Empire State Realty TrustESRT +0.74%64 Debt-to-EBITDA is 7.19 as of Mar. 2026, which is 20% above its 10-year median of 5.97. GuruFocus rates ESRT with a GF Score™ of 64/100 and a GF Value™ of $8.83 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 580 REITs companies, Empire State Realty Trust ranks better than 51.38% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Empire State Realty Trust's Debt-to-EBITDA or its related term are showing as below:
ESRT'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 4.75 Med: 5.97 Max: 8.63
Current: 6.36
During the past 13 years, the highest Debt-to-EBITDA Ratio of Empire State Realty Trust was 8.63. The lowest was 4.75. And the median was 5.97.
ESRT's Debt-to-EBITDA is ranked better than 51.38% of 580
companies
in the REITs industry
Industry Median: 6.495
vs ESRT: 6.36
Empire State Realty Trust (NYSE:ESRT) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Empire State Realty Trust Debt-to-EBITDA Related Terms
Empire State Realty Trust Debt-to-EBITDA Historical Data
* 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.
ESRT vs JBGS, CTO, SAFE: Debt-to-EBITDA Comparison
For the REIT - Diversified subindustry, Empire State Realty Trust's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA 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 Debt-to-EBITDA vs REITs Industry
For the REITs industry and Real Estate sector, Empire State Realty Trust's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Empire State Realty Trust's Debt-to-EBITDA falls into.
* 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.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Empire State Realty Trust (ESRT) has a Debt-to-EBITDA of 7.19 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Empire State Realty Trust. This is 20% above median its historical median of 5.97. Over the past decade, Empire State Realty Trust's Debt-to-EBITDA has ranged from 4.75 to 8.63. According to the industry distribution chart, Empire State Realty Trust ranks #282 out of 580 companies in the REITs industry, placing it in the top 48.6%.
Is Empire State Realty Trust's Debt-to-EBITDA too high?
Empire State Realty Trust's current Debt-to-EBITDA of 7.19 is 20% above median its 10-year median of 5.97. Over the past 10 years, this metric has ranged from a low of 4.75 to a high of 8.63. The REITs industry median Debt-to-EBITDA is 6.50. Empire State Realty Trust's value of 7.19 is 10.7% above this industry median. Based on the distribution chart, Empire State Realty Trust ranks #282 out of 580 companies in the REITs industry, which is above the industry midpoint. 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 Debt-to-EBITDA compare to JBGS and CTO?
According to the REITs industry distribution chart, Empire State Realty Trust ranks #282 out of 580 companies for Debt-to-EBITDA. This puts Empire State Realty Trust in the upper half of its industry. The industry median Debt-to-EBITDA is 6.50. Empire State Realty Trust's value of 7.19 is 10.7% above this benchmark. Historically, Empire State Realty Trust's own Debt-to-EBITDA has ranged from 4.75 to 8.63 over the past decade. While the company's 10-year median is 5.97 vs. the industry median of 6.50, Empire State Realty Trust has consistently been above 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 Debt-to-EBITDA for a REITs company?
The median Debt-to-EBITDA among REITs companies is 6.50, based on 580 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Empire State Realty Trust's current Debt-to-EBITDA of 7.19 is 10.7% above 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 Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Empire State Realty Trust. For the REITs industry, the median Debt-to-EBITDA is 6.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Empire State Realty Trust's current Debt-to-EBITDA is 7.19, which is 20% above median its own 10-year median of 5.97. 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 $8.83, compared to a current price of $5.43 — trading 38.5% below its estimated fair value. The current Debt-to-EBITDA is 7.19, which is 20% above median its 10-year median of 5.97 and 10.7% above the REITs industry median of 6.50. 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 Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Empire State Realty Trust (ESRT), the current Debt-to-EBITDA is 7.19 as of Mar. 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 $5.43 is trading 38.5% below its estimated GF Value™ of $8.83.
GuruFocus considers Empire State Realty Trust to be Possible Value Trap.
Key valuation signals for ESRT:
Debt-to-EBITDA: 7.19 (20% above median its 10-year median of 5.97)
GF Value™: $8.83 vs. price of $5.43 (38.5% below fair value)
Industry Position: 10.7% above the REITs median (#282 of 580)
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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