Equity LifeStyle Properties Inc (ELS) stock analysis
Close on Nov 11, 2026Market cap $12.07BP/E 30.8Yield 3.32%
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed9 of 30 checks passed
Equity LifeStyle Properties passes 9 of the 30 checks behind our score; 7 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
- 2/6
- Growth
- 0/6
- Past performance
- 6/6
- Financial health
- 0/6
- Dividend
- 1/6
What stands out
Return on equity over 15%
Return on equity was 23.1% over the last twelve months and averaged 22.4% over five years.
Return on capital over 10%
Return on invested capital was 19.0%, above the 10% that usually covers the cost of capital.
Earnings grew over 5 years
Net income grew 10.7% a year on average over the last five fiscal years.
P/E below its 5-year median
Equity LifeStyle Properties's P/E of 30.8 is below its own 5-year median of 37.9.
What to watch
Margin of safety under 20%
The price is 16.1% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $61.98 is above our fair value estimate of $53.37.
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 9.5% a year over the last three fiscal years.
Valuation2/6
P/E below its 5-year median
Equity LifeStyle Properties's P/E of 30.8 is below its own 5-year median of 37.9.
P/E above the industry
Equity LifeStyle Properties's P/E of 30.8 is above the Miscellaneous Investing median of 26.3.
EV/EBITDA below its 5-year median
Equity LifeStyle Properties's EV/EBITDA of 19.2 is below its 5-year median of 20.9.
P/B above the industry
Equity LifeStyle Properties's price-to-book of 6.90 is above the Miscellaneous Investing median of 1.20.
Trading above fair value
The share price of $61.98 is above our fair value estimate of $53.37.
Margin of safety under 20%
The price is 16.1% above fair value, so there is no margin of safety.
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 9.5% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew 1.3% over the last twelve months, against a 5-year average of 10.7% a year.
Growing slower than the industry
Revenue grew 3.2% over the last twelve months; the Miscellaneous Investing median is 4.6%.
Guidance lowered
Equity LifeStyle Properties lowered its 2027 Core RV annual rent income growth assumption outlook on Oct 21, 2026.
Gross margin trend
This company does not report gross profit.
Past performance6/6
Return on equity over 15%
Return on equity was 23.1% over the last twelve months and averaged 22.4% over five years.
Return on capital over 10%
Return on invested capital was 19.0%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Equity LifeStyle Properties's return on equity of 23.1% is above the Miscellaneous Investing median of 3.1%.
Earnings grew over 5 years
Net income grew 10.7% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 25.6% over the last twelve months, against a 5-year average of 23.0%.
Net margin above the industry
Equity LifeStyle Properties's net margin of 25.6% is above the Miscellaneous Investing median of 10.3%.
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 3.0 times; we look for at least 5.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.34; above 3 is the safe zone and below 1.8 the distress zone.
Dividend1/6
Pays a dividend
Equity LifeStyle Properties paid dividends worth 3.5% of the share price over the last twelve months.
Yield below Treasuries
The 3.5% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Equity LifeStyle Properties yields 3.5%.
Dividend stability
Fewer than five years of dividend history.
Not covered by earnings
Dividends take 102% of net income, leaving little room.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$53.37
The share price is 16% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 32.2× | 37.9× | 26.3× | $64.64 | 40% |
| EV/EBITDA | 15.2× | 20.9× | 9.5× | $49.14 | 35% |
| P/B | 4.8× | 8.4× | 1.2× | $43.47 | 10% |
| Earnings power | 7.4% cost of equity | – | – | $39.79 | 15% |
| Fair value | $53.37 | 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 37.9
- Miscellaneous Investing median 26.3
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
Low risk
- Average value traded per day
- $129.43M
- Value traded per 1% price move
- $114.29M
Downside
Low risk
- Typical loss in a bad month
- 8.1%
- Volatility (annualized)
- 19%
- Sharpe ratio, 1 year
- -0.23
- Beta to the S&P 500 (5Y)
- 0.40
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 | +0.3% | +1.9% | +6.5% | +6.4% | |
| Operating income | +2.8% | +9.8% | – | +2.9% | |
| Net income | +4.5% | +10.4% | +10.7% | +10.3% | |
| EPS, diluted | +2.6% | +9.5% | +10.0% | +10.1% | |
| Dividend per share | +7.9% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 19.4% | 19.4% | 23.0% | |
| Return on assets | 5.4% | 5.6% | 7.1% | |
| Interest coverage | 3.1× | – | 3.0× | |
| Capex to revenue | – | 18.7% | – | |
| Diluted shares | 185M | 193M | 200M |
Cash use needs five years of cash flow figures
Equity LifeStyle Properties does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 26.3% | 0.27× | 3.26× | 23.0% |
| FY2024 | 25.2% | 0.27× | 3.55× | 24.3% |
| FY2023 | 22.1% | 0.27× | 3.86× | 22.9% |
| FY2022 | 20.7% | 0.27× | 3.78× | 20.9% |
| FY2021 | 21.0% | 0.27× | 3.67× | 20.8% |
| FY2020 | 21.6% | 0.26× | 3.45× | 19.4% |
| FY2019 | 28.5% | 0.26× | 3.41× | 25.0% |
| FY2018 | 22.9% | 0.26× | 3.50× | 21.0% |
| FY2017 | 22.7% | 0.26× | 3.47× | 20.6% |
| FY2016 | 21.5% | 0.25× | 3.56× | 19.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$402.06M
- Cash generatingOperating cash flow above zero$571.15M
- Return on assets improvedROA up on the prior year6.9% → 7.1%
- Earnings backed by cashOperating cash flow above net income$571.15M vs $402.06M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise197M → 200M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.27 → 0.27
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