Empire State Realty OP, L.P. (OGCP) intrinsic value & 10-year financials
Empire State Realty OP, L.P. (OGCP) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 1.4% a year to $766.8M.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $4.70
- Market cap
- $1.3B
- Revenue (FY2025)
- $766.8M
- Revenue growth (10-yr CAGR)
- 1.4%
- Free cash flow (FY2025)
- —
OGCP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $766.8M | $73.0M | $0.25 | — | 17.7% | — |
| FY2024 | $766.8M | $80.4M | $0.28 | — | 20.7% | — |
| FY2023 | $738.2M | $84.4M | $0.30 | $63.3M | 19.9% | — |
| FY2022 | $725.7M | $63.2M | $0.22 | $125.2M | 17.5% | — |
| FY2021 | $624.1M | -$13.0M | -$0.06 | -$185.9M | 12.7% | — |
| FY2020 | $609.2M | -$22.9M | -$0.10 | $78.2M | 9.6% | — |
| FY2019 | $731.3M | $84.3M | $0.27 | -$23.3M | 21.2% | — |
| FY2018 | $731.5M | $116.3M | $0.39 | $22.5M | 26.1% | — |
| FY2017 | $712.5M | $117.3M | $0.39 | -$36.7M | 27.5% | — |
| FY2016 | $678.0M | $106.3M | $0.38 | $20.9M | 27.2% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Empire State Realty OP, L.P. has demonstrated mature, steady growth, with revenue compounding at 1.4% annually over the past decade.
Empire State Realty OP, L.P. 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
Empire State Realty OP, L.P. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Empire State Realty OP, L.P. is modeled at -4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.13 per share.