open interest | |
| Stability | Fair | beta 1.42, $907M 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 ESRT in the nightly calendar.
No analyst upgrades or downgrades were recorded in the last 30 days.
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 Trust, Inc. 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 |
|---|---|---|---|---|---|
| CMRF CIM Real Estate Finance Trust, Inc. | 2.35 | 3.47 | +32% | 29No options | $1.0B |
| CTO CTO Realty Growth, Inc. | 20.46 | 27.48 | +26% | 36Weak | $793M |
| SAFE Safehold Inc. | 10.77 | 17.27 | +38% | 41Weak | $763M |
| JBGS JBG SMITH Properties | 12.29 | 8.93 | -38% | 29Weak | $720M |
| SCCE Sachem Capital Corp. 6.00% Note | 24.42 | 19.47 | -25% | 10No options | $1.1B |
| AHRT AH Realty Trust, Inc. | 6.78 | 21.86 | +69% | 39Weak | $650M |
| AAT American Assets Trust, Inc. | 22.09 | 18.10 | -22% | 34Weak | $1.4B |
| OGCP Empire State Realty OP, L.P. | 4.94 | 5.62 | +12% | 22No options | $1.4B |
| ESBA Empire State Realty OP, L.P. | 5.03 | 13.25 | +62% | 27No options | $1.4B |
| FISK Empire State Realty OP, L.P. | 5.36 | 13.48 | +60% | 29No options | $1.5B |
| GOOD Gladstone Commercial Corporation | 10.89 | 15.85 | +31% | 46Weak | $527M |
| GOODO Gladstone Commercial Corporation | 17.60 | 17.68 | +0% | 21No options | $527M |
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Start free See the Sunday ScanQuestions about ESRT
What kind of share is ESRT?
ESRT is Empire State Realty Trust, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is ESRT undervalued right now?
No: at 5.27 the stock trades 12% above the GLS average fair value of 4.72 (data as of 5 Nov 2026). The margin of safety is negative.
What is the Wheel Score of ESRT and what does it mean?
ESRT scores 30 out of 100 (Weak) - it fails Wheel Trade Filters 1, 3, 4, 5, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for ESRT?
4.72 per share as of 5 Nov 2026 - the simple average of the 9 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 Trust, Inc. report earnings next?
No upcoming earnings date is recorded for ESRT in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does ESRT have listed options, and how liquid are they?
Yes. The nightly snapshot found 4 listed contracts with 930 open interest across all expiries and implied volatility of 52% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.