Empire State Realty TrustESRT +4.47%66 PB Ratio is 0.87 as of Jun. 28, 2026, which is 48% below its 10-year median of 1.67. GuruFocus rates ESRT with a GF Score™ of 66/100 and a GF Value™ of $8.80 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 934 REITs companies, Empire State Realty Trust ranks better than 50.64% on this metric.
Empire State Realty Trust Inc stock PB Ratio (=0.87) is close to 10-year low of 0.8.
The historical rank and industry rank for Empire State Realty Trust's PB Ratio or its related term are showing as below:
ESRT'
s PB Ratio Range Over the Past 10 Years
Min: 0.8 Med: 1.67 Max: 5.19
Current: 0.87
During the past 13 years, Empire State Realty Trust's highest PB Ratio was 5.19. The lowest was 0.80. And the median was 1.67.
ESRT's PB Ratio is ranked better than 50.64% of 934
companies
in the REITs industry
Industry Median: 0.87
vs ESRT: 0.87
During the past 12 months, Empire State Realty Trust's average Book Value Per Share Growth Rate was 0.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 1.60% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 0.60% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Empire State Realty Trust was 578.40% per year. The lowest was -6.10% per year. And the median was 1.60% per year.
Back to Basics: PB Ratio
Empire State Realty Trust (NYSE:ESRT) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Empire State Realty Trust PB Ratio Related Terms
Empire State Realty Trust PB Ratio 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.
For the REIT - Diversified subindustry, Empire State Realty Trust's PB Ratio, along with its competitors' market caps and PB 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 PB Ratio vs REITs Industry
For the REITs industry and Real Estate sector, Empire State Realty Trust's PB Ratio distribution charts can be found below:
* The bar in red indicates where Empire State Realty Trust's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Empire State Realty Trust (ESRT) has a PB Ratio of 0.87 as of Jun. 28, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Empire State Realty Trust and its competitors. This is 48% below median its historical median of 1.67. Over the past decade, Empire State Realty Trust's PB Ratio has ranged from 0.80 to 5.19. According to the industry distribution chart, Empire State Realty Trust ranks #461 out of 934 companies in the REITs industry, placing it in the top 49.4%.
Is Empire State Realty Trust's PB Ratio too high?
Empire State Realty Trust's current PB Ratio of 0.87 is 48% below median its 10-year median of 1.67. Over the past 10 years, this metric has ranged from a low of 0.80 to a high of 5.19. The REITs industry median PB Ratio is 0.87. Empire State Realty Trust's value of 0.87 is 0% at this industry median. Based on the distribution chart, Empire State Realty Trust ranks #461 out of 934 companies in the REITs industry, which is above the industry midpoint. Overall, Empire State Realty Trust has a GF Score™ of 66/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Empire State Realty Trust's PB Ratio compare to SAFE and JBGS?
According to the REITs industry distribution chart, Empire State Realty Trust ranks #461 out of 934 companies for PB Ratio. This puts Empire State Realty Trust in the upper half of its industry. The industry median PB Ratio is 0.87. Empire State Realty Trust's value of 0.87 is 0% at this benchmark. Historically, Empire State Realty Trust's own PB Ratio has ranged from 0.80 to 5.19 over the past decade. While the company's 10-year median is 1.67 vs. the industry median of 0.87, Empire State Realty Trust has consistently been at 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 PB Ratio for a REITs company?
The median PB Ratio among REITs companies is 0.87, based on 934 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Empire State Realty Trust's current PB Ratio of 0.87 is 0% at 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Empire State Realty Trust and its competitors. For the REITs industry, the median PB Ratio is 0.87 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Empire State Realty Trust's current PB Ratio is 0.87, which is 48% below median its own 10-year median of 1.67. 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 $8.80, compared to a current price of $5.37 — trading 39% below its estimated fair value. The current PB Ratio is 0.87, which is 48% below median its 10-year median of 1.67 and 0% at the REITs industry median of 0.87. Empire State Realty Trust's overall GF Score™ is 66/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Empire State Realty Trust (ESRT), the current PB Ratio is 0.87 as of Jun. 28, 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 $5.37 is trading 39% below its estimated GF Value™ of $8.80.
GuruFocus considers Empire State Realty Trust to be Possible Value Trap.
Key valuation signals for ESRT:
PB Ratio: 0.87 (48% below median its 10-year median of 1.67)
GF Value™: $8.80 vs. price of $5.37 (39% below fair value)
Industry Position: 0% at the REITs median (#461 of 934)
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.
66GF Score
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