Reading the tape
AMEX: FISK
Empire State Realty OP, L.P.
Real Estate · REIT - Office
Market Cap
$1.50B
52w High
$9.03
52w Low
$4.49
P/E
23.82
Volume
1.00
Outstanding Shares
277.52M
Price vs Fundamentals
Why The Stock Is Moving
Likely fundamental deteriorationHigh confidence
1Y Price: -20.7%Revenue (TTM): 1.47%FCF (TTM): -91.48%P/E: 6th pct
What changed
The stock fell 20.7% over the last year. Revenue grew 1.47% over the trailing twelve months. Operating margin moved from 20.01% to 17.91%. Free cash flow declined 91.48% over the trailing twelve months.
What the market seems to be pricing
The market is reacting to weaker business momentum more than just compressing the valuation multiple. Even if the shares already screen cheap on P/E, investors are still discounting lower future earnings power.
What would invalidate this read
Operating margin stands at 17.91%. Free cash flow fell 91.48% — a return toward positive territory would undermine the deterioration thesis. If margins and cash flow stabilize while the stock stays depressed, the gap shifts from fundamental damage toward pure multiple compression.
Company profile
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.
CEOAnthony E. Malkin
SectorReal Estate
IndustryREIT - Office
Employees667
IPO dateOct 8, 2013
Valuation
Forward P/E—
EV/EBITDA9.01
Enterprise value$3.37B
Price / Book1.41
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth5.7%
Gross margin-10.34%▼96.67%vs FY2024
Operating margin17.91%▼15.10%vs FY2024
ROE4.49%▼10.37%vs FY2024
Analyst consensus
RatingSell
Target price$5.50▲1.85%
0
Buy
0
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 5, 2026
Q2 FY26 · EPS est — · Revenue est —
View
Dividends
$0.14/shareQuarterly4yr growth streakSafeFISK pays a dividend with a 2.59% dividend yield, 4 consecutive years of growth, covered 1.8× by free cash flow.
Dividend Yield
2.59%
Annual Div / Share
$0.14
5yr CAGR
-19.73%
Dividend has been cut
FCF Coverage
1.8×
Safe
Dividend Growth Rate
3yr CAGR
+0%
5yr CAGR
-19.73%
10yr CAGR
-8.49%
Dividend Safety
8/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$0.14+0.0%
2024$0.14+0.0%
2023$0.14+0.0%
2022$0.14+0.0%
2021$0.14-66.7%
2020$0.42+0.0%
2019$0.42+0.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$26/yr
$2/mo
In 5 yrs
$26/yr
$2/mo
In 10 yrs
$26/yr
$2/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$26/yr $2/mo | $26/yr $2/mo | $26/yr $2/mo |
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 1.8× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Risks to Watch
Dividend has been reduced
The 5-year dividend CAGR of -19.73% is negative, indicating the payout has been cut over this period.