Empire State Realty Trust, Inc.
$3.29B- Market cap
- $776.80M
- Debt
- +$2.65B
- Cash
- −$132.66M
Capital structure 23% equity / 77% debt · EV / Revenue 4.28x · EV / EBITDA 18.37x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: ESRT stock price at discount vs LUV $4.54 current versus $12.54 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at LUV's multiple
Implied fair value · at ESRT's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple premium
Value edge
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: ESRT FY 2025 (ended Dec 31, 2025) · LUV FY 2025 (ended Dec 31, 2025).
Trendline
Five fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 23% equity / 77% debt · EV / Revenue 4.28x · EV / EBITDA 18.37x
Capital structure 81% equity / 19% debt · EV / Revenue 0.74x · EV / EBITDA 20.96x
LUV carries the larger enterprise value at $20.73B against $3.29B; LUV trades on the lower EV / Revenue multiple (0.74x vs 4.28x); ESRT on the lower EV / EBITDA (18.37x vs 20.96x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
EMPIRE STATE REALTY TRUST, INC. · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
SOUTHWEST AIRLINES CO. · implied price per share
Latest annual free cash flow must be positive to qualify the filing-backed baseline.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Not enough data to score either balance sheet.
Debt / equity
Total debt against shareholders' equity
2.50x
0.57x
Net debt / EBITDA
Leverage against operating earnings
14.03x
1.36x
Cash and equivalents
Liquid reserves on the balance sheet
$132.66M
$3.23B
Total debt
Interest-bearing obligations outstanding
$2.65B
$4.58B
Comparable set
Where the pair sits against the wider comparable set.
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