Empire State Realty OP, L.p. key statistics and ratios

In fiscal 2025, Empire State Realty OP, L.p. had an operating margin of 17.7%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Empire State Realty OP, L.p.: financial ratios, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	—	34.1%	22.2%	23.0%	27.1%	27.2%	26.1%	21.2%	9.6%	12.7%	17.5%	19.8%	20.7%	17.7%	−4.4%
Net margin	19.5%	18.7%	11.0%	12.0%	15.7%	16.5%	15.9%	11.3%	−4.4%	−2.8%	8.2%	10.8%	9.9%	9.0%	0.6%
Free-cash-flow margin	—	—	−56.5%	7.1%	2.5%	−4.8%	3.1%	−3.2%	12.8%	−29.8%	17.2%	8.6%	11.5%	6.6%	13.2%
Return on assets	—	5.0%	3.3%	2.4%	3.0%	3.0%	2.9%	2.0%	−0.7%	−0.4%	1.4%	1.9%	1.7%	1.5%	0.1%
Asset turnover	—	0.27	0.30	0.20	0.19	0.18	0.18	0.18	0.15	0.15	0.17	0.18	0.18	0.17	0.18
Interest cover (operating income ÷ interest)	—	1.6x	2.1x	2.3x	2.6x	2.8x	2.4x	2.0x	0.7x	0.8x	1.3x	1.4x	1.5x	1.3x	n/m
Effective tax rate	—	—	6.2%	4.7%	5.4%	5.3%	3.8%	2.8%	—	—	2.4%	3.1%	3.2%	3.4%	8.6%
SG&A as % of revenue	—	8.1%	6.1%	5.8%	7.2%	7.1%	7.2%	8.3%	10.2%	9.0%	8.5%	8.6%	—	—	—
Capital spending as % of revenue	—	33.7%	78.3%	23.8%	29.2%	32.2%	35.1%	35.0%	17.1%	63.8%	11.8%	22.9%	22.5%	25.8%	15.8%
Free cash flow ÷ net income	—	—	−515.1%	58.8%	16.1%	−28.9%	19.4%	−28.3%	—	—	211.3%	79.0%	115.5%	73.5%	>999%
Dividends ÷ net income	—	—	125.1%	115.2%	107.2%	107.4%	108.0%	152.7%	—	—	65.1%	46.3%	50.3%	56.7%	775.0%
Dividends and buybacks ÷ free cash flow	—	—	—	195.9%	667.7%	—	557.6%	—	261.5%	—	102.8%	79.3%	43.5%	93.2%	37.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Empire State Realty OP, L.p.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	22.7%	21.7%	14.3%	18.4%	19.9%	17.8%	15.5%	−70.4%
Net margin	10.9%	9.0%	8.2%	5.4%	6.4%	15.6%	1.0%	−20.6%
Free-cash-flow margin	−32.6%	69.3%	22.8%	−28.8%	36.8%	−4.1%	26.7%	−5.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

40 /100

Weak moat

How hard Empire State Realty OP's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 1.6% of total assets over 10 years.
Durability 6 / 20

Operating margin has been a median 19.3%; its worst year was -4.4%.
Cash conversion 10 / 20

Free cash flow was positive in 7 of 10 years, at a median 6.1% of revenue.
Discipline 17 / 20

The diluted share count fell 3.3% over five years; stock-based pay has been a median 2.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Empire State Realty OP, L.p.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Empire State Realty OP, L.p.