Empire State Realty OP, L.P. (FISK) stock analysis
Close on Oct 30, 2026Market cap $111.51MP/E 166.7Yield –
StockData Score
Prices as of Oct 30, 2026How the score works
Weak5 of 30 checks passed
Empire State Realty OP, L.P. passes 5 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 4/6
- Growth
- 0/6
- Past performance
- 0/6
- Financial health
- 0/6
- Dividend
- 1/6
What stands out
Margin of safety over 20%
The price is 93.0% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $5.00 is below our fair value estimate of $71.46.
EV/EBITDA below its 5-year median
Empire State Realty OP, L.P.'s EV/EBITDA of 0.2 is below its 5-year median of 5.7.
P/S below the industry
Empire State Realty OP, L.P.'s price-to-sales of 0.14 is below the Miscellaneous Investing median of 4.13 (book value is negative, so we use sales).
What to watch
Revenue growing under 10% a year
Revenue grew 1.9% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew 4.4% a year over the last three fiscal years.
Interest not well covered
Operating income covers interest expense -0.3 times; we look for at least 5.
Elevated bankruptcy risk
The Altman Z-score is 0.18; above 3 is the safe zone and below 1.8 the distress zone.
Valuation4/6
P/E above its 5-year median
Empire State Realty OP, L.P.'s P/E of 166.7 is above its own 5-year median of 30.5.
P/E above the industry
Empire State Realty OP, L.P.'s P/E of 166.7 is above the Miscellaneous Investing median of 25.0.
EV/EBITDA below its 5-year median
Empire State Realty OP, L.P.'s EV/EBITDA of 0.2 is below its 5-year median of 5.7.
P/S below the industry
Empire State Realty OP, L.P.'s price-to-sales of 0.14 is below the Miscellaneous Investing median of 4.13 (book value is negative, so we use sales).
Trading below fair value
The share price of $5.00 is below our fair value estimate of $71.46.
Margin of safety over 20%
The price is 93.0% below fair value, more than the 20% cushion we look for.
Growth0/6
Revenue growing under 10% a year
Revenue grew 1.9% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew 4.4% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 2.0% over the last twelve months; the Miscellaneous Investing median is 4.4%.
Guidance lowered
Empire State Realty OP, L.P. lowered its 2026 FFO Attributable to Common Stockholders and the Operating Partnership outlook on Apr 29, 2026.
Gross margin trend
This company does not report gross profit.
Past performance0/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health0/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest not well covered
Operating income covers interest expense -0.3 times; we look for at least 5.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.18; above 3 is the safe zone and below 1.8 the distress zone.
Dividend1/6
Pays a dividend
Empire State Realty OP, L.P. paid dividends worth 2.1% of the share price over the last twelve months.
Yield below Treasuries
The 2.1% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 4.0% or more; Empire State Realty OP, L.P. yields 2.1%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$71.46
The share price is 93% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/Eleft out, too far from the others | 27.8× | 30.5× | 25.0× | $0.83 | – |
| EV/EBITDA | 8.1× | 5.7× | 10.5× | $63.46 | 70% |
| Earnings power | 9.5% cost of equity | – | – | $90.12 | 30% |
| Fair value | $71.46 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 30.5
- Miscellaneous Investing median 25.0
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $46.29K
- Value traded per 1% price move
- $3.55K
Downside
Medium risk
- Typical loss in a bad month
- 20.4%
- Volatility (annualized)
- 52%
- Sharpe ratio, 1 year
- -0.76
- Beta to the S&P 500 (5Y)
- 0.91
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.0% | +1.9% | +4.7% | +1.6% | |
| Operating income | -14.5% | +2.2% | +18.3% | -1.1% | |
| EPS, diluted | -10.7% | +4.4% | – | -1.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on assets | 3.0% | – | – | |
| Interest coverage | 2.6× | 0.7× | 1.3× | |
| Capex to revenue | 29.2% | 17.1% | – | |
| Diluted shares | 278M | 284M | 270M |
Cash use needs five years of cash flow figures
Empire State Realty OP, L.P. does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$249.05M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$249.05M vs –
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise269M → 270M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.18 → 0.17