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Empire State Realty TrustESRT +2.98%62 Debt-to-Equity is 2.21 as of Mar. 2026, which is 9% above its 10-year median of 2.02. GuruFocus rates ESRT with a GF Score™ of 62/100 and a GF Value™ of $8.84 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 690 REITs companies, Empire State Realty Trust ranks worse than 90.43% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Empire State Realty Trust's Debt-to-Equity or its related term are showing as below:
ESRT'
s Debt-to-Equity Range Over the Past 10 Years
Min: 1.37 Med: 2.02 Max: 3.18
Current: 2.21
During the past 13 years, the highest Debt-to-Equity Ratio of Empire State Realty Trust was 3.18. The lowest was 1.37. And the median was 2.02.
ESRT's Debt-to-Equity is ranked worse than 90.43% of 690
companies
in the REITs industry
Industry Median: 0.78
vs ESRT: 2.21
Empire State Realty Trust (NYSE:ESRT) Debt-to-Equity Explanation
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Empire State Realty Trust Debt-to-Equity Related Terms
Empire State Realty Trust Debt-to-Equity 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-Equity Comparison
For the REIT - Diversified subindustry, Empire State Realty Trust's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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-Equity vs REITs Industry
For the REITs industry and Real Estate sector, Empire State Realty Trust's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Empire State Realty Trust's Debt-to-Equity 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.
Empire State Realty Trust (ESRT) has a Debt-to-Equity of 2.21 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Empire State Realty Trust and its competitors. This is near median its historical median of 2.02. Over the past decade, Empire State Realty Trust's Debt-to-Equity has ranged from 1.37 to 3.18. According to the industry distribution chart, Empire State Realty Trust ranks #624 out of 690 companies in the REITs industry, placing it in the top 90.4%.
Is Empire State Realty Trust's Debt-to-Equity too high?
Empire State Realty Trust's current Debt-to-Equity of 2.21 is near median its 10-year median of 2.02. Over the past 10 years, this metric has ranged from a low of 1.37 to a high of 3.18. The REITs industry median Debt-to-Equity is 0.78. Empire State Realty Trust's value of 2.21 is 183.3% above this industry median. Based on the distribution chart, Empire State Realty Trust ranks #624 out of 690 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Empire State Realty Trust has a GF Score™ of 62/100 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-Equity compare to JBGS and CTO?
According to the REITs industry distribution chart, Empire State Realty Trust ranks #624 out of 690 companies for Debt-to-Equity. This places Empire State Realty Trust in the lower half of its industry. The industry median Debt-to-Equity is 0.78. Empire State Realty Trust's value of 2.21 is 183.3% above this benchmark. Historically, Empire State Realty Trust's own Debt-to-Equity has ranged from 1.37 to 3.18 over the past decade. While the company's 10-year median is 2.02 vs. the industry median of 0.78, 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-Equity for a REITs company?
The median Debt-to-Equity among REITs companies is 0.78, based on 690 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity 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-Equity of 2.21 is 183.3% 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-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Empire State Realty Trust and its competitors. For the REITs industry, the median Debt-to-Equity is 0.78 — 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-Equity is 2.21, which is near median its own 10-year median of 2.02. 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 $8.84, compared to a current price of $5.71 — trading 35.5% below its estimated fair value. The current Debt-to-Equity is 2.21, which is near median its 10-year median of 2.02 and 183.3% above the REITs industry median of 0.78. Empire State Realty Trust's overall GF Score™ is 62/100 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-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Empire State Realty Trust (ESRT), the current Debt-to-Equity is 2.21 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 $5.71 is trading 35.5% below its estimated GF Value™ of $8.84.
GuruFocus considers Empire State Realty Trust to be Possible Value Trap.
Key valuation signals for ESRT:
Debt-to-Equity: 2.21 (near median its 10-year median of 2.02)
GF Value™: $8.84 vs. price of $5.71 (35.5% below fair value)
Industry Position: 183.3% above the REITs median (#624 of 690)
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.
62GF Score
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