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STOCK COMPARISON

BXP vs Empire State Realty OP LP ES: Fair Value & Quality

Both stocks run through our valuation models. Here is how BXP (BXP) and Empire State Realty OP LP ES (ESBA) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees BXP as the less overvalued of the two: BXP trades at $62.36 versus a fair value of $53.27 (-15%), while Empire State Realty OP LP ES trades at $4.07 versus $3.00 (-26%).
BXP
BXP · USD · Real Estate
-15%
upside to fair value
overvalued
Price$62.36
Fair Value$53.27
Quality52/100
Empire State Realty OP LP ES
ESBA · USD · Real Estate
-26%
upside to fair value
overvalued
Price$4.07
Fair Value$3.00
Quality42/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

BXPEmpire State Realty OP LP ES
Valuation
31.7×P/E (TTM)24.1×
3.56×P/S (TTM)1.82×
2.18×P/B1.34×
16.1×EV/EBITDA9.8×
2.42×PEGn/a
−14.6%Fair value upside−26.3%
4.9%Dividend yield3.4%
$3.08Dividend per share$0.14
Profitability
26%Operating margin16%
1.70×EBIT margin trend (5Y)1.84×
6%Return on equity3%
2%Return on assets2%
Growth
1%Revenue growth (YoY)5%
3.9%Avg. growth/yr (3Y)2.8%
4.7%Avg. growth/yr (5Y)4.7%
−11.8%Value creation/yr+55.9%
Balance & size
3.0×Interest coverage (EBIT/interest)1.3×
3.08×Debt / equity1.78×
$11BMarket cap$1B
mixedGrowth qualityexpensive

Empire State Realty OP LP ES leads: 6 to 7 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

BXPof which business quality 49 · market factors 48 Empire State Realty OP LP ESof which business quality 40 · market factors 14
ProfitabilityMargins and returns on capital today
22
18
Quality GrowthAre margins and returns improving?
56
32
CashflowEarnings quality: real cash, not paper profit
79
60
Fin. StrengthBalance sheet, leverage, solvency risk
14
12
InvestmentDisciplined investing over empire-building
70
57
Low VolatilityCalm price path (market factor)
65
25
MomentumPrice trend over the last 3–12 months (market factor)
46
14
52W MomentumDistance to the 52-week high (market factor)
33
1
Net IssuanceShare count: buybacks or dilution?
77
80

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyBXPPrice $62.36Empire State Realty OP LP ESPrice $4.07
DCF Models0%close to the price$62.15-91%below the price$0.38
Dividend Discount+8%close to the price$67.21n/a
Multiples0%close to the price$62.67-26%below the price$3.00
Asset-Based-65%below the price$21.62-35%below the price$2.63
Growth DCF-19%below the price$50.33-93%below the price$0.31
Economic Profit-58%below the price$26.05-33%below the price$2.72
Minimum-65%below the price$21.62-93%below the price$0.31
Maximum+8%close to the price$67.21-26%below the price$3.00
Median-10%close to the price$56.24-35%below the price$2.63
Geometric mean-29%below the price$44.16-71%below the price$1.20

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

BXP: 9 of 16 models see the stock below the current price.

Empire State Realty OP LP ES: 10 of 14 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

BXP
Price $62.36
Fair Value $53.27
Bear $25.00Bull $99.13
Empire State Realty OP LP ES
Price $4.07
Fair Value $3.00
Bear $2.67Bull $3.00

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

BXP · Real Estate

Quality score52 · below median
Fair value upside-15% · below median

Empire State Realty OP LP ES · Real Estate

Quality score42 · bottom 25%
Fair value upside-26% · below median

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees BXP as the less overvalued of the two: BXP trades at $62.36 versus a fair value of $53.27 (-15%), while Empire State Realty OP LP ES trades at $4.07 versus $3.00 (-26%).

BXP has the higher quality score (52/100).

Open BXP live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.