Empire State Realty TrustESRT +3.27%64 Cyclically Adjusted PS Ratio is 1.91 as of Jul. 03, 2026, which is 34% below its 10-year median of 2.91. GuruFocus rates ESRT with a GF Score™ of 64/100 and a GF Value™ of $8.82 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 557 REITs companies, Empire State Realty Trust ranks better than 86.54% on this metric.
The historical rank and industry rank for Empire State Realty Trust's Cyclically Adjusted PS Ratio or its related term are showing as below:
ESRT'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 1.69 Med: 2.91 Max: 4.62
Current: 1.91
During the past years, Empire State Realty Trust's highest Cyclically Adjusted PS Ratio was 4.62. The lowest was 1.69. And the median was 2.91.
ESRT's Cyclically Adjusted PS Ratio is ranked better than 86.54% of 557
companies
in the REITs industry
Industry Median: 5.88
vs ESRT: 1.91
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
Empire State Realty Trust's adjusted revenue per share data for the three months ended in Mar. 2026 was $0.702. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is $2.98 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Empire State Realty Trust (NYSE:ESRT) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
Empire State Realty Trust Cyclically Adjusted PS Ratio Related Terms
Empire State Realty Trust Cyclically Adjusted PS Ratio Historical Data
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The historical data trend for Empire State Realty Trust's Cyclically Adjusted PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Empire State Realty Trust Cyclically Adjusted PS Ratio Chart
ESRT vs JBGS, CTO, SAFE: Cyclically Adjusted PS Ratio Comparison
For the REIT - Diversified subindustry, Empire State Realty Trust's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Empire State Realty Trust Cyclically Adjusted PS Ratio vs REITs Industry
For the REITs industry and Real Estate sector, Empire State Realty Trust's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where Empire State Realty Trust's Cyclically Adjusted PS Ratio falls into.
Empire State Realty Trust Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 1.91 mean?
Empire State Realty Trust (ESRT) has a Cyclically Adjusted PS Ratio of 1.91 as of Jul. 03, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Empire State Realty Trust and its competitors. This is 34% below median its historical median of 2.91. Over the past decade, Empire State Realty Trust's Cyclically Adjusted PS Ratio has ranged from 1.69 to 4.62. According to the industry distribution chart, Empire State Realty Trust ranks #75 out of 557 companies in the REITs industry, placing it in the top 13.5%.
Is Empire State Realty Trust's Cyclically Adjusted PS Ratio too high?
Empire State Realty Trust's current Cyclically Adjusted PS Ratio of 1.91 is 34% below median its 10-year median of 2.91. Over the past 10 years, this metric has ranged from a low of 1.69 to a high of 4.62. The REITs industry median Cyclically Adjusted PS Ratio is 5.88. Empire State Realty Trust's value of 1.91 is 67.5% below this industry median. Based on the distribution chart, Empire State Realty Trust ranks #75 out of 557 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Empire State Realty Trust has a GF Score™ of 64/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Empire State Realty Trust's Cyclically Adjusted PS Ratio compare to JBGS and CTO?
According to the REITs industry distribution chart, Empire State Realty Trust ranks #75 out of 557 companies for Cyclically Adjusted PS Ratio. This places Empire State Realty Trust in the top 14% of its industry — outperforming the majority of peers. The industry median Cyclically Adjusted PS Ratio is 5.88. Empire State Realty Trust's value of 1.91 is 67.5% below this benchmark. Historically, Empire State Realty Trust's own Cyclically Adjusted PS Ratio has ranged from 1.69 to 4.62 over the past decade. While the company's 10-year median is 2.91 vs. the industry median of 5.88, Empire State Realty Trust has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a REITs company?
The median Cyclically Adjusted PS Ratio among REITs companies is 5.88, based on 557 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Empire State Realty Trust's current Cyclically Adjusted PS Ratio of 1.91 is 67.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Empire State Realty Trust and its competitors. For the REITs industry, the median Cyclically Adjusted PS Ratio is 5.88 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Empire State Realty Trust's current Cyclically Adjusted PS Ratio is 1.91, which is 34% below median its own 10-year median of 2.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Empire State Realty Trust stock overvalued right now?
Based on GuruFocus' analysis, Empire State Realty Trust (ESRT) is currently considered Possible Value Trap. The stock's GF Value™ is $8.82, compared to a current price of $5.69 — trading 35.5% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 1.91, which is 34% below median its 10-year median of 2.91 and 67.5% below the REITs industry median of 5.88. Empire State Realty Trust's overall GF Score™ is 64/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Empire State Realty Trust (ESRT), the current Cyclically Adjusted PS Ratio is 1.91 as of Jul. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Empire State Realty Trust (ESRT) Overvalued in 2026?
Based on GuruFocus' analysis, Empire State Realty Trust stock appears to be undervalued.
The current stock price of $5.69 is trading 35.5% below its estimated GF Value™ of $8.82.
GuruFocus considers Empire State Realty Trust to be Possible Value Trap.
Key valuation signals for ESRT:
Cyclically Adjusted PS Ratio: 1.91 (34% below median its 10-year median of 2.91)
GF Value™: $8.82 vs. price of $5.69 (35.5% below fair value)
Industry Position: 67.5% below the REITs median (#75 of 557)
No single metric tells the full story. See the ESRT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Empire State Realty Trust Inc is a real estate investment trust (REIT) that owns and operates office, retail, and multifamily properties located in New York City, prominently in Manhattan. Its portfolio includes office and retail space as well as residential units. The company's objective is to maximize cash flow and total returns to its shareholders and to increase the value of the properties. Its reportable segments consist of a real estate segment and an Observatory segment. The majority of revenue is derived from the Real Estate segment, which includes all activities related to the ownership, management, operation, acquisition, redevelopment, repositioning and disposition of its traditional real estate assets.
64GF Score
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